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GrandSouth Bancorporation Announces Second Quarter 2018 Earnings

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GrandSouth Bancorporation Announces Second Quarter 2018 Earnings

Earnings of $1.66 million; gross loans topping $600 million; 35% year-over-year growth in non-interest bearing deposits

PR Newswire

GREENVILLE, S.C., July 23, 2018 /PRNewswire/ -- GrandSouth Bancorporation (OTCQB:GRRB), the holding company for GrandSouth Bank, announces that net income for the quarter ending June 30, 2018 was $1.7 million, compared to a net income of $468 thousand during the quarter ending June 30, 2017. Total net income for the year was $3.1 million.

20th anniversary logo (PRNewsfoto/GrandSouth Bancorporation)

Growth continued in the second quarter with increases in total assets of $25.3 million, bringing the overall assets to $728.4 million as of the quarter's end. The asset growth was primarily driven by a $24.5 million increase in gross loans for the quarter, contributing to a $54.2 million increase for the year-to-date. Our Charleston market led the way, representing 50.66% of the growth. Loan growth was funded by a $22.7 million increase in our deposit portfolio for the quarter. Non-interest bearing deposits have grown by $9.8 million during this quarter, with the Orangeburg market acting as the top contributor to the overall deposit growth.

Asset quality continues to be one of the main focuses of GrandSouth Bank. Non-performing assets have fallen $1.5 million in the second quarter and represent only 0.70% of total assets as of June 30, 2018. Total past due accruing loans, net of the amounts guaranteed by the U.S. government, increased to 0.16% as of June 30, 2018.

CarBucks, our specialty floor plan lending division, saw an improvement in credit loss rate to an annualized rate of 1.20% in the second quarter, and 1.46% for the year to date. This quarterly rate is down from 1.69% from the prior quarter, 2.27% in the fourth quarter of 2017 and 3.41% in the third quarter of 2017. This division's contribution to the company's earnings remains strong and we are enthusiastic about its future.

The Company's net income for the second quarter was $1.7 million or $0.34 per diluted share. Our local, South Carolina economy continues to produce great opportunities for new banking customers. We are confident that the quality growth we are experiencing will benefit earnings in future periods.

To view the full earnings report please visit the following link:
https://backend.otcmarkets.com/otcapi/company/financial-report/197859/content

About GrandSouth Bank:
GrandSouth Bancorporation, the holding company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $700 million in assets, including over $600 million in gross loans. Learn more at: http://www.grandsouth.com/

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SOURCE GrandSouth Bancorporation

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