GrandSouth Bancorporation Reports Third Quarter 2021 Results

Rhea-AI Summary

GrandSouth Bancorporation (GRRB:OTCQX) reported a net income of $3.8 million for Q3 2021, marking a 103.07% increase from the previous year. The company declared a cash dividend of $0.10 per share, payable on November 19, 2021. Highlights include total assets rising to $1.2 billion, gross loans increasing to $937.1 million, and total deposits reaching $1.1 billion. The annualized return on average equity stood at 16.52%. The efficiency ratio improved to 58.81% from 68.29% in Q3 2020.

Positive

• Net income increased by $1.9 million, or 103.07%, from Q3 2020.
• Total assets rose by $39.2 million (3.37%) to $1.2 billion.
• Gross loans grew by $28.1 million (12.25%) to $937.1 million.
• Total deposits increased by $35.4 million (13.80%) to $1.1 billion.
• Annualized return on average equity at 16.52%.
• Improved efficiency ratio from 68.29% in Q3 2020 to 58.81%.

Negative

• Efficiency ratio slightly increased from 57.44% in the prior quarter.

GREENVILLE, S.C., Oct. 18, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the third quarter of 2021 was $3.8 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on November 19, 2021 to shareholders of record on November 5, 2021.

Third Quarter 2021 Highlights – For and during the quarter ended September 30, 2021:

• Net Income was $3.8 million, an increase of $1.9 million, or 103.07%, from the same quarter in 2020.
• Basic and diluted earnings per share were $0.71 and $0.68, respectively.
• The annualized returns on average assets and average equity were 1.29% and 16.52%, respectively.
• Total assets increased $39.2 million, or 3.37%, to $1.2 billion.
• Gross loans increased $28.1 million, or an annualized rate of 12.25%, to $937.1 million.
• Total deposits increased $35.4 million, or an annualized rate of 13.80%, to $1.1 billion.
• Cost of funds decreased by 33 basis points, or 42.31%, from the same quarter in 2020.
• Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.03% were 30 days past due as of September 30, 2021.  The annualized net charge off ratio for the quarter was 0.04%.
• The efficiency ratio was 58.81%, increasing slightly from 57.44% in the prior quarter and improving from 68.29 % in the same quarter in 2020.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/306996/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at September 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

View original content:https://www.prnewswire.com/news-releases/grandsouth-bancorporation-reports-third-quarter-2021-results-301402371.html

SOURCE GrandSouth Bancorporation

FAQ

What is GrandSouth Bancorporation's net income for Q3 2021?

GrandSouth Bancorporation reported a net income of $3.8 million for Q3 2021.

When is the cash dividend for GrandSouth Bancorporation payable?

The cash dividend of $0.10 per share is payable on November 19, 2021.

What are the total assets of GrandSouth Bancorporation as of September 30, 2021?

As of September 30, 2021, GrandSouth Bancorporation's total assets were $1.2 billion.

How much did gross loans increase for GrandSouth Bancorporation in Q3 2021?

Gross loans increased by $28.1 million, or 12.25%, to $937.1 million in Q3 2021.

What is the annualized return on average equity for GrandSouth Bancorporation?

The annualized return on average equity for GrandSouth Bancorporation is 16.52%.