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.
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The Bank of South Carolina Corporation (NASDAQ: BKSC) reported unaudited earnings of $1,588,779 or $0.29 earnings per share for Q1 2023, an 8.52% increase from $1,464,106 or $0.26 in Q1 2022. The company achieved annualized returns of 1.00% on average assets and 15.73% on average equity, up from 0.89% and 11.40% respectively. However, President Fleetwood S. Hassell noted that while earnings improved, the bank is not meeting its profit plan due to rising deposit costs driven by intense competition. Although loan interest income is increasing, profit margins are thin, and uncertainty persists regarding potential Federal Reserve rate hikes. The bank is set to open its sixth office on James Island.
The Bank of South Carolina Corporation (NASDAQ: BKSC) has declared a quarterly cash dividend of $0.17 per share. Shareholders of record on April 4, 2023 will receive the payment on April 28, 2023. This marks the 134th quarterly cash dividend in the company's history, celebrating its 36th anniversary since inception. The Bank, located in Charleston, has been operational since 1987, and a new office is expected to open in the second quarter of 2023.
The Bank of South Carolina Corporation (NASDAQ: BKSC) announced the retirement of President & CEO Fleetwood S. Hassell, effective September 30, 2023. Hassell will remain on the Board of Directors. Eugene H. Walpole IV, currently Executive Vice President & CFO, will succeed him as President & CEO starting October 1, 2023. Hassell has been with the Bank since 1986 and has led as CEO since 2012. The Board emphasized a well-planned succession to maintain experienced leadership. Walpole has been part of the Bank since 2012 and has played a crucial role in executing the strategic plan.