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GrandSouth reports increase in assets

Banking & Finance
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GrandSouth Bancorp., the holding company for GrandSouth Bank, reports second quarter total assets grew year over year from $459 million as of June 30, 2016 to $603.9 million as of June 30, 2017.  For the quarter, total assets grew approximately $44.5 million or 8% from March 31, 2017.

The bank attributes the growth to an improving economy and the recruitment and retention of bankers, including an expansion of the Charleston market footprint with two bankers, according to a news release.

“The South Carolina economy is expected to outpace the national numbers and is supported by continued growth in the upstate and the tri-county area of Charleston, Berkeley and Dorchester,” said JB Schwiers, president and CEO of GrandSouth, in the release.

The board of directors declared a dividend of 10 cents per common share, payable on Sept. 8 to shareholders of record on Aug. 31.

Also:

  • Net loans increased by $21.97 million, or 4.94%, during the quarter.
  • Total loans grew from $418.8 million as of Dec. 31, 2016 to $473.3 million as of June 30, 2017. This $54.5 million increase represents 13% growth in six months.
  • As of June 30, 2017, deposits totaled $518.9 million, an increase of $45.8 million from the previous quarter, or 9.7%; and up 38.3% from the previous year. 

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