Bank of South Carolina Corporation Announces Second Quarter Earnings

In This Article:

CHARLESTON, S.C., July 11, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $1,753,798, or $0.32 basic and diluted earnings per share for the quarter ended June 30, 2024 – an increase of $476,081, or 37.26%, from earnings for the quarter ended June 30, 2023 of $1,277,717, or $0.23 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2024 increased $263,098, or 9.18%, to $3,129,594 compared to $2,866,496 for the six months ended June 30, 2023. Annualized returns on average assets and average equity for the six months ended June 30, 2024 were 1.04% and 13.21%, respectively, compared with June 30, 2023 annualized returns on average assets and average equity of 0.89% and 13.61%, respectively.

Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "While six months don't make a year, we are quite pleased with operating results for the quarter and year-to-date, in which we generated a return on average assets of 1.19% and 1.04%, respectively, and a return on average equity of 14.71% and 13.21%, respectively.  Our continued focus on reallocating maturing investment securities into higher-yielding loans, while simultaneously reducing our reliance on borrowed funds, is having its intended effect on net interest margin.  These initiatives - supported by consistent management of noninterest income and expense - have resulted in improved profitability.  Meanwhile, loan demand in our markets remains strong, and we are continuing to price risk appropriately without sacrificing credit quality.  The likelihood and extent of any easing by the Federal Reserve in 2024 remains to be seen.  We intend to stay the course by executing on our strategic objectives in the second half of the year."

 

Selected Condensed Consolidated Financial Data

(Unaudited)








For the Three Months Ended


June 30,
2024

March 31,
2024

December 31,
2023

September 30,
2023

June 30,
2023

Total Interest and Fee Income

$       6,702,792

$       6,593,463

$       6,500,593

$         6,154,138

$         6,027,060

Total Interest Expense

1,564,362

1,861,311

1,821,435

1,619,582

1,420,080

Net Interest Income

5,138,430

4,732,152

4,679,158

4,534,556

4,606,980

Provision for Credit Losses

50,000

-

-

-

-

Net Interest Income After Provision for Credit Losses

5,088,430

4,732,152

4,679,158

4,534,556

4,606,980

Total Other Income

471,075

423,497

397,970

480,448

437,121

Total Other Expense

3,339,934

3,359,684

3,309,138

3,381,506

3,386,022

Income Before Income Tax Expense

2,219,571

1,795,965

1,767,988

1,633,498

1,658,079

Income Tax Expense

465,773

420,169

404,239

370,128

380,362

Net Income

$       1,753,798

$       1,375,796

$       1,363,749

$         1,263,370

$         1,277,717













Earnings Per Share - Basic

$               0.32

$               0.25

$               0.25

$                0.23

$                0.23

Earnings Per Share - Diluted

$               0.32

$               0.25

$               0.24

$                0.23

$                0.23

Return on Average Assets

1.19 %

0.89 %

0.87 %

0.78 %

0.79 %

Return on Average Equity

14.71 %

11.69 %

12.74 %

11.66 %

11.66 %

Common Stock Shares Outstanding

5,457,907

5,462,794

5,469,251

5,485,755

5,548,239

Book Value Per Share

$               8.93

$               8.69

$               8.61

$                7.51

$                7.67

Efficiency Ratio

59.54 %

65.17 %

65.18 %

67.43 %

67.13 %

Net Interest Margin

3.68 %

3.20 %

3.12 %

2.96 %

2.98 %

% Loans Past Due > 30 Days

0.19 %

0.32 %

0.53 %

0.75 %

 

0.68 %

Allowance for Credit Losses as a % of Total Loans

1.04 %

1.04 %

1.07 %

1.09 %

 

 

1.08 %







Quarterly Averages:






Total Assets

$    590,639,502

$    624,732,564

$    625,093,859

$     639,253,597

$     650,131,459

Total Loans

$    359,514,482

$    353,396,331

$    344,789,580

$     339,152,054

$     341,123,966

Total Deposits

$    516,221,132

$    519,023,338

$    518,397,166

$     540,290,630

$     574,075,057

Total Shareholders' Equity

$      47,951,482

$      47,328,863

$      42,464,898

$       42,997,996

$       43,952,144

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".