GrandSouth Bancorporation reports first quarter 2019 earnings of $2.1 million; tops $800 million in total assets

GREENVILLE, S.C., April 18, 2019 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB), the holding company for GrandSouth Bank, today reported first quarter earnings of $2.1 million. This performance represents an increase in earnings of 48.90% over the first quarter of 2018. The increase in net income was primarily driven by a $1.2 million, or 13.86%, increase in net interest income offset by a $411 thousand, or 6.46%, increase in noninterest expenses.

The Company continued to deliver strong asset growth, ending the first quarter of 2019 with total assets of $828.5 million, a 6.74% increase over the prior quarter. This growth was primarily driven by substantial quarterly deposit growth of $49.6 million, with the Greenville and Anderson markets leading the way with 57.0% of this growth. Additionally, the Company issued $8.4 million in new common stock during the quarter, a partial completion of an ongoing capital raise of up to $10 million. Total gross loans ended the period at $676.0 million, an increase of $12.7 million for the quarter.

The Company plans to open its first full?service branch in Charleston through the conversion of its existing loan production office at 291 East Bay Street in the second quarter of this year. This new branch will allow for growth in core deposits following the substantial loan growth experienced at this same office.

The specialty floor plan lending division experienced solid performance during the quarter with $83.4 million in loans outstanding at quarter end.

"This growth comes from a consistent business development effort on new customer acquisition combined with great customer service to our existing clients. Our customers continue to see great opportunities in the markets we serve, and we are focused on helping them achieve success," says President and CEO, JB Schwiers.

To view the full report visit:
https://backend.otcmarkets.com/otcapi/company/financial-report/217103/content

About GrandSouth Bank:
GrandSouth Bank was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers many commercial banking services for individuals and small businesses. The bank has over $800 million in assets, including over $600 million in gross loans. Learn more at: https://www.grandsouth.com/

SOURCE GrandSouth Bancorporation