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GrandSouth reports Q3 growth

Staff Report //October 24, 2018//

GrandSouth reports Q3 growth

Staff Report //October 24, 2018//

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Greenville-based GrandSouth Bancorporation, the holding company for GrandSouth Bank, reports net income for the quarter ended Sept. 30 of $1.4 million or 29 cents per diluted share, compared to net income of $455,000 or 9 cents per diluted share for the quarter ended one year prior. For the nine months ending Sept. 30, the company's net income was $4.5 million, or 91 cents per diluted share, compared to net income of $1 million, or 20 cents per diluted share, during the same period in 2017, according to a news release.

The company reports third quarter growth in total assets of $11.8 million, totaling $740.3 million as of Sept. 30. The growth was primarily driven by an increase in gross loans of $27.6 million for the quarter with the Orangeburg and Charleston markets leading the way representing 43.55% of this loan growth, the release said.

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