Grandsouth Bank Mortgage Rates, Fees & Info

Greenville, SC

LEI: 254900NLUIQMYI2MW872

Tax ID: 57-1064274

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Grandsouth Bank is a smaller bank specializing in Home Purchase loans. Grandsouth Bank has a high proportion of conventional loans. Their top markets by origination volume include: Greenville, Charleston, Spartanburg, Columbia, and Seneca among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Grandsouth Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

105

Origination Dollar Volume (All Markets)

$27,655,000

Employee count

178

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
GREENVILLE-ANDERSON, SC (FHA\|USDA\|VA)	71	$13,185,000	$185,704	$0	0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA\|USDA\|VA)	6	$6,510,000	$1,085,000	$0	0.00%
SPARTANBURG, SC (FHA\|USDA\|VA)	4	$1,920,000	$480,000	$0	0.00%
COLUMBIA, SC (FHA\|USDA\|VA)	8	$1,720,000	$215,000	$0	0.00%
Seneca, SC (FHA\|USDA\|VA)	5	$1,405,000	$281,000	$0	0.00%
Orangeburg, SC (FHA\|USDA\|VA)	6	$1,090,000	$181,667	$0	0.00%
Georgetown, SC (FHA\|USDA\|VA)	1	$1,055,000	$1,055,000	$0	0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
Outside of Metro Areas	2	$280,000	$140,000	$0	0.00%
SUMTER, SC (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	0.00%

Grandsouth Bank's top markets include Greenville, Charleston, Spartanburg, Columbia, and Seneca among others.

Their top states include:

South Carolina (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	105	$27,655,000	$263,381	$0	0.00%

For 2018, Grandsouth Bank's most frequently originated type of loan was Conventional, with 105 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	87	$23,935,000	$275,115	$0	0.00%
Refi	12	$3,240,000	$270,000	$0	0.00%
Home Improvement	5	$325,000	$65,000	$0	0.00%
Other	1	$155,000	$155,000	$0	0.00%

For 2018, Grandsouth Bank's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Refi, with 12 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	105	$27,655,000	$263,381	$0	0.00%

For 2018, Grandsouth Bank's most frequently cited loan duration was Other, with 105 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	38	$2,050,000	$53,947	$0	0.00%
$100k-200k	28	$3,820,000	$136,429	$0	0.00%
$200k-400k	19	$5,485,000	$288,684	$0	0.00%
$400k-600k	8	$3,820,000	$477,500	$0	0.00%
$600k-1MM	8	$5,710,000	$713,750	$0	0.00%
$1MM+	4	$6,770,000	$1,692,500	$0	0.00%

2018 saw Grandsouth Bank place emphasis on $100,000 or less loans with 38 originations, totaling $2,050,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	16	$1,500,000	$93,750	$0	0.00%
$150k-250k	15	$5,095,000	$339,667	$0	0.00%
$250k+	14	$8,980,000	$641,429	$0	0.00%
$100k-150k	8	$2,170,000	$271,250	$0	0.00%
$50k-75k	7	$415,000	$59,286	$0	0.00%
$75k-100k	6	$820,000	$136,667	$0	0.00%

Grandsouth Bank lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $150k-250k, with 15 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	105	$27,655,000	$263,381	$0	0.00%

Grandsouth Bank lent most frequently to those with DTI ratios of Exempt%, with 105 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	64	$18,200,000	$284,375	$0	0.00%
Not applicable	38	$8,610,000	$226,579	$0	0.00%
Asian	2	$810,000	$405,000	$0	0.00%
American Indian	1	$35,000	$35,000	$0	0.00%

Approval Rates

Total approvals of all applications
91.54%

Grandsouth Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.67%

Grandsouth Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	105	$27,655,000	$263,381

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	1	$35,000	$35,000
Multifamily:Site-Built	3	$1,915,000	$638,333
Single Family (1-4 Units):Manufactured	5	$325,000	$65,000
Single Family (1-4 Units):Site-Built	96	$25,380,000	$264,375

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
GRANDE HOMES INC	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
GrandSouth Bank	1085 St. Matthews Road Orangeburg, SC 29115	Full Service B&M	$79,285
GrandSouth Bank	1901 Assembly Street Columbia, SC 29201	Full Service B&M	$51,005
GrandSouth Bank	325 South Main Street Anderson, SC 29621	Full Service B&M	$166,922
GrandSouth Bank	325 South Main Street Fountain Inn, SC 29644	Full Service B&M	$115,905
GrandSouth Bank	381 Halton Road Greenville, SC 29606	Full Service B&M	$202,649
GrandSouth Bank	501 West Wade Hampton Boulevard Greer, SC 29650	Full Service B&M	$39,725

For 2018, Grandsouth Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$44,832
Net interest income	$36,554
Total noninterest income	$903
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$683
Trading account gains and fees	$0
Additional Noninterest Income	$220
Pre-tax net operating income	$8,727
Securities gains (or losses, -)	$0
Income before extraordinary items	$6,711
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$6,711
Minority interest net income	$0
Net income	$6,711
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$6,711

Grandsouth Bank's gross interest income from loans was $44,832,000.
Grandsouth Bank's net interest income from loans was $36,554,000.
Grandsouth Bank's fee based income from loans was $683,000.
Grandsouth Bank's net income from loans was $6,711,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,278
Provision for credit losses	$2,632
Total noninterest expense	$26,098
Salaries and employee benefits	$16,608
Premises and equipment expense	$2,030
Additional noninterest expense	$7,460
Applicable income taxes	$2,016
Net charge-offs	$858
Cash dividends	$0

Grandsouth Bank's interest expense for loans was $8,278,000.
Grandsouth Bank's payroll and benefits expense were $16,608,000.
Grandsouth Bank's property, plant and equipment expenses $2,030,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	9.0%
Credit card loans	0.0%
Other individual loans	9.0%
Auto loans	0.0%
Other consumer loans	9.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$684,196
Deposits held in domestic offices	$684,196
Deposits by Individuals, partnerships, and corporations	$682,271
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$1,925
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$127,828
Demand deposits	$120,712
Nontransaction accounts	$556,368
Money market deposit accounts (MMDAs)	$233,663
Other savings deposits (excluding MMDAs)	$5,256
Total time deposits	$317,449
Total time and savings deposits	$563,484
Noninterest-bearing deposits	$114,229
Interest-bearing deposits	$569,967
Retail deposits	$607,161
IRAs and Keogh plan accounts	$29,439
Brokered deposits	$6,316
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$775,831
Cash & Balances due from depository institutions	$48,766
Interest-bearing balances	$34,476
Total securities	$40,329
Federal funds sold & reverse repurchase	$0
Net loans and leases	$654,091
Loan and leases loss allowance	$9,188
Trading account assets	$0
Bank premises and fixed assets	$12,058
Other real estate owned	$3,564
Goodwill and other intangibles	$737
All other assets	$16,286

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$775,831
Total Liabilities	$702,429
Total deposits	$684,196
Interest-bearing deposits	$569,967
Deposits held in domestic offices	$684,196
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$14,000
Subordinated debt	$0
All other liabilities	$4,233

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$654,091
Loan and leases loss allowance	$9,188
Total loans and leases (domestic)	$663,279
All real estate loans	$417,007
Real estate loans in domestic offices	$417,007
Construction and development loans	$57,205
Residential 1-4 family construction	$8,992
Other construction, all land development and other land	$48,213
Loans secured by nonfarm nonresidential properties	$236,507
Nonfarm nonresidential secured by owner-occupied properties	$97,445
Commercial real estate & other non-farm, non-residential	$139,062
Multifamily residential real estate	$4,239
1-4 family residential loans	$109,872
Farmland loans	$9,184
Loans held in foreign offices	$0
Farm loans	$22,560
Commercial and industrial loans	$177,432
To non-U.S. addressees	$0
Loans to individuals	$46,248
Credit card loans	$0
Related Plans	$63
Consumer Auto Loans	$3,003
Other loans to individuals	$43,182
All other loans & leases	$32
Loans to foreign governments and official institutions	$0
Other loans	$32
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$4,439
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,100
Non 1-4 family restructured loans & leases	$270
Total loans and leases (foreign)	$0

GrandSouth Bank had $654,091,000 of loans outstanding in 2018. $417,007,000 of loans were in real estate loans. $57,205,000 of loans were in development loans. $4,239,000 of loans were in multifamily mortgage loans. $109,872,000 of loans were in 1-4 family mortgage loans. $22,560,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,003,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	521	$117,643	$225,802
Nonfarm, nonresidential loans - <$100k	89	$3,170	$35,618
Nonfarm, nonresidential loans - $100-250k	153	$18,542	$121,190
Nonfarm, nonresidential loans - $250k-1MM	279	$95,931	$343,839
Commercial & Industrial, US addressed loans - <$1MM	3,823	$157,634	$41,233
Commercial & Industrial, US addressed loans - <$100k	3,379	$69,053	$20,436
Commercial & Industrial, US addressed loans - $100-250k	336	$46,938	$139,696
Commercial & Industrial, US addressed loans - $250k-1MM	108	$41,643	$385,583
Farmland loans - <$1MM	30	$4,660	$155,333
Farmland loans - <$100k	11	$483	$43,909
Farmland loans - $100-250k	11	$1,481	$134,636
Farmland loans - $250k-1MM	8	$2,696	$337,000
Agriculture operations loans - <$1MM	82	$8,401	$102,451
Agriculture operations loans - <$100k	48	$1,568	$32,667
Agriculture operations loans - $100-250k	23	$3,192	$138,783
Agriculture operations loans - $250k-1MM	11	$3,641	$331,000