GrandSouth Bancorporation reports earnings for the first quarter of 2017
May 7, 2017
GrandSouth Bancorporation (OTCQB: GRRB), the holding company for GrandSouth Bank, announced that net income for the quarter ended March 31, 2017 was $95 thousand compared to $1.5 million during the quarter ended March 31, 2016.
The Board of Directors declared a dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on May 26, 2017 to shareholders of record on May 15, 2017. This is their sixteenth consecutive quarterly dividend.
Overview
- Net loans increased by $31.3 million, or 7.6%, during the quarter.
- GrandSouth Bancorporation’s efficiency ratio was 65.10% during the first quarter of 2017 compared to 57.50% during the first quarter of 2016.
- GrandSouth Bancorporation’s return on average assets was 0.07% during the first quarter of 2017 compared to 1.37% in the same quarter last year.
- The return on average equity was 0.74% in the first quarter of 2017, down from 12.84% in the first quarter of 2016.
