Bank of South Carolina Corporation Announces First Quarter Earnings

Rhea-AI Summary

The Bank of South Carolina Corporation (Nasdaq: BKSC) reported unaudited earnings of $1,810,075, or $0.33 basic and $0.32 diluted earnings per share for Q1 2021, marking a 19% increase from $1,521,131, or $0.28 and $0.27 per share in Q1 2020. The annualized return on average assets and equity were 1.37% and 13.26%, respectively. The bank plans to utilize excess liquidity in higher yielding assets. A special cash dividend of $0.10 will be paid in addition to the regular $0.17 dividend.

Positive

• 19% growth in net income year-over-year.
• Special cash dividend of $0.10 per share.
• Strong mortgage activity bolstering earnings.

Negative

• Loan demand remains consistent but with narrower margins.
• Challenge in deploying excess liquidity into higher yielding assets.

CHARLESTON, S.C., April 13, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,810,075, or $0.33 and $0.32 basic and diluted earnings per share, respectively, for the quarter ended March 31, 2021 – an increase of 19.00% from earnings for the quarter ended March 31, 2020 of $1,521,131, or $0.28 and $0.27 basic and diluted earnings per share. Annualized returns on average assets and average equity for the three months ended March 31, 2021 were 1.37% and 13.26%, respectively, compared with March 31, 2020 annualized returns on average assets and average equity of 1.38% and 11.70%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Robust mortgage activity continues to produce strong earnings for the bank, as interest rates remain low and housing inventory scarce. In addition, processing fee income derived from the Small Business Administration's and Department of Treasury's PPP program has further bolstered quarterly earnings. Loan demand is consistent - albeit with narrower margins. Moving forward, our challenge is to deploy excess liquidity into higher yielding assets in a rate environment that rivals that of the Great Recession. Overall, we are pleased with the Bank's first quarter performance, which allowed for payment of a special $0.10 per share cash dividend in addition to our regular $0.17 per share dividend. We look forward to the rest of the year."

The following table shows the balance sheet and income statement highlights:
	(Unaudited) March 31,		(Unaudited) March 31,
	2021		2020
Common stock shares outstanding	5,524,616		5,530,363
Book value per share	$               9.60		$               9.48
Total assets	$  554,099,360		$  499,720,200
Three Months Ended
Net income	$      1,810,075		$      1,521,131
Basic earnings per share	$               0.33		$               0.28
Diluted earnings per share	$               0.32		$               0.27
Weighted average shares outstanding:
Basic	5,521,707		5,530,256
Diluted	5,685,151		5,585,622

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

FAQ

What were the earnings for Bank of South Carolina (BKSC) in Q1 2021?

The earnings for Q1 2021 were $1,810,075, or $0.33 basic and $0.32 diluted earnings per share.

How much did Bank of South Carolina (BKSC) increase their earnings from Q1 2020?

Earnings increased by 19% from $1,521,131 in Q1 2020.

What is the dividend declared by Bank of South Carolina (BKSC) for Q1 2021?

Bank of South Carolina declared a special cash dividend of $0.10 per share and a regular dividend of $0.17 per share.

What are the annualized return rates for Bank of South Carolina (BKSC) as of Q1 2021?

The annualized return on average assets was 1.37% and on average equity was 13.26%.