Company Release - October 18, 2021
PR Newswire
GREENVILLE, S.C. , Oct. 18, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the third quarter of 2021 was $3.8 million .
The Board of Directors declared a cash dividend of $0.10 per common share ( $0.105 per Series A preferred share) payable on November 19, 2021 to shareholders of record on November 5, 2021 .
Third Quarter 2021 Highlights – For and during the quarter ended September 30, 2021 :
- Net Income was $3.8 million , an increase of $1.9 million , or 103.07%, from the same quarter in 2020.
- Basic and diluted earnings per share were $0.71 and $0.68 , respectively.
- The annualized returns on average assets and average equity were 1.29% and 16.52%, respectively.
- Total assets increased $39.2 million , or 3.37%, to $1.2 billion .
- Gross loans increased $28.1 million , or an annualized rate of 12.25%, to $937.1 million .
- Total deposits increased $35.4 million , or an annualized rate of 13.80%, to $1.1 billion .
- Cost of funds decreased by 33 basis points, or 42.31%, from the same quarter in 2020.
- Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.03% were 30 days past due as of September 30 , 2021. The annualized net charge off ratio for the quarter was 0.04%.
- The efficiency ratio was 58.81%, increasing slightly from 57.44% in the prior quarter and improving from 68.29 % in the same quarter in 2020.
To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/306996/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at September 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