Bank of South Carolina Corporation Announces Second Quarter Earnings
Rhea-AI Summary
Bank of South Carolina Corporation (OTCQX: BKSC) reported record second-quarter earnings of $1.96 million, or $0.36 basic and $0.35 diluted earnings per share, marking an 11.54% increase from Q2 2024. The bank's six-month earnings rose 19.83% to $3.75 million compared to the same period in 2024.
Key performance metrics showed significant improvement, with net interest margin exceeding 4% for the second consecutive quarter. The bank maintained strong asset quality with low nonperforming loans, while achieving annualized returns on average assets of 1.33% and average equity of 13.73% for the first half of 2025.
Positive
- None.
Negative
- Provision for credit losses increased to $100,000 from $50,000 in Q2 2024
- Total other expense rose to $3.66 million from $3.34 million year-over-year
- Slight decline in total assets to $572.9M from $590.6M in Q2 2024
News Market Reaction – BKSC
On the day this news was published, BKSC gained 0.76%, reflecting a mild 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 | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
Total Interest and Fee Income | $ 7,202,647 | $ 6,737,106 | $ 6,818,624 | $ 6,848,831 | $ 6,702,792 |
Total Interest Expense | 1,304,294 | 1,325,566 | 1,406,681 | 1,566,695 | 1,564,362 |
Net Interest Income | 5,898,353 | 5,411,540 | 5,411,943 | 5,282,136 | 5,138,430 |
Provision for Credit Losses | 100,000 | 50,000 | 25,000 | - | 50,000 |
Net Interest Income After Provision for Credit Losses | 5,798,353 | 5,361,540 | 5,386,943 | 5,282,136 | 5,088,430 |
Total Other Income | 421,104 | 480,342 | 483,085 | 485,206 | 471,075 |
Total Other Expense | 3,663,556 | 3,491,502 | 3,498,230 | 3,412,935 | 3,339,934 |
Income Before Income Tax Expense | 2,555,901 | 2,350,380 | 2,371,798 | 2,354,407 | 2,219,571 |
Income Tax Expense | 599,746 | 556,366 | 553,519 | 552,544 | 465,773 |
Net Income | $ 1,956,155 | $ 1,794,014 | $ 1,818,279 | $ 1,801,863 | $ 1,753,798 |
Earnings Per Share - Basic | $ 0.36 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.32 |
Earnings Per Share - Diluted | $ 0.35 | $ 0.32 | $ 0.33 | $ 0.33 | $ 0.32 |
Return on Average Assets | 1.37 % | 1.28 % | 1.27 % | 1.24 % | 1.19 % |
Return on Average Equity | 13.95 % | 13.51 % | 13.69 % | 14.04 % | 14.71 % |
Common Stock Shares Outstanding | 5,422,475 | 5,429,005 | 5,432,762 | 5,445,519 | 5,457,907 |
Book Value Per Share | $ 10.47 | $ 10.12 | $ 9.63 | $ 9.71 | $ 8.93 |
Efficiency Ratio | 57.97 % | 59.26 % | 59.34 % | 59.18 % | 59.54 % |
Net Interest Margin | 4.33 % | 4.07 % | 3.97 % | 3.82 % | 3.68 % |
% Loans Past Due > 30 Days | 0.29 % | 0.47 % | 0.25 % | 0.16 % | 0.19 % |
Allowance for Credit Losses as a % of Total Loans | 1.06 % | 1.04 % | 1.01 % | 1.04 % | 1.04 % |
Community Bank Leverage Ratio | 11.19 % | 11.17 % | 10.97 % | 10.72 % | 10.39 % |
Quarterly Averages: | |||||
Total Assets | $ 572,875,953 | $ 566,714,762 | $ 569,812,437 | $ 578,014,415 | $ 590,639,502 |
Total Loans | $ 363,065,921 | $ 363,853,692 | $ 363,015,990 | $ 358,623,795 | $ 359,514,482 |
Total Deposits | $ 501,217,309 | $ 498,326,696 | $ 500,693,110 | $ 512,024,560 | $ 516,221,132 |
Total Shareholders' Equity | $ 56,244,469 | $ 53,865,410 | $ 52,837,535 | $ 51,043,788 | $ 47,951,482 |
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
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