CHARLESTON, S.C., July 13,
2023 /PRNewswire/ -- The Bank of South Carolina
Corporation (Nasdaq: BKSC) announced unaudited earnings of
$1,277,717, or $0.23 basic and diluted earnings per share for
the quarter ended June 30, 2023 – a
decrease of $265,265, or 17.19%, from
earnings for the quarter ended June 30,
2022 of $1,542,982, or
$0.28 and $0.27 basic and diluted earnings per share,
respectively. Unaudited earnings for the six months ended
June 30, 2023 decreased $140,592 or 4.68%, to $2,866,496 compared to $3,007,088 for the six months ended June 30, 2022. Annualized returns on average
assets and average equity for the six months ended June 30, 2023 were 0.89% and 13.61%,
respectively, compared with June 30,
2022 annualized returns on average assets and average equity
of 0.90% and 12.57%, respectively.
Fleetwood S. Hassell, President
& CEO of the Bank of South
Carolina, stated, "Unfortunately, in the second quarter we
fell behind our 2023 profit plan and 2022 earnings to date as a
result of the continued increase in deposit expense. Deposit
rates paid from other sectors of the financial industry continue to
create intense competition. Further rate increases by the
Federal Reserve are unclear; however, the reality of interest rates
remaining higher/longer is becoming more of a possibility. Should
this occur, we will continue to use it as an opportunity to
rebalance the income from our portfolio of loans, investments, and
daily liquidity. We remain steadfast in our asset quality, control
of expenses, and customer service and believe the future to be
encouraging, having successfully opened our sixth office on
James Island, declared another
quarterly cash dividend, and recently announced a stock repurchase
program."
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The following table
shows the balance sheet and income statement highlights:
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|
|
|
|
|
|
|
|
|
(Unaudited)
June 30,
|
|
(Unaudited)
June
30,
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Common stock shares
outstanding
|
5,548,239
|
|
5,552,351
|
|
Book value per
share
|
$
7.67
|
|
$
7.50
|
|
Total
assets
|
$
648,405,848
|
|
$
655,465,190
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,277,717
|
|
$
1,542,982
|
|
|
|
|
|
Basic earnings per
share
|
$
0.23
|
|
$
0.28
|
|
Diluted earnings per
share
|
$
0.23
|
|
$
0.27
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
5,551,502
|
|
5,550,951
|
|
Diluted
|
5,640,937
|
|
5,693,808
|
|
Six Months
Ended
|
|
|
|
|
Net income
|
$
2,866,496
|
|
$
3,007,088
|
|
Basic earnings per
share
|
$
0.52
|
|
$
0.54
|
|
Diluted earnings per
share
|
$
0.51
|
|
$
0.53
|
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Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
5,551,924
|
|
5,547,767
|
|
Diluted
|
5,646,547
|
|
5,682,968
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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, 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 NASDAQ stock market under the symbol
"BKSC".
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SOURCE Bank of South Carolina Corporation
