Greenville-based GrandSouth Bankcorp., the holding company for GrandSouth Bank, said Tuesday, April 17, that its total assets grew to $703.1 million during the first quarter of 2018.
Bank officials said the asset growth has been driven by a 5.39 percent increase in gross loans, with the new markets of Orangeburg, Columbia, and Charleston representing 72.25 percent of the growth.
“The loan growth was funded by an increase of our deposit base of 10.56 percent to $630.2 million from the previous year-end. Total noninterest-bearing deposits have grown 5.24 percent year to date. The Greenville and Greer markets have been big contributors to overall deposit growth,” the bank reported in a news release.
GrandSouth also recorded a net income of $1.4 million, or 29 cents per diluted share, for the first quarter. The higher net income is “primarily due to a decrease of $1.9 million in the provision for loan losses which is partially offset by the $739,000 increase in employment expenses,” according to the release.
Founded in 1998 in Fountain Inn, GrandSouth opened a headquarters in Greenville in 2002 and another location in Anderson in 2006. The bank has since opened offices in Greer, Charleston, and Orangeburg.
“Over the last two years, we have made investments to expand our footprint in the top three metropolitan areas of South Carolina, and we are beginning to see the results in the growth of our balance sheet,” the bank reported in a news release.
For more information, visit www.grandsouth.com.