GrandSouth Bancorporation Reports First Quarter 2018 Earnings
Monday, April 16th, 2018
GrandSouth Bancorporation, the holding company for GrandSouth Bank, had an excellent first quarter with total assets growing to $703.1 million. The asset growth for our company has been driven by a 5.39% increase in gross loans, with our new markets of Orangeburg, Columbia, and Charleston representing 72.25% of the growth. The loan growth was funded by an increase of our deposit base of 10.56% to $630.2 million from the previous year end. Total noninterest bearing deposits have grown 5.24% year to date. The Greenville and Greer markets have been big contributors to overall deposit growth.
The bank recorded net income of $1.4 million, or $0.29 per diluted share, for the first quarter of 2018. The higher net income in 2018 is primarily due to a decrease of $1.9 million in the provision for loan losses which is partially offset by the $739 thousand increase in employment expenses. Over the last two years, we have made investments to expand our footprint in the top three metropolitan areas of South Carolina, and we are beginning to see the results in the growth of our balance sheet.
We expect our overall results to continue to improve as our experienced bankers begin to share our relationship banking approach across our state. We are confident that the quality growth we are experiencing will benefit earnings in future periods. We continued to be very focused on the asset quality of the bank and this focus has shown results. The asset quality of the company continued to improve throughout 2018. We appreciate the support from our shareholders and customers and look forward to continued success in the coming months as we celebrate our 20th anniversary.