Bank of South Carolina : Announces First Quarter Earnings - Form 8-K
April 13, 2022 at 06:05 am EDT
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Bank of South Carolina Corporation Announces First Quarter Earnings
CHARLESTON, S.C., -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,464,106 or $0.26 and $0.26 basic and diluted earnings per share, respectively, for the quarter ended March 31, 2022 - a decrease of 19.11% from earnings for the quarter ended March 31, 2021 of $1,810,075, or $0.33 and $0.32 basic and diluted earnings per share. Annualized returns on average assets and average equity for the three months ended March 31, 2022 were 0.88% and 11.24%, respectively, compared with March 31, 2021 annualized returns on average assets and average equity of 1.37% and 13.26%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Less fee income from mortgage activity, diminishing fees from the PPP program, and razor thin margins have adversely impacted our first quarter bottom line. In spite of a changing rate environment and 40-year high inflation, loan demand seems to be improving and our reserve for loan losses is strong. Much of this has been anticipated, and we budgeted for the first quarter accordingly. Our challenge moving forward remains to deploy our excess liquidity into higher yielding assets. With recent Federal Reserve announcements, we believe higher rates are to be anticipated, which should improve our yield on loans, daily liquidity, and the reinvestment of maturing securities in our portfolio. We are pleased to be ahead of our profit plan to date."
The following table shows the balance sheet and income statement highlights:
(Unaudited)
March 31,
(Unaudited) March 31,
2022
2021
Common stock shares outstanding
5,550,476
5,524,616
Book value per share
$
8.10
$
9.60
Total assets
$
664,993,337
$
554,099,360
Three Months Ended
Net income
$
1,464,106
$
1,810,075
Basic earnings per share
$
0.26
$
0.33
Diluted earnings per share
$
0.26
$
0.32
Weighted average shares outstanding:
Basic
5,544,546
5,521,707
Diluted
5,688,619
5,685,151
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".
For additional information, contact:
Eugene H. Walpole, IV
Executive Vice President and Chief Financial Officer
(843) 724-1500
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Bank of South Carolina Corporation published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 10:04:08 UTC.
The Bank of South Carolina (the Bank) operates as a state-chartered independent, community oriented, commercial bank. The Company provides a range of financial services and products to the Charleston, North Charleston metro area, which includes Charleston, Berkeley and Dorchester County. The Bank offers personal banking, business banking and mortgage services. The Bankâs personal banking services include checking, savings, certificates of deposit, health savings accounts, individual retirement accounts, VISA CheckCards, eSafe Internet banking, consumer loans, credit cards, personal reserve checking and safe deposit boxes. The Bank offers various business banking services, including eCorp Internet banking, commercial loans, credit cards, wire transfer requests, merchant credit cards services and other. The Bank offers various deposits, including non-interest-bearing demand accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits and savings accounts.