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GrandSouth Bancorporation Q3 net income up 103.07%

Christian Fernsby |
GrandSouth Bancorporation, the holding company for GrandSouth Bank, announced that net income for the third quarter of 2021 was $3.8 million.

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Net income was $3.8 million, an increase of $1.9 million, or 103.07%, from the same quarter in 2020.

Basic and diluted earnings per share were $0.71 and $0.68, respectively.

The annualized returns on average assets and average equity were 1.29% and 16.52%, respectively.

Total assets increased $39.2 million, or 3.37%, to $1.2 billion.

Gross loans increased $28.1 million, or an annualized rate of 12.25%, to $937.1 million.

Total deposits increased $35.4 million, or an annualized rate of 13.80%, to $1.1 billion.

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