GrandSouth Bancorporation Announces Third Quarter 2015 Earnings

GREENVILLE, S.C., Oct. 15, 2015 /PRNewswire/ -- GrandSouth Bancorporation GRRB, parent company for GrandSouth Bank (GrandSouth), announced earnings of $1.36 million or $.37 per common share, diluted, for the quarter ended September 30, 2015 – an increase of 28% from earnings for the third quarter ended September 30, 2014 of $1.06 million or $.30 per common share, diluted. Net income for the nine months ended September 30, 2015 equaled $4.81 million or $1.34 per common share, diluted – an increase of 52% from earnings for the nine month period ended September 30, 2014 of $3.16 million or $.91 per common share, diluted.  Annualized returns on average assets and average equity for the quarter ended September 30, 2015 were 1.32% and 12.6%, respectively, compared with the quarter ended September 30, 2014 annualized returns on average assets and average equity of 1.07% and 9.20%, respectively.  Annualized returns on average assets and average equity for the nine months ended September 30, 2015 were 1.60% and 15.0%, respectively, compared with the nine months ended September 30, 2014 annualized returns on average assets and average equity of 1.06% and 9.30%, respectively.

"The third quarter results are a continuation of the strong performance that occurred during the first two periods of 2015," stated Ron Earnest, President of GrandSouth. Earnest continued, "Robust loan and deposit growth continued during the third period while credit and non-interest costs remained controlled resulting in strong margins and favorable earnings compared to the same period in 2014."  At September 30, 2015, total assets equaled $424 million compared to $388 million at September 30, 2014. Gross loans totaled $351 million at September 30, 2015 - an increase of 14% when compared to $308 million at September 30, 2014. Total deposits equaled $350 million and $320 million at September 30, 2015 and September 30, 2014 respectively.

GrandSouth Bank was chartered and opened for business in 1998 and operates three offices located in Greenville, Fountain Inn and Anderson with a new office under construction and expected to be open in Greer in late 2015.  The company's website is www.grandsouth.com and GrandSouth Bancorporation currently trades its common stock on the OTC market under the symbol "GRRB".   

Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance.  However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements.

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SOURCE GrandSouth Bancorporation