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Bank of South Carolina Corporation Announces Second Quarter Earnings

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CHARLESTON, S.C., July 8, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,668,684, or $0.30 and $0.29 basic and diluted earnings per share, respectively, for the quarter ended June 30, 2021 – an increase of $167,661, or 11.17%, from earnings for the quarter ended June 30, 2020 of $1,501,023, or $0.27 and $0.26 basic and diluted earnings per share, respectively. Unaudited earnings for the six months ended June 30, 2021 increased $456,555, or 15.11%, to $3,478,759 compared to $3,022,204 for the six months ended June 20, 2020. Annualized returns on average assets and average equity for the six months ended June 30, 2021 were 1.27% and 12.80%, respectively, compared with June 30, 2020 annualized returns on average assets and average equity of 1.28% and 11.46%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Operating with the lowest margins in recent decades, our industry has managed to move forward in large part the result of fee income generated from the Paycheck Protection Program and mortgage originations. This has been the case as well for the Bank of South Carolina. Combined with exceptional management of operating expenses, our second quarter and year-to-date performance has exceeded our expectations and profit plan. Our challenge is to deploy the massive amounts of liquidity accumulated over the past 18 months into higher yielding assets. Current loan demand remains tepid and yields low.  However, we will not compromise the lending standards upon which we have built the bank over the past 34 ½ years.  Asset quality remains our focus.

The Federal Reserve has hinted at increasing rates in the next 24 months or so as they continue to balance their mandate of unemployment and inflation (transitory or not).  We will stay the course with strong financial performance and look forward to the second half of the year."

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










(Unaudited)
June 30,


(Unaudited)

June 30,


2021


2020









Common stock shares outstanding                      

5,533,999


5,530,682

Book value per share                   

$               9.84


$               9.75

Total assets                                

$  581,915,387


$  542,621,550





Three Months Ended












Net income                               

$      1,668,684


$      1,501,023





Basic earnings per share                        

$               0.30


$               0.27

Diluted earnings per share                       

$               0.29


$               0.26





Weighted average shares outstanding:




Basic                              

5,528,835


5,529,632

Diluted                         

5,686,026


5,714,121

Six Months Ended




Net income

$      3,478,759


$      3,022,204

Basic earnings per share

$               0.63


$               0.55

Diluted earnings per share

$               0.61


$               0.53

Weighted average shares outstanding:




Basic

5,525,291


5,529,944

Diluted

5,690,024


5,708,718

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. 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".

 

Cision View original content:https://www.prnewswire.com/news-releases/bank-of-south-carolina-corporation-announces-second-quarter-earnings-301327930.html

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.