Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
The Bank of South Carolina Corporation (BKSC) announced unaudited earnings of $6,460,631 for the year ending December 31, 2020, marking an 11.72% decline from $7,318,433 in 2019. Basic and diluted earnings per share were $1.17 and $1.14, respectively. For Q4 2020, net income fell to $1,735,206, a 2.16% decrease from $1,773,529 in Q4 2019. The company reported a return on average assets of 1.28% and equity of 11.93%, down from 1.66% and 14.86% in 2019. Total assets increased to $532,494,599.
- Achieved third most profitable year in 33+ year history.
- Increased number of accounts opened in 2020 compared to 2019.
- Total assets rose to $532,494,599 from $445,012,521 in 2019.
- Net income decreased by $857,802 or 11.72% year-over-year.
- Basic and diluted earnings per share fell from $1.33 and $1.31 in 2019 to $1.17 and $1.14 in 2020.
- Return on average assets and equity declined from 1.66% and 14.86% in 2019 to 1.28% and 11.93% in 2020.
CHARLESTON, S.C., Jan. 14, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "In spite of the ongoing pandemic, dramatic reduction in interest rates, and the operating expenses of a new banking office, we were able to meet and then exceed our profit plan for the year. 2020 was a most unusual and operationally challenging year; yet, we met each disruption and roadblock head on to prove our resiliency and agility. The combined efforts of all of our employees resulted in more accounts being opened in 2020 than 2019 and our third most profitable year in our 33+ year history. The company's financial performance continues to be strong. Our employees remain focused on service and we look forward to meeting the challenges of 2021."
The following table shows the balance sheet and income statement highlights: | |||
(Unaudited) | (Unaudited) | ||
BKSC Common Stock Shares Outstanding | 5,520,469 | 5,530,001 | |
Book Value Per Share | $ 9.96 | $ 9.25 | |
Total Assets | $ 532,494,599 | $ 445,012,521 | |
Three Months Ending | |||
Net Income | $ 1,735,206 | $ 1,773,529 | |
Basic Earnings Per Share | $ 0.31 | $ 0.32 | |
Diluted Earnings Per Share | $ 0.31 | $ 0.32 | |
Basic Weighted Average Shares Outstanding | 5,520,272 | 5,530,001 | |
Diluted Weighted Average Shares Outstanding | 5,673,339 | 5,595,844 | |
(Unaudited) | (Unaudited) | ||
Twelve Months Ending | |||
Net Income | $ 6,460,631 | $ 7,318,433 | |
Basic Earnings Per Share | $ 1.17 | $ 1.33 | |
Diluted Earnings Per Share | $ 1.14 | $ 1.31 | |
Weighted Average Shares | |||
Basic Weighted Average Shares Outstanding | 5,526,948 | 5,522,025 | |
Diluted Weighted Average Shares Outstanding | 5,678,543 | 5,588,090 | |
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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