CHARLESTON, S.C., Oct. 13,
2022 /PRNewswire/ -- The Bank of South Carolina
Corporation (Nasdaq: BKSC) announced unaudited earnings of
$1,840,267, or $0.33 basic and diluted earnings per share,
respectively, for the quarter ended September 30, 2022 – an increase of $113,330, or 6.56%, from earnings for the quarter
ended September 30, 2021 of
$1,726,937, or $0.31 and $0.30
basic and diluted earnings per share, respectively. Unaudited
earnings for the nine months ended September
30, 2022 decreased $358,341,
or 6.88%, to $4,847,355 compared to
$5,205,696 for the nine months ended
September 30, 2021. Annualized
returns on average assets and average equity for the nine months
ended September 30, 2022 were 0.98%
and 14.11%, respectively, compared with September 30, 2021 annualized returns on average
assets and average equity of 1.23% and 12.64%, respectively.
Fleetwood S. Hassell, President
of the Bank of South Carolina,
stated, "Increased interest rates from recent Federal Reserve
actions have helped offset a decline in the contribution from
mortgage originations. We are adequately reserved for credit losses
and remain well capitalized as we enter the fourth quarter. We have
closed our books on the PPP program and are focused on finishing
out another successful year for the bank."
The following table
shows the balance sheet and income statement highlights:
|
|
|
|
|
|
|
|
|
|
(Unaudited)
September 30,
|
|
(Unaudited)
September
30,
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Common stock shares
outstanding
|
5,552,351
|
|
5,536,661
|
Book value per
share
|
$
|
6.49
|
|
$
|
9.83
|
Total
assets
|
$
|
630,129,805
|
|
$
|
691,778,578
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
1,840,267
|
|
$
|
1,726,937
|
|
|
|
|
Basic earnings per
share
|
$
|
0.33
|
|
$
|
0.31
|
Diluted earnings per
share
|
$
|
0.33
|
|
$
|
0.30
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
5,552,351
|
|
5,535,906
|
Diluted
|
5,650,799
|
|
5,686,250
|
Nine Months
Ended
|
|
|
|
Net income
|
$
|
4,847,355
|
|
$
|
5,205,696
|
Basic earnings per
share
|
$
|
0.87
|
|
$
|
0.94
|
Diluted earnings per
share
|
$
|
0.86
|
|
$
|
0.92
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
5,549,312
|
|
5,528,868
|
Diluted
|
5,642,262
|
|
5,684,484
|
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, and the West Ashley
community and has been in continuous operation since 1987. A sixth
office at 1730 Maybank Highway on James
Island is anticipated to open in the second quarter of 2023.
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