GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, announced today that net income for the third quarter of 2020 was $1.9 million and total assets increased to over $1 billion. The Board of Directors declared a dividend of $0.08 per common share ($0.084 per Series A preferred share) payable on November 20, 2020 to shareholders of record on November 4, 2020.
Third Quarter 2020 Highlights:
-- Net Income of $1.9 million.
-- Total assets increased to over $1 billion for the first time in Company history, representing a $100.1 million, or 10.98%, increase since the end of 2019.
-- Gross loans increased $42.8 million, or 5.38%, during the quarter.
-- Combined demand deposit, money market, and savings account growth of 7.7% for the quarter and 28.6% for the year contributing to a reduction in cost of funds of 26 basis points, or 25.0%, from the second quarter of 2020. Noninterest bearing deposits have grown $51.5 million, or 37.24%, year to date.
-- Continuing strong credit quality results including an annualized net charge off ratio for the quarter of 0.09% a decline from the prior quarter of 0.12% and non-performing assets as a percentage of total assets as of 0.27% a decline from the prior quarter of 0.31%.
-- Improving quarterly efficiency ratio of 68.29%, compared to 69.56% for the same quarter a year ago.
JB Schwiers, President said "Our continued expansion across South Carolina resulted in assets in excess of $1 billion as of September 30, 2020, representing a 10.98% growth year to date on top of 2019's 17.46% growth. This is a great milestone for our Company and shows our continued commitment to meeting the needs of customers across the state. We plan to open our eighth retail branch on Augusta Road in Greenville this November."
Management continues to focus on the economic impact resulting from the COVID-19 pandemic. To assist small businesses in need, the Bank processed 272 Paycheck Protection Program (PPP) loans totaling $39 million. In addition, payment deferrals were granted on $108.4 million, or 15.5%, of Core Bank loans, and $7.6 million of specialty floor plan loans. As of September 30, 2020, of the deferred loans, $108.4 million, 2 or 99.98%, of the Core Bank loans and $7.6 million, or 99.70%, of the specialty floor plan loans had resumed payments or had been paid off.
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About GrandSouth Bank: GrandSouth Bancorporation, the parent 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 $1 billion in assets as of September 30, 2020, including over $839 million in gross loans. Learn more at:
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SOURCE GrandSouth Bancorporation