Bank of South Carolina Corporation Announces Third Quarter Earnings

Oct 10 2024 13:00 BST

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, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
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".

Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE BANK OF SOUTH CAROLINA

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Bank of South Carolina Corporation Announces Third Quarter Earnings