CHARLESTON, S.C., Jan. 12,
2023 /PRNewswire/ -- The Bank of South Carolina
Corporation (Nasdaq: BKSC) announced unaudited earnings of
$6,655,140 or $1.20 and $1.18
basic and diluted per share, respectively, for the year ended
December 31, 2022 – a decrease of
$89,725 or 1.33% from earnings for
the year ended December 31, 2021 of
$6,744,865 or $1.22 and $1.19
basic and diluted per share, respectively. Earnings for the three
months ended December 31, 2022
increased $268,616 or 17.45% to
$1,807,785 compared to $1,539,169 for the three months ended
December 31, 2021. Returns on average
assets and average equity for the year ended December 31, 2022 were 1.01% and 15.26%,
respectively, compared with 2021 returns on average assets and
average equity of 1.14% and 12.30%, respectively.
Fleetwood S. Hassell, President
and Chief Executive Officer, stated, "We are very proud to announce
2022 profits that were the fourth best in our 36-year history.
Maintaining safe and sound banking practices with consistent
lending in this new interest rate environment along with excellent
management of operating expenses has resulted in another solid
year. Although interest rate spreads have improved, mortgage
activity has slowed and intense competition for deposits has
emerged. Bond portfolio values have also been impacted by
higher rates, which indirectly impacts our capital and book
value. We expect these declines to be temporary as
investments mature over the coming months. The bank is well
positioned to benefit from additional Federal Reserve rate
increases, which we believe are coming this year as they continue
to fight rising inflation. As we look ahead to 2023 and the opening
of our new James Island office in
just a few months, the bank's future is bright as we stay the
course and continue to build for the future."
The following table shows the balance sheet and income statement
highlights:
|
(Unaudited)
December 31,
2022
|
|
(Unaudited)
December 31,
2021
|
|
|
|
|
Common
stock shares outstanding
|
5,552,351
|
|
5,541,266
|
Book value per
share
|
$
6.99
|
|
$
9.73
|
Total
assets
|
$
653,345,609
|
|
$
679,220,646
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,807,785
|
|
$
1,539,169
|
|
|
|
|
Basic earnings per
share
|
$
0.33
|
|
$
0.28
|
Diluted earnings per
share
|
$
0.32
|
|
$
0.27
|
|
|
|
|
Weighted average shares
outstanding:
Basic
|
5,552,351
|
|
5,539,381
|
Diluted
|
5,652,399
|
|
5,686,849
|
|
|
|
|
|
|
|
|
|
(Unaudited)
December 31,
2022
|
|
(Unaudited)
December 31,
2021
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
6,655,140
|
|
$
6,744,865
|
Basic earnings per
share
|
$
1.20
|
|
$
1.22
|
Diluted earnings per
share
|
$
1.18
|
|
$
1.19
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
5,550,078
|
|
5,531,518
|
Diluted
|
5,644,698
|
|
5,680,482
|
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