GREENVILLE, S.C., Jan. 21, 2021 /PRNewswire/ — GrandSouth Bancorporation (OTCQX: GRRB), the holding firm for GrandSouth Financial institution, (the “Firm”), introduced at the moment that internet revenue for the fourth quarter of 2020 was $3.2 million.
The Board of Administrators declared a money dividend of $0.10 per widespread share ($0.105 per Sequence A most popular share) payable on February 20, 2021 to shareholders of report on February 4, 2021. This dividend price displays a $0.02 enhance per widespread share ($0.021 per Sequence A most popular share) from that of the prior 5 quarters.
Fourth Quarter 2020 Highlights
Internet Revenue of $3.2 million.Whole belongings elevated to $1.1 billion, representing a $178.1 million, or 19.54%, enhance for the reason that finish of 2019.Gross loans elevated $39.0 million, or 4.64%, through the quarter.Mixed demand deposit, cash market, and financial savings account progress of 13.91% for the quarter and 51.32% for the 12 months contributing to a discount in value of funds of 14 foundation factors, or 17.95%, from the third quarter of 2020. Noninterest bearing deposits have grown $65.2 million, or 47.17%, for the 12 months ended December 31, 2020.Gross loans, excluding specialty ground plan and bought pupil loans (“Core Financial institution loans”) had 0.01% of loans 30 day overdue as of December 31, 2020.Persevering with sturdy credit score high quality outcomes, together with an annualized internet restoration ratio for the quarter of 0.02%, an enchancment from the prior quarter’s internet cost off ratio of 0.09%, and non-performing belongings as a share of whole belongings of 0.23%, a decline from the prior quarter’s price of 0.27%.Enhancing quarterly effectivity ratio of 63.69%, in comparison with 68.39% for a similar quarter a 12 months in the past.In November 2020, the Firm issued $18 million of subordinated notes at a price of 4.375%.Through the fourth quarter of 2020, the Firm’s fundamental and diluted earnings per share had been $0.58 and $0.57, respectively.
About GrandSouth Financial institution: GrandSouth Bancorporation, the dad or mum firm of GrandSouth Financial institution, was based in 1998 as a business financial institution. Since then it has grown into eight places and provides a full array of business banking companies for people and small companies. The financial institution has $1.1 billion in belongings as of December 31, 2020, together with over $878 million in gross loans. Study extra at:
SOURCE GrandSouth Bancorporation
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