CHARLESTON, S.C., Jan. 12, 2017 /PRNewswire/ -- The Bank of
South Carolina Corporation, (Nasdaq: BKSC) announced earnings of
$1,312,880 or $0.27 and $0.26
basic and diluted per share, respectively, for the quarter ended
December 31, 2016 – an increase of
7.00% from earnings for the quarter ended December 31, 2015 of $1,226,972 or $0.25
and $0.24 basic and diluted per
share, respectively. Returns on average assets and average equity
for the twelve months ended December 31,
2016 were 1.28% and 12.65%, respectively, compared with 2015
returns on average assets and average equity of 1.29% and 12.64%,
respectively. Earnings for the twelve months ended December 31, 2016 increased $362,776 or 7.43% to $5,247,063 compared to $4,884,287 for the twelve months ended
December 31, 2015.
Fleetwood S. Hassell, President
of the Bank of South Carolina,
stated, "I am extremely pleased and proud of the Company's year.
2016 profits of over $5,000,000 and
earnings per share in excess of $1.00
represent record milestones for our institution. As we celebrate
the 30th anniversary of the bank's opening, we are
reminded of the fundamental values and principles we are founded
upon – namely service, responsiveness, and attention to
detail."
The Bank of South Carolina, a
De Novo Charter, which opened in 1987 at 256 Meeting Street, has
offices in Summerville,
Mt. Pleasant, and the West Ashley
community. Our website is www.banksc.com. Bank of South Carolina
Corporation currently trades its common stock on the NASDAQ stock
market under the symbol "BKSC".
Bank of South
Carolina
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Corporation
(BKSC)
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Report of
Earnings
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December
31,
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December
31,
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2016
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2015
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Shares
Outstanding
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BKSC Common
Stock
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4,956,139
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4,916,600
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Book Value Per
Share
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$
8.19
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$
7.96
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Total
Assets
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$
413,949,636
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$
399,177,260
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3 Months
Ending
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Net
Income
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$
1,312,880
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$
1,226,972
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Basic Earnings Per
Share
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$
0.27
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$
0.25
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Diluted Earnings Per
Share
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$
0.26
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$
0.24
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Weighted Average
Shares
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Outstanding
Basic
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4,951,350
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4,916,527
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Weighted Average
Shares
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Outstanding
Diluted
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5,059,467
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5,063,003
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12 Months
Ending
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Net
Income
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$
5,247,063
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$
4,884,287
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Basic Earnings Per
Share
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$
1.06
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$
0.99
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Diluted Earnings Per
Share
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$
1.04
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$
0.96
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Weighted Average
Shares
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Outstanding
Basic
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4,935,349
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4,912,499
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Weighted Average
Shares
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Outstanding
Diluted
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5,054,114
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5,067,085
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SOURCE Bank of South Carolina Corporation