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GrandSouth reports Q2 earnings increase

Banking & Finance
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Greenville-based GrandSouth Bancorp., the holding company for GrandSouth Bank, reports $2 million in earnings in the second quarter, an increase from the $1.7 million reported the same time last year.

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, according to a news release.

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, the release said.

This month the company opened its first full‐service branch in Charleston through the conversion of its existing loan production office at 291 East Bay St.

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