GrandSouth Bancorporation Announces 86% Increase in Year Over Year Net Income and Fourth Quarter 2021 Results

Rhea-AI Summary

GrandSouth Bancorporation (OTCQX: GRRB) reported a net income of $16.1 million for the year ended December 31, 2021, marking an 86.40% increase from 2020. For the fourth quarter, net income reached $4.7 million, up 47.13% year-over-year. The Board declared a quarterly cash dividend of $0.13 per share, payable on February 18, 2022. Key highlights include a 30% increase in quarterly dividend, a 0.09% increase in total assets to $1.2 billion, and a 9.29% growth in gross loans, indicating positive growth in financial performance.

Positive

• Net income increased by 86.40% to $16.1 million for the year.
• Fourth quarter net income rose 47.13% to $4.7 million.
• Quarterly cash dividend increased by 30% to $0.13 per share.
• Total assets grew by $1.1 million to $1.2 billion.
• Gross loans increased by $21.4 million, reflecting a 9.29% annualized growth rate.
• Total deposits rose by $7.3 million, or 2.76%, to $1.1 billion.
• Efficiency ratio improved to 55.45%, down from 63.69% year-over-year.

Negative

• None.

GREENVILLE, S.C., Jan. 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income was $16.1 million and $4.7 million for the year and quarter ended December 31, 2021, respectively, representing a 86.40% and a 47.13% increase over the same periods in 2020.

The Board of Directors declared a quarterly cash dividend of $0.13 per common share ($0.1365 per Series A preferred share) payable on February 18, 2022 to shareholders of record on February 4, 2022.

Fourth Quarter 2021 Highlights – For and during the quarter ended December 31, 2021:

• Net Income was $4.7 million, an increase of $1.5 million, or 47.13%, from the same quarter in 2020.
• Basic and diluted earnings per share were $0.86 and $0.84, respectively.
• A 30% increase in the quarterly cash dividend.
• The annualized returns on average assets and average equity were 1.55% and 19.53%, respectively.
• Total assets increased $1.1 million, or 0.09%, to $1.2 billion.
• Gross loans excluding purchased student loans increased by $21.4 million, or an annualized rate of 9.29%, to $932.8 million.
• Total deposits increased $7.3 million, or an annualized rate of 2.76%, to $1.1 billion.
• Cost of funds decreased by 22 basis points, or 34.38%, from the same quarter in 2020.
• Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.01% were 30 days past due as of December 31, 2021.  The annualized net charge off ratio for the quarter was 0.10%.
• The efficiency ratio was 55.45%, improving from 58.81% in the prior quarter and 63.69% in the same quarter in 2020.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/317716/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at December 31, 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.

www.grandsouth.com

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SOURCE GrandSouth Bancorporation

FAQ

What was GrandSouth Bancorporation's net income for 2021?

GrandSouth Bancorporation reported a net income of $16.1 million for the year ended December 31, 2021.

How much did GrandSouth's net income increase in the fourth quarter of 2021?

Net income for the fourth quarter of 2021 increased by 47.13% to $4.7 million.

What is the quarterly cash dividend declared by GrandSouth Bancorporation?

GrandSouth Bancorporation declared a quarterly cash dividend of $0.13 per share.

When is the dividend payable to shareholders?

The dividend is payable on February 18, 2022, to shareholders of record on February 4, 2022.

What were GrandSouth's total assets as of December 31, 2021?

Total assets as of December 31, 2021, were $1.2 billion.

By how much did gross loans increase for GrandSouth in 2021?

Gross loans increased by $21.4 million, or an annualized growth rate of 9.29%.