Bank of South Carolina Corporation Announces First Quarter Earnings
The Bank of South Carolina Corporation (BKSC) reported its first quarter earnings for 2022, showing a net income of $1,464,106 or $0.26 per share, down 19.11% from $1,810,075 or $0.33 per share in the same quarter of 2021. Annualized returns on average assets decreased to 0.88% from 1.37%, and average equity returns dropped to 11.24% from 13.26%. Challenges included decreased fee income, reduced PPP program fees, and low margins, although loan demand is improving amid a changing rate environment.
- Loan demand is improving in a changing rate environment.
- Company is ahead of its profit plan for the quarter.
- Net income decreased by 19.11% compared to Q1 2021.
- Average returns on assets and equity decreased significantly.
- Reduced fee income from mortgage activity and PPP program adversely impacted earnings.
CHARLESTON, S.C., April 12, 2022 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Less fee income from mortgage activity, diminishing fees from the PPP program, and razor thin margins have adversely impacted our first quarter bottom line. In spite of a changing rate environment and 40-year high inflation, loan demand seems to be improving and our reserve for loan losses is strong. Much of this has been anticipated, and we budgeted for the first quarter accordingly. Our challenge moving forward remains to deploy our excess liquidity into higher yielding assets. With recent Federal Reserve announcements, we believe higher rates are to be anticipated, which should improve our yield on loans, daily liquidity, and the reinvestment of maturing securities in our portfolio. We are pleased to be ahead of our profit plan to date."
The following table shows the balance sheet and income statement highlights:
(Unaudited) 2022 | (Unaudited) March 31, 2021 | ||
Common stock shares outstanding | 5,550,476 | 5,524,616 | |
Book value per share | $ 8.10 | $ 9.60 | |
Total assets | $ 664,993,337 | $ 554,099,360 | |
Three Months Ended | |||
Net income | $ 1,464,106 | $ 1,810,075 | |
Basic earnings per share | $ 0.26 | $ 0.33 | |
Diluted earnings per share | $ 0.26 | $ 0.32 | |
Weighted average shares outstanding: | |||
Basic | 5,544,546 | 5,521,707 | |
Diluted | 5,688,619 | 5,685,151 | |
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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