GREENVILLE, S.C., Feb. 16, 2016 /PRNewswire/ -- GrandSouth Bancorporation (OTCQB: GRRB), the holding company for GrandSouth Bank, reported net income for the year and fourth quarter ended December 31, 2015. For the year ended December 31, 2015, net income totaled $6.0 million compared to $4.4 million for the period ended December 31, 2014. Following the amortization (accretion) and payment of preferred stock dividends, net income available to common shareholders for the year ended December 31, 2015 amounted $5.9 million or $1.67 per share, diluted compared to $4.2 million or $1.23 per share, diluted for the same period of 2014. Net income for the fourth quarter of 2015 amounted to $1.2 million, an amount equal to the net income for the fourth quarter of 2014 of $1.2 million. Following the amortization (accretion) and payment of preferred stock dividends, net income available to common shareholders for the fourth quarter of 2015 amounted $1.2 million or $.33 per share, diluted compared to $1.2 million or $.35 per share, diluted for the same period of 2014. GrandSouth's President Ron Earnest stated "We are very pleased with the performance of the company during 2015 with good growth in earning assets and deposits, strong margins, improved asset quality and some significant key personnel additions during the year as well as the opening of a new office serving the Greer market."
The Board of Directors has declared a cash dividend of $.10 per common share ($.105 per Series A Preferred Share) payable to shareholders of record February 26, 2016 payable on March 11, 2016.
The Company previously announced the successful completion of the sale of $12 million in common stock through a private placement. The proceeds of the sale will be used for general corporate purposes including increasing the capital of GrandSouth Bank to support future growth opportunities.
GrandSouth Bank was chartered and opened for business in 1998 and operates four offices located in Greenville, Fountain Inn, Anderson and Greer, S.C. The company's website is www.grandsouth.com and GrandSouth Bancorporation currently trades its common stock on the OTC market under the symbol "GRRB".
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements.
SOURCE GrandSouth Bancorporation