SEC Info - Grandsouth Bancorporation - ‘10-Q’ for 3/31/22

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		Alternative Formats (Word, et al.) Consolidated Balance Sheets -- March 31, 2022 and December 31, 2021 Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2022 and 2021 Consolidated Statements of Changes in Shareholders' Equity -- Three Months Ended March 31, 2022 and 2021 Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2022 and 2021 Consolidated Statements of Income -- Three Months Ended March 31, 2022 and 2021 Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Statements (Unaudited) Item 1 Item 1A Item 2 Item 3 Item 4 Item 5 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations March 31, 2022 and December 31, 2021 Mine Safety Disclosures Notes to Consolidated Financial Statements Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Three Months Ended March 31, 2022 and 2021 Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Item 1
"	Financial Statements (Unaudited)
"	Consolidated Balance Sheets -- March 31, 2022 and December 31, 2021
"	Consolidated Statements of Income -- Three Months Ended March 31, 2022 and 2021
"	Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2022 and 2021
"	Consolidated Statements of Changes in Shareholders' Equity -- Three Months Ended March 31, 2022 and 2021
"	Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2022 and 2021
"	Notes to Consolidated Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Item 5
"	Other Information
"	Item 6
"	Exhibits
"	Signatures

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(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o i No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On May 2, 2022, i 5,198,542 shares of the issuer’s common stock, no par value, were issued and outstanding.

The accompanying notes are an integral part of the consolidated financial statements.

The accompanying notes are an integral part of the consolidated financial statements.

The accompanying notes are an integral part of the consolidated financial statements.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1932 (the “Exchange Act”), which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “continue,” “seek,” “could,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The Company is under no duty to and does not undertake any obligation to update any forward-looking statements after the date of this Form 10-Q except as required by law.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

For additional information with respect to factors that could cause actual results to differ from the expectations stated in the forward-looking statements, see “Risk Factors” under Part I, Item 1A of our Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2022, (“2021 Form 10-K”).

This Form 10-Q includes financial information determined by a method other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes the operating performance measure “Tangible book value per common share, outstanding”.

Management has included this non-GAAP measure because it believes this measure may provide useful supplemental information for evaluating the Company’s underlying performance trends. Further, management uses this measure in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies.

Our critical accounting estimates involving significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of March 31, 2022 have remained unchanged from the disclosures presented in our 2021 Form 10-K. Refer to Note 1 in the notes to the consolidated financial statements included under Item 1 -“Financial Statements” of this Form 10-Q for more information about recent accounting updates.

GrandSouth Bancorporation (“we,” “us,” “our,” or the “Company”) was incorporated in 2000 under the laws of South Carolina and is a bank holding company registered under the Bank Holding Company Act of 1956. The Company’s primary purpose is to serve as the holding company for GrandSouth Bank (the “Bank”). On October 2, 2000, pursuant to a Plan of Exchange approved by the shareholders of the Bank, all of the outstanding shares of capital stock of the Bank were exchanged for shares of the Company, and the Company became the owner of all of the outstanding capital stock of the Bank. The Company presently engages in no business other than that of owning the Bank and has no employees.

The Company has one non-bank subsidiary, GrandSouth Capital Trust I (the “Trust”), a Delaware statutory trust, formed to facilitate the issuance of trust preferred securities. The GrandSouth Trust is not consolidated in the Company’s financial statements.

We provide a full range of financial services through offices located throughout South Carolina. We provide full-service retail and commercial banking products.

Our results of operations are significantly affected by general economic and competitive conditions in our market areas and nationally, as well as changes in interest rates, sources of funding, government policies and actions of regulatory authorities. Future changes in applicable laws, regulations or government policies may materially affect our financial condition and results of operations.

The following discussion and analysis is presented on a consolidated basis and focuses on the major components of the Company’s operations and significant changes in its results of operations for the periods presented. We encourage you to read this discussion and analysis in conjunction with the financial statements and the related notes and the other statistical information included in this Form 10-Q and in our 2021 Form 10-K.

Total assets increased $49.5 million to $1.3 billion at March 31, 2022, or 4.11%, from December 31, 2021. This increase in assets was primarily due to increases in cash and cash equivalents of $35.1 million, investments available for sale (“AFS”) of $11.2 million, and loans of $2.7 million.

Total liabilities increased $50.5 million to $1.2 billion at March 31, 2022, or 4.57%, from December 31, 2021, due primarily to increases in total deposits of $49.9 million, which includes increases in interest-bearing deposits of $46.8 million.

Total shareholders’ equity decreased $1.0 million to $96.4 million, or 1.00%, from December 31, 2021, due to normal retention of earnings, exercise of stock options, and stock-based compensation partially offset by changes in the fair value of AFS investments and payment of dividends. Book Value per common share decreased $0.29 to $18.32 at March 31, 2022 from $18.61 at December 31, 2021. Tangible book value per common share, a non-GAAP measure, also decreased $0.29 to $18.18 at March 31, 2022 from $18.47 at December 31, 2021.

The following is a reconciliations of book value to book value per common share and book value to tangible book value per common share for the periods indicated:

Total cash and cash equivalents increased $35.1 million to $159.2 million at March 31, 2022 from $124.1 million at December 31, 2021, primarily due to the increase in customer deposits. We continue to look for opportunities to re-invest excess cash in higher yielding assets, but will continue to hold adequate levels of liquid and short-term assets.

Our investment securities portfolio is classified as AFS, which is carried at fair value. The following table shows the amortized cost and fair value for our AFS investment portfolio at the dates indicated (in thousands).

AFS investment securities increased $11.2 million, or 10.01%, to $123.2 million at March 31, 2022 from $112.0 million at December 31, 2021. We continue to look for opportunities to re-deploy funds from investment securities to higher yielding loans.

The composition and maturities of the available-for-sale investment securities portfolio at March 31, 2022 are summarized in the following table (in thousands). Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. The composition and maturity distribution of the securities portfolio is subject to change depending on rate sensitivity, capital, and liquidity needs. The weighted average yield was calculated using net income (interest accrual plus or minus accretion/amortization) divided by ending book value.

The following table presents our loan portfolio composition and the corresponding percentage of total loans as of the dates indicated (in thousands). Other construction and land loans include residential acquisition and development loans and loans on commercial undeveloped land and one-to-four family improved and unimproved lots. Commercial real estate loans include loans on non-residential owner-occupied and non-owner-occupied real estate, multi-family, and owner-occupied investment property. Commercial and industrial loans include unsecured commercial loans and commercial loans secured by business assets.

Commercial real estate loan balances contracted during the first quarter primarily due to significant paydowns of existing loans.

Included in commercial loans are PPP loans totaling $0.1 million and $1.3 million as of March 31, 2022 and December 31, 2021, respectively.

When a loan becomes 15 days past due, we contact the borrower to inquire as to the status of the loan payment. When a loan becomes 30 days or more past due, we increase collection efforts to include all available forms of communication. Once a loan becomes 45 days past due, we generally issue a demand letter and further explore the reasons for non-repayment, discuss repayment options, and inspect the collateral. In the event the loan officer or collections staff has reason to believe restructuring will be mutually beneficial to the borrower and the Bank, the borrower is referred to the Bank’s Credit Administration staff to explore restructuring alternatives to foreclosure. Once the demand period has expired and it has been determined that restructuring is not a viable option, the Bank’s counsel is instructed to pursue foreclosure.

The accrual of interest on loans is discontinued at the time a loan becomes 90 days delinquent or when it becomes impaired, whichever occurs first, unless the loan is well secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual is reversed. Interest payments received on nonaccrual loans are generally applied as a direct reduction to the principal outstanding until the loan is returned to accrual status. Interest payments received on nonaccrual loans may be recognized as income on a cash basis if recovery of the remaining principal is reasonably assured. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Interest payments applied to principal while the loan was on nonaccrual may be recognized in income over the remaining life of the loan after the loan is returned to accrual status.

If a loan is modified in a troubled debt restructure (“TDR”), the loan is generally placed on non-accrual until there is a period of satisfactory payment performance by the borrower (either immediately before or after the restructuring), generally six consecutive months, and the ultimate collectability of all amounts contractually due is not in doubt. For a discussion of TDRs, see the section entitled “Troubled Debt Restructurings” below.

The following table sets forth certain information with respect to our loan portfolio carrying balances of delinquencies at the dates indicated (in thousands). We had one loan with a balance of $50 thousand that was more than 90 days past due and still accruing interest as of March 31, 2022 that was not 98% guaranteed by the issuing agency. We had no loans 90 days or more past due that are still accruing interest as of December 31, 2021 that are not 98% guaranteed by the issuing agency.

Total delinquencies as a percentage of loans decreased from 0.07% at December 31, 2021 to 0.05% at March 31, 2022. Delinquent loans decreased $0.2 million, or 26.37%, to $0.5 million at March 31, 2022 from $0.7 million at December 31, 2021. We continue to focus on collection efforts and favorable resolutions.

Nonperforming loans include all loans past due 90 days and over that are not 98% guaranteed by the issuing agency, certain impaired loans, and TDR loans that have not yet established a satisfactory period of payment performance (some of which may be contractually current). Nonperforming assets include nonperforming loans and other real estate owned (“REO”). The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated (in thousands).

The decrease in nonperforming loans and nonperforming assets is the result of the successful resolution and disposal of nonperforming loans and nonperforming assets by means of restructure, foreclosure, deed in lieu of foreclosure and sales.

In situations where, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession that we would not otherwise consider, for other than an insignificant period of time, the related loan is classified as a TDR. We strive to identify borrowers in financial difficulty early so that we may work with them to modify their loans before they reach nonaccrual status. Modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates, periods of interest-only payments, and principal deferments. A restructuring that results in only a delay in payments that is insignificant is not considered an economic concession. While unusual, there may be instances of forgiveness of loan principal. We individually evaluate all substandard loans that experience a modification of terms to determine if a TDR has occurred.

All TDRs over $200,000 are considered to be impaired loans and are reported as such for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and the ultimate collectability of all amounts contractually due is not in doubt. We may also remove a loan from TDR and impaired status if the loan is subsequently restructured and at the time of the subsequent restructuring the borrower is not experiencing financial difficulties and, under the terms of the subsequent restructuring agreement, no concession has been granted to the borrower.

The following table sets forth amounts of classified and criticized loans at the dates indicated. As indicated in the table, loans classified as “doubtful” or “loss” are charged off immediately (in thousands).

Management continues to dedicate resources to monitoring and resolving classified and criticized loans.

The allowance for loan losses reflects our estimates of probable losses inherent in our loan portfolio at the balance sheet date. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of our loans in light of historical experience, the nature and volume of our loan portfolio, adverse situations that may affect our borrowers’ abilities to repay, the estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The methodology for determining the allowance for loan losses has two main components: the evaluation of individual loans for impairment and the evaluation of certain groups of homogeneous loans with similar risk characteristics.

A loan is considered impaired when it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan. We individually evaluate loans, or relationships, greater than $200,000 for impairment that are classified as nonaccrual, TDRs, or performing substandard loans. If the impaired loan is considered collateral dependent, a charge-off is taken based upon the appraised value of the property less an estimate of selling costs if foreclosure or sale of the property is anticipated. If the impaired loan is not collateral dependent, a specific reserve is established based upon an estimate of the future discounted cash flows after consideration of modifications and the likelihood of future default and prepayment.

The allowance for homogenous loans consists of a base loss reserve and a qualitative reserve. The loss rates for the base loss reserve, segmented into seven loan categories, contain average net loss rates ranging from approximately 0.00% to 0.58%.

The qualitative reserve adjusts the weighted average loss rates utilized in the base loss reserve for trends in the following internal and external factors:

Qualitative reserve adjustment factors are decreased for favorable trends and increased for unfavorable trends. There is no certainty that our ALL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast.

The following table summarizes the net charge-off detail as a percentage of average loans by loan composition for the periods indicated (in thousands).

Our allowance as a percentage of total loans increased to 1.49% at March 31, 2022 from 1.47% at December 31, 2021, and 1.46% at March 31, 2021, primarily as the result of loan growth in our more heavily reserved CarBucks segment.

We have continued to experience limited charge-off amounts and stable collections of amounts previously charged-off. The overall historical loss rate used in our allowance for loan losses calculation continues to decline as previous quarters with larger loss rates are eliminated from the calculation as time passes. Our coverage ratio of nonperforming loans increased to 2,221.18% at March 31, 2022 from 1,017.27% at December 31, 2021 primarily as the result of the decreased balance of nonperforming loans during the period.

The following table presents deposits by category and percentage of total deposits as of the periods indicated (in thousands).

At March 31, 2022 and December 31, 2021, we estimate that we have approximately $440.1 million and $393.8 million, respectively, in uninsured deposits including related interest accrued and unpaid. Since it is not reasonably practicable to provide a precise measure of uninsured deposits, these amounts are estimates and are based on the same methodologies and assumptions used for the Bank’s regulatory reporting requirements by the FDIC for the Call Report.

As indicated in the above table, deposit balances increased approximately $49.9 million, or 4.71%, for the three months ended March 31, 2022 compared to December 31, 2021. The increase in total deposits was mainly attributable to the $46.3 million, or 9.25%, increase in money market accounts and $10.5 million, or 20.06%, increase in interest-bearing demand accounts, partially offset by a $10.9 million, or 5.23%, decline in time deposits.

Net income for the three months ended March 31, 2022 was $4.1 million, compared to $3.6 million for the same period in 2021. The increase in net income for the period was primarily the result of increases in net interest income and of $1.0 million, partially offset by an increase in noninterest expenses totaling $0.3 million.

Net interest income increased $1.0 million, or 8.10%, to $13.0 million for the three months ended March 31, 2022, compared to $12.1 million for the same period in 2021. The increase in net interest income was primarily due to a higher volume in loans (both Core Bank and CarBucks) and taxable investments, and decreases in costs on time deposits. This was partially offset by the decline in yields on our Core Bank loans and taxable investments during the period.

The following table sets forth the average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets on a tax-equivalent basis, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting average tax-equivalent yields and cost for the periods indicated. All average balances are daily average balances. Nonaccrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs that are amortized or accreted to interest income or expense.

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on the absolute values of changes due to rate and the changes due to volume.

Net interest income before provision for loan losses increased to $13.0 million for the three months ended March 31, 2022, compared to $12.1 million for the same period in 2021, due to improvements in volume, partially offset by unfavorable movements in interest rates.

The increase in tax-equivalent net interest income of $1.3 million related to volume was primarily the result of higher average loan (both Core Bank and CarBucks) which increased $47.9 million, and a $71.4 million decrease in average time deposits for the three months ended March 31, 2022 compared to the same period in 2021. The increase in average loan and taxable investment balances was partially offset by increases of $119.3 million in money market balances.

The decrease in tax-equivalent net interest income of $0.4 million related to rate was primarily the result of decreased costs on time deposits and decreased yields on Core Bank and CarBucks loans.

Our tax-equivalent net interest margin was 4.49% for the three months ended March 31, 2022, compared to 4.57% for the same period in 2021, a decrease of eight basis points. The decrease in net interest margin was primarily attributable to higher average loan balances combined with interest rate reductions on our cost of funds partially offset by reduced yields on our Core Bank and CarBucks loans.

We recorded a provision for loan losses for the three months ended March 31, 2022 of $0.3 million due to organic loan growth and certain qualitative adjustments in response to shifts in used car demand which could impact our CarBucks portfolio. This compares to a $0.2 million provision for loan losses in for the same period in 2021. We are experiencing continued stabilization in asset quality, low charge-off amounts and a decline in the historical loss rates used in our allowance for loan losses model. In light of ongoing supply chain disruptions, labor shortages and the associated impact on monetary policy, there is a risk that loss rates could increase.

The following table summarizes the components of noninterest income and the corresponding changes between the three months ended March 31, 2022 and 2021 (in thousands):

Our noninterest income increased less than $0.1 million to $0.6 million in the three months ended March 31, 2022, compared to the same period in 2021 due primarily to increases in service charges on deposit accounts.

The following table summarizes the components of noninterest expense and the corresponding change between the three months ended March 31, 2022 and 2021 (in thousands):

Our noninterest expense increased $0.3 million to $8.0 million in the three months ended March 31, 2022, compared to the same period in 2021, primarily as the result of increases in compensation and employee benefits of $0.5 million. This increase was partially offset by a $0.1 million decrease in the net cost of operation of real estate owned. The increase in compensation and employee benefits is primarily related to increased full-time equivalent employees combined with annual raises and increases in employee benefits, incentives and commissions. The decrease in the net cost of operation of real estate owned is primarily related to a decrease in writedowns of real estate owned.

Income tax expense totaled $1.3 million for the three months ended March 31, 2022, compared to $1.1 million for the same period in 2021. Income tax expense benefited from tax-exempt income related to municipal bond investments and BOLI income resulting in effective tax rates of 23.6% and 24.1% for the three months ended March 31, 2022 and 2021, respectively.

We continue to have unutilized net operating losses for state income tax purposes and no material current tax receivables or liabilities.

See Note 9, “Reportable Segments” in notes to the consolidated financial statements included under Item 1 -“Financial Statements” for additional disclosures related to our reportable business segments. Fluctuations in noninterest income and noninterest expense incurred directly by the segments are more fully discussed in the “Noninterest income” and “Noninterest expense” sections above.

Core Bank consists of commercial and consumer lending and full-service branches in its geographic region with its own management team. The branches provide a full range of traditional banking products as well as treasury services and merchant services.

Core Bank net income increased $0.8 million to $2.7 million for the three months ended March 31, 2022 compared to $2.0 million for the same period in 2021. Net interest income increased $0.2 million to $8.1 million for the three months ended March 31, 2022 from $7.9 million for the same period a year ago primarily due to increased loan volume and reduced funding costs, partially offset by a reduction in loan yield. Provision for loan losses decreased $0.8 million for the three months ended March 31, 2022 compared to 2021 due to lower net charge off activity and loan balance contraction during the first quarter of 2022 as opposed to loan balance growth during the first quarter of 2021. Noninterest expense increased $0.1 million to $5.3 million for the 2022 period compared to $5.2 million for the same period in 2021 due primarily to an increase in compensation and employee benefits expense in 2022.

CarBucks provides specialty floor plan inventory financing for more than 1,600 small automobile dealers in over 20 states. Credit lines are established for each approved dealer using the Company’s Board approved underwriting guidelines. Advances and repayments on credit lines averaging $0.1 million are vehicle specific. The inventory typically consists of over 12,000 floored used vehicles with an average price of $8,000 per unit, generally has an average 67-day turnover, and generates approximately $300 in financing fees per vehicle which is included in loan interest income.

CarBucks net income decreased $0.4 million to $1.2 million for the three months ended March 31, 2022 compared to $1.6 million for the same three-month period in 2021. Net interest income increased $0.6 million to $4.8 million for the 2022 period from $4.2 million for the same period a year ago primarily due to increased fees related to increases in inventory. Provision for loan losses increased $0.9 million for the three months ended March 31, 2022 compared to 2021 due to increased net charge offs and higher loan balance, partially offset by lower qualitative adjustments. Noninterest expense increased $0.2 million to $2.7 million for the 2022 period compared to $2.4 million for the same period in 2021 due primarily to an increase in compensation and employee benefits expense in 2022.

Other includes parent company transactions, investment securities portfolio, BOLI, excess death benefits, net intercompany eliminations, and certain other activities not currently allocated to the aforementioned segments.

Other net income increased $0.2 million to $0.2 million for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increased interest income related to the Company’s taxable investments, partially offset by a decrease in BOLI income.

Liquidity and Market Risk. Our primary sources of funds consist of deposit inflows, loan repayments, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), and the sale of available-for-sale securities. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. Our ALCO, under the direction of our Chief Financial Officer, is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs and deposit withdrawals of our customers as well as unanticipated contingencies. We have not experienced any unusual pressure on our deposit balances or our liquidity position as a result of the COVID-19 pandemic. We believe that, as of March 31, 2022, we have enough sources of liquidity to satisfy our liquidity needs for the next twelve months and thereafter.

We regularly monitor and adjust our investments in liquid assets based upon our assessment of expected loan demand, expected deposit flows and borrowing maturities, yields available on interest-earning deposits and securities, and the objectives of our asset/liability management program. Excess liquid assets are invested generally in FHLB and Federal Reserve Bank of Richmond (“FRB”) interest-earning deposits and investment securities and are also used to pay off short-term borrowings. At March 31, 2022, cash and cash equivalents totaled $159.2 million. Included in this total was $131.6 million held at the FRB, $1.2 million held at the FHLB, and $21.8 million held at correspondent banks in interest-earning accounts.

Our cash flows are derived from operating activities, investing activities and financing activities as reported in our consolidated statements of cash flows included in our unaudited consolidated financial statements of this From 10-Q. The following summarizes the most significant sources and uses of liquidity during the three months ended March 31, 2022 and 2021 (in thousands):

In addition, because the Company is a separate entity from the Bank, it must provide for its own liquidity. The Company is responsible for payment of dividends declared on its common and preferred stock and interest and principal on any outstanding debt or trust preferred securities. The Company currently has internal capital resources to meet these obligations. While the Company has access to capital, the ultimate sources of its liquidity are dividends from the Bank and tax allocation agreements, which are limited by applicable law and regulations. The Bank paid no dividends to the Company in the three months ended March 31, 2022 or 2021.

At March 31, 2022, we had $322.5 million in outstanding commitments to extend credit through unused lines of credit and stand-by letters of credit.

Depending on market conditions, we may be required to pay higher rates on our deposits or other borrowings than we currently pay on certificates of deposit. Based on historical experience and current market interest rates, we anticipate that following their maturity we will retain a large portion of our retail certificates of deposit with maturities of one year or less as March 31, 2022.

In addition to loans, we invest in securities that provide a source of liquidity, both through repayments and as collateral for borrowings. Our securities portfolio includes both callable securities (which allow the issuer to exercise call options) and mortgage-backed securities (which allow borrowers to prepay loans). Accordingly, a decline in interest rates would likely prompt issuers to exercise call options and borrowers to prepay higher-rate loans, producing higher than otherwise scheduled cash flows.

Liquidity management is both a daily and long-term function of management. If we require more funds than we are able to generate locally, we have a borrowing agreement with the FHLB. The following summarizes our borrowing capacity as of March 31, 2022 (in thousands):

Capital Resources. Shareholders’ equity decreased $1.0 million to $96.4 million at March 31, 2022 compared to $97.4 million at December 31, 2021. This decrease was primarily attributable to net income of $4.1 million, stock-based compensation of $0.1 million, and stock options exercised of $0.4 million offset by after-tax decreases in market value of AFS investment securities of $4.9 million and dividends declared of $0.7 million.

The tables below summarize the capital amounts and ratios of the Bank and the minimum regulatory requirements in accordance with Basel III and the prompt corrective action provisions at March 31, 2022 and December 31, 2021 (dollars in thousands).

The tables below summarize the capital amounts and ratios of the Company and the minimum⁽¹⁾regulatory requirements in accordance with Basel III at March 31, 2022, and December 31, 2021 (in thousands).

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of March 31, 2022. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer each concluded that as of March 31, 2022, the end of the period covered by this Form 10-Q, the Company maintained effective disclosure controls and procedures.

There have been no changes to the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

In the ordinary course of operations, we are often involved in legal proceedings. In the opinion of management, neither the Company nor the Bank is a party to, nor is their property the subject of, any material pending legal proceedings, other than ordinary routine litigation incidental to their business, nor has any such proceeding been terminated during the quarter ended March 31, 2022.

There have been no material changes to the risk factors that we have previously disclosed in the “Risk Factors” section in our 2021 Form 10-K as filed with the SEC on March 31, 2022.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


i South Carolina	i 57-1104394
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

i 381 Halton Road,
i Greenville, i South Carolina	i 29607
(Address of principal executive offices)	(Zip Code)

Title of each class	Trading symbol(s)	Name of each exchange on which registered
None	None	None


	(Unaudited)			(Audited)
(in thousands, except share data)	March 31, 2022			December 31, 2021
Assets

Cash and due from banks	$	i 3,784		$	i 2,522
Interest-earning deposits		i 154,566			i 120,602
Federal funds sold		i 888			i 977
Cash and cash equivalents		i 159,238			i 124,101

Investments - available for sale		i 123,167			i 111,962
Other investments, at cost		i 2,601			i 2,984
Loans receivable, net		i 936,190			i 933,475
Allowance for loan losses		( i 13,949	)		( i 13,723	)
Premises and equipment, net		i 17,745			i 17,783
Real estate owned		i 842			i 842
Accrued interest receivable		i 4,768			i 4,808
Bank owned life insurance		i 14,856			i 14,778
Net deferred tax asset		i 4,341			i 2,968
Goodwill		i 737			i 737
Other assets		i 2,716			i 3,007
Total assets	$	i 1,253,252		$	i 1,203,722

Liabilities and Shareholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	i 283,685		$	i 280,665
Interest-bearing		i 825,219			i 778,376
Total deposits		i 1,108,904			i 1,059,041
Federal Home Loan Bank advances		i 5,000			i 5,000
Junior subordinated notes		i 35,894			i 35,864
Accrued interest payable		i 609			i 383
Accrued expenses and other liabilities		i 6,414			i 6,029
Total liabilities		i 1,156,821			i 1,106,317

Commitments and contingencies (Notes 13 and 23)

Shareholders’ Equity:
Preferred stock - Series A - i i no / par value; i i 287,895 / shares authorized, i i i i 282,828 / / / shares issued, and outstanding as of March 31, 2022 and December 31, 2021		—			—
Common stock - i i no / par value; i i 20,000,000 / shares authorized; i i 5,198,542 / and i i 5,168,681 / shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		—			—
Additional paid in capital		i 45,118			i 44,570
Retained earnings		i 55,047			i 51,649
Accumulated other comprehensive income		( i 3,734	)		i 1,186
Total shareholders’ equity		i 96,431			i 97,405

Total liabilities and shareholders’ equity	$	i 1,253,252		$	i 1,203,722


	Three Months Ended March 31,
(in thousands, except per share data)	2022			2021
Interest income:
Interest and fees on loans	$	i 13,581		$	i 13,138
Taxable securities		i 466			i 268
Tax-exempt securities		i 69			i 70
Interest-earning deposits		i 40			i 19
Other		i 15			i 34
Total interest income		i 14,171			i 13,529

Interest expense:
Deposits		i 687			i 993
Federal Home Loan Bank advances		i 5			i 35
Junior subordinated notes		i 433			i 433
Other borrowings		—			—
Total interest expense		i 1,125			i 1,461
Net interest income		i 13,046			i 12,068
Provision for loan losses		i 308			i 242
Net interest income after provision for loan losses		i 12,738			i 11,826

Noninterest income:
Service charges on deposit accounts		i 334			i 268
Bank owned life insurance		i 78			i 92
Net gain on sale of premises and equipment		i 24			i 6
Other		i 189			i 209
Total noninterest income		i 625			i 575

Noninterest expenses:
Compensation and employee benefits		i 5,537			i 5,074
Net occupancy		i 586			i 564
Federal deposit insurance		i 116			i 153
Professional and advisory		i 230			i 309
Data processing		i 493			i 533
Marketing and advertising		i 70			i 44
Net cost of operation of real estate owned		i 23			i 110
Other		i 929			i 880
Total noninterest expenses		i 7,984			i 7,667
Income before taxes		i 5,379			i 4,734
Income tax expense		i 1,271			i 1,140

Net income		i 4,108			i 3,594
Preferred stock dividends		( i 38	)		( i 30	)
Net income applicable to common shareholders	$	i 4,070		$	i 3,564

Earnings per common share:
Basic	$	i 0.75		$	i 0.65
Diluted	$	i 0.72		$	i 0.65

Weighted average common shares outstanding:
Basic		i 5,182,493			i 5,201,787
Diluted		i 5,384,848			i 5,258,078


	Three Months Ended March 31,
(in thousands)	2022			2021
Net income	$	i 4,108		$	i 3,594
Other comprehensive income (loss):
Change in unrealized holding gains (losses) on securities available for sale		( i 6,292	)		( i 1,996	)
Income tax effect related to items of other comprehensive loss		i 1,372			i 434
Total other comprehensive loss, after tax		( i 4,920	)		( i 1,562	)
Comprehensive income (loss)	$	( i 812	)	$	i 2,032

Grandsouth Bancorporation – ‘10-Q’ for 3/31/22

On: Monday, 5/16/22, at 10:01am ET · For: 3/31/22 · Accession #: 1171200-22-248 · File #: 0-31937

Previous ‘10-Q’: ‘10-Q’ on 11/12/21 for 9/30/21 · Next: ‘10-Q’ on 8/15/22 for 6/30/22 · Latest: ‘10-Q’ on 11/14/22 for 9/30/22 · 4 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

4 Subsequent Filings that Reference this Filing

		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets – March 31, 2022 and December 31, 2021	3
	Consolidated Statements of Income – Three Months Ended March 31, 2022 and 2021	4
	Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2022 and 2021	5
	Consolidated Statements of Changes in Shareholders’ Equity – Three Months Ended March 31, 2022 and 2021	6
	Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45
	Signatures	46


	For the Three Months Ended March 31,
(in thousands)	2022			2021
Cash flows from operating activities:
Net income	$	i 4,108		$	i 3,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion		i 360			i 734
Investment amortization, net		i 207			i 336
Provision for loan losses		i 308			i 242
Provision for real estate owned		—			i 87
Stock-based compensation expense		i 130			i 155
Income on bank owned life insurance, net		( i 78	)		( i 92	)
Gain on sale of fixed assets		( i 24	)		( i 6	)
Net change in operating assets and liabilities:
Accrued interest receivable		i 40			i 323
Other assets		i 291			i 249
Accrued interest payable		i 226			i 334
Other liabilities		i 385			i 299
Net cash provided by operating activities		i 5,953			i 6,255
Cash flows from investing activities:
Activity for investment securities available for sale:
Purchases		( i 20,730	)		( i 12,644	)
Maturities/calls and principal repayments		i 3,025			i 5,495
Net increase in loans		( i 2,901	)		( i 11,289	)
Proceeds from sale of fixed assets		i 38			i 9
Purchase of fixed assets		( i 202	)		( i 128	)
Purchase of other investments, at cost		( i 117	)		—
Redemption of other investments, at cost		i 500			i 776
Net cash used in investing activities		( i 20,387	)		( i 17,781	)
Cash flows from financing activities:
Net increase in deposits		i 49,863			i 44,077
Repurchase of common stock		—			( i 2,392	)
Cash received upon exercise of stock options		i 418			i 460
Dividends paid on common stock		( i 672	)		( i 527	)
Dividends paid on preferred stock		( i 38	)		( i 30	)
Net cash provided by financing activities		i 49,571			i 41,588
Net change in cash and cash equivalents		i 35,137			i 30,062
Cash and cash equivalents, beginning of period		i 124,101			i 63,025
Cash and cash equivalents, end of period	$	i 159,238		$	i 93,087

Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits and other borrowings	$	i 863		$	i 1,093
Income taxes		i 154			—
Significant noncash investing and financing activities:
Investments to be settled	$	—		$	i 2,131

	March 31, 2022
	Amortized Cost		Fair Value
Over 1 year through 5 years	$	i 17,970	$	i 17,601
Over 5 years through 10 years	$	i 31,066	$	i 29,820
Over 10 years		i 19,334		i 18,152
Total securites other than asset-backed and mortgage-backed securities		i 68,370		i 65,573

Mortgage-backed securities		i 31,594		i 30,166
Collaterized mortgage obigations		i 25,530		i 25,010
Asset-backed securities		i 2,451		i 2,418
Total	$	i 127,945	$	i 123,167

	March 31,		December 31,
	2022		2021
Federal Home Loan Bank stock	$	i 790	$	i 733
Investment in Trust Preferred Securities		i 247		i 247
Certificates of deposit		i 1,004		i 1,504
Other investments		i 560		i 500
Total other investments, at cost	$	i 2,601	$	i 2,984


	Three Months Ended March 31,
	2022			2021
Numerator:
Net income	$	i 4,108		$	i 3,594
Preferred stock dividends		( i 38	)		( i 30	)
Net income applicable to common equity		i 4,070			i 3,564
Undistributed earnings allocated to participating securities		( i 184	)		( i 167	)
Net income applicable to common shareholders	$	i 3,886		$	i 3,397

Denominator:
Basic - Total weighted-average basic shares outstandings		i 5,182,493			i 5,201,787
Stock options		i 202,355			i 56,291
Diluted - Total weighted-average diluted shares outstanding		i 5,384,848			i 5,258,078

Basic income per share	$	i 0.75		$	i 0.65
Diluted income per share	$	i 0.72		$	i 0.65


	Three Months Ended March 31, 2022
	AFS Securities			Total
Balance, beginning of period	$	i 1,186		$	i 1,186
Change in net unrealized holding gains on AFS securities		( i 6,292	)		( i 6,292	)
Income tax effect		i 1,372			i 1,372
Balance, end of period	$	( i 3,734	)	$	( i 3,734	)

	Three Months Ended March 31, 2021
	AFS Securities			Total
Balance, beginning of period	$	i 2,159		$	i 2,159
Change in net unrealized holding losses on AFS securities		( i 1,996	)		( i 1,996	)
Income tax effect		i 434			i 434
Balance, end of period	$	i 597		$	i 597

			March 31, 2022	December 31, 2021
	Valuation Technique	Unobservable Input	General Range	General Range
Impaired loans	i Discounted Appraisals	i Collateral discounts	N/A	i 0% - i 15%
Real estate owned	i Discounted Appraisals	i Collateral discounts and estimated selling cost	i 10% - i 43%	i 10% - i 43%
Corporate bonds	i Discounted Cash Flows	i Recent similar executed financing transactions	i 0% - i 5%	i 0% - i 4%

	As Of
(in thousands, except share data)	March 31, 2022			December 31, 2021
Book Value (GAAP)	$	96,431		$	97,405
Book Value Attributable to Preferred Shares		(1,204	)		(1,204	)
Book Value Attributable to Common Shares		95,227			96,201
Outstanding common shares		5,198,542			5,168,681
Book Value Per Common Share	$	18.32		$	18.61

Book Value (GAAP)	$	96,431		$	97,405
Book Value Attributable to Preferred Shares		(1,204	)		(1,204	)
Book Value Attributable to Common Shares		95,227			96,201
Goodwill and intangibles		(737	)		(737	)
Book Value Attributable to Common Shares (Tangible)	$	94,490		$	95,464
Outstanding common shares		5,198,542			5,168,681
Tangible Book Value Per Common Share	$	18.18		$	18.47

	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. government agencies	$	27,449	$	26,477	$	9,479	$	9,439
State and municipal obligations		25,971		24,267		26,011		26,677
Mortgage-backed securities - agency		31,594		30,166		33,191		33,418
Collateralized mortgage obligations - agency		25,530		25,010		26,968		27,435
Asset-backed securities		2,451		2,418		2,599		2,590
Corporate bonds		14,950		14,829		12,200		12,403
	$	127,945	$	123,167	$	110,448	$	111,962

	Less than one year					More than one year through five years					More than five years through ten years					More than ten years					Total securities
	Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield			Amortized Cost		Weighted Average Yield
U.S. government agencies	$	—		—		$	17,970		0		$	9,479		1.37	%	$	—		0.00	%	$	27,449		1.47	%
State and municipal obligations		—		—		$	—		—		$	7,387		1.99	%	$	18,584		2.26	%		25,971		2.19	%
Mortgage-backed securities - agency		—		—			165		3.80	%		8,498		0.86	%		22,931		1.29	%		31,594		1.19	%
Collateralized mortgage obligations - agency		—		—			—		—			12,241		1.96	%		13,289		0.20	%		25,530		1.05	%
Asset-backed securities		—		—			—		—			590		0.43	%		1,861		0.79	%		2,451		0.71	%
Corporate bonds		—		—			—		—			14,200		3.98	%		750		4.92	%		14,950		4.03	%
Total securities available-for-sale	$	—		0.00	%	$	18,135		1.55	%	$	52,395		2.21	%	$	57,415		1.38	%	$	127,945		1.75	%

	March 31, 2022					December 31, 2021
	Balance			Percent		Balance			Percent
Real estate mortgage loans:
One-to four-family residential	$	132,895			14.19	$	132,836			14.22
Commercial real estate		415,571			44.37		423,552			45.36
Home equity loans and lines of credit		20,155			2.15		21,568			2.31
Residential construction		37,260			3.98		38,881			4.16
Other construction and land		80,540			8.60		75,682			8.10
Commercial		243,860			26.04		234,355			25.09
Consumer		6,351			0.67		7,129			0.76
Loans receivable, gross		936,632			100.00		934,003			100.00
Net deferred loan costs (fees)		(442	)				(528	)

Loans receivable, net of deferred fees	$	936,190				$	933,475

	Delinquent loans
	30-59 Days			60-89 Days			90 Days and over			Total
March 31, 2022
One-to-four family residential	$	—		$	—		$	50		$	50
Commercial real estate		34			—			—			34
Commercial		—			—			106			106
Consumer		54			—			267			321
Total delinquent loans	$	88		$	—		$	423		$	511
% of total loans, net		0.01	%		0.00	%		0.05	%		0.05	%

December 31, 2021
One-to-four family residential	$	—		$	—		$	50		$	50
Commercial		54			—			—			54
Consumer		—			—			590			590
Total delinquent loans	$	54		$	—		$	640		$	694
% of total loans, net of deferred fees and costs		0.01	%		0.00	%		0.07	%		0.07	%

	For the Three Months Ended March 31, 2022
	Compared to the Three Months Ended March 31, 2021
	Increase (decrease) due to:
(In thousands)	Volume			Rate			Total
Interest-earning assets:
Loans - Core Bank (1)	$	278		$	(528	)	$	(250	)
Loans - CarBucks (1)		1,046			(353	)		693
Investment - taxable		18			180			198
Investments - tax exempt (2)		(3	)		2			(1	)
Interest-earning deposits		20			1			21
Other investments, at cost		(16	)		(3	)		(19	)
Total interest-earning assets		1,343			(701	)		642

Interest-bearing liabilities:
Savings accounts		1			—			1
Time deposits		(106	)		(233	)		(339	)
Money market accounts		122			(71	)		51
Interest bearing transaction accounts		(7	)		(12	)		(19	)
FHLB advances		(17	)		(13	)		(30	)
Junior subordinated debentures		—			—			—
Other borrowings		—			—			—
Total interest-bearing liabilities		(7	)		(329	)		(336	)
Change in tax-equivalent net interest income	$	1,350		$	(372	)	$	978

	As of and for the Three Months Ended March 31, 2022
	Core Bank			CarBucks			Other			Total
Interest income	$	8,329		$	5,306		$	536		$	14,171
Interest expense		203			489			433			1,125
Net interest income		8,126			4,817			103			13,046
Provision for loan losses		(324	)		632			—			308
Noninterest income		482			64			79			625
Noninterest expense		5,289			2,679			16			7,984
Net income before taxes		3,643			1,570			166			5,379
Income tax expense		904			371			(4	)		1,271
Net income	$	2,739		$	1,199		$	170		$	4,108

Total assets	$	1,006,678		$	108,229		$	138,345		$	1,253,252

	As of and for the Three Months Ended March 31, 2021
	Core Bank			CarBucks			Other			Total
Interest income	$	8,577		$	4,613		$	339		$	13,529
Interest expense		663			365			433			1,461
Net interest income		7,914			4,248			(94	)		12,068
Provision for loan losses		523			(281	)		—			242
Noninterest income		447			37			91			575
Noninterest expense		5,217			2,435			15			7,667
Net income before taxes		2,621			2,131			(18	)		4,734
Income tax expense		631			513			(4	)		1,140
Net income	$	1,990		$	1,618		$	(14	)	$	3,594

Total assets	$	924,723		$	78,756		$	132,869		$	1,136,348

	Total		Used		Unused
	Capacity		Capacity		Capacity
FHLB
Loan collateral capacity	$	356,037
Pledgeable marketable securities		122,667
FHLB totals		478,704	$	5,000	$	473,704
Fed funds lines		49,000		—		49,000
	$	527,704	$	5,000	$	522,704

	Actual					For Capital Adequacy Purposes (1)					To Be Well-Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
As of March 31, 2022:
Tier 1 Leverage Capital	$	127,808		10.52	%	$	48,575		>4.0	%	$	60,718		>5.0	%
Common Equity Tier 1 Capital	$	127,808		12.59	%	$	71,073		>7.0	%	$	65,996		>6.5	%
Tier 1 Risk-based Capital	$	127,808		12.59	%	$	86,303		>8.5	%	$	81,226		>8.0	%
Total Risk-based Capital	$	140,515		13.84	%	$	106,609		>10.5	%	$	101,533		>10.0	%

As of December 31, 2021:
Tier 1 Leverage Capital	$	123,344		10.21	%	$	48,317		>4.0	%	$	60,396		>5.0	%
Common Equity Tier 1 Capital	$	123,344		12.24	%	$	70,517		>7.0	%	$	65,480		>6.5	%
Tier 1 Risk-based Capital	$	123,344		12.24	%	$	85,628		>8.5	%	$	80,591		>8.0	%
Total Risk-based Capital	$	135,951		13.50	%	$	105,776		>10.5	%	$	100,739		>10.0	%

	Actual					For Capital Adequacy Purposes (2)
	Amount		Ratio			Amount		Ratio
As of March 31, 2022:
Tier I Leverage Capital	$	107,676		8.86	%	$	48,587		>4.0	%
Common Equity Tier 1 Capital	$	99,428		9.78	%	$	71,134		>7.0	%
Tier I Risk-based Capital	$	107,676		10.60	%	$	86,378		>8.5	%
Total Risk Based Capital	$	148,040		14.57	%	$	106,702		>10.5	%

As of December 31, 2021:
Tier I Leverage Capital	$	103,730		8.59	%	$	48,327		>4.0	%
Common Equity Tier 1 Capital	$	95,482		9.47	%	$	70,574		>7.0	%
Tier I Risk-based Capital	$	103,730		10.29	%	$	85,696		>8.5	%
Total Risk Based Capital	$	143,963		14.28	%	$	105,860		>10.5	%

Exhibit No.		Description
31.1		Certification of Chief Executive Officer of GrandSouth Bancorporation pursuant to Exchange Act Rule 13a-14(a).
31.2		Certification of Chief Financial Officer of GrandSouth Bancorporation pursuant to Exchange Act Rule 13a-14(a).
32.1		Certifications of the Chief Executive Officer and the Chief Financial Officer of GrandSouth Bancorporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		Financial Statements filed in Inline XBRL format.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Date: May 16, 2022	GrandSouth Bancorporation
	By:	/s/ John B. Garrett
	Name: John B. Garrett
	Title: Chief Financial Officer
	(Authorized Officer)

This ‘10-Q’ Filing	Date	Other Filings

	12/31/22
	12/15/22
	5/18/22	8-K, DEF 14A
Filed on:	5/16/22
	5/4/22
	5/2/22
	4/18/22	8-K
For Period end:	3/31/22	10-K
	12/31/21	10-K, 8-K
	3/31/21	10-Q
	12/31/20
	10/2/00
	9/7/00
		List all Filings