Welcome to our dedicated page for Bank Sth Carolna news (Ticker: BKSC), a resource for investors and traders seeking the latest updates and insights on Bank Sth Carolna stock.
Bank of South Carolina Corporation (BKSC) is a commercial banking company in the finance and insurance sector and the parent company for The Bank of South Carolina. Its news flow centers on quarterly and annual earnings, dividend declarations, stock repurchase programs, and management updates, giving investors insight into how the company manages profitability, capital, and leadership.
Regular earnings announcements provide unaudited quarterly and year-end results, including net income, earnings per share, net interest income, other income, and other expense. These releases also feature key performance metrics such as return on average assets, return on average equity, net interest margin, efficiency ratio, community bank leverage ratio, and measures of asset quality like loans past due more than 30 days and allowance for credit losses as a percentage of total loans.
BKSC news also highlights dividend activity, with the Board of Directors declaring recurring quarterly cash dividends and, at times, announcing dividend increases. The company notes the sequence of its quarterly dividends and emphasizes when the cash dividend has been raised, including instances of consecutive quarterly increases. In addition, the company announces share repurchase authorizations and the completion of prior repurchase programs, describing how and under what conditions repurchases may be executed.
Another category of news involves management and governance. The company has reported a management succession plan for key roles such as Executive Vice President & Senior Lender, Senior Lender, and Chief Credit Officer, outlining leadership transitions and the continued involvement of experienced executives. Investors who follow BKSC news can monitor these earnings trends, capital actions, and leadership developments in one place, and may wish to revisit this page as new company announcements are released.
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.
The Board of Directors of Bank of South Carolina (BKSC) has declared its 141st quarterly cash dividend. Shareholders will receive $0.19 per share, with the record date set for December 31, 2024, and payment scheduled for January 31, 2025. The company, which operates as the parent company of The Bank of South Carolina, continues its consistent dividend payment track record.
Bank of South Carolina (OTCQX: BKSC) reported unaudited earnings of $1,801,863, or $0.33 basic and diluted earnings per share, for the quarter ended September 30, 2024. This represents a 42.62% increase from the same quarter in 2023. For the nine months ended September 30, 2024, unaudited earnings increased by 19.41% to $4,931,457. The company achieved impressive annualized returns on average assets and equity of 1.10% and 13.50%, respectively, for the nine-month period.
President and CEO Eugene H. Walpole, IV expressed satisfaction with the results, highlighting the company's focus on customer service and disciplined loan pricing. The bank's net interest margin and non-performing asset ratio improved during the quarter. With the Federal Reserve beginning to ease rates, the bank's balance sheet is well-positioned for potential further rate cuts.
Bank of South Carolina (OTCQX: BKSC) has declared a quarterly cash dividend of $0.19 per share to shareholders of record on October 8, 2024, payable on October 31, 2024. This marks the 140th quarterly cash dividend paid to shareholders and represents a $0.02 per share or 12% increase from the previous dividend.
Eugene H. Walpole, IV, President and CEO, stated that the company's strong earnings and capital position support this dividend increase. With this payment, the total cash dividends paid to shareholders since the Bank's inception will exceed $66 million. The company expressed pride in its legacy of rewarding shareholders and its intention to continue this practice in the future.
The Bank of South Carolina (OTCQX: BKSC) has been named to American Banker magazine's list of the top 100 publicly traded community banks with assets under $2 billion. Ranked 88th, it is the only South Carolina bank on this year's list, which was published on June 10, 2024.
The ranking, developed by Capital Performance Group, is based on three-year average return on equity from 2021 to 2023. Out of 361 eligible institutions, BKSC secured its spot among the top performers.
President & CEO Eugene H. Walpole, IV expressed pride in the recognition, attributing it to the team's dedication and customer trust. He emphasized the bank's commitment to a relationship-centered model, focusing on responsiveness, attention to detail, and personalized service.
The Bank of South Carolina (OTCQX: BKSC) has announced unaudited earnings of $1,753,798 or $0.32 per share for Q2 2024, marking a 37.26% increase from $1,277,717 or $0.23 per share in Q2 2023.
Earnings for the first six months of 2024 rose by 9.18% to $3,129,594 compared to $2,866,496 for the same period in 2023. The bank reported an annualized return on average assets of 1.04% and return on average equity of 13.21% for H1 2024.
The CEO highlighted the company's strategy of reallocating investment securities to higher-yielding loans and reducing borrowed funds, leading to improved profitability and net interest margin. The bank also mentioned strong loan demand and appropriate risk pricing without sacrificing credit quality.
Key metrics include a net interest income of $5,138,430, an efficiency ratio improvement to 59.54%, and a net income of $1,753,798 for Q2 2024. However, there was a slight provision for credit losses of $50,000.
The Bank of South Carolina (OTCQX: BKSC) announced a quarterly cash dividend of $0.17 per share. Shareholders of record by July 8, 2024, will receive their dividend on July 31, 2024. This marks the 139th consecutive quarterly dividend, highlighting the company's consistent return to shareholders.
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