Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
The Bank of South Carolina Corporation (BKSC) reported unaudited earnings for 2021 of $6,744,866, or $1.22 per share, marking a 4.40% increase from 2020's $6,460,631 earnings. However, fourth-quarter earnings fell 11.30% year-over-year to $1,539,170. The bank’s return on average assets and equity decreased to 1.14% and 12.30% respectively. Despite lower earnings in Q4, management noted strong fee income from PPP and mortgage origination, preparing for challenges ahead in 2022, including reduced fee income and a tight labor market.
- Annual earnings increased by $284,235 or 4.40%.
- Achieved the third most profitable year in history.
- Strong fee income from PPP and mortgage originations.
- Fourth-quarter earnings decreased by $196,036 or 11.30%.
- Return on average assets declined from 1.28% to 1.14%.
- Return on average equity decreased from 11.93% to 12.30%.
- Book value per share decreased from $9.96 to $9.73.
CHARLESTON, S.C., Jan. 13, 2022 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "This year, we will celebrate our 35th anniversary as the oldest bank headquartered in Charleston. Despite lower fourth quarter earnings, 2021 was another successful year as we were able to meet and exceed our profit plan, resulting in the third most profitable year in our history. Fees realized from PPP and mortgage originations greatly helped to offset reduced interest income generated from this exceptionally low interest rate environment. We are prepared to meet the challenges of 2022: razor-thin margins, suitable investments of our resources, diminished fee income, and a tight labor market. Anticipated Federal Reserve rate increases will help to mitigate some of this; however, an expanded mortgage department and increased loan volume will be the keys to driving more revenue for the bank. Nonetheless, our employees remain our greatest asset and, once again, will see us through another successful year of relationship banking with unparalleled service, responsiveness, and attention to detail."
The following table shows the balance sheet and income statement highlights:
(Unaudited) | (Unaudited) | ||
BKSC Common Stock Shares Outstanding | 5,541,266 | 5,520,469 | |
Book Value Per Share | $ 9.73 | $ 9.96 | |
Total Assets | $ 679,220,646 | $ 532,494,599 | |
Three Months Ending | |||
Net Income | $ 1,539,170 | $ 1,735,206 | |
Basic Earnings Per Share | $ 0.28 | $ 0.31 | |
Diluted Earnings Per Share | $ 0.27 | $ 0.31 | |
Basic Weighted Average Shares Outstanding | 5,539,381 | 5,520,272 | |
Diluted Weighted Average Shares Outstanding | 5,683,804 | 5,673,339 | |
(Unaudited) | (Unaudited) | ||
Twelve Months Ending | |||
Net Income | $ 6,744,866 | $ 6,460,631 | |
Basic Earnings Per Share | $ 1.22 | $ 1.17 | |
Diluted Earnings Per Share | $ 1.19 | $ 1.14 | |
Weighted Average Shares | |||
Basic Weighted Average Shares Outstanding | 5,531,518 | 5,526,948 | |
Diluted Weighted Average Shares Outstanding | 5,680,482 | 5,678,543 | |
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. 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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