CHARLESTON, S.C., April 11,
2023 /PRNewswire/ -- The Bank of South Carolina
Corporation (Nasdaq: BKSC) announced unaudited earnings of
$1,588,779 or $0.29 and $0.28
basic and diluted earnings per share, respectively, for the quarter
ended March 31, 2023 – an increase of
8.52% over earnings for the quarter ended March 31, 2022 of $1,464,106, or $0.26 basic and diluted earnings per share.
Annualized returns on average assets and average equity for the
three months ended March 31, 2023
were 1.00% and 15.73%, respectively, compared with March 31, 2022 annualized returns on average
assets and average equity of 0.89% and 11.40%, respectively.
Fleetwood S. Hassell, President
of the Bank of South Carolina,
stated, "Although we are ahead of 2022 first quarter results, we
are behind in our profit plan for the first three months of this
year. This outcome is the result of precipitous increases in our
deposit costs to meet the intense competition amongst banks,
brokerages, and the U.S. Treasury. Although loan interest income
has increased, our margins remain thin. The potential for
further rate increases by the Federal Reserve is uncertain.
Nonetheless, our business model and asset quality remain sound as
we continue to meet the banking needs of our clients in the South
Carolina Lowcountry – most notably with the opening of our sixth
office later this quarter on James
Island."
The following table
shows the balance sheet and income statement highlights:
|
|
|
|
|
|
|
|
|
|
(Unaudited)
March 31,
|
|
(Unaudited)
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Common stock shares
outstanding
|
5,552,351
|
|
5,550,476
|
Book value per
share
|
$
7.84
|
|
$
8.10
|
Total
assets
|
$
646,761,629
|
|
$
664,993,337
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,588,779
|
|
$
1,464,106
|
|
|
|
|
Basic earnings per
share
|
$
0.29
|
|
$
0.26
|
Diluted earnings per
share
|
$
0.28
|
|
$
0.26
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
5,552,351
|
|
5,544,546
|
Diluted
|
5,640,313
|
|
5,688,619
|
|
|
|
|
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".
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank-of-south-carolina-corporation-announces-first-quarter-earnings-301794841.html
SOURCE Bank of South Carolina Corporation