Bank of South Carolina Corporation Announces Second Quarter Earnings
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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."
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Selected Condensed Consolidated Financial Data (Unaudited) | |||||
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| | For the Three Months Ended | ||||
| | June 30, | March 31, | December 31, | September 30, | June 30, |
| 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 |
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| | | | | | |
| 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".
