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GrandSouth reports earnings increase
Staff Report //October 29, 2019//
Listen to this articleGrandSouth Bancorp., the holding company for GrandSouth Bank, reports earnings of $1.8 million for the third quarter and $5.9 million year to date through Sept. 30.
For the quarter, this performance represents a 25.57% increase over the same period of 2018's earnings of $1.4 million. The increase in net income was primarily driven by a $1.2 million, or 12.76%, increase in net interest income and a $258,000 or 98.47%, increase in noninterest income, according to a news release.
The company finished the third quarter of 2019 with total assets of $888.1 million. This is a $23.7 million, or 2.74%, increase over the prior quarter and $111.9 million, or 14.42%, increase year to date.
