Bank of South Carolina Corporation Announces Second Quarter Earnings
The Bank of South Carolina Corporation (Nasdaq: BKSC) reported a net income of $1,668,684 for Q2 2021, translating to basic earnings per share of $0.30, marking an 11.17% increase from $1,501,023 in Q2 2020. For the first half of 2021, net income rose 15.11% to $3,478,759. Despite favorable earnings growth, the bank faces challenges in deploying high liquidity into higher yielding assets, with low current loan demand. The company maintained strong annualized returns on average assets and equity of 1.27% and 12.80%, respectively.
- Q2 2021 net income increased 11.17% to $1,668,684
- Basic earnings per share rose to $0.30
- First half net income increased 15.11% to $3,478,759
- Annualized return on average assets at 1.27% and average equity at 12.80%
- Current loan demand remains tepid
- Low yields on current loan products
CHARLESTON, S.C., July 8, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Operating with the lowest margins in recent decades, our industry has managed to move forward in large part the result of fee income generated from the Paycheck Protection Program and mortgage originations. This has been the case as well for the Bank of South Carolina. Combined with exceptional management of operating expenses, our second quarter and year-to-date performance has exceeded our expectations and profit plan. Our challenge is to deploy the massive amounts of liquidity accumulated over the past 18 months into higher yielding assets. Current loan demand remains tepid and yields low. However, we will not compromise the lending standards upon which we have built the bank over the past 34 ½ years. Asset quality remains our focus.
The Federal Reserve has hinted at increasing rates in the next 24 months or so as they continue to balance their mandate of unemployment and inflation (transitory or not). We will stay the course with strong financial performance and look forward to the second half of the year."
The following table shows the balance sheet and income statement highlights: | |||
(Unaudited) | (Unaudited) June 30, | ||
2021 | 2020 | ||
Common stock shares outstanding | 5,533,999 | 5,530,682 | |
Book value per share | $ 9.84 | $ 9.75 | |
Total assets | $ 581,915,387 | $ 542,621,550 | |
Three Months Ended | |||
Net income | $ 1,668,684 | $ 1,501,023 | |
Basic earnings per share | $ 0.30 | $ 0.27 | |
Diluted earnings per share | $ 0.29 | $ 0.26 | |
Weighted average shares outstanding: | |||
Basic | 5,528,835 | 5,529,632 | |
Diluted | 5,686,026 | 5,714,121 | |
Six Months Ended | |||
Net income | $ 3,478,759 | $ 3,022,204 | |
Basic earnings per share | $ 0.63 | $ 0.55 | |
Diluted earnings per share | $ 0.61 | $ 0.53 | |
Weighted average shares outstanding: | |||
Basic | 5,525,291 | 5,529,944 | |
Diluted | 5,690,024 | 5,708,718 | |
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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