GrandSouth Bancorporation, the holding company for GrandSouth Bank, announced July 19 that its net income for the second quarter of 2021 was $4 million, which is a 143.39% or a $2.3 million increase compared to the same quarter in 2020.
The bank’s board of directors also declared a cash dividend of $0.10 per common share or $0.105 per Series A preferred share payable on Aug. 13, to shareholders of record on Aug. 4.
“Our team at GrandSouth has worked hard over the last 18 months through some of the most challenging times in the nation’s history,” said GrandSouth Bank president and CEO JB Schwiers. “These quarterly results show what this team can produce. I am most proud of having a $909 million loan portfolio with only one loan past due over 30 days, a non‐performing asset ratio of 0.18%, and ending the second quarter in a net recovery position regarding losses. This level of performance does not happen by chance. It comes from an unwavering culture of not sacrificing credit quality for the sake of growth. I also think it is important to note that our net interest margin improved comparing the second quarter of 2021 to 2020.”
The financial institution’s second quarter 2021 highlights also include:
- Basic earnings per share were $0.73.
- Diluted earnings per share were $0.71.
- Annualized returns on average assets were 1.38%.
- Annualized returns on average equity were 18.13%.
- Total assets increased $27.1 million, or 2.39%, to $1.2 billion.
- Gross loans increased $19.5 million, or an annual rate of 8.80%, to $909 million.
- Total deposits increased $25.8 million, or an annual rate of 10.46%, to $1 billion.
GrandSouth Bancorporation’s assets were worth $1.2 billion as of June 30. The financial institution has branches in Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg and Charleston.
