Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
Bank of South Carolina (OTCQX: BKSC) reported strong financial results for 2024, with unaudited earnings of $6,749,736 ($1.24 basic EPS), marking a 22.87% increase from 2023's $5,493,616. Fourth quarter earnings rose 33.33% to $1,818,279 compared to the same period in 2023.
The bank achieved returns on average assets and equity of 1.14% and 13.55% respectively for 2024, improving from 0.86% and 12.90% in 2023. Notable achievements include a 5% annual loan growth and an 85 basis points improvement in net interest margin throughout the year. The bank maintained strong asset quality with minimal non-performing assets and an efficiency ratio of 59.34% in Q4 2024.
La Bank of South Carolina (OTCQX: BKSC) ha riportato risultati finanziari solidi per il 2024, con utili non verificati di $6.749.736 ($1,24 di utile per azione base), segnando un aumento del 22,87% rispetto ai $5.493.616 del 2023. Gli utili del quarto trimestre sono aumentati del 33,33%, raggiungendo $1.818.279 rispetto allo stesso periodo del 2023.
La banca ha registrato rendimenti su attivi e patrimonio medio rispettivamente dell'1,14% e del 13,55% per il 2024, in miglioramento rispetto allo 0,86% e al 12,90% del 2023. Tra i risultati significativi si annovera una crescita annuale dei prestiti del 5% e un miglioramento di 85 punti base del margine di interesse netto durante l'anno. La banca ha mantenuto un'elevata qualità degli attivi con minimi beni non performanti e un rapporto di efficienza del 59,34% nel Q4 2024.
El Bank of South Carolina (OTCQX: BKSC) reportó resultados financieros sólidos para 2024, con ganancias no auditadas de $6,749,736 ($1.24 de BPA básico), lo que marca un aumento del 22.87% en comparación con los $5,493,616 de 2023. Las ganancias del cuarto trimestre aumentaron un 33.33% a $1,818,279 en comparación con el mismo período de 2023.
El banco logró rendimientos sobre activos y capital promedio del 1.14% y del 13.55% respectivamente para 2024, mejorando desde el 0.86% y el 12.90% en 2023. Entre los logros notables se incluye un crecimiento anual de préstamos del 5% y una mejora de 85 puntos básicos en el margen de interés neto durante todo el año. El banco mantuvo una fuerte calidad de activos con activos no rentables mínimos y un ratio de eficiencia del 59.34% en el Q4 2024.
사우스캐롤라이나 은행 (OTCQX: BKSC)는 2024년 강력한 재무 실적을 보고했습니다. 감사되지 않은 수익은 $6,749,736 ($1.24 기본 주당 순이익)으로, 2023년의 $5,493,616에서 22.87% 증가했습니다. 4분기 수익은 2023년 같은 기간에 비해 33.33% 증가한 $1,818,279에 달했습니다.
은행은 2024년 평균 자산 및 자기자본에 대한 수익률이 각각 1.14%와 13.55%로, 2023년의 0.86%와 12.90%에서 개선되었습니다. 주목할 만한 성과로는 연간 대출 증가율 5%와 연중 순이자 마진이 85 베이시스 포인트 개선된 점이 있습니다. 은행은 최소한의 부실 자산과 2024년 4분기 59.34%의 효율성 비율을 유지하며 강력한 자산 품질을 유지했습니다.
La Bank of South Carolina (OTCQX: BKSC) a annoncé des résultats financiers solides pour 2024, avec un bénéfice non audité de $6.749.736 ($1,24 de BPA de base), marquant une augmentation de 22,87% par rapport aux $5.493.616 de 2023. Les bénéfices du quatrième trimestre ont augmenté de 33,33%, atteignant $1.818.279 par rapport à la même période en 2023.
La banque a réalisé des rendements sur les actifs et les capitaux propres moyens de 1,14% et 13,55% respectivement pour 2024, s'améliorant par rapport à 0,86% et 12,90% en 2023. Parmi les réalisations notables, on compte une croissance annuelle des prêts de 5% et une amélioration de 85 points de base de la marge d'intérêt nette tout au long de l'année. La banque a maintenu une qualité d'actif solide avec des actifs non performants minimaux et un ratio d'efficacité de 59,34% au Q4 2024.
Die Bank of South Carolina (OTCQX: BKSC) meldete für 2024 starke Finanzzahlen mit nicht testierten Einnahmen von $6.749.736 ($1,24 Grund-EPS), was einem Anstieg von 22,87% gegenüber 5.493.616 $ im Jahr 2023 entspricht. Die Einnahmen im vierten Quartal stiegen um 33,33% auf 1.818.279 $ im Vergleich zum gleichen Zeitraum im Jahr 2023.
Die Bank erzielte eine Rendite auf durchschnittliche Vermögenswerte und Eigenkapital von 1,14% beziehungsweise 13,55% für 2024, was eine Verbesserung gegenüber 0,86% und 12,90% im Jahr 2023 darstellt. Zu den bemerkenswerten Erfolgen gehört ein jährliches Kreditwachstum von 5% sowie eine Verbesserung der Nettozinsmarge um 85 Basispunkte im Laufe des Jahres. Die Bank hielt eine starke Vermögensqualität mit minimalen notleidenden Krediten und einem Effizienzverhältnis von 59,34% im Q4 2024 aufrecht.
- Annual earnings increased 22.87% to $6,749,736
- Q4 earnings grew 33.33% to $1,818,279
- Net interest margin improved by 85 basis points
- Loan portfolio grew by 5% annually
- Return on average assets improved to 1.14% from 0.86%
- Return on average equity increased to 13.55% from 12.90%
- Past due loans decreased to 0.25% from 0.53% year-over-year
- Total assets decreased from $625,093,859 to $569,812,437 in quarterly averages
- Total deposits declined from $518,397,166 to $500,693,110 in quarterly averages
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are proud of our performance for both the quarter and year, in which we generated a return on average assets of
Selected Condensed Consolidated Financial Data (Unaudited) | |||||
For the Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
Total Interest and Fee Income | $ 6,818,624 | $ 6,848,831 | $ 6,702,792 | $ 6,593,463 | $ 6,500,593 |
Total Interest Expense | 1,406,681 | 1,566,695 | 1,564,362 | 1,861,311 | 1,821,435 |
Net Interest Income | 5,411,943 | 5,282,136 | 5,138,430 | 4,732,152 | 4,679,158 |
Provision for Credit Losses | 25,000 | - | 50,000 | - | - |
Net Interest Income After Provision for Credit Losses | 5,386,943 | 5,282,136 | 5,088,430 | 4,732,152 | 4,679,158 |
Total Other Income | 483,085 | 485,206 | 471,075 | 423,497 | 397,970 |
Total Other Expense | 3,498,230 | 3,412,935 | 3,339,934 | 3,359,684 | 3,309,138 |
Income Before Income Tax Expense | 2,371,798 | 2,354,407 | 2,219,571 | 1,795,965 | 1,767,988 |
Income Tax Expense | 553,519 | 552,544 | 465,773 | 420,169 | 404,239 |
Net Income | $ 1,818,279 | $ 1,801,863 | $ 1,753,798 | $ 1,375,796 | $ 1,363,749 |
Earnings Per Share - Basic | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.25 |
Earnings Per Share - Diluted | $ 0.33 | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.24 |
Return on Average Assets | 1.27 % | 1.24 % | 1.19 % | 0.89 % | 0.87 % |
Return on Average Equity | 13.69 % | 14.04 % | 14.71 % | 11.69 % | 12.74 % |
Common Stock Shares Outstanding | 5,432,762 | 5,445,519 | 5,457,907 | 5,462,794 | 5,469,251 |
Book Value Per Share | $ 9.63 | $ 9.71 | $ 8.93 | $ 8.69 | $ 8.61 |
Efficiency Ratio | 59.34 % | 59.18 % | 59.54 % | 65.17 % | 65.18 % |
Net Interest Margin | 3.97 % | 3.82 % | 3.68 % | 3.20 % | 3.12 % |
% Loans Past Due > 30 Days | 0.25 % | 0.16 % | 0.19 % | 0.32 % | 0.53 % |
Allowance for Credit Losses as a % of Total Loans | 1.01 % | 1.04 % | 1.04 % | 1.04 % | 1.07 % |
Quarterly Averages: | |||||
Total Assets | $ 569,812,437 | $ 578,014,415 | $ 590,639,502 | $ 624,732,564 | $ 625,093,859 |
Total Loans | $ 363,015,990 | $ 358,623,795 | $ 359,514,482 | $ 353,396,331 | $ 344,789,580 |
Total Deposits | $ 500,693,110 | $ 512,024,560 | $ 516,221,132 | $ 519,023,338 | $ 518,397,166 |
Total Shareholders' Equity | $ 52,837,535 | $ 51,043,788 | $ 47,951,482 | $ 47,328,863 | $ 42,464,898 |
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
Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-south-carolina-corporation-announces-annual-and-fourth-quarter-earnings-302346448.html
SOURCE BANK OF SOUTH CAROLINA
FAQ
What was Bank of South Carolina's (BKSC) earnings per share for 2024?
How much did BKSC's net income grow in Q4 2024?
What was BKSC's loan growth rate in 2024?
What was BKSC's return on average equity for 2024?
How did BKSC's net interest margin perform in 2024?
