Bank of South Carolina Corporation Announces First Quarter Earnings
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CHARLESTON, S.C., April 9, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $1,375,796 or $0.25 basic and diluted earnings per share for the quarter ended March 31, 2024 – a decrease of $212,983, or 13.41%, from earnings for the quarter ended March 31, 2023 of $1,588,779 or $0.29 and $0.28 basic and diluted earnings per share, respectively. Annualized returns on average assets and average equity for the three months ended March 31, 2024 were 0.88% and 11.66%, respectively, compared with March 31, 2023 annualized returns on average assets and average equity of 1.00% and 15.73%, respectively.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased with our performance in the first quarter, in which we generated a return on average assets of 0.88% and a return on average equity of 11.66%. When compared to last quarter, we produced higher net interest income, net income, and book value per share. These improved results are in large part due to strong commercial loan activity experienced during the quarter that propelled average loan growth of 2.5%. Meanwhile, credit quality is sound and non-performing assets minimal, and we are encouraged to be ahead of our 2024 profit plan to-date. As we continue to closely monitor the actions of the Federal Reserve, our strategy remains focused on using bond maturities within our investment portfolio to extinguish borrowings and fund loan growth in our market. In doing so, we expect to see gradual enhancement of our net interest margin as the year goes."
| Selected Condensed Consolidated Financial Data | ||||
| (Unaudited) | ||||
| | | | | |
| | For the Three Months Ended | |||
| | March 31, | December 31, | September 30, | June 30, |
| Total Interest and Fee Income | $ 6,593,463 | $ 6,500,593 | $ 6,154,138 | $ 6,027,060 |
| Total Interest Expense | 1,861,311 | 1,821,435 | 1,619,582 | 1,420,080 |
| Net Interest Income | 4,732,152 | 4,679,158 | 4,534,556 | 4,606,980 |
| Provision for Credit Losses | - | - | - | - |
| Net Interest Income After Provision for Credit Losses | 4,732,152 | 4,679,158 | 4,534,556 | 4,606,980 |
| Total Other Income | 423,497 | 397,970 | 480,448 | 437,121 |
| Total Other Expense | 3,359,684 | 3,309,138 | 3,381,506 | 3,386,022 |
| Income Before Income Tax Expense | 1,795,965 | 1,767,988 | 1,633,498 | 1,658,079 |
| Income Tax Expense | 420,169 | 404,239 | 370,128 | 380,362 |
| Net Income | $ 1,375,796 | $ 1,363,749 | $ 1,263,370 | $ 1,277,717 |
| | | | | |
| Earnings Per Share - Basic | $ 0.25 | $ 0.25 | $ 0.23 | $ 0.23 |
| Earnings Per Share - Diluted | $ 0.25 | $ 0.24 | $ 0.23 | $ 0.23 |
| Return on Average Assets | 0.88 % | 0.86 % | 0.86 % | 0.89 % |
| Return on Average Equity | 11.66 % | 12.90 % | 12.95 % | 13.61 % |
| Common Stock Shares Outstanding | 5,462,794 | 5,469,251 | 5,485,755 | 5,548,239 |
| Book Value Per Share | $ 8.69 | $ 8.61 | $ 7.51 | $ 7.67 |
| Efficiency Ratio | 65.17 % | 65.18 % | 67.43 % | 67.13 % |
| Allowance for Credit Losses as a Percentage of Total Loans | 1.04 % | 1.07 % | 1.09 % | 1.08 % |
| | | | | |
| Quarterly Averages: | | | | |
| Total Assets | $ 624,732,564 | $ 625,093,859 | $ 639,253,597 | $ 650,131,459 |
| Total Loans | $ 353,396,331 | $ 344,789,580 | $ 339,152,054 | $ 341,123,966 |
| Total Deposits | $ 519,023,338 | $ 518,397,166 | $ 540,290,630 | $ 574,075,057 |
| Total Shareholders' Equity | $ 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".
