GREENVILLE, S.C., May 1, 2020 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, today reported earnings of $1.9 million for the quarter ending March 31, 2020, compared to earnings of $2.1 million for the same period in 2019. Income before the provision for loan losses and taxes was $3.6 million for the quarter, the best results in the history of the Company. The Board of Directors declared a dividend of $0.08 per common share payable on May 20, 2020 to shareholders of record on May 4, 2020.
The Company finished the first quarter of 2020 with total assets of $925.1 million. This is a $13.4 million, or 1.47%, increase in total assets since December 31, 2019.
While the credit metrics continued to look strong at the end of the quarter, management decided to strengthen the allowance for loan losses to recognize the risks from an overall weakening of the economy due to the COVID-19 pandemic, raising it to 1.42% of gross loans at March 31, 2020 from 1.36% at December 31, 2019. Annualized return on average assets was 0.85% for the quarter.
We continue to focus on the effects of the COVID‐19 pandemic as it relates to our Company, employees, customers and other stakeholders. As of April 28, 2020, we have processed 208 loans through the SBA Paycheck Protection Program (PPP) totaling $33.7 million. We have also assisted affected customers by granting loan payment deferrals on 217 loans totaling $70.3 million, or 9.0% of total gross loans. These results demonstrate the exceptional teamwork and effort of every employee of the Company. We are proud to be a resource for our community during these challenging times.
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About GrandSouth Bank: GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $925 million in assets as of March 31, 2020, including over $770 million in gross loans. Learn more at:
SOURCE GrandSouth Bancorporation