Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
Rhea-AI Summary
Bank of South Carolina (OTCQX: BKSC) reported strong financial results for 2024, with unaudited earnings of $6,749,736 ($1.24 basic EPS), marking a 22.87% increase from 2023's $5,493,616. Fourth quarter earnings rose 33.33% to $1,818,279 compared to the same period in 2023.
The bank achieved returns on average assets and equity of 1.14% and 13.55% respectively for 2024, improving from 0.86% and 12.90% in 2023. Notable achievements include a 5% annual loan growth and an 85 basis points improvement in net interest margin throughout the year. The bank maintained strong asset quality with minimal non-performing assets and an efficiency ratio of 59.34% in Q4 2024.
Positive
- Annual earnings increased 22.87% to $6,749,736
- Q4 earnings grew 33.33% to $1,818,279
- Net interest margin improved by 85 basis points
- Loan portfolio grew by 5% annually
- Return on average assets improved to 1.14% from 0.86%
- Return on average equity increased to 13.55% from 12.90%
- Past due loans decreased to 0.25% from 0.53% year-over-year
Negative
- Total assets decreased from $625,093,859 to $569,812,437 in quarterly averages
- Total deposits declined from $518,397,166 to $500,693,110 in quarterly averages
News Market Reaction – BKSC
On the day this news was published, BKSC declined 1.56%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are proud of our performance for both the quarter and year, in which we generated a return on average assets of
Selected Condensed Consolidated Financial Data (Unaudited) | |||||
For the Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
Total Interest and Fee Income | $ 6,818,624 | $ 6,848,831 | $ 6,702,792 | $ 6,593,463 | $ 6,500,593 |
Total Interest Expense | 1,406,681 | 1,566,695 | 1,564,362 | 1,861,311 | 1,821,435 |
Net Interest Income | 5,411,943 | 5,282,136 | 5,138,430 | 4,732,152 | 4,679,158 |
Provision for Credit Losses | 25,000 | - | 50,000 | - | - |
Net Interest Income After Provision for Credit Losses | 5,386,943 | 5,282,136 | 5,088,430 | 4,732,152 | 4,679,158 |
Total Other Income | 483,085 | 485,206 | 471,075 | 423,497 | 397,970 |
Total Other Expense | 3,498,230 | 3,412,935 | 3,339,934 | 3,359,684 | 3,309,138 |
Income Before Income Tax Expense | 2,371,798 | 2,354,407 | 2,219,571 | 1,795,965 | 1,767,988 |
Income Tax Expense | 553,519 | 552,544 | 465,773 | 420,169 | 404,239 |
Net Income | $ 1,818,279 | $ 1,801,863 | $ 1,753,798 | $ 1,375,796 | $ 1,363,749 |
Earnings Per Share - Basic | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.25 |
Earnings Per Share - Diluted | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.24 |
Return on Average Assets | 1.27 % | 1.24 % | 1.19 % | 0.89 % | 0.87 % |
Return on Average Equity | 13.69 % | 14.04 % | 14.71 % | 11.69 % | 12.74 % |
Common Stock Shares Outstanding | 5,432,762 | 5,445,519 | 5,457,907 | 5,462,794 | 5,469,251 |
Book Value Per Share | $ 9.63 | $ 9.71 | $ 8.93 | $ 8.69 | $ 8.61 |
Efficiency Ratio | 59.34 % | 59.18 % | 59.54 % | 65.17 % | 65.18 % |
Net Interest Margin | 3.97 % | 3.82 % | 3.68 % | 3.20 % | 3.12 % |
% Loans Past Due > 30 Days | 0.25 % | 0.16 % | 0.19 % | 0.32 % | 0.53 % |
Allowance for Credit Losses as a % of Total Loans | 1.01 % | 1.04 % | 1.04 % | 1.04 % | 1.07 % |
Quarterly Averages: | |||||
Total Assets | $ 569,812,437 | $ 578,014,415 | $ 590,639,502 | $ 624,732,564 | $ 625,093,859 |
Total Loans | $ 363,015,990 | $ 358,623,795 | $ 359,514,482 | $ 353,396,331 | $ 344,789,580 |
Total Deposits | $ 500,693,110 | $ 512,024,560 | $ 516,221,132 | $ 519,023,338 | $ 518,397,166 |
Total Shareholders' Equity | $ 52,837,535 | $ 51,043,788 | $ 47,951,482 | $ 47,328,863 | $ 42,464,898 |
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
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
FAQ
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