CHARLESTON, S.C., July 11,
2024 /PRNewswire/ -- The Bank of South Carolina
Corporation (OTCQX: BKSC) announced unaudited earnings of
$1,753,798, or $0.32 basic and diluted earnings per share for
the quarter ended June 30, 2024 – an
increase of $476,081, or 37.26%, from
earnings for the quarter ended June 30,
2023 of $1,277,717, or
$0.23 basic and diluted earnings per
share. Unaudited earnings for the six months ended June 30, 2024 increased $263,098, or 9.18%, to $3,129,594 compared to $2,866,496 for the six months ended June 30, 2023. Annualized returns on average
assets and average equity for the six months ended June 30, 2024 were 1.04% and 13.21%,
respectively, compared with June 30,
2023 annualized returns on average assets and average equity
of 0.89% and 13.61%, respectively.
Eugene H. Walpole, IV, President
and Chief Executive Officer, stated, "While six months don't make a
year, we are quite pleased with operating results for the quarter
and year-to-date, in which we generated a return on average assets
of 1.19% and 1.04%, respectively, and a return on average equity of
14.71% and 13.21%, respectively. Our continued focus on
reallocating maturing investment securities into higher-yielding
loans, while simultaneously reducing our reliance on borrowed
funds, is having its intended effect on net interest margin.
These initiatives - supported by consistent management of
noninterest income and expense - have resulted in improved
profitability. Meanwhile, loan demand in our markets remains
strong, and we are continuing to price risk appropriately without
sacrificing credit quality. The likelihood and extent of any
easing by the Federal Reserve in 2024 remains to be seen. We
intend to stay the course by executing on our strategic objectives
in the second half of the year."
|
Selected Condensed
Consolidated Financial Data
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
June 30,
2024
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March 31,
2024
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December 31,
2023
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September 30,
2023
|
June 30,
2023
|
|
Total Interest and Fee
Income
|
$
6,702,792
|
$
6,593,463
|
$
6,500,593
|
$
6,154,138
|
$
6,027,060
|
|
Total Interest
Expense
|
1,564,362
|
1,861,311
|
1,821,435
|
1,619,582
|
1,420,080
|
|
Net Interest
Income
|
5,138,430
|
4,732,152
|
4,679,158
|
4,534,556
|
4,606,980
|
|
Provision for Credit
Losses
|
50,000
|
-
|
-
|
-
|
-
|
|
Net Interest Income
After Provision for Credit Losses
|
5,088,430
|
4,732,152
|
4,679,158
|
4,534,556
|
4,606,980
|
|
Total Other
Income
|
471,075
|
423,497
|
397,970
|
480,448
|
437,121
|
|
Total Other
Expense
|
3,339,934
|
3,359,684
|
3,309,138
|
3,381,506
|
3,386,022
|
|
Income Before Income
Tax Expense
|
2,219,571
|
1,795,965
|
1,767,988
|
1,633,498
|
1,658,079
|
|
Income Tax
Expense
|
465,773
|
420,169
|
404,239
|
370,128
|
380,362
|
|
Net Income
|
$
1,753,798
|
$
1,375,796
|
$
1,363,749
|
$
1,263,370
|
$
1,277,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share -
Basic
|
$
0.32
|
$
0.25
|
$
0.25
|
$
0.23
|
$
0.23
|
|
Earnings Per Share -
Diluted
|
$
0.32
|
$
0.25
|
$
0.24
|
$
0.23
|
$
0.23
|
|
Return on Average
Assets
|
1.19 %
|
0.89 %
|
0.87 %
|
0.78 %
|
0.79 %
|
|
Return on Average
Equity
|
14.71 %
|
11.69 %
|
12.74 %
|
11.66 %
|
11.66 %
|
|
Common Stock Shares
Outstanding
|
5,457,907
|
5,462,794
|
5,469,251
|
5,485,755
|
5,548,239
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|
Book Value Per
Share
|
$
8.93
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$
8.69
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$
8.61
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$
7.51
|
$
7.67
|
|
Efficiency
Ratio
|
59.54 %
|
65.17 %
|
65.18 %
|
67.43 %
|
67.13 %
|
|
Net Interest
Margin
|
3.68 %
|
3.20 %
|
3.12 %
|
2.96 %
|
2.98 %
|
|
% Loans Past Due >
30 Days
|
0.19 %
|
0.32 %
|
0.53 %
|
0.75 %
|
0.68 %
|
|
Allowance for Credit
Losses as a % of Total Loans
|
1.04 %
|
1.04 %
|
1.07 %
|
1.09 %
|
1.08 %
|
|
|
|
|
|
|
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Quarterly
Averages:
|
|
|
|
|
|
|
Total Assets
|
$
590,639,502
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$
624,732,564
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$
625,093,859
|
$ 639,253,597
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$ 650,131,459
|
|
Total Loans
|
$
359,514,482
|
$
353,396,331
|
$
344,789,580
|
$ 339,152,054
|
$ 341,123,966
|
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Total
Deposits
|
$
516,221,132
|
$
519,023,338
|
$
518,397,166
|
$ 540,290,630
|
$ 574,075,057
|
|
Total Shareholders'
Equity
|
$ 47,951,482
|
$ 47,328,863
|
$ 42,464,898
|
$
42,997,996
|
$
43,952,144
|
About Bank of South Carolina Corporation
The Bank of
South Carolina Corporation is the holding company of The Bank of
South Carolina ("The Bank"). The
Bank is a South Carolina
state-chartered financial institution with offices in
Charleston, North Charleston, Summerville, Mt.
Pleasant, James Island, and
the West Ashley community and has been in continuous operation
since 1987. Our website is www.banksc.com. Bank of South
Carolina Corporation currently trades its common stock on the
OTCQX® Best Market under the symbol "BKSC".
Forward-Looking-Statements
This release contains
forward-looking statements that are not historical facts and that
are intended to be "forward-looking statements" as that term is
defined by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may include, but are
not limited to, statements about the Company's plans, objectives,
expectations and intentions and other statements contained in this
release that are not historical facts and pertain to the Company's
future operating results. When used in this release, the
words "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates" and similar expressions are generally intended
to identify forward-looking statements. Actual results may
differ materially from the results discussed in these
forward-looking statements, because such statements are inherently
subject to significant assumptions, risks and uncertainties, many
of which are difficult to predict and are generally beyond the
Company's control. These include but are not limited to: the
possibility of adverse economic developments that may, among other
things, increase default and delinquency risks in the Company's
loan portfolios; shifts in interest rates; shifts in the rate of
inflation; shifts in the demand for the Company's loan and other
products; unforeseen increases in costs and expenses;
lower-than-expected revenue or cost savings in connection with
acquisitions; changes in accounting policies; changes in the
monetary and fiscal policies of the federal government; and changes
in laws, regulations and the competitive environment. Unless
legally required, the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE BANK OF SOUTH
CAROLINA
