GrandSouth Bancorporation reports second quarter 2022 results

Rhea-AI Summary

GrandSouth Bancorporation (GRRB:OTCQX) reported a net income of $3.7 million for Q2 2022, reflecting a 6.81% decrease compared to Q2 2021. The Board declared a quarterly cash dividend of $0.13 per common share, payable on August 18, 2022. Key highlights include a 0.06% increase in total assets to $1.3 billion and a 7.12% rise in gross loans, totaling $952.8 million. However, the efficiency ratio increased to 64.38%, up from 58.40% in the previous quarter.

Positive

• Net income of $3.7 million.
• Gross loans increased by $16.6 million, or 7.12%.
• Total assets grew by $0.8 million to $1.3 billion.
• Cost of funds decreased by 12.50% year-over-year.

Negative

• Net income decreased by $0.3 million, or 6.81%, from the same quarter in 2021.
• Efficiency ratio rose to 64.38%, up from 58.40% in the prior quarter.

GREENVILLE, S.C., July 18, 2022 /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 2022 was $3.7 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 August 18, 2022 to shareholders of record on August 4, 2022.

Second Quarter 2022 Highlights – For and during the quarter ended June 30, 2022:

• Net Income was $3.7 million, a decrease of $0.3 million, or 6.81%, from the same quarter in 2021.
• Basic and diluted earnings per share were $0.67 and $0.65, respectively.
• The annualized returns on average assets and average equity were 1.18% and 15.22%, respectively.
• Total assets increased $0.8 million, or 0.06%, to $1.3 billion.
• Gross loans increased by $16.6 million, or an annualized rate of 7.12%, to $952.8 million.
• Total deposits increased $2.2 million, or an annualized rate of 0.79%, to $1.1 billion.
• Cost of funds decreased by six basis points, or 12.50%, from the same quarter in 2021.
• 0.01% of Core Bank loans (gross loans excluding specialty floor plan loans) were 30 days past due as of June 30, 2022. The annualized net recovery ratio for the quarter was 0.01%.
• The efficiency ratio was 64.38%, up from 58.40% in the prior quarter and 57.44% in the same quarter in 2021.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/339722/content

About GrandSouth Bancorporation

GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at June 30, 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 was GrandSouth Bancorporation's net income for Q2 2022?

GrandSouth Bancorporation's net income for Q2 2022 was $3.7 million.

What is the dividend declared by GrandSouth Bancorporation?

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

When is the dividend payable for GrandSouth Bancorporation?

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

How much did gross loans increase for GrandSouth Bancorporation in Q2 2022?

Gross loans increased by $16.6 million, or an annualized rate of 7.12%.

What was the efficiency ratio for GrandSouth Bancorporation in Q2 2022?

The efficiency ratio for Q2 2022 was 64.38%.