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GrandSouth Bancorporation announces second quarter earnings
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GrandSouth Bancorporation’s net income for the second quarter of 2008 was $626,509, or $0.18 per diluted share.
In the second quarter of 2007, the company showed a net income of $655,207, or $0.18 per diluted share. For the first six months of 2008 ending June 30, net income equaled $1.24 million or $0.35 per diluted share. During the same time period of 2007, the company showed a net income of $1.35 million, or $0.37 per diluted share.
The return on average shareholders equity for the six months ending June 30, 2008, was down from 13.48 percent during the same period in 2007 to 10.53 percent. Net interest margin for the first six months of 2008 was down to 3.87 percent compared with 4.26 percent during the same period last year.
GrandSouth Bancorporation is the bank holding company for GrandSouth Bank. The holding company is based in Greenville and operates offices in Greenville, Fountain Inn and Anderson.
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