GrandSouth Bancorporation Reports Third Quarter 2021 Results
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
The Board of Directors declared a cash dividend of
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 , or103.07% , 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% and16.52% , respectively. - Total assets increased
$39.2 million , or3.37% , to$1.2 billion . - Gross loans increased
$28.1 million , or an annualized rate of12.25% , to$937.1 million . - Total deposits increased
$35.4 million , or an annualized rate of13.80% , 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 was0.04% . - The efficiency ratio was
58.81% , increasing slightly from57.44% 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
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SOURCE GrandSouth Bancorporation