GrandSouth Bancorporation Reports Third Quarter 2021 Results
Company press release – October 18, 2021
Posted: October 18, 2021 at 11:08 a.m. EDT|Update: 30 minutes ago
GREENVILLE, South Carolina, October 18, 2021 / PRNewswire / – GrandSouth Bancorporation (GRRB: OTCQX) (the âCompanyâ or âGrandSouthâ), the holding company of GrandSouth Bank today announced that third quarter 2021 net income was $ 3.8 million.
The Board of Directors declared a cash dividend of $ 0.10 per common share ($ 0.105 per Preferred Share of Series A) payable on November 19, 2021 to shareholders of record on November 5, 2021.
Highlights for the third quarter of 2021 – For and during the quarter ended September 30, 2021:
- The net result was $ 3.8 million, an augmentation of $ 1.9 million, or 103.07%, compared to 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, i.e. an annualized rate of 12.25%, at $ 937.1 million.
- Total deposits increased $ 35.4 million, i.e. an annualized rate of 13.80%, at $ 1.1 billion.
- The cost of funds was down 33 basis points, or 42.31%, compared to the same quarter in 2020.
- Of gross loans excluding the specialized floor plan and purchased student loans (âcentral bank loansâ), 0.03% were 30 days past due at September 30, 2021. The annualized net charge ratio for the quarter was 0.04%.
- The efficiency ratio was 58.81%, slightly increasing from 57.44% in the previous 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 banking holding company with assets of $ 1.2 billion To September 30, 2021. GrandSouth Bank offers a range of financial services to individuals and small and medium-sized businesses. GrandSouth Bank has eight branches in Caroline from the south, situated in Greenville, Auberge de la Fontaine, Anderson, Rig, Colombia, Orangeburg and Charleston.
Show original content:
SOURCE GrandSouth Bancorporation
The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.