GrandSouth Bancorporation Reports Second Quarter 2021 Results

Rhea-AI Summary

GrandSouth Bancorporation (GRRB) reported a net income of $4.0 million for the second quarter of 2021, marking a 142.39% increase from the previous year. The company declared a cash dividend of $0.10 per share, payable on August 13, 2021. Key highlights include earnings per share of $0.73 and total assets rising to $1.2 billion. Gross loans increased by $19.5 million, and total deposits grew by $25.8 million. The efficiency ratio improved to 57.44%, indicating enhanced operational efficiency.

Positive

• Net income increased by $2.3 million, or 142.39%, year-over-year.
• Earnings per share reached $0.73, indicating strong profitability.
• Total assets rose to $1.2 billion, increasing by $27.1 million or 2.39%.
• Gross loans grew by $19.5 million, reflecting an annual growth rate of 8.80%.
• Total deposits saw a $25.8 million increase, up 10.46%.
• Cost of funds decreased by 56 basis points, a 53.84% reduction.
• Efficiency ratio improved to 57.44% from previous quarters, enhancing operational performance.

Negative

• None.

GREENVILLE, S.C., July 19, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the second quarter of 2021 was $4.0 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on August 13, 2021 to shareholders of record on August 4, 2021.

Second Quarter 2021 Highlights

• Net Income was $4.0 million, an increase of $2.3 million, or 142.39%, from the same quarter in 2020.
• Basic and diluted earnings per share were $0.73 and $0.71, respectively.
• The annualized returns on average assets and average equity were 1.38% and 18.13%, respectively.
• Total assets increased $27.1 million, or 2.39%, to $1.2 billion.
• Gross loans increased $19.5 million, or an annual rate of 8.80%, to $909.0 million.
• Total deposits increased $25.8 million, or an annual rate of 10.46%, to $1.0 billion.
• Cost of funds decreased by 56 basis points, or 53.84%, from the same quarter in 2020.
• Less than 0.01% of gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") were 30 days past due as of June 30, 2021. The annualized net recovery ratio for the quarter was 0.03%.
• The efficiency ratio was 57.44%, an improvement from 60.64% in the prior quarter and 72.76% in the same quarter in 2020.

To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/291816/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at June 30, 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 were GrandSouth Bancorporation's net income results for Q2 2021?

GrandSouth Bancorporation reported a net income of $4.0 million for the second quarter of 2021.

When will GrandSouth Bancorporation's dividend be paid?

The cash dividend of $0.10 per share is payable on August 13, 2021.

How much did total assets increase for GrandSouth Bancorporation in Q2 2021?

Total assets increased by $27.1 million, reaching $1.2 billion.

What was the efficiency ratio for GrandSouth Bancorporation in Q2 2021?

The efficiency ratio improved to 57.44% in the second quarter of 2021.

How much did gross loans increase for GrandSouth Bancorporation in Q2 2021?

Gross loans increased by $19.5 million, representing an annual rate of 8.80%.