PR Newswire
GREENVILLE, S.C. , Jan. 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income was $16.1 million and $4.7 million for the year and quarter ended December 31, 2021 , respectively, representing a 86.40% and a 47.13% increase over the same periods in 2020.
The Board of Directors declared a quarterly cash dividend of $0.13 per common share ( $0.1365 per Series A preferred share) payable on February 18, 2022 to shareholders of record on February 4, 2022 .
Fourth Quarter 2021 Highlights – For and during the quarter ended December 31, 2021 :
- Net Income was $4.7 million , an increase of $1.5 million , or 47.13%, from the same quarter in 2020.
- Basic and diluted earnings per share were $0.86 and $0.84 , respectively.
- A 30% increase in the quarterly cash dividend.
- The annualized returns on average assets and average equity were 1.55% and 19.53%, respectively.
- Total assets increased $1.1 million , or 0.09%, to $1.2 billion .
- Gross loans excluding purchased student loans increased by $21.4 million , or an annualized rate of 9.29%, to $932.8 million .
- Total deposits increased $7.3 million , or an annualized rate of 2.76%, to $1.1 billion .
- Cost of funds decreased by 22 basis points, or 34.38%, from the same quarter in 2020.
- Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.01% were 30 days past due as of December 31 , 2021. The annualized net charge off ratio for the quarter was 0.10%.
- The efficiency ratio was 55.45%, improving from 58.81% in the prior quarter and 63.69% in the same quarter in 2020.
To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/317716/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at December 31, 2021 . GrandSouth Bank provides a range of financial services to individuals and small and medium sized businesses. GrandSouth Bank has eight branches in South Carolina , located in Greenville , Fountain Inn , Anderson , Greer , Columbia , Orangeburg and Charleston .
SOURCE GrandSouth Bancorporation