GrandSouth Bancorporation Reports First Quarter 2021 Results
GrandSouth Bancorporation (GRRB) reported a net income of $3.6 million for Q1 2021, marking a steady performance. The company's total assets grew to $1.1 billion, reflecting a 4.27% increase. Gross loans rose 1.25% to $10.9 million. Deposits surged by 9.64%, lowering the cost of funds by 9.38%. The company maintained strong credit quality, with non-performing assets at 0.20%. Basic earnings per share reached $0.65. A cash dividend of $0.10 per share is set for May 21, 2021.
- Net income of $3.6 million in Q1 2021.
- Total assets increased to $1.1 billion, a 4.27% rise.
- Gross loans grew by $10.9 million, or 1.25%.
- Deposits increased by 9.64%, reducing cost of funds by 9.38%.
- Non-performing assets decreased to 0.20%.
- Earnings per share of $0.65.
- None.
GREENVILLE, S.C., April 22, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, (the "Company"), announced today that net income for the first quarter of 2021 was
The Board of Directors declared a cash dividend of
First Quarter 2021 Highlights
- Net Income of
$3.6 million . - Total assets increased to
$1.1 billion , representing a$46.6 million , or4.27% , increase since the end of 2020. - Gross loans increased
$10.9 million , or1.25% , during the quarter. - Combined demand deposit, money market, and savings account growth of
9.64% for the quarter contributed to a reduction in cost of funds of 6 basis points, or9.38% , from the fourth quarter of 2020. Noninterest bearing deposits have grown$33.1 million , or16.24% , for the quarter ended March 31, 2021. - Gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") had less than
0.01% of loans 30 days past due as of March 31, 2021. - Sustained strong credit quality results, including an annualized net recovery ratio for the quarter of
0.07% , an improvement from the prior quarter's annualized net recovery ratio of0.02% , and non-performing assets as a percentage of total assets of0.20% , a decline from the prior quarter's ratio of0.23% . - Improved quarterly efficiency ratio of
60.67% , compared to63.69% in the prior quarter and67.54% for the same quarter a year ago. - Basic and diluted earnings per share were
$0.65 . - The Company filed its Form 10 to register its common shares with the SEC, the registration for which will be effective no later than late May.
To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/279501/content
About GrandSouth Bank: GrandSouth Bancorporation is a bank holding company with assets of
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SOURCE GrandSouth Bancorporation
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