GrandSouth Bancorporation reports third quarter 2022 results

Rhea-AI Summary

GrandSouth Bancorporation (GRRB) reported a net income of $4.4 million for Q3 2022, up 15.26% from the previous year. The Board declared a quarterly cash dividend of $0.13 per common share, payable on November 18, 2022. Key highlights include basic earnings per share of $0.80 and total assets of $1.3 billion. Gross loans rose by $42.2 million to $995.1 million. However, total deposits fell by $1.1 million to $1.1 billion, and the cost of funds increased significantly.

Positive

• Net income increased by $0.6 million, or 15.26% year-over-year.
• Basic earnings per share rose to $0.80.
• Gross loans increased by $42.2 million, or 17.59% annualized.
• Efficiency ratio improved to 55.12% from 64.38% in the prior quarter.

Negative

• Total deposits decreased by $1.1 million, an annualized rate of 0.39%.
• Cost of funds rose by 18 basis points, or 40.00% year-over-year.

GREENVILLE, S.C., Oct. 17, 2022 /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 2022 was $4.4 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 November 18, 2022 to shareholders of record on November 4, 2022.

Third Quarter 2022 Highlights – For and during the quarter ended September 30, 2022:

• Net Income was $4.4 million, an increase of $0.6 million, or 15.26%, from the same quarter in 2021.
• Basic and diluted earnings per share were $0.80 and $0.77, respectively.
• The annualized returns on average assets and average equity were 1.38% and 17.69%, respectively.
• Total assets remained flat at $1.3 billion.
• Gross loans increased by $42.2 million, or an annualized rate of 17.59%, to $995.1 million.
• Total deposits decreased $1.1 million, or an annualized rate of 0.39%, to $1.1 billion.
• Cost of funds increased by 18 basis points, or 40.00%, 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 September 30, 2022. The annualized net charge off ratio for the quarter was 0.24%.
• The efficiency ratio was 55.12%, down from 64.38% in the prior quarter and 58.81% in the same quarter in 2021.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/348826/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at September 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 Q3 2022?

GrandSouth Bancorporation reported a net income of $4.4 million for Q3 2022.

When is the dividend payment date for GrandSouth Bancorporation?

The dividend payment date is November 18, 2022.

What were GrandSouth's earnings per share for Q3 2022?

Basic earnings per share were $0.80, and diluted earnings per share were $0.77.

How much did GrandSouth's gross loans increase in Q3 2022?

Gross loans increased by $42.2 million, or 17.59% annualized.

What was the efficiency ratio for GrandSouth Bancorporation?

The efficiency ratio improved to 55.12% for the third quarter.