Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
The Bank of South Carolina Corporation (Nasdaq: BKSC) reported unaudited earnings of $6,655,140 for 2022, down 1.33% from 2021. Basic and diluted earnings per share decreased to $1.20 and $1.18, respectively. However, Q4 earnings rose 17.45% to $1,807,785, with EPS at $0.33. Despite a decline in returns on average assets and equity, the bank maintains a strong position and plans to open a new office in James Island in 2023 to enhance future growth.
- Q4 earnings increased by $268,616 or 17.45%
- Bank plans to open a new office in James Island in 2023
- Improved interest rate spreads reported
- Annual earnings decreased by $89,725 or 1.33%
- Return on average assets decreased from 1.14% to 1.01%
- Book value per share decreased from $9.73 to $6.99
CHARLESTON, S.C., Jan. 12, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
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) | (Unaudited) | ||
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) | (Unaudited) | ||
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
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