PR Newswire
GREENVILLE, S.C. , April 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the first quarter of 2022 was $4.1 million .
The Board of Directors declared a quarterly cash dividend of $0.13 per common share ( $0.1365 per Series A preferred share) payable on May 18, 2022 to shareholders of record on May 4, 2022 .
First Quarter 2022 Highlights – For and during the quarter ended March 31, 2022 :
- Net Income was $4.1 million , an increase of $0.5 million , or 14.30%, from the same quarter in 2021.
- Basic and diluted earnings per share were $0.75 and $0.72 , respectively.
- The annualized returns on average assets and average equity were 1.37% and 16.89%, respectively.
- Total assets increased $49.5 million , or 4.11%, to $1.3 billion , since December 31, 2021 .
- Gross loans increased by $2.7 million , or an annualized rate of 1.18%, to $936.2 million , since December 31, 2021 .
- Total deposits increased $49.9 million , or an annualized rate of 19.09%, to $1.1 billion , since December 31, 2021 .
- Cost of funds decreased by 17 basis points, or 29.31%, from the same quarter in 2021.
- 0.03% of Core Bank loans (gross loans excluding specialty floor plan and purchased student loans) were 30 days past due as of March 31, 2022 . The annualized net charge off ratio for the quarter was 0.04%.
- The efficiency ratio was 58.40%, up from 55.45% in the prior quarter but lower than 60.64% in the same quarter in 2021.
To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/327942/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at March 31, 2022 . 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