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GrandSouth Bancorporation reports Q1 growth
Staff Report //April 23, 2019//
Listen to this articleGreenville-based GrandSouth Bancorporation, the holding company for GrandSouth Bank, had first quarter earnings of $2.1 million and an annualized return on average of assets of 1.07%. This represents an increase in earnings of 48.90% over the first quarter of 2018’s earnings of $1.4 million, according to a news release.
The bank said the increase in net income was “primarily driven” by a $1.2 million, or 13.86%, increase in net interest income offset by a $411,000, or 6.46%, increase in noninterest expenses. In addition:
- Net income was $2.1 million for the quarter.
- The company issued 510,017 shares of common stock with net proceeds of $8.4 million.
- Net loans increased $12.7 million, or 1.92%, during the quarter.
- Gross loans, excluding specialty floor plan and purchased student loans, grew $13.8 million, or 2.54%, during the quarter.
The bank plans to open its first fullâ€service branch in Charleston during the second quarter through the conversion of its existing loan production office at 291 East Bay St., the release said.
