GrandSouth Bancorporation reports first quarter 2022 results

Rhea-AI Summary

GrandSouth Bancorporation (OTCQX: GRRB) reported a net income of $4.1 million for Q1 2022, a 14.3% increase from the previous year. The Board of Directors declared a cash dividend of $0.13 per common share, payable on May 18, 2022. Total assets rose by $49.5 million to $1.3 billion, while total deposits increased by $49.9 million to $1.1 billion. Loan growth was stable, with an increase of $2.7 million. The company reported a 0.03% delinquency rate on core loans, showcasing strong financial health.

Positive

• Q1 2022 net income increased by $0.5 million, or 14.3%, year-over-year to $4.1 million.
• Total assets rose by $49.5 million (4.11%) to $1.3 billion since December 31, 2021.
• Total deposits grew by $49.9 million (19.09%) to $1.1 billion since December 31, 2021.
• Cost of funds decreased by 17 basis points (29.31%) compared to the same quarter in 2021.
• Core loan delinquency remains low at 0.03% as of March 31, 2022.

Negative

• The efficiency ratio increased to 58.40% from 55.45% in the previous quarter.

GREENVILLE, S.C., April 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the first quarter of 2022 was $4.1 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 May 18, 2022 to shareholders of record on May 4, 2022.

First Quarter 2022 Highlights – For and during the quarter ended March 31, 2022:

• Net Income was $4.1 million, an increase of $0.5 million, or 14.30%, from the same quarter in 2021.
• Basic and diluted earnings per share were $0.75 and $0.72, respectively.
• The annualized returns on average assets and average equity were 1.37% and 16.89%, respectively.
• Total assets increased $49.5 million, or 4.11%, to $1.3 billion, since December 31, 2021.
• Gross loans increased by $2.7 million, or an annualized rate of 1.18%, to $936.2 million, since December 31, 2021.
• Total deposits increased $49.9 million, or an annualized rate of 19.09%, to $1.1 billion, since December 31, 2021.
• Cost of funds decreased by 17 basis points, or 29.31%, from the same quarter in 2021.
• 0.03% of Core Bank loans (gross loans excluding specialty floor plan and purchased student loans) were 30 days past due as of March 31, 2022. The annualized net charge off ratio for the quarter was 0.04%.
• The efficiency ratio was 58.40%, up from 55.45% in the prior quarter but lower than 60.64% in the same quarter in 2021.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/327942/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at March 31, 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.

www.grandsouth.com

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SOURCE GrandSouth Bancorporation

FAQ

What were GrandSouth Bancorporation's Q1 2022 earnings?

GrandSouth Bancorporation reported a net income of $4.1 million for Q1 2022.

When is the dividend payable for GrandSouth Bancorporation's stock?

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

How much did GrandSouth Bancorporation's total assets increase in Q1 2022?

Total assets increased by $49.5 million to $1.3 billion since December 31, 2021.

What is the efficiency ratio for GrandSouth Bancorporation as of Q1 2022?

The efficiency ratio was 58.40% in Q1 2022.

What is the loan growth percentage for GrandSouth Bancorporation in Q1 2022?

Gross loans increased by $2.7 million, or an annualized rate of 1.18%, in Q1 2022.