2Q21 GrandSouth Bancorporation revenue jumps 143%
GrandSouth Bancorporation, the holding company of GrandSouth Bank, announced on July 19 that its net income for the second quarter of 2021 was $ 4 million, an increase of 143.39% or $ 2.3 million from 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 August 13 to shareholders of record on August 4.
“Our team at GrandSouth have worked hard over the past 18 months through some of the most difficult times in the country’s history,” said GrandSouth Bank President and CEO JB Schwiers. “These quarterly results show what this team can produce. I am very proud to have a loan portfolio of $ 909 million with a single loan over 30 days past due, a non-performing asset ratio of 0.18%, and which ends the second quarter in a position of net loss recovery. This level of performance is no accident. It stems from an unwavering culture of not sacrificing credit quality for growth. I also think it is important to note that our net interest margin has improved compared to the second quarter 2021 to 2020. ”
Highlights of the financial institution in the second quarter of 2021 also include:
- Basic earnings per share were $ 0.73.
- Diluted earnings per share were $ 0.71.
- Annualized returns on average assets have been 1.38%.
- The annualized returns on average equity were 18.13%.
- Total assets increased $ 27.1 million, or 2.39%, to $ 1.2 billion.
- Gross loans increased by $ 19.5 million, or an annual rate of 8.80%, to $ 909 million.
- Total deposits increased by $ 25.8 million, or an annual rate of 10.46%, to reach $ 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.