Bank of South Carolina Corporation Announces Third Quarter Earnings
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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, | June 30, | March 31, | December 31, | September 30, |
| 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".
