CHARLESTON, S.C., Oct. 10,
2024 /PRNewswire/ -- The Bank of South Carolina
Corporation (OTCQX: BKSC) announced unaudited earnings of
$1,801,863, or $0.33 basic and diluted earnings per share, for
the quarter ended September 30, 2024
– an increase of $538,493, or 42.62%,
from earnings for the quarter ended September 30, 2023 of $1,263,370, or $0.23 basic and diluted earnings per share.
Unaudited earnings for the nine months ended September 30, 2024 increased $801,591, or 19.41%, to $4,931,457 compared to $4,129,866 for the nine months ended September 30, 2023. Annualized returns on average
assets and average equity for the nine months ended September 30, 2024 were 1.10% and 13.50%,
respectively, compared with September 30,
2023 annualized returns on average assets and average equity
of 0.86% and 12.95%, respectively.
Eugene H. Walpole, IV, President
and Chief Executive Officer, stated, "We are pleased with operating
results for the quarter and year-to-date, in which we generated a
return on average assets of 1.24% and 1.10%, respectively, and a
return on average equity of 14.04% and 13.50%, respectively.
Our bankers remain steadfastly focused on service, responsiveness,
and attention to the needs of our customers, who are by-and-large
faring well in this economy. We've also remained disciplined
with respect to loan pricing and credit underwriting – efforts that
have resulted in an improved net interest margin and non-performing
asset ratio during the quarter. As was widely expected, the
Federal Reserve took action in September to begin easing, and we
anticipate that further rate reductions are forthcoming. Our
balance sheet is well-positioned for the impact of additional rate
cuts, as we look forward to finishing out another successful
year."
|
Selected Condensed
Consolidated Financial Data
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
September 30,
2024
|
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
|
Total Interest and Fee
Income
|
$
6,848,831
|
$
6,702,792
|
$
6,593,463
|
$
6,500,593
|
$
6,154,138
|
|
Total Interest
Expense
|
1,566,695
|
1,564,362
|
1,861,311
|
1,821,435
|
1,619,582
|
|
Net Interest
Income
|
5,282,136
|
5,138,430
|
4,732,152
|
4,679,158
|
4,534,556
|
|
Provision for Credit
Losses
|
-
|
50,000
|
-
|
-
|
-
|
|
Net Interest Income
After Provision for Credit Losses
|
5,282,136
|
5,088,430
|
4,732,152
|
4,679,158
|
4,534,556
|
|
Total Other
Income
|
485,206
|
471,075
|
423,497
|
397,970
|
480,448
|
|
Total Other
Expense
|
3,412,935
|
3,339,934
|
3,359,684
|
3,309,138
|
3,381,506
|
|
Income Before Income
Tax Expense
|
2,354,407
|
2,219,571
|
1,795,965
|
1,767,988
|
1,633,498
|
|
Income Tax
Expense
|
552,544
|
465,773
|
420,169
|
404,239
|
370,128
|
|
Net Income
|
$
1,801,863
|
$
1,753,798
|
$
1,375,796
|
$
1,363,749
|
$
1,263,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share -
Basic
|
$
0.33
|
$
0.32
|
$
0.25
|
$
0.25
|
$
0.23
|
|
Earnings Per Share -
Diluted
|
$
0.33
|
$
0.32
|
$
0.25
|
$
0.24
|
$
0.23
|
|
Return on Average
Assets
|
1.24 %
|
1.19 %
|
0.89 %
|
0.87 %
|
0.78 %
|
|
Return on Average
Equity
|
14.04 %
|
14.71 %
|
11.69 %
|
12.74 %
|
11.66 %
|
|
Common Stock Shares
Outstanding
|
5,445,519
|
5,457,907
|
5,462,794
|
5,469,251
|
5,485,755
|
|
Book Value Per
Share
|
$
9.71
|
$
8.93
|
$
8.69
|
$
8.61
|
$
7.51
|
|
Efficiency
Ratio
|
59.18 %
|
59.54 %
|
65.17 %
|
65.18 %
|
67.43 %
|
|
Net Interest
Margin
|
3.82 %
|
3.68 %
|
3.20 %
|
3.12 %
|
2.96 %
|
|
% Loans Past Due >
30 Days
|
0.16 %
|
0.19 %
|
0.32 %
|
0.53 %
|
0.75 %
|
|
Allowance for Credit
Losses as a % of Total Loans
|
1.04 %
|
1.04 %
|
1.04 %
|
1.07 %
|
1.09 %
|
|
|
|
|
|
|
|
Quarterly
Averages:
|
|
|
|
|
|
|
Total Assets
|
$
578,014,415
|
$
590,639,502
|
$
624,732,564
|
$
625,093,859
|
$ 639,253,597
|
|
Total Loans
|
$
358,623,795
|
$
359,514,482
|
$
353,396,331
|
$
344,789,580
|
$ 339,152,054
|
|
Total
Deposits
|
$
512,024,560
|
$
516,221,132
|
$
519,023,338
|
$
518,397,166
|
$ 540,290,630
|
|
Total Shareholders'
Equity
|
$ 51,043,788
|
$ 47,951,482
|
$ 47,328,863
|
$ 42,464,898
|
$
42,997,996
|
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 financial institution with offices in
Charleston, North Charleston, Summerville, Mt.
Pleasant, James Island, 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
OTCQX® Best Market under the symbol "BKSC".
Forward-Looking-Statements
This release contains
forward-looking statements that are not historical facts and that
are intended to be "forward-looking statements" as that term is
defined by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may include, but are
not limited to, statements about the Company's plans, objectives,
expectations and intentions and other statements contained in this
release that are not historical facts and pertain to the Company's
future operating results. When used in this release, the
words "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates" and similar expressions are generally intended
to identify forward-looking statements. Actual results may
differ materially from the results discussed in these
forward-looking statements, because such statements are inherently
subject to significant assumptions, risks and uncertainties, many
of which are difficult to predict and are generally beyond the
Company's control. These include but are not limited to: the
possibility of adverse economic developments that may, among other
things, increase default and delinquency risks in the Company's
loan portfolios; shifts in interest rates; shifts in the rate of
inflation; shifts in the demand for the Company's loan and other
products; unforeseen increases in costs and expenses;
lower-than-expected revenue or cost savings in connection with
acquisitions; changes in accounting policies; changes in the
monetary and fiscal policies of the federal government; and changes
in laws, regulations and the competitive environment. Unless
legally required, the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE BANK OF SOUTH
CAROLINA
