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Bank of South Carolina Corporation (NASDAQ: BKSC) operates as the bank holding company for the Bank of South Carolina. Established in 1986, the company offers a comprehensive range of financial services designed for individuals, professionals, and small to mid-sized businesses across South Carolina. Its robust suite of deposit products includes non-interest bearing demand accounts, NOW accounts, money market accounts, time deposits, savings accounts, and certificates of deposit. In addition, the company extends various lending services, such as secured and unsecured commercial loans, commercial real estate loans, consumer loans, construction loans, home equity loans, and lines of credit.
Headquartered in Charleston, South Carolina, the Bank of South Carolina operates through several strategically located banking offices in Charleston, North Charleston, Summerville, Mount Pleasant, James Island, and West Ashley. Despite facing challenges from increasing deposit expenses and competitive pressures, the bank remains committed to quality asset management, expense control, and superior customer service.
Recent financial results reflect the bank’s adaptive strategies in response to an evolving economic climate. For the quarter ended June 30, 2023, the bank reported unaudited earnings of $1,277,717, marking a decrease of 17.19% compared to the same quarter in 2022. Similarly, the nine months ended September 30, 2023, saw earnings of $4,129,866, a 14.80% drop from the previous year. Despite these declines, the bank maintains a strong asset quality with minimal past due loans and anticipates positive impacts from upcoming investment portfolio maturities.
Looking forward, Bank of South Carolina is optimistic about future growth. With strategic initiatives like their new office on James Island, a recently announced stock repurchase program, and ongoing efforts to rebalance income streams, the bank positions itself for continued success. As a publicly traded entity on the NASDAQ under the symbol 'BKSC', the company remains a significant player in South Carolina's financial landscape.
Stay tuned to our latest updates and financial news for more insights into our performance and future plans.
Bank of South Carolina (OTCQX: BKSC) reported unaudited earnings of $1,801,863, or $0.33 basic and diluted earnings per share, for the quarter ended September 30, 2024. This represents a 42.62% increase from the same quarter in 2023. For the nine months ended September 30, 2024, unaudited earnings increased by 19.41% to $4,931,457. The company achieved impressive annualized returns on average assets and equity of 1.10% and 13.50%, respectively, for the nine-month period.
President and CEO Eugene H. Walpole, IV expressed satisfaction with the results, highlighting the company's focus on customer service and disciplined loan pricing. The bank's net interest margin and non-performing asset ratio improved during the quarter. With the Federal Reserve beginning to ease rates, the bank's balance sheet is well-positioned for potential further rate cuts.
Bank of South Carolina (OTCQX: BKSC) has declared a quarterly cash dividend of $0.19 per share to shareholders of record on October 8, 2024, payable on October 31, 2024. This marks the 140th quarterly cash dividend paid to shareholders and represents a $0.02 per share or 12% increase from the previous dividend.
Eugene H. Walpole, IV, President and CEO, stated that the company's strong earnings and capital position support this dividend increase. With this payment, the total cash dividends paid to shareholders since the Bank's inception will exceed $66 million. The company expressed pride in its legacy of rewarding shareholders and its intention to continue this practice in the future.
The Bank of South Carolina (OTCQX: BKSC) has been named to American Banker magazine's list of the top 100 publicly traded community banks with assets under $2 billion. Ranked 88th, it is the only South Carolina bank on this year's list, which was published on June 10, 2024.
The ranking, developed by Capital Performance Group, is based on three-year average return on equity from 2021 to 2023. Out of 361 eligible institutions, BKSC secured its spot among the top performers.
President & CEO Eugene H. Walpole, IV expressed pride in the recognition, attributing it to the team's dedication and customer trust. He emphasized the bank's commitment to a relationship-centered model, focusing on responsiveness, attention to detail, and personalized service.
The Bank of South Carolina (OTCQX: BKSC) has announced unaudited earnings of $1,753,798 or $0.32 per share for Q2 2024, marking a 37.26% increase from $1,277,717 or $0.23 per share in Q2 2023.
Earnings for the first six months of 2024 rose by 9.18% to $3,129,594 compared to $2,866,496 for the same period in 2023. The bank reported an annualized return on average assets of 1.04% and return on average equity of 13.21% for H1 2024.
The CEO highlighted the company's strategy of reallocating investment securities to higher-yielding loans and reducing borrowed funds, leading to improved profitability and net interest margin. The bank also mentioned strong loan demand and appropriate risk pricing without sacrificing credit quality.
Key metrics include a net interest income of $5,138,430, an efficiency ratio improvement to 59.54%, and a net income of $1,753,798 for Q2 2024. However, there was a slight provision for credit losses of $50,000.
The Bank of South Carolina (OTCQX: BKSC) announced a quarterly cash dividend of $0.17 per share. Shareholders of record by July 8, 2024, will receive their dividend on July 31, 2024. This marks the 139th consecutive quarterly dividend, highlighting the company's consistent return to shareholders.
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