PR Newswire
GREENVILLE, S.C. , Oct. 17, 2022 /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 2022 was $4.4 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 November 18, 2022 to shareholders of record on November 4, 2022 .
Third Quarter 2022 Highlights – For and during the quarter ended September 30, 2022 :
- Net Income was $4.4 million , an increase of $0.6 million , or 15.26%, from the same quarter in 2021.
- Basic and diluted earnings per share were $0.80 and $0.77 , respectively.
- The annualized returns on average assets and average equity were 1.38% and 17.69%, respectively.
- Total assets remained flat at $1.3 billion .
- Gross loans increased by $42.2 million , or an annualized rate of 17.59%, to $995.1 million .
- Total deposits decreased $1.1 million , or an annualized rate of 0.39%, to $1.1 billion .
- Cost of funds increased by 18 basis points, or 40.00%, 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 September 30, 2022 . The annualized net charge off ratio for the quarter was 0.24%.
- The efficiency ratio was 55.12%, down from 64.38% in the prior quarter and 58.81% in the same quarter in 2021.
To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/348826/content
About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at September 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