PR Newswire
GREENVILLE, S.C. , July 19, 2021 /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 2021 was $4.0 million .
The Board of Directors declared a cash dividend of $0.10 per common share ( $0.105 per Series A preferred share) payable on August 13, 2021 to shareholders of record on August 4, 2021 .
Second Quarter 2021 Highlights
- Net Income was $4.0 million , an increase of $2.3 million , or 142.39%, from the same quarter in 2020.
- Basic and diluted earnings per share were $0.73 and $0.71 , respectively.
- The annualized returns on average assets and average equity were 1.38% and 18.13%, respectively.
- Total assets increased $27.1 million , or 2.39%, to $1.2 billion .
- Gross loans increased $19.5 million , or an annual rate of 8.80%, to $909.0 million .
- Total deposits increased $25.8 million , or an annual rate of 10.46%, to $1.0 billion .
- Cost of funds decreased by 56 basis points, or 53.84%, from the same quarter in 2020.
- Less than 0.01% of gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") were 30 days past due as of June 30, 2021 . The annualized net recovery ratio for the quarter was 0.03%.
- The efficiency ratio was 57.44%, an improvement from 60.64% in the prior quarter and 72.76% in the same quarter in 2020.
To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/291816/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at June 30, 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