Bank of South Carolina Corporation Announces Third Quarter Earnings
The Bank of South Carolina Corporation (NASDAQ: BKSC) reported unaudited net income of $1,840,267 for Q3 2022, translating to earnings per share of $0.33, a 6.56% increase from $1,726,937 in Q3 2021. However, net income for the nine months ended September 30, 2022, decreased by 6.88% to $4,847,355. Annualized returns on assets and equity were 0.98% and 14.11%, respectively, down from 1.23% and 12.64% in the previous year. The bank emphasizes that rising interest rates are balancing a decline in mortgage contributions.
- Q3 2022 net income increased by $113,330 or 6.56% year-over-year.
- Earnings per share for Q3 improved from $0.31 to $0.33.
- Net income for the nine months ended September 30, 2022, decreased by $358,341 or 6.88%.
- Annualized returns on average assets and equity declined from 1.23% to 0.98% and from 12.64% to 14.11%, respectively.
CHARLESTON, S.C., Oct. 13, 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, "Increased interest rates from recent Federal Reserve actions have helped offset a decline in the contribution from mortgage originations. We are adequately reserved for credit losses and remain well capitalized as we enter the fourth quarter. We have closed our books on the PPP program and are focused on finishing out another successful year for the bank."
The following table shows the balance sheet and income statement highlights: | |||||
(Unaudited) | (Unaudited) September 30, | ||||
2022 | 2021 | ||||
Common stock shares outstanding | 5,552,351 | 5,536,661 | |||
Book value per share | $ | 6.49 | $ | 9.83 | |
Total assets | $ | 630,129,805 | $ | 691,778,578 | |
Three Months Ended | |||||
Net income | $ | 1,840,267 | $ | 1,726,937 | |
Basic earnings per share | $ | 0.33 | $ | 0.31 | |
Diluted earnings per share | $ | 0.33 | $ | 0.30 | |
Weighted average shares outstanding: | |||||
Basic | 5,552,351 | 5,535,906 | |||
Diluted | 5,650,799 | 5,686,250 | |||
Nine Months Ended | |||||
Net income | $ | 4,847,355 | $ | 5,205,696 | |
Basic earnings per share | $ | 0.87 | $ | 0.94 | |
Diluted earnings per share | $ | 0.86 | $ | 0.92 | |
Weighted average shares outstanding: | |||||
Basic | 5,549,312 | 5,528,868 | |||
Diluted | 5,642,262 | 5,684,484 | |||
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
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