GrandSouth Bank reports increase in assets, income

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Greenville-based GrandSouth Bancorporation, the holding company for GrandSouth Bank, reports first quarter total assets of $703.1 million, driven by a 5.39% increase in gross loans with new markets of Orangeburg, Columbia and Charleston representing 72.25% of the growth, according to a news release.

“The loan growth was funded by an increase of our deposit base of 10.56% to $630.2 million from the previous year end. Total noninterest bearing deposits have grown 5.24% year to date. The Greenville and Greer markets have been big contributors to overall deposit growth,” the bank reports, in the release.

GrandSouth recorded net income of $1.4 million, or 29 cents per diluted share, for the first quarter of 2018. The higher net income in 2018 is ”primarily due to a decrease of $1.9 million in the provision for loan losses which is partially offset by the $739,000 increase in employment expenses.” Over the last two years, the bank has made investments to expand its footprint in the top three metropolitan areas of South Carolina, and “we are beginning to see the results in the growth of our balance sheet,” according to the release.