Bank of South Carolina Corporation Announces First Quarter Earnings
Rhea-AI Summary
Bank of South Carolina (BKSC) reported strong Q1 2025 performance with unaudited earnings of $1,794,014, or $0.33 basic and $0.32 diluted earnings per share, marking a significant 30.40% increase from Q1 2024. The bank achieved improved profitability metrics with annualized returns on average assets of 1.28% and average equity of 13.51%, up from 0.89% and 11.69% respectively in Q1 2024.
Key financial highlights include net interest income of $5,411,540, with total interest and fee income reaching $6,737,106. The bank's efficiency ratio improved to 59.26% from 65.17% year-over-year, while the net interest margin strengthened to 4.07% from 3.20%. Asset quality remained solid with loans past due over 30 days at 0.47%, and the allowance for credit losses maintained at 1.04% of total loans.
Positive
- Net income increased 30.40% year-over-year to $1,794,014
- EPS grew 32% to $0.33 basic from $0.25 year-over-year
- Net interest margin improved significantly to 4.07% from 3.20%
- Return on equity increased to 13.51% from 11.69%
- Efficiency ratio improved to 59.26% from 65.17%
- Book value per share increased to $10.12 from $8.69
Negative
- Loans past due >30 days increased to 0.47% from 0.32% year-over-year
- Total assets decreased to $566.7M from $624.7M year-over-year
- Total deposits declined to $498.3M from $519.0M year-over-year
News Market Reaction – BKSC
On the day this news was published, BKSC gained 4.52%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report net income of
Selected Condensed Consolidated Financial Data (Unaudited) | |||||
For the Three Months Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
Total Interest and Fee Income | $ 6,737,106 | $ 6,818,624 | $ 6,848,831 | $ 6,702,792 | $ 6,593,463 |
Total Interest Expense | 1,325,566 | 1,406,681 | 1,566,695 | 1,564,362 | 1,861,311 |
Net Interest Income | 5,411,540 | 5,411,943 | 5,282,136 | 5,138,430 | 4,732,152 |
Provision for Credit Losses | 50,000 | 25,000 | - | 50,000 | - |
Net Interest Income After Provision for Credit Losses | 5,361,540 | 5,386,943 | 5,282,136 | 5,088,430 | 4,732,152 |
Total Other Income | 480,342 | 483,085 | 485,206 | 471,075 | 423,497 |
Total Other Expense | 3,491,502 | 3,498,230 | 3,412,935 | 3,339,934 | 3,359,684 |
Income Before Income Tax Expense | 2,350,380 | 2,371,798 | 2,354,407 | 2,219,571 | 1,795,965 |
Income Tax Expense | 556,366 | 553,519 | 552,544 | 465,773 | 420,169 |
Net Income | $ 1,794,014 | $ 1,818,279 | $ 1,801,863 | $ 1,753,798 | $ 1,375,796 |
Earnings Per Share - Basic | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 |
Earnings Per Share - Diluted | $ 0.32 | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 |
Return on Average Assets | 1.28 % | 1.27 % | 1.24 % | 1.19 % | 0.89 % |
Return on Average Equity | 13.51 % | 13.69 % | 14.04 % | 14.71 % | 11.69 % |
Common Stock Shares Outstanding | 5,429,005 | 5,432,762 | 5,445,519 | 5,457,907 | 5,462,794 |
Book Value Per Share | $ 10.12 | $ 9.63 | $ 9.71 | $ 8.93 | $ 8.69 |
Efficiency Ratio | 59.26 % | 59.34 % | 59.18 % | 59.54 % | 65.17 % |
Net Interest Margin | 4.07 % | 3.97 % | 3.82 % | 3.68 % | 3.20 % |
% Loans Past Due > 30 Days | 0.47 % | 0.25 % | 0.16 % | 0.19 % | 0.32 % |
Allowance for Credit Losses as a % of Total Loans | 1.04 % | 1.01 % | 1.04 % | 1.04 % | 1.04 % |
Quarterly Averages: | |||||
Total Assets | $ 566,714,762 | $ 569,812,437 | $ 578,014,415 | $ 590,639,502 | $ 624,732,564 |
Total Loans | $ 363,853,692 | $ 363,015,990 | $ 358,623,795 | $ 359,514,482 | $ 353,396,331 |
Total Deposits | $ 498,326,696 | $ 500,693,110 | $ 512,024,560 | $ 516,221,132 | $ 519,023,338 |
Total Shareholders' Equity | $ 53,865,410 | $ 52,837,535 | $ 51,043,788 | $ 47,951,482 | $ 47,328,863 |
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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