CHARLESTON, S.C., July 11, 2019 /PRNewswire/ -- The Bank of
South Carolina Corporation, (Nasdaq: BKSC) announced unaudited
earnings of $1,840,847, or
$0.33 basic and diluted earnings per
share, for the quarter ended June 30,
2019 – an increase of 6.63% from earnings for the quarter
ended June 30, 2018 of $1,726,357, or $0.31 basic and diluted earnings per share.
Unaudited earnings for the six months ended June 30, 2019 increased $191,524, or 5.74%, to $3,530,111 compared to $3,338,587 for the six months ended June 30, 2018. Annualized returns on average
assets and average equity for the six months ended June 30, 2019 were 1.65% and 14.99%,
respectively, compared with 2018 annualized returns on average
assets and average equity of 1.57% and 15.59%, respectively.
Fleetwood S. Hassell, President
of the Bank of South Carolina,
stated, "As with the first quarter of the year, the second
experienced solid loan demand with strong margins, excellent
control of expenses, and improvement in our mortgage origination
contribution. We are ahead of our profit plan for the year and the
three and six month periods as compared to 2018. We are looking
forward to the second half of the year with the opening of our
North Charleston office in the
fourth quarter."
The Bank of South Carolina, a
De Novo Charter, which opened in 1987 at 256 Meeting Street, has
offices in Summerville,
Mt. Pleasant, and the West Ashley
community. A fifth office at 9403 Highway 78 in North Charleston is under construction and
anticipated to open in the fourth quarter of 2019. Our website is
www.banksc.com. Bank of South Carolina Corporation currently trades
its common stock on the NASDAQ stock market under the symbol
"BKSC".
The following table shows the balance sheet and income statement
highlights:
|
|
(Unaudited)
June 30, 2019
|
|
(Unaudited)
June 30, 2018
|
|
|
|
|
|
Common stock shares
outstanding
|
|
5,525,278
|
|
5,501,639
|
|
|
|
|
|
Book value per
share
|
$
|
8.94
|
$
|
7.86
|
|
|
|
|
|
Total
assets
|
$
|
442,374,445
|
$
|
426,770,905
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
1,840,847
|
$
|
1,726,357
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.33
|
$
|
0.31
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.33
|
$
|
0.31
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
5,517,236
|
|
5,492,896
|
|
|
|
|
|
Diluted
|
|
5,587,985
|
|
5,586,585
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
3,530,111
|
$
|
3,338,587
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.64
|
$
|
0.63
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.63
|
$
|
0.61
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
5,515,832
|
|
5,339,187
|
|
|
|
|
|
Diluted
|
|
5,586,813
|
|
5,433,360
|
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SOURCE Bank of South Carolina Corporation