GrandSouth Bancorporation Reports Third Quarter 2021 Results

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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 “Company” or “GrandSouth”), 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 (“central bank loans”), 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.

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SOURCE GrandSouth Bancorporation

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