GREENVILLE, S.C., Jan. 17, 2020 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank today reported earnings of $2.1 million for the fourth quarter and $8.1 million year to date through December 31, 2019. Annualized returns on average assets were 0.94% for the both periods. For the quarter, this performance represents a 19.56% increase over the same period of 2018's earnings of $1.8 million. Year to date, the Company experienced a $1.8 million, or 28.06%, increase in net income over the same period in 2018.
The Company finished the fourth quarter of 2019 with total assets of $911.8 million. This is a $23.6 million, or 2.66%, increase over the prior quarter and $135.5 million, or 17.46%, increase year to date. Total gross loans ended the fourth quarter at $756.4 million, reflecting an increase of $36.2 million, or 5.02%, for the quarter and $93.1 million, or 14.04%, year to date.
President and CEO JB Schwiers said "2019 has been an excellent year for our Company. These results demonstrate the exceptional teamwork and effort of every employee at GrandSouth Bank. We are optimistic that our momentum will continue in 2020 as we open our 8th location at 2204 Augusta Road in Greenville. Several of our Greenville bankers live in this neighborhood and have strong relationships, some dating all the way back to their time at Summit National Bank. We appreciate the support from our clients and shareholders."
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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 $900 million in assets as of December 31, 2019, including over $750 million in gross loans. Learn more at:
SOURCE GrandSouth Bancorporation