Bank of South Carolina Corporation Announces First Quarter Earnings

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The Bank of South Carolina Corporation (NASDAQ: BKSC) reported unaudited earnings of $1,588,779 or $0.29 earnings per share for Q1 2023, an 8.52% increase from $1,464,106 or $0.26 in Q1 2022. The company achieved annualized returns of 1.00% on average assets and 15.73% on average equity, up from 0.89% and 11.40% respectively. However, President Fleetwood S. Hassell noted that while earnings improved, the bank is not meeting its profit plan due to rising deposit costs driven by intense competition. Although loan interest income is increasing, profit margins are thin, and uncertainty persists regarding potential Federal Reserve rate hikes. The bank is set to open its sixth office on James Island.

Positive

• Q1 2023 earnings of $1,588,779, up 8.52% from Q1 2022.
• Earnings per share increased to $0.29 from $0.26.
• Annualized return on average assets improved to 1.00%.
• Annualized return on average equity rose to 15.73%.

Negative

• Not meeting profit plan for Q1 2023.
• Rising deposit costs impacting profit margins.
• Narrow profit margins despite increased loan interest income.

CHARLESTON, S.C., April 11, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,588,779 or $0.29 and $0.28 basic and diluted earnings per share, respectively, for the quarter ended March 31, 2023 – an increase of 8.52% over earnings for the quarter ended March 31, 2022 of $1,464,106, or $0.26 basic and diluted earnings per share. Annualized returns on average assets and average equity for the three months ended March 31, 2023 were 1.00% and 15.73%, respectively, compared with March 31, 2022 annualized returns on average assets and average equity of 0.89% and 11.40%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Although we are ahead of 2022 first quarter results, we are behind in our profit plan for the first three months of this year. This outcome is the result of precipitous increases in our deposit costs to meet the intense competition amongst banks, brokerages, and the U.S. Treasury. Although loan interest income has increased, our margins remain thin.  The potential for further rate increases by the Federal Reserve is uncertain. Nonetheless, our business model and asset quality remain sound as we continue to meet the banking needs of our clients in the South Carolina Lowcountry – most notably with the opening of our sixth office later this quarter on James Island."

The following table shows the balance sheet and income statement highlights:
	(Unaudited) March 31,		(Unaudited) March 31,
	2023		2022
Common stock shares outstanding	5,552,351		5,550,476
Book value per share	$               7.84		$               8.10
Total assets	$  646,761,629		$  664,993,337
Three Months Ended
Net income	$      1,588,779		$      1,464,106
Basic earnings per share	$               0.29		$               0.26
Diluted earnings per share	$               0.28		$               0.26
Weighted average shares outstanding:
Basic	5,552,351		5,544,546
Diluted	5,640,313		5,688,619

 

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. A sixth office at 1730 Maybank Highway on James Island is anticipated to open in the second quarter of 2023. 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 are the first quarter earnings for Bank of South Carolina Corporation (BKSC) for 2023?

Bank of South Carolina Corporation (BKSC) reported first quarter earnings of $1,588,779 for 2023.

How much did Bank of South Carolina Corporation (BKSC) earn per share in Q1 2023?

In Q1 2023, Bank of South Carolina Corporation (BKSC) earned $0.29 per share.

What is the annualized return on average assets for Bank of South Carolina (BKSC) in Q1 2023?

The annualized return on average assets for Bank of South Carolina Corporation (BKSC) in Q1 2023 is 1.00%.

What challenges is Bank of South Carolina Corporation (BKSC) facing currently?

The challenges Bank of South Carolina Corporation (BKSC) is facing include rising deposit costs and thin profit margins.