PR Newswire
GREENVILLE, S.C. , July 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the second quarter of 2022 was $3.7 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 August 18, 2022 to shareholders of record on August 4, 2022 .
Second Quarter 2022 Highlights – For and during the quarter ended June 30, 2022 :
- Net Income was $3.7 million , a decrease of $0.3 million , or 6.81%, from the same quarter in 2021.
- Basic and diluted earnings per share were $0.67 and $0.65 , respectively.
- The annualized returns on average assets and average equity were 1.18% and 15.22%, respectively.
- Total assets increased $0.8 million , or 0.06%, to $1.3 billion .
- Gross loans increased by $16.6 million , or an annualized rate of 7.12%, to $952.8 million .
- Total deposits increased $2.2 million , or an annualized rate of 0.79%, to $1.1 billion .
- Cost of funds decreased by six basis points, or 12.50%, from the same quarter in 2021.
- 0.01% of Core Bank loans (gross loans excluding specialty floor plan loans) were 30 days past due as of June 30, 2022 . The annualized net recovery ratio for the quarter was 0.01%.
- The efficiency ratio was 64.38%, up from 58.40% in the prior quarter and 57.44% in the same quarter in 2021.
To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/339722/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at June 30, 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