GREENVILLE, S.C., Nov. 30, 2017 /PRNewswire/ — GrandSouth Bancorporation (OTCQB: GRRB), the holding company for GrandSouth Bank, announced that net income for the third quarter was $455 thousand compared to $127 thousand during the third quarter of 2016.
Total assets grew 29.59% year over year from $482.2 million to $624.9 million. For the quarter, total assets grew approximately $21.0 million or 3.48%. The experienced teams we have added in Orangeburg, Columbia, and Charleston and the robust economies in these markets are continuing to give us excellent opportunities for growth.
For the quarter, core bank loans grew $38.6 million or 11.17%. Total loans grew $34.5 million or 7.29%. Total gross loans grew from $418.8 million as of the end of 2016 to $507.7 million as of the end of the third quarter 2017. The majority of this growth came from our Greenville, Orangeburg, and Charleston markets.
Total deposits have grown $35.3 million from the previous quarter, or 6.78%, and are up 28.77% from the previous year end. As of September 30, 2017, deposits totaled $554.1 million. Total noninterest bearing deposits have grown 20.68% year to date.
Our need for capital to grow coupled with lower earnings, have contributed to our decision to suspend the quarterly cash dividend. While this was a difficult decision to make, management believes that our shareholders will be better served in the future by our expected growth and geographic expansion.
To view the full earnings report, please visit the following link: https://www.otcmarkets.com/financialReportViewer?symbol=GRRB&id=183576
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 six locations, soon to be seven, and offers a full array of commercial banking services for individuals and small businesses. The bank has over $600 million in assets, including over $500 million in gross loans. Learn more at: http://www.grandsouth.com/
SOURCE GrandSouth Bancorporation