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Bank of South Carolina Corporation Announces First Quarter Earnings

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CHARLESTON, S.C., April 11, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,588,779 or $0.29 and $0.28 basic and diluted earnings per share, respectively, for the quarter ended March 31, 2023 – an increase of 8.52% over earnings for the quarter ended March 31, 2022 of $1,464,106, or $0.26 basic and diluted earnings per share. Annualized returns on average assets and average equity for the three months ended March 31, 2023 were 1.00% and 15.73%, respectively, compared with March 31, 2022 annualized returns on average assets and average equity of 0.89% and 11.40%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Although we are ahead of 2022 first quarter results, we are behind in our profit plan for the first three months of this year. This outcome is the result of precipitous increases in our deposit costs to meet the intense competition amongst banks, brokerages, and the U.S. Treasury. Although loan interest income has increased, our margins remain thin.  The potential for further rate increases by the Federal Reserve is uncertain. Nonetheless, our business model and asset quality remain sound as we continue to meet the banking needs of our clients in the South Carolina Lowcountry – most notably with the opening of our sixth office later this quarter on James Island."

The following table shows the balance sheet and income statement highlights:










(Unaudited)
March 31,


(Unaudited)

March 31,


2023


2022









Common stock shares outstanding  

5,552,351


5,550,476

Book value per share 

$               7.84


$               8.10

Total assets 

$  646,761,629


$  664,993,337





Three Months Ended












Net income 

$      1,588,779


$      1,464,106





Basic earnings per share 

$               0.29


$               0.26

Diluted earnings per share 

$               0.28


$               0.26





Weighted average shares outstanding:




Basic 

5,552,351


5,544,546

Diluted 

5,640,313


5,688,619





 

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 bank with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, and the West Ashley community and has been in continuous operation since 1987. A sixth office at 1730 Maybank Highway on James Island is anticipated to open in the second quarter of 2023. 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".

 

Image (PRNewsfoto/Bank of South Carolina Corporation)

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SOURCE Bank of South Carolina Corporation

Bank Of South Carolina Corp.

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Commercial Banking
Finance and Insurance
Finance, Regional Banks, Finance and Insurance, Commercial Banking
United States
Charleston

About BKSC

bank of south carolina corporation operates as the bank holding company for the bank of south carolina that provides financial services to individuals, professionals, and small and middle market businesses in south carolina. the company offers a range of deposit products, including non-interest bearing demand accounts, now accounts, money market accounts, time deposits, and savings accounts, as well as certificates of deposit. it also provides secured and unsecured commercial loans; commercial real estate loans; consumer loans, including construction, real estate, helocs, and mortgage; and home equity loans and lines of credit. it operates through charleston, north charleston, summerville, mt. pleasant, and west ashley banking offices in south carolina. bank of south carolina corporation was founded in 1986 and is headquartered in charleston, south carolina.