GrandSouth Bancorporation reports fourth quarter 2018 earnings of $1.8 million
January 21, 2019
GrandSouth Bancorporation, the holding company for GrandSouth Bank, reported fourth quarter growth in total assets of $35.9 million, or 4.85%, bringing total assets to $776.2 million as of December 31, 2018. The asset growth was primarily driven by an increase in gross loans of $30.1 million, or 4.76%, for the quarter. The Orangeburg and Charleston markets leading the way, representing 83.33% of the growth for the quarter. The Company finished 2018 with growth in total assets of 20.29%, or $111.9 million for the year.
The Company’s net income for the quarter ended December 31, 2018 was $1.8 million or $0.36 per diluted share compared to a net loss of $228 thousand or $0.05 per diluted share for the quarter ended December 31, 2017. For the twelve months ending on December 31, 2018, the Company’s net income was $6.3 million, or $1.29 per diluted share, compared to net income of $790 thousand, or $0.15 per diluted share, during the same period in 2017.
JB Schwiers, President and CEO, commented “Our local economy continues to produce great opportunities for new and existing bank customers. We appreciate the support from our shareholders and customers and look forward to continued success in 2019.”
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 seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $700 million in assets, including over $600 million in gross loans. Learn more at: https://www.grandsouth.com/
