0001126961 false --12-31 2022 Q2 0001126961 2022-01-01 2022-06-30 0001126961 2022-08-01 0001126961 2022-06-30 0001126961 2021-12-31 0001126961 2022-04-01 2022-06-30 0001126961 2021-04-01 2021-06-30 0001126961 2021-01-01 2021-06-30 0001126961 us-gaap:CommonStockMember 2021-12-31 0001126961 us-gaap:PreferredStockMember 2021-12-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001126961 us-gaap:RetainedEarningsMember 2021-12-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001126961 us-gaap:CommonStockMember 2020-12-31 0001126961 us-gaap:PreferredStockMember 2020-12-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001126961 us-gaap:RetainedEarningsMember 2020-12-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001126961 2020-12-31 0001126961 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001126961 us-gaap:PreferredStockMember 2022-01-01 2022-03-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001126961 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0001126961 2022-01-01 2022-03-31 0001126961 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001126961 us-gaap:PreferredStockMember 2022-04-01 2022-06-30 0001126961 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001126961 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0001126961 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001126961 us-gaap:PreferredStockMember 2021-01-01 2021-03-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001126961 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001126961 2021-01-01 2021-03-31 0001126961 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001126961 us-gaap:PreferredStockMember 2021-04-01 2021-06-30 0001126961 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001126961 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001126961 us-gaap:CommonStockMember 2022-03-31 0001126961 us-gaap:PreferredStockMember 2022-03-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001126961 us-gaap:RetainedEarningsMember 2022-03-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001126961 2022-03-31 0001126961 us-gaap:CommonStockMember 2022-06-30 0001126961 us-gaap:PreferredStockMember 2022-06-30 0001126961 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001126961 us-gaap:RetainedEarningsMember 2022-06-30 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001126961 us-gaap:CommonStockMember 2021-03-31 0001126961 us-gaap:PreferredStockMember 2021-03-31 0001126961 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001126961 us-gaap:RetainedEarningsMember 2021-03-31 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001126961 2021-03-31 0001126961 us-gaap:CommonStockMember 2021-06-30 0001126961 us-gaap:PreferredStockMember 2021-06-30 0001126961 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001126961 us-gaap:RetainedEarningsMember 2021-06-30 0001126961 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001126961 2021-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CollateralizedDebtObligationsMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CollateralizedDebtObligationsMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:AssetBackedSecuritiesMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:AssetBackedSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:HeldtomaturitySecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-06-30 0001126961 us-gaap:HeldtomaturitySecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:HeldtomaturitySecuritiesMember 2022-06-30 0001126961 us-gaap:HeldtomaturitySecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CollateralizedDebtObligationsMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CollateralizedDebtObligationsMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:AssetBackedSecuritiesMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:AssetBackedSecuritiesMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-01-01 2021-12-31 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-03-31 0001126961 us-gaap:CollateralizedDebtObligationsMember 2022-03-31 0001126961 us-gaap:AssetBackedSecuritiesMember 2022-03-31 0001126961 us-gaap:AssetPledgedAsCollateralMember 2022-06-30 0001126961 us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember 2022-06-30 0001126961 us-gaap:RealEstateLoanMember 2021-12-31 0001126961 grrb:CommercialAndConsumerMember us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:CommercialAndConsumerMember us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:CommercialAndConsumerMember us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:CommercialAndConsumerMember us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:CommercialAndConsumerMember 2022-06-30 0001126961 grrb:CommercialAndConsumerMember 2021-12-31 0001126961 grrb:CommercialAndConsumerMember us-gaap:EntityLoanModificationProgramMember 2022-06-30 0001126961 grrb:CommercialAndConsumerMember us-gaap:EntityLoanModificationProgramMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember 2022-03-31 0001126961 us-gaap:CommercialRealEstateMember 2022-03-31 0001126961 us-gaap:HomeEquityLoanMember 2022-03-31 0001126961 us-gaap:ResidentialRealEstateMember 2022-03-31 0001126961 us-gaap:ConstructionLoansMember 2022-03-31 0001126961 us-gaap:CommercialLoanMember 2022-03-31 0001126961 us-gaap:ConsumerLoanMember 2022-03-31 0001126961 grrb:OneToFourFamilyResidentialMember 2022-04-01 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember 2022-04-01 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember 2022-04-01 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2022-04-01 2022-06-30 0001126961 us-gaap:ConstructionLoansMember 2022-04-01 2022-06-30 0001126961 us-gaap:CommercialLoanMember 2022-04-01 2022-06-30 0001126961 us-gaap:ConsumerLoanMember 2022-04-01 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember 2021-03-31 0001126961 us-gaap:CommercialRealEstateMember 2021-03-31 0001126961 us-gaap:HomeEquityLoanMember 2021-03-31 0001126961 us-gaap:ResidentialRealEstateMember 2021-03-31 0001126961 us-gaap:ConstructionLoansMember 2021-03-31 0001126961 us-gaap:CommercialLoanMember 2021-03-31 0001126961 us-gaap:ConsumerLoanMember 2021-03-31 0001126961 grrb:OneToFourFamilyResidentialMember 2021-04-01 2021-06-30 0001126961 us-gaap:CommercialRealEstateMember 2021-04-01 2021-06-30 0001126961 us-gaap:HomeEquityLoanMember 2021-04-01 2021-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2021-04-01 2021-06-30 0001126961 us-gaap:ConstructionLoansMember 2021-04-01 2021-06-30 0001126961 us-gaap:CommercialLoanMember 2021-04-01 2021-06-30 0001126961 us-gaap:ConsumerLoanMember 2021-04-01 2021-06-30 0001126961 grrb:OneToFourFamilyResidentialMember 2021-06-30 0001126961 us-gaap:CommercialRealEstateMember 2021-06-30 0001126961 us-gaap:HomeEquityLoanMember 2021-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2021-06-30 0001126961 us-gaap:ConstructionLoansMember 2021-06-30 0001126961 us-gaap:CommercialLoanMember 2021-06-30 0001126961 us-gaap:ConsumerLoanMember 2021-06-30 0001126961 grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember 2022-01-01 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember 2022-01-01 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember 2022-01-01 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2022-01-01 2022-06-30 0001126961 us-gaap:ConstructionLoansMember 2022-01-01 2022-06-30 0001126961 us-gaap:CommercialLoanMember 2022-01-01 2022-06-30 0001126961 us-gaap:ConsumerLoanMember 2022-01-01 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember 2020-12-31 0001126961 us-gaap:CommercialRealEstateMember 2020-12-31 0001126961 us-gaap:HomeEquityLoanMember 2020-12-31 0001126961 us-gaap:ResidentialRealEstateMember 2020-12-31 0001126961 us-gaap:ConstructionLoansMember 2020-12-31 0001126961 us-gaap:CommercialLoanMember 2020-12-31 0001126961 us-gaap:ConsumerLoanMember 2020-12-31 0001126961 grrb:OneToFourFamilyResidentialMember 2021-01-01 2021-06-30 0001126961 us-gaap:CommercialRealEstateMember 2021-01-01 2021-06-30 0001126961 us-gaap:HomeEquityLoanMember 2021-01-01 2021-06-30 0001126961 us-gaap:ResidentialRealEstateMember 2021-01-01 2021-06-30 0001126961 us-gaap:ConstructionLoansMember 2021-01-01 2021-06-30 0001126961 us-gaap:CommercialLoanMember 2021-01-01 2021-06-30 0001126961 us-gaap:ConsumerLoanMember 2021-01-01 2021-06-30 0001126961 grrb:LoanGrade1Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade1Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade1Member 2022-06-30 0001126961 grrb:LoanGrade2Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade2Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade2Member 2022-06-30 0001126961 grrb:LoanGrade3Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade3Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade3Member 2022-06-30 0001126961 grrb:LoanGrade4Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade4Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade4Member 2022-06-30 0001126961 grrb:LoanGrade5Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade5Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade5Member 2022-06-30 0001126961 grrb:LoanGrade6Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade6Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade6Member 2022-06-30 0001126961 grrb:LoanGrade7Member grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:HomeEquityLoanMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:ResidentialRealEstateMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:ConstructionLoansMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:CommercialLoanMember 2022-06-30 0001126961 grrb:LoanGrade7Member us-gaap:ConsumerLoanMember 2022-06-30 0001126961 grrb:LoanGrade7Member 2022-06-30 0001126961 grrb:LoanGrade1Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade1Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade1Member 2021-12-31 0001126961 grrb:LoanGrade2Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade2Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade2Member 2021-12-31 0001126961 grrb:LoanGrade3Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade3Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade3Member 2021-12-31 0001126961 grrb:LoanGrade4Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade4Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade4Member 2021-12-31 0001126961 grrb:LoanGrade5Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade5Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade5Member 2021-12-31 0001126961 grrb:LoanGrade6Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade6Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade6Member 2021-12-31 0001126961 grrb:LoanGrade7Member grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:HomeEquityLoanMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:ResidentialRealEstateMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:ConstructionLoansMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:CommercialLoanMember 2021-12-31 0001126961 grrb:LoanGrade7Member us-gaap:ConsumerLoanMember 2021-12-31 0001126961 grrb:LoanGrade7Member 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001126961 us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001126961 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-06-30 0001126961 us-gaap:FinancialAssetPastDueMember 2022-06-30 0001126961 us-gaap:FinancialAssetNotPastDueMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001126961 us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001126961 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0001126961 us-gaap:FinancialAssetPastDueMember 2021-12-31 0001126961 us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0001126961 us-gaap:NonperformingFinancingReceivableMember grrb:OneToFourFamilyResidentialMember 2022-06-30 0001126961 us-gaap:NonperformingFinancingReceivableMember grrb:OneToFourFamilyResidentialMember 2021-12-31 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:CommercialRealEstateMember 2022-06-30 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:CommercialRealEstateMember 2021-12-31 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:CommercialLoanMember 2022-06-30 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:CommercialLoanMember 2021-12-31 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2022-06-30 0001126961 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2021-12-31 0001126961 us-gaap:NonperformingFinancingReceivableMember 2022-06-30 0001126961 us-gaap:NonperformingFinancingReceivableMember 2021-12-31 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:PerformingFinancingReceivableMember 2022-06-30 0001126961 us-gaap:CommercialRealEstateMember us-gaap:PerformingFinancingReceivableMember 2022-06-30 0001126961 us-gaap:CommercialLoanMember us-gaap:PerformingFinancingReceivableMember 2022-06-30 0001126961 us-gaap:ConsumerLoanMember us-gaap:PerformingFinancingReceivableMember 2022-06-30 0001126961 us-gaap:PerformingFinancingReceivableMember 2022-06-30 0001126961 grrb:OneToFourFamilyResidentialMember us-gaap:PerformingFinancingReceivableMember 2021-12-31 0001126961 us-gaap:CommercialRealEstateMember us-gaap:PerformingFinancingReceivableMember 2021-12-31 0001126961 us-gaap:CommercialLoanMember us-gaap:PerformingFinancingReceivableMember 2021-12-31 0001126961 us-gaap:ConsumerLoanMember us-gaap:PerformingFinancingReceivableMember 2021-12-31 0001126961 us-gaap:PerformingFinancingReceivableMember 2021-12-31 0001126961 us-gaap:ExtendedMaturityMember 2022-01-01 2022-06-30 0001126961 2021-01-01 2021-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2022-03-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2022-04-01 2022-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-03-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2020-12-31 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-04-01 2021-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-01-01 2021-06-30 0001126961 us-gaap:AvailableforsaleSecuritiesMember 2021-06-30 0001126961 grrb:CoreBankMember 2022-04-01 2022-06-30 0001126961 grrb:CarbucksMember 2022-04-01 2022-06-30 0001126961 grrb:OtherMember 2022-04-01 2022-06-30 0001126961 grrb:CoreBankMember 2022-06-30 0001126961 grrb:CarbucksMember 2022-06-30 0001126961 grrb:OtherMember 2022-06-30 0001126961 grrb:CoreBankMember 2021-04-01 2021-06-30 0001126961 grrb:CarbucksMember 2021-04-01 2021-06-30 0001126961 grrb:OtherMember 2021-04-01 2021-06-30 0001126961 grrb:CoreBankMember 2021-06-30 0001126961 grrb:CarbucksMember 2021-06-30 0001126961 grrb:OtherMember 2021-06-30 0001126961 grrb:CoreBankMember 2022-01-01 2022-06-30 0001126961 grrb:CarbucksMember 2022-01-01 2022-06-30 0001126961 grrb:OtherMember 2022-01-01 2022-06-30 0001126961 grrb:CoreBankMember 2021-01-01 2021-06-30 0001126961 grrb:CarbucksMember 2021-01-01 2021-06-30 0001126961 grrb:OtherMember 2021-01-01 2021-06-30 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-03-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-04-01 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-04-01 2021-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-01-01 2021-06-30 0001126961 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember 2022-06-30 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember 2022-06-30 0001126961 grrb:CollateralDependentImpairedLoansMember grrb:OneToFourFamilyResidentialMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember grrb:OneToFourFamilyResidentialMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember grrb:OneToFourFamilyResidentialMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember grrb:OneToFourFamilyResidentialMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialRealEstateMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialRealEstateMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialRealEstateMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialRealEstateMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialLoanMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialLoanMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialLoanMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 grrb:CollateralDependentImpairedLoansMember us-gaap:CommercialLoanMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member grrb:ImpairedLoansMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member grrb:ImpairedLoansMember srt:MinimumMember 2021-01-01 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member grrb:ImpairedLoansMember srt:MaximumMember 2021-01-01 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member grrb:RealEstateOwnedMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member grrb:RealEstateOwnedMember srt:MinimumMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member grrb:RealEstateOwnedMember srt:MaximumMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member grrb:RealEstateOwnedMember srt:MinimumMember 2021-01-01 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member grrb:RealEstateOwnedMember srt:MaximumMember 2021-01-01 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember srt:MinimumMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember srt:MaximumMember 2022-01-01 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember srt:MinimumMember 2021-01-01 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember srt:MaximumMember 2021-01-01 2021-12-31 0001126961 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-06-30 0001126961 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-06-30 0001126961 us-gaap:FairValueInputsLevel1Member 2022-06-30 0001126961 us-gaap:FairValueInputsLevel2Member 2022-06-30 0001126961 us-gaap:FairValueInputsLevel3Member 2022-06-30 0001126961 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0001126961 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-12-31 0001126961 us-gaap:FairValueInputsLevel1Member 2021-12-31 0001126961 us-gaap:FairValueInputsLevel2Member 2021-12-31 0001126961 us-gaap:FairValueInputsLevel3Member 2021-12-31 0001126961 grrb:FirstBancorpMember 2022-06-21 0001126961 grrb:FirstBancorpMember 2022-06-30 0001126961 us-gaap:SubsequentEventMember 2022-07-18 2022-07-18 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure grrb:Number

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2022

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ____ to _____

Commission File Number: 000-31937

GrandSouth Bancorporation

(Exact name of registrant as specified in its charter)


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

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

(864) 770-1000

(Registrant’s telephone number, including area code)

Not Applicable

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

Securities registered pursuant to Section 12(b) of the Act:

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

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. 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). 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.

Large accelerated filer o

Accelerated filer o

Non-accelerated Filer x

Smaller reporting company x

Emerging growth company o

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 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 August 1, 2022, 5,222,042 shares of the issuer’s common stock, no par value, were issued and outstanding.

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

FORM 10-Q

TABLE OF CONTENTS

		Page No.

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets – June 30, 2022 and December 31, 2021	3
	Consolidated Statements of Income – Three and Six Months Ended June 30, 2022 and 2021	4
	Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2022 and 2021	5
	Consolidated Statements of Changes in Shareholders’ Equity – Three and Six Months Ended June 30, 2022 and 2021	6
	Consolidated Statements of Cash Flows – Six Months Ended June 30, 2022 and 2021	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	50

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
	Signatures	55

Item 1. Financial Statements

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Consolidated Balance Sheets

	(Unaudited)			(Audited)
(in thousands, except share data)	June 30, 2022			December 31, 2021
Assets

Cash and due from banks	$	5,036		$	2,522
Interest-earning deposits		136,041			120,602
Federal funds sold		1,859			977
Cash and cash equivalents		142,936			124,101

Investments - available for sale		116,137			111,962
Investments - held to maturity		5,990			—
Other investments, at cost		2,626			2,984
Loans receivable, net of deferred fees and costs		952,813			933,475
Allowance for loan losses		(14,100	)		(13,723	)
Premises and equipment, net		17,655			17,783
Real estate owned		842			842
Accrued interest receivable		4,746			4,808
Bank owned life insurance		14,935			14,778
Net deferred tax asset		5,342			2,968
Goodwill		737			737
Other assets		3,373			3,007

Total assets	$	1,254,032		$	1,203,722

Liabilities and Shareholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	301,487		$	280,665
Interest-bearing		809,614			778,376
Total deposits		1,111,101			1,059,041
Federal Home Loan Bank advances		5,000			5,000
Junior subordinated notes		35,924			35,864
Accrued interest payable		254			383
Accrued expenses and other liabilities		5,632			6,029
Total liabilities		1,157,911			1,106,317

Commitments and contingencies (Notes 13 and 23)

Shareholders’ Equity:
Preferred stock - Series A - no par value; 287,895 shares authorized, 282,828 shares issued, and outstanding as of June 30, 2022 and December 31, 2021		—			—
Common stock - no par value; 20,000,000 shares authorized; 5,209,542 and 5,168,681 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		—			—
Additional paid in capital		45,424			44,570
Retained earnings		58,026			51,649
Accumulated other comprehensive income		(7,329	)		1,186
Total shareholders’ equity		96,121			97,405
Total liabilities and shareholders’ equity	$	1,254,032		$	1,203,722

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

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Consolidated Statements of Income (Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2022			2021			2022			2021
Interest income:
Interest and fees on loans	$	13,764		$	12,909		$	27,345		$	26,047
Taxable securities		533			358			999			626
Tax-exempt securities		69			70			138			140
Interest-earning deposits		218			23			258			42
Other		14			31			29			65
Total interest income		14,598			13,391			28,769			26,920

Interest expense:
Deposits		758			803			1,445			1,796
Federal Home Loan Bank advances		5			36			10			71
Junior subordinated notes		450			432			883			865
Total interest expense		1,213			1,271			2,338			2,732
Net interest income		13,385			12,120			26,431			24,188
Provision for loan losses		119			309			427			551
Net interest income after provision for loan losses		13,266			11,811			26,004			23,637

Noninterest income:
Service charges on deposit accounts		368			322			702			590
Bank owned life insurance		78			85			157			177
Net gain on sale of premises and equipment		12			78			36			84
Other		179			283			368			492
Total noninterest income		637			768			1,263			1,343

Noninterest expenses:
Compensation and employee benefits		5,679			4,987			11,216			10,061
Net occupancy		571			584			1,157			1,148
Federal deposit insurance		102			172			218			325
Professional and advisory		1,177			265			1,407			574
Data processing		520			494			1,014			1,027
Marketing and advertising		42			35			111			79
Net cost of operation of real estate owned		13			19			37			129
Other		923			847			1,852			1,727
Total noninterest expenses		9,027			7,403			17,012			15,070
Income before taxes		4,876			5,176			10,255			9,910
Income tax expense		1,183			1,213			2,454			2,353

Net income		3,693			3,963			7,801			7,557
Preferred stock dividends		(39	)		(30	)		(77	)		(60	)
Net income applicable to common shareholders	$	3,654		$	3,933		$	7,724		$	7,497

Earnings per common share:
Basic	$	0.67		$	0.73		$	1.42		$	1.38
Diluted	$	0.65		$	0.71		$	1.37		$	1.36

Weighted average common shares outstanding:
Basic		5,201,806			5,134,112			5,192,202			5,167,763
Diluted		5,393,637			5,259,588			5,389,183			5,254,908

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

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Net income	$	3,693		$	3,963		$	7,801		$	7,557
Other comprehensive income (loss):
Change in unrealized holding gains (losses) on securities available for sale		(4,596	)		1,095			(10,888	)		(901	)
Income tax effect related to items of other comprehensive loss		1,001			(238	)		2,373			196
Total other comprehensive income (loss), after tax		(3,595	)		857			(8,515	)		(705	)
Comprehensive income (loss)	$	98		$	4,820		$	(714	)	$	6,852

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

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

																Accumulated
																Other
	Common Stock					Preferred Stock				Additional			Retained			Comprehensive
(in thousands, except share and per share data)	Shares			Amount		Shares		Amount		Paid in Capital			Earnings			Income (Loss)			Total
Balances at December 31, 2021		5,168,681		$	—		282,828	$	—	$	44,570		$	51,649		$	1,186		$	97,405
Net income		—			—		—		—		—			4,108			—			4,108
Other comprehensive loss, net of tax		—			—		—		—		—			—			(4,920	)		(4,920	)
Stock compensation expense		—			—		—		—		130			—			—			130
Stock options exercised		29,861			—		—		—		418			—			—			418
Common stock dividend ($0.13 per share)		—			—		—		—		—			(672	)		—			(672	)
Preferred stock dividend ($0.1365 per share)		—			—		—		—		—			(38	)		—			(38	)
Balances at March 31, 2022		5,198,542		$	—		282,828	$	—	$	45,118		$	55,047		$	(3,734	)	$	96,431

Net income		—			—		—		—		—			3,693			—			3,693
Other comprehensive loss, net of tax		—			—		—		—		—			—			(3,595	)		(3,595	)
Stock compensation expense		—			—		—		—		144			—			—			144
Stock options exercised		11,000			—		—		—		162			—			—			162
Stock repurchase		—			—		—		—		—			—			—			—
Common stock dividend ($0.13 per share)		—			—		—		—		—			(675	)		—			(675	)
Preferred stock dividend ($0.1365 per share)		—			—		—		—		—			(39	)		—			(39	)
Balances at June 30, 2022		5,209,542		$	—		282,828	$	—	$	45,424		$	58,026		$	(7,329	)	$	96,121

Balances at December 31, 2020		5,271,971		$	—		287,895	$	—	$	46,645		$	37,721		$	2,159		$	86,525
Net income		—			—		—		—		—			3,594			—			3,594
Other comprehensive loss, net of tax		—			—		—		—		—			—			(1,562	)		(1,562	)
Stock compensation expense		—			—		—		—		155			—			—			155
Stock options exercised		36,656			—		—		—		460			—			—			460
Stock repurchase		(135,230	)		—		—		—		(2,392	)		—			—			(2,392	)
Common stock dividend ($0.10 per share)		—			—		—		—		—			(527	)		—			(527	)
Preferred stock dividend ($0.105 per share)		—			—		—		—		—			(30	)		—			(30	)
Balances at March 31, 2021		5,173,397		$	—		287,895	$	—	$	44,868		$	40,758		$	597		$	86,223

Net income		—			—		—		—		—			3,963			—			3,963
Other comprehensive income, net of tax		—			—		—		—		—			—			857			857
Stock compensation expense		—			—		—		—		153			—			—			153
Stock options exercised		29,500			—		—		—		385			—			—			385
Stock repurchase		(75,216	)		—		—		—		(1,554	)		—			—			(1,554	)
Common stock dividend ($0.10 per share)		—			—		—		—		—			(510	)		—			(510	)
Preferred stock dividend ($0.105 per share)		—			—		—		—		—			(30	)		—			(30	)
Balances at June 30, 2021		5,127,681		$	—		287,895	$	—	$	43,852		$	44,181		$	1,454		$	89,487

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

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Consolidated Statements of Cash Flows (Unaudited)


	For the Six Months Ended June 30,
(in thousands)	2022			2021
Cash flows from operating activities:
Net income	$	7,801		$	7,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion		724			722
Investment amortization, net		415			678
Provision for loan losses		427			551
Provision for real estate owned		—			87
Stock-based compensation expense		274			308
Income on bank owned life insurance, net		(157	)		(177	)
Gain on sale of fixed assets		(36	)		(84	)
Net change in operating assets and liabilities:
Accrued interest receivable		62			209
Other assets		(366	)		(1,788	)
Accrued interest payable		(129	)		(64	)
Other liabilities		(397	)		832
Net cash provided by operating activities		8,618			8,831

Cash flows from investing activities:
Activity for investment securities available for sale:
Purchases		(27,225	)		(37,013	)
Maturities/calls and principal repayments		5,756			14,565
Activity for investment securities held to maturity:
Net increase in loans		(19,602	)		(30,489	)
Redemption of BOLI policies		—			429
Proceeds from sale of fixed assets		49			87
Purchase of fixed assets		(335	)		(726	)
Purchase of other investments, at cost		(142	)		—
Redemption of other investments, at cost		500			2,026
Net cash used in investing activities		(40,999	)		(51,121	)

Cash flows from financing activities:
Net increase in deposits		52,060			69,902
Repurchase of common stock		—			(3,946	)
Cash received upon exercise of stock options		580			845
Dividends paid on common stock		(1,347	)		(1,037	)
Dividends paid on preferred stock		(77	)		(60	)
Net cash provided by financing activities		51,216			65,704
Net change in cash and cash equivalents		18,835			23,414
Cash and cash equivalents, beginning of period		124,101			63,025
Cash and cash equivalents, end of period	$	142,936		$	86,439

Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits and other borrowings	$	1,283		$	2,730
Income taxes		3,380			3,072

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

GRANDSOUTH BANCORPORATION AND SUBSIDIARY

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

GrandSouth Bancorporation (“we,” “us,” “our,” or the “Company”) was incorporated on September 7, 2000 for the purpose of becoming the holding company for GrandSouth Bank (the “Bank”). On October 2, 2000, pursuant to the Plan of Exchange, all of the outstanding shares of capital stock of the Bank were exchanged for shares of the Company. The Company’s primary operation is its investment in the Bank. The Company also owns 100% of the common stock of GrandSouth Capital Trust I (the “Trust”), a Delaware statutory trust formed in 2006 to facilitate the issuance of trust preferred securities.

The Bank is a South Carolina state-chartered commercial bank that provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the South Carolina State Board of Financial Institutions.

Pending Acquisition

As described in more detail in Note 11 to the consolidated financial statements, on June 21, 2022, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with First Bancorp, the holding company for First Bank, Southern Pines, North Carolina, pursuant to which the Company will merge with and into First Bancorp (the “Merger”), and the Bank will merge with and into First Bank. The parties anticipate closing the Merger during the fourth quarter of 2022 or the first quarter of 2023.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the Bank. The accounts of the Trust are not consolidated with the Company. In consolidation all significant intercompany accounts and transactions have been eliminated.

Business Segments

Accounting Standards Codification (“ASC”) Topic 280-10, “Segment Reporting,” requires selected segment information of operating segments based on a management approach. The Company’s two reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. Please refer to “Note 9 – Reportable Segments” for further information on the reporting for the Company’s two business segments.

Estimates

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change, in the near term, relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of deferred tax assets.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Form 10-K for the year ended December 31, 2021, filed with the SEC on March 31, 2022 (the “2021 Form 10-K”). In the opinion of management, these interim financial statements present fairly, in all material respects, the Company’s consolidated financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.

Reclassification

Certain amounts in the prior year’s financial statements may have been reclassified to conform to the current year’s presentation. The reclassifications had no effect on our results of operations or financial condition as previously reported.

Recent Accounting Standards Updates

In September 2016, the FASB issued amendments to ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in the update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected thereby providing financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by the reporting entity. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. The Company has formed a cross-functional committee to provide corporate governance over the implementation of this update, has evaluated data sources and made process updates to capture additional relevant data, has identified a service provider to perform the calculation, and continues to attend seminars and forums specific to this update. The Company also engaged the service provider to assist with the implementation of the standard. While we continue to evaluate the impact the new guidance will have on our financial position and results of operations, we currently expect the new guidance may result in an increase to our allowance for credit losses given the change to estimated losses over the contractual life of the loan portfolio. The amount of any change to our allowance will depend, in part, upon the composition of our loan portfolio at the adoption date as well as economic conditions and loss forecasts at that date.

In August 2021, the FASB issued amendments to update SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The amendments were effective upon issuance. These amendments did not have a material effect on the Company’s financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies did not or are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

NOTE 2. INVESTMENTS

The amortized cost and estimated fair values of available-for-sale (“AFS”) and held-to-maturity (“HTM”) securities as of June 30, 2022 and December 31, 2021 are summarized as follows (in thousands):


	June 30, 2022
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available for sale
U.S. government agencies	$	27,451	$	—	$	(1,453	)	$	25,998
State and municipal obligations		25,930		13		(3,468	)		22,475
Mortgage-backed securities - agency		30,245		134		(2,339	)		28,040
Collateralized mortgage obligations - agency		24,124		—		(1,079	)		23,045
Asset-backed securities		2,311		—		(94	)		2,217
Corporate bonds		15,450		12		(1,100	)		14,362
Total	$	125,511	$	159	$	(9,533	)	$	116,137

Held to maturity
U.S. government agencies	$	5,990	$	—	$	(43	)	$	5,947
Total	$	5,990	$	—	$	(43	)	$	5,947


	December 31, 2021
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. government agencies	$	9,479	$	—	$	(40	)	$	9,439
State and municipal obligations	$	26,011	$	959	$	(293	)	$	26,677
Mortgage-backed securities - agency		33,191		316		(89	)		33,418
Collateralized mortgage obligations - agency		26,968		535		(68	)		27,435
Asset-backed securities		2,599		—		(9	)		2,590
Corporate bonds		12,200		360		(157	)		12,403
Total	$	110,448	$	2,170	$	(656	)	$	111,962

There were no HTM securities held as of December 31, 2021.

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (in thousands):


	June 30, 2022
	Less Than 12 Months				More Than 12 Months				Total
				Unrealized				Unrealized				Unrealized
		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available for sale
U.S. government agencies	$	25,998	$	1,453	$	—	$	—	$	25,998	$	1,453
State and municipal obligations		17,477		2,468		2,806		1,000		20,283		3,468
Mortgage-backed securities - agency		23,034		2,339		—		—		23,034		2,339
Collateralized mortgage obligations - agency		19,812		1,049		3,232		30		23,044		1,079
Asset-backed securities		—		—		2,217		94		2,217		94
Corporate bonds		10,742		1,008		1,609		92		12,351		1,100
Total	$	97,063	$	8,317	$	9,864	$	1,216	$	106,927	$	9,533

Held to maturity
U.S. government agencies	$	5,947	$	43	$	—	$	—	$	5,947	$	43
Total	$	5,947	$	43	$	—	$	—	$	5,947	$	43

	December 31, 2021
	Less Than 12 Months				More Than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agencies	$	9,439	$	40	$	—	$	—	$	9,439	$	40
State and municipal obligations		8,083		293		—		—		8,083		293
Mortgage-backed securities - agency		18,346		89		—		—		18,346		89
Collateralized mortgage obligations - agency		11,687		68		—		—		11,687		68
Asset-backed securities		—		—		2,590		9		2,590		9
Corporate bonds		4,793		157		—		—		4,793		157
Total	$	52,348	$	647	$	2,590	$	9	$	54,938	$	656

There were no HTM securities held as of December 31, 2021.

Information pertaining to the number of securities with gross unrealized losses is detailed in the table below as of the dates indicated:


	June 30, 2022
	Less Than 12 Months		More Than 12 Months		Total
Available for sale
U.S. government agencies		8		—		8
State and municipal obligations		21		3		24
Mortgage-backed securities - agency		16		—		16
Collateralized mortgage obligations - agency		12		2		14
Asset-backed securities		—		2		2
Corporate bonds		26		5		31
Total		83		12		95

Held to maturity
U.S. government agencies		2		—		2
Total		2		—		2

	December 31, 2021
	Less Than 12 Months		More Than 12 Months		Total
U.S. government agencies		3		—		3
State and municipal obligations		8		—		8
Mortgage-backed securities - agency		7		—		7
Collateralized mortgage obligations - agency		5		—		5
Asset-backed securities		—		2		2
Corporate bonds		10		—		10
Total		33		2		35

Management of the Company believes all unrealized losses have resulted from temporary changes in the interest rate market and not as a result of credit deterioration. We do not intend to sell and it is not likely that we will be required to sell any of the securities referenced in the table below before recovery of their amortized cost.

There were no AFS or HTM investment security sales for the three or six months ended June 30, 2022 or 2021.

The amortized cost and estimated fair value of AFS investments in debt securities at June 30, 2022, by contractual maturity, are shown below (in thousands).

	Available for sale				Held to maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Over 1 year through 5 years	$	17,971	$	17,413	$	5,990	$	5,947
Over 5 years through 10 years		31,558		28,658		—		—
Over 10 years		19,302		16,764		—		—
Total securities other than asset-backed and mortgage-backed securities		68,831		62,835		5,990		5,947

Mortgage-backed securities		30,245		28,040		—		—
Collaterized mortgage obligations		24,124		23,045		—		—
Asset-backed securities		2,311		2,217		—		—
Total	$	125,511	$	116,137	$	5,990	$	5,947

Expected maturities may differ from contractual maturities when issuers and borrowers have the right to call or prepay the obligations.

There was $0.5 million of AFS securities pledged against deposits and borrowings at June 30, 2022 and December 31, 2021. There were no HTM securities pledged against deposits and borrowings at June 30, 2022 and December 31, 2021.

Other investments are comprised of the following and are recorded at cost which approximates fair value (in thousands):

Schedule of Other Investment

	June 30,		December 31,
	2022		2021
Federal Home Loan Bank stock	$	790	$	733
Investment in Trust Preferred Securities		247		247
Certificates of deposit		1,004		1,504
Other investments		585		500
Total other investments, at cost	$	2,626	$	2,984

Certificates of deposit totaling $0.3 million and $1.3 million were pledged against customer deposits at June 30, 2022 and December 31, 2021, respectively. Federal Home Loan Bank of Atlanta (“FHLB”) stock is used to collateralize advances with the FHLB.

NOTE 3. LOANS RECEIVABLE

Loans receivable are summarized in the table below as of the dates indicated (in thousands):

Schedule of Loans Receivable

	June 30,			December 31,
	2022			2021
Real estate loans:
One-to four-family residential	$	145,229		$	132,836
Commercial real estate		411,190			423,552
Home equity loans and lines of credit		21,389			21,568
Residential construction		36,443			38,881
Other construction and land		82,223			75,682
Total real estate loans		696,474			692,519
Commercial and industrial		250,584			234,355
Consumer		6,275			7,129
Total commercial and consumer		256,859			241,484
Loans receivable, gross		953,333			934,003
Net deferred loan fees		(520	)		(528	)
Loans receivable, net of deferred fees	$	952,813		$	933,475

Commercial loans includes PPP loans with recorded investments of zero and $1.3 million as of June 30, 2022 and December 31, 2021, respectively.

The Bank had $71.9 million and $46.6 million of loans pledged as collateral to secure funding with the FHLB at June 30, 2022 and December 31, 2021, respectively.

NOTE 4. ALLOWANCE FOR LOAN LOSSES

The changes in the allowance for loan losses by portfolio segment are presented in the following tables for the periods indicated (in thousands):


	Three Months Ended June 30, 2022
	One-to-four Family Residential			Commercial Real Estate		Home Equity and Lines of Credit		Residential Construction			Other Construction and Land		Commercial			Consumer			Total
Beginning balance	$	1,343		$	4,570	$	227	$	404		$	857	$	6,375		$	173		$	13,949
Provision		(18	)		18		16		(3	)		21		82			3			119
Charge-offs		—			—		—		—			—		(182	)		(10	)		(192	)
Recoveries		106			—		—		—			—		118			—			224
Ending balance	$	1,431		$	4,588	$	243	$	401		$	878	$	6,393		$	166		$	14,100


	Three Months Ended June 30, 2021
	One-to-four Family Residential			Commercial Real Estate			Home Equity and Lines of Credit			Residential Construction			Other Construction and Land			Commercial			Consumer			Total
Beginning balance	$	1,270		$	4,411		$	207		$	320		$	918		$	5,615		$	218		$	12,959
Provision		(47	)		303			19			52			(158	)		99			41			309
Charge-offs		1			—			—			—			—			(98	)		—			(97	)
Recoveries		3			—			—			—			17			134			—			154
Ending balance	$	1,227		$	4,714		$	226		$	372		$	777		$	5,750		$	259		$	13,325

	Six Months Ended June 30, 2022
	One-to-four Family Residential			Commercial Real Estate			Home Equity and Lines of Credit			Residential Construction			Other Construction and Land			Commercial			Consumer			Total
Beginning balance	$	1,363		$	4,688		$	246		$	430		$	824		$	5,985		$	187		$	13,723
Provision		(40	)		(152	)		(3	)		(29	)		35			627			(11	)		427
Charge-offs		—			—			—			—			—			(529	)		(10	)		(539	)
Recoveries		108			52			—			—			19			310			—			489
Ending balance	$	1,431		$	4,588		$	243		$	401		$	878		$	6,393		$	166		$	14,100

	Six Months Ended June 30, 2021
	One-to-four Family Residential			Commercial Real Estate			Home Equity and Lines of Credit			Residential Construction			Other Construction and Land			Commercial			Consumer			Total
Beginning balance	$	1,297		$	4,559		$	231		$	389		$	843		$	5,118		$	135		$	12,572
Provision		(60	)		155			(5	)		(17	)		(83	)		437			124			551
Charge-offs		(29	)		—			—			—			—			(204	)		—			(233	)
Recoveries		19			—			—			—			17			399			—			435
Ending balance	$	1,227		$	4,714		$	226		$	372		$	777		$	5,750		$	259		$	13,325

The allocation of the allowance for loan losses and the recorded investment in loans is presented in the following tables by portfolio segment and reserving methodology as of the dates indicated (in thousands):


	June 30, 2022
	One-to-four Family Residential		Commercial Real Estate		Home Equity and Lines of Credit		Residential Construction		Other Construction and Land		Commercial		Consumer		Total
Allowance for loan losses
Individually evaluated for impairment	$	17	$	—	$	—	$	—	$	—	$	—	$	—	$	17
Collectively evaluated for impairment		1,414		4,588		243		401		878		6,393		166		14,083
Ending Balance	$	1,431	$	4,588	$	243	$	401	$	878	$	6,393	$	166	$	14,100

Loans receivable
Individually evaluated for impairment	$	618	$	1,825	$	—	$	—	$	—	$	—	$	—	$	2,443
Collectively evaluated for impairment		144,347		408,666		21,419		36,300		81,973		251,289		6,376		950,370
Loans and Leases Receivable, Gross	$	144,965	$	410,491	$	21,419	$	36,300	$	81,973	$	251,289	$	6,376	$	952,813


	December 31, 2021
	One-to-four Family Residential		Commercial Real Estate		Home Equity and Lines of Credit		Residential Construction		Other Construction and Land		Commercial		Consumer		Total
Allowance for loan losses
Individually evaluated for impairment	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	20
Collectively evaluated for impairment		1,343		4,688		246		430		824		5,985		187		13,703
Ending Balance	$	1,363	$	4,688	$	246	$	430	$	824	$	5,985	$	187	$	13,723

Loans receivable
Individually evaluated for impairment	$	735	$	2,080	$	—	$	—	$	—	$	28	$	—	$	2,843
Collectively evaluated for impairment		131,870		420,797		21,601		38,750		75,349		235,028		7,237		930,632
Loans and Leases Receivable, Gross	$	132,605	$	422,877	$	21,601	$	38,750	$	75,349	$	235,056	$	7,237	$	933,475

Portfolio Quality Indicators

The Company’s loan portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. The Company’s internal credit risk grading system is based on experiences with similarly graded loans, industry best practices, and regulatory guidance. Credit risk grades are refreshed each quarter, at which time management analyzes the resulting information, as well as other external statistics and factors, to track loan performance.

The Company’s internally assigned grades pursuant to the Board-approved lending policy are as follows:

	·	Pass (1-5) – Acceptable loans with any identifiable weaknesses appropriately mitigated.
	·	Special Mention (6) – Potential weakness or identifiable weakness present without appropriate mitigating factors; however, loan continues to perform satisfactorily with no material delinquency noted. This may include some deterioration in repayment capacity and/or loan-to-value of securing collateral.
	·	Substandard (7) – Significant weakness that remains unmitigated, most likely due to diminished repayment capacity, serious delinquency, and/or marginal performance based upon restructured loan terms.
	·	Doubtful (8) – Significant weakness that remains unmitigated and collection in full is highly questionable or improbable.
	·	Loss (9) – Collectability is unlikely resulting in immediate charge-off.

Description of Segment and Class Risks

Each of our portfolio segments and the classes within those segments are subject to risks that could have an adverse impact on the credit quality of our loan portfolio. Management has identified the most significant risks as described below which are generally similar among our segments and classes. While the list is not exhaustive, it provides a description of the risks that management has determined are the most significant.

One-to-four family residential

We centrally underwrite each of our one-to-four family residential loans using credit scoring and analytical tools consistent with the Board-approved lending policy and internal procedures based upon industry best practices and regulatory directives. We also evaluate the value and marketability of the collateral. Common risks to each class of non-commercial loans, including one-to-four family residential, include risks that are not specific to individual transactions such as general economic conditions within our markets, particularly unemployment and potential declines in real estate values. Personal events such as death, disability or change in marital status also add risk to non-commercial loans.

Commercial real estate

Commercial mortgage loans are primarily dependent on the ability of our customers to achieve business results consistent with those projected at loan origination resulting in cash flow sufficient to service the debt. To the extent that a customer’s business results are significantly unfavorable versus the original projections, the ability for our loan to be serviced on a basis consistent with the contractual terms may be at risk. While these loans are secured by real property and possibly other business assets such as inventory or accounts receivable, it is possible that the liquidation of the collateral will not fully satisfy the obligation. Other commercial real estate loans consist primarily of loans secured by multifamily housing. The primary risk associated with multifamily loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. High unemployment or generally weak economic conditions may result in our customer having to provide rental rate concessions to achieve adequate occupancy rates.

Home equity and lines of credit

Home equity loans are often secured by first or second liens on residential real estate, thereby making such loans particularly susceptible to declining collateral values. A substantial decline in collateral value could render our second lien position to be effectively unsecured. Additional risks include lien perfection inaccuracies and disputes with first lienholders that may further weaken our collateral position. Further, the open-end structure of these loans creates the risk that customers may draw on the lines of credit in excess of the collateral value if there have been significant declines since origination.

Residential construction and other construction and land

Residential mortgage construction loans are typically secured by undeveloped or partially developed land with funds to be disbursed as home construction is completed contingent upon receipt and satisfactory review of invoices and inspections. Declines in real estate values can result in residential mortgage loan borrowers having debt levels in excess of the collateral’s current market value. Non-commercial construction and land development loans can experience delays in completion and/or cost overruns that exceed the borrower’s financial ability to complete the project. Cost overruns can result in foreclosure of partially completed collateral with unrealized value and diminished marketability. Commercial construction and land development loans are dependent on the supply and demand for commercial real estate in the markets we serve as well as the demand for newly constructed residential homes and building lots. Deterioration in demand could result in significant decreases in the underlying collateral values and make repayment of the outstanding loans more difficult for our customers.

Commercial

We centrally underwrite each of our commercial loans, which includes agricultural loans and specialty floor-plan lending, based primarily upon the customer’s ability to generate the required cash flow to service the debt in accordance with the contractual terms and conditions of the loan agreement. We strive to gain a complete understanding of our borrower’s businesses, including the experience and background of the principals of such businesses. To the extent that the loan is secured by collateral, which is a predominant feature of the majority of our commercial loans, or other assets including accounts receivable and inventory, we gain an understanding of the likely value of the collateral and what level of strength it brings to the loan transaction. To the extent that the principals or other parties are obligated under the note or guaranty agreements, we analyze the relative financial strength and liquidity of each guarantor. Common risks to each class of commercial loans include risks that are not specific to individual transactions such as general economic conditions within our markets, as well as risks that are specific to each transaction including volatility or seasonality of cash flows, changing demand for products and services, personal events such as death, disability or change in marital status, and reductions in the value of our collateral. Common risks to specialty floor-plan lending includes adverse conditions in the automobile market and risks associated with declining values. The performance of agricultural loans is highly dependent on favorable weather, reasonable costs for seed and fertilizer, and the ability to successfully market the product at a profitable margin. The demand for these products is also dependent on macroeconomic conditions that are beyond the control of the borrower.

Consumer

The consumer loan portfolio includes loans secured by personal property such as automobiles, marketable securities, other titled recreational vehicles including boats and motorcycles, purchased student loans for which there is a 98% guarantee, as well as unsecured consumer debt. The value of underlying collateral within this class is especially volatile due to potential rapid depreciation in values since the date of loan origination in excess of principal repayment. Following the sale of $24.6 million of the purchased student loans during the fourth quarter of 2021, as of December 31, 2021, the balance of purchased student loans was $0.7 million, which decreased to zero as of June 30, 2022.

The recorded investment in loans by portfolio segment and loan grade is presented in the following tables as of the dates indicated (in thousands):


	June 30, 2022
Loan Grade	One-to-Four Family Residential		Commercial Real Estate		Home Equity and Lines of Credit		Residential Construction		Other Construction and Land		Commercial		Consumer		Total
1	$	—	$	—	$	—	$	—	$	—	$	308	$	157	$	465
2		—		232		—		—		—		249		—		481
3		6,345		36,032		3,409		—		3,306		12,102		50		61,244
4		117,287		304,414		15,776		30,096		64,310		103,174		5,062		640,119
5		18,971		65,004		1,942		6,204		14,357		132,274		1,064		239,816
6		1,677		2,881		292		—		—		2,854		16		7,720
7		685		1,928		—		—		—		328		27		2,968
Total	$	144,965	$	410,491	$	21,419	$	36,300	$	81,973	$	251,289	$	6,376	$	952,813

	December 31, 2021
Loan Grade	One-to-Four Family Residential		Commercial Real Estate		Home Equity and Lines of Credit		Residential Construction		Other Construction and Land		Commercial		Consumer		Total
1	$	—	$	—	$	—	$	—	$	—	$	306	$	191	$	497
2		—		245		—		—		—		247		—		492
3		8,719		39,770		3,477		—		3,959		11,071		53		67,049
4		103,893		313,071		16,013		35,707		57,750		102,246		5,461		634,141
5		17,482		60,576		1,715		3,043		13,640		119,455		1,434		217,345
6		1,433		6,729		318		—		—		1,123		44		9,647
7		1,078		2,486		78		—		—		608		54		4,304
Total	$	132,605	$	422,877	$	21,601	$	38,750	$	75,349	$	235,056	$	7,237	$	933,475

Delinquency Analysis of Loans by Class

An aging analysis of the recorded investment of loans by portfolio segment, including loans on nonaccrual status as well as accruing TDRs and purchased student loans for which there is a 98% guarantee, is presented in the following tables as of the dates indicated (in thousands).


	June 30, 2022
	30-59 Days Past Due		60-89 Days Past Due		90 Days and Over Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family residential	$	—	$	39	$	—	$	39	$	144,926	$	144,965
Commercial real estate		—		—		—		—		410,491		410,491
Home equity and lines of credit		—		—		—		—		21,419		21,419
Residential construction		—		—		—		—		36,300		36,300
Other construction and land		—		—		—		—		81,973		81,973
Commercial		—		—		54		54		251,235		251,289
Consumer		—		—		—		—		6,376		6,376
Total	$	—	$	39	$	54	$	93	$	952,720	$	952,813

	December 31, 2021
	30-59 Days Past Due		60-89 Days Past Due		90 Days and Over Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family residential	$	—	$	—	$	50	$	50	$	132,555	$	132,605
Commercial real estate		—		—		—		—		422,877		422,877
Home equity and lines of credit		—		—		—		—		21,601		21,601
Residential construction		—		—		—		—		38,750		38,750
Other construction and land		—		—		—		—		75,349		75,349
Commercial		54		—		—		54		235,002		235,056
Consumer		—		—		590		590		6,647		7,237
Total	$	54	$	—	$	640	$	694	$	932,781	$	933,475

The decrease in past due consumer loans is primarily attributable to the sale of the purchased student loan portfolio, the balance of which, as of December 31, 2021, was $0.7 million, and decreased to zero as of June 30, 2022.

Impaired Loans

The following table presents recorded investments in loans considered to be impaired and related information on those impaired loans as of June 30, 2022 and December 31, 2021 (in thousands).

Schedule of Impaired Loans

	June 30, 2022						December 31, 2021
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Recorded Balance		Unpaid Principal Balance		Specific Allowance
Loans without a valuation allowance
One-to-four family residential	$	276	$	276	$	—	$	387	$	387	$	—
Commercial real estate		1,825		1,825		—		2,080		2,132		—
Commercial		—		—		—		28		28		—
		2,101		2,101		—		2,495		2,547		—

Loans with a valuation allowance
One-to-four family residential		342		342		17		348		348		20
		342		342		17		348		348		20

Total
One-to-four family residential		618		618		17		735		735		20
Commercial real estate		1,825		1,825		—		2,080		2,132		—
Commercial		—		—		—		28		28		—
	$	2,443	$	2,443	$	17	$	2,843	$	2,895	$	20

The average recorded investment in impaired loans by portfolio segment and interest income recognized on those impaired loans is presented in the following table for the periods indicated (in thousands):

	Three Months Ended June 30,
	2022				2021
	Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a valuation allowance
One-to-four family residential	$	277	$	3	$	282	$	3
Commercial real estate		1,857		24		1,542		18
		2,134		27		1,824		21

Loans with a valuation allowance
One-to-four family residential		343		3		356		3
		343		3		356		3

Total
One-to-four family residential		620		6		638		6
Commercial real estate		1,857		24		1,542		18
	$	2,477	$	30	$	2,180	$	24

	Six Months Ended June 30,
	2022				2021
	Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
Loans without a valuation allowance
One-to-four family residential	$	278	$	6	$	283	$	6
Commercial real estate		1,885		47		1,562		40
		2,163		53		1,845		46

Loans with a valuation allowance
One-to-four family residential		344		6		357		6
		344		6		357		6

Total
One-to-four family residential		622		12		640		12
Commercial real estate		1,885		47		1,562		40
	$	2,507	$	59	$	2,202	$	52

Nonperforming Loans

The recorded investment of nonperforming loans by portfolio segment is presented in the table below as of the dates indicated (in thousands):

Schedule of Non-Performaing Loans

	June 30,		December 31,
	2022		2021
One-to-four family residential	$	24	$	107
Commercial real estate		—		767
Commercial		289		473
Consumer		—

GRANDSOUTH BANCORPORATION 10-Q