CHARLESTON, S.C., Oct. 14, 2021 /PRNewswire/ -- The Bank of South
Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
$1,726,937, or $0.31 and $0.30
basic and diluted earnings per share, respectively, for the quarter
ended September 30, 2021 – an
increase of $23,666, or 1.39%, from
earnings for the quarter ended September 30,
2020 of $1,703,271, or
$0.31 and $0.30 basic and diluted earnings per share,
respectively. Unaudited earnings for the nine months ended
September 30, 2021 increased
$480,271, or 10.16%, to $5,205,696 compared to $4,725,425 for the nine months ended September 20, 2020. Annualized returns on average
assets and average equity for the nine months ended September 30, 2021 were 1.23% and 12.64%,
respectively, compared with September 30,
2020 annualized returns on average assets and average equity
of 1.28% and 11.77%, respectively.
The Bank of South Carolina Corporation also announced a new
future banking office at 1730 Maybank Highway on James Island. The bank will occupy an
existing building, which will undergo renovation next year, and
anticipates opening in the second quarter of 2023.
Fleetwood S. Hassell, President
of the Bank of South Carolina,
stated, "We are encouraged with our earnings to-date despite
relatively low loan demand. Nonetheless, considerable contributions
provided by our mortgage operation have helped to offset the impact
of compressed lending margins. We have processed all
forgiveness requests related to round one of the PPP program, and
we are actively assisting clients with round two. The bank remains
well capitalized by regulatory measures, and we'll continue to
manage our expenses closely.
As we approach the second anniversary of the opening of our
North Charleston office, which
continues to grow and prosper, we are pleased to announce further
growth within our market. This new office on James Island will not only allow us to better
serve our existing clients on James
Island and the surrounding islands, but it affords us the
opportunity to introduce our kind of banking to new clients as
well. We look forward to the future opening of this office and to
finishing out another successful year."
The following table
shows the balance sheet and income statement highlights:
|
|
|
|
|
|
|
|
|
|
(Unaudited)
September 30,
|
|
(Unaudited)
September
30,
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Common stock shares
outstanding
|
5,536,661
|
|
5,519,259
|
Book value per
share
|
$
9.83
|
|
$
9.88
|
Total
assets
|
$
691,778,578
|
|
$
529,100,090
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,726,937
|
|
$
1,703,271
|
|
|
|
|
Basic earnings per
share
|
$
0.31
|
|
$
0.31
|
Diluted earnings per
share
|
$
0.30
|
|
$
0.30
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
5,535,906
|
|
5,527,696
|
Diluted
|
5,686,250
|
|
5,696,247
|
Nine Months
Ended
|
|
|
|
Net income
|
$
5,205,696
|
|
$
4,725,425
|
Basic earnings per
share
|
$
0.94
|
|
$
0.85
|
Diluted earnings per
share
|
$
0.92
|
|
$
0.83
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
5,528,868
|
|
5,529,189
|
Diluted
|
5,684,484
|
|
5,695,614
|
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. A sixth
office at 1730 Maybank Highway on James
Island is anticipated to open in the second quarter of 2023.
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".
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SOURCE Bank of South Carolina Corporation