Bank of South Carolina Corporation reports recurring bank-company developments through earnings releases, dividend announcements and capital management updates. The company is the parent of The Bank of South Carolina and trades on OTCQX under BKSC.
Company news commonly covers quarterly and annual net income, earnings per share, returns on average assets and equity, net interest margin, loan demand, funding costs, investment securities, credit quality and interest-rate risk. Other recurring announcements address quarterly cash dividends, dividend increases and common-stock repurchase authorizations.
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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