GREENVILLE, SC -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, today reported earnings of $2.0 million for the second quarter and $4.1 million year to date through June 30, 2019. Annualized returns on average assets were 0.95% and 1.01% for the same periods, respectively. For the quarter, this performance represents a 21.84% increase over the same period of 2018’s earnings of $1.7 million. Year to date, the Company experienced a $1.1 million, or 34.20%, increase in income over the same period in 2018.
The Company finished the second quarter of 2019 with total assets of $864.5 million. This is a $35.9 million, or 4.34%, increase over the prior quarter and $88.3 million, or 11.37%, increase year to date. In addition to the $8.4 million of common stock issued during the first quarter, the Company issued another $1.6 million of common stock early in the second quarter, bringing the total to $10.0 million. Total gross loans ended the second quarter at $691.2 million, reflecting an increase of $15.1 million, or 2.24%, for the quarter and $27.9 million, or 4.21%, year to date.
In early July, the Company opened its first full‐service branch in Charleston through the conversion of its existing loan production office at 291 East Bay Street. This new branch will allow for growth in core deposits following the substantial loan growth experienced at this same office.
Asset quality remains a primary focus of the Company. Nonperforming assets ended the quarter at $4.8 million, or 0.56% of total assets, a decrease from 0.57% as of the prior quarter’s end. Past due, but still accruing, loans, net of the amounts guaranteed by the U.S. Government, decreased to 0.04% of total gross loans as of quarter end, down from 0.23% at March 31, 2019 and 0.32% at December 31, 2018.
We have built a team of experienced bankers that are proven performers. They are empowered to make local decisions which drives exceptional service that is extremely responsive. Experienced bankers with local decision‐making authority leads to extraordinary customer service and is a winning combination. We appreciate the support of our clients and shareholders and value the long‐term relationships that are so critical to our company.
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