GREENVILLE, S.C., Feb. 28, 2018 /PRNewswire/ -- GrandSouth Bancorporation (OTCQB: GRRB), the holding company for GrandSouth Bank, announced that total assets grew $138.2 million or 26.81% year over year from 2016 to 2017. In the fourth quarter alone, total assets increased $28.8 million, or 4.61%, from the third quarter.
Asset growth has been driven by an increase of 31.66% in loan growth, especially in the new markets of Orangeburg, Columbia, and Charleston, which represents 63.98% of that growth. Columbia and Orangeburg have also been major contributors to the overall deposit growth. Also, asset quality has improved as seen from the decrease in nonperforming assets as a percentage of total assets (from 1.54% in 2016 to 1.03% in 2017). GrandSouth is confident that the quality growth it is experiencing will benefit earnings in future periods.
Net loss for the fourth quarter of 2017 was $228 thousand compared to net income of $385 thousand during the fourth quarter of 2016. Excluding a one-time deferred tax adjustment, net income for the fourth quarter would have been $662 thousand. This adjustment, per the Tax Cuts and Job Act, will increase future earnings since they will be taxed at a lower tax rate.
Over the last two years, the bank has made investments to expand its footprint in the top three metropolitan areas of South Carolina; those results are now being seen on the balance sheet. GrandSouth expects overall results to continue to improve as its bankers begin to share the company's relationship banking approach throughout their markets.
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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/
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SOURCE GrandSouth Bancorporation