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 Corporation (Nasdaq: BKSC) reported unaudited earnings of $1,810,075, or $0.33 basic and $0.32 diluted earnings per share for Q1 2021, marking a 19% increase from $1,521,131, or $0.28 and $0.27 per share in Q1 2020. The annualized return on average assets and equity were 1.37% and 13.26%, respectively. The bank plans to utilize excess liquidity in higher yielding assets. A special cash dividend of $0.10 will be paid in addition to the regular $0.17 dividend.
The Bank of South Carolina Corporation (NASDAQ: BKSC) announced a quarterly cash dividend of $0.17 per share and a special cash dividend of $0.10 per share, both payable on April 30, 2021, to shareholders of record as of April 6, 2021. This marks the 126th quarterly cash dividend, continuing over 30 years of shareholder returns. CEO Fleetwood S. Hassell noted a successful stock repurchase program, utilizing $400,000 of the $1.0 million authorized, while expressing optimism for the company’s future amid strong capitalization.
The Bank of South Carolina Corporation (BKSC) announced unaudited earnings of $6,460,631 for the year ending December 31, 2020, marking an 11.72% decline from $7,318,433 in 2019. Basic and diluted earnings per share were $1.17 and $1.14, respectively. For Q4 2020, net income fell to $1,735,206, a 2.16% decrease from $1,773,529 in Q4 2019. The company reported a return on average assets of 1.28% and equity of 11.93%, down from 1.66% and 14.86% in 2019. Total assets increased to $532,494,599.
The Bank of South Carolina Corporation (NASDAQ: BKSC) has declared a quarterly cash dividend of $0.17 per share. This dividend is for shareholders of record as of December 29, 2020, and will be payable on January 29, 2021. Marking the 125th quarterly cash dividend since its founding in 1986, this payout reflects the bank's strong earnings and capital position, as noted by President and CEO Fleetwood S. Hassell.
The Bank of South Carolina Corporation (BKSC) reported unaudited earnings of $1,703,271, or $0.31 per share, for Q3 2020, a 15.46% decline from $2,014,791, or $0.36 per share, in Q3 2019. For the first nine months of 2020, earnings fell 14.78% to $4,725,425 compared to $5,544,902 in the same period last year. Annualized returns on average assets and equity decreased to 1.28% and 11.77%, respectively. Despite these challenges, the bank noted steady deposit growth and a strong loan loss reserve.
Bank of South Carolina Corporation (NASDAQ: BKSC) has declared a quarterly cash dividend of $0.17 per share, marking a 6.25% increase. This dividend is payable to shareholders of record on October 5, 2020, with a payment date of October 30, 2020. This announcement signifies the 124th quarterly dividend in over 30 years of consistent shareholder rewards. CEO Fleetwood S. Hassell expressed confidence in the bank's resilience and commitment to a robust local economy amidst recent challenges.
The Bank of South Carolina Corporation (BKSC) reported unaudited earnings of $1,341,636 for Q2 2020, translating to $0.24 per share, a decline of 27.12% compared to $1,840,847 or $0.33 per share in Q2 2019. For the first half of 2020, earnings decreased 14.39% to $3,022,154. Despite the decline in profits, the company noted strong deposit growth and minimal borrower requests for payment deferrals. The bank originated 266 loans totaling over $37 million under the Payroll Protection Program, indicating active support for local businesses.
Bank of South Carolina Corporation (NASDAQ: BKSC) declared a quarterly cash dividend of $0.16 per share, payable on July 31, 2020, to shareholders of record as of July 7, 2020. This marks the 123rd quarterly dividend, reflecting over 30 years of commitment to shareholders. CEO Fleetwood S. Hassell highlighted the bank's recognition as the #25 bank in the nation for three-year return on average equity among institutions under $2 billion in assets. Additionally, the bank was ranked #1 in South Carolina based on overall performance.