Bank of South Carolina Corporation Announces Third Quarter Earnings
Bank of South Carolina (OTCQX: BKSC) reported unaudited earnings of $1,801,863, or $0.33 basic and diluted earnings per share, for the quarter ended September 30, 2024. This represents a 42.62% increase from the same quarter in 2023. For the nine months ended September 30, 2024, unaudited earnings increased by 19.41% to $4,931,457. The company achieved impressive annualized returns on average assets and equity of 1.10% and 13.50%, respectively, for the nine-month period.
President and CEO Eugene H. Walpole, IV expressed satisfaction with the results, highlighting the company's focus on customer service and disciplined loan pricing. The bank's net interest margin and non-performing asset ratio improved during the quarter. With the Federal Reserve beginning to ease rates, the bank's balance sheet is well-positioned for potential further rate cuts.
La Bank of South Carolina (OTCQX: BKSC) ha riportato , ovvero $0,33 di utili base e diluiti per azione, per il trimestre conclusosi il 30 settembre 2024. Questo rappresenta un incremento del 42,62% rispetto allo stesso trimestre del 2023. Per i nove mesi conclusisi il 30 settembre 2024, gli utili non verificati sono aumentati del 19,41% a $4.931.457. L'azienda ha raggiunto notevoli rendimenti annualizzati su attivi e patri di 1,10% e 13,50%, rispettivamente, per il periodo di nove mesi.
Il Presidente e CEO Eugene H. Walpole, IV ha espresso soddisfazione per i risultati, sottolineando il focus dell'azienda sul servizio clienti e sulla politica di prestiti disciplinata. Il margine di interesse netto e il rapporto di attivi non funzionanti della banca sono migliorati durante il trimestre. Con la Federal Reserve che inizia a ridurre i tassi, il bilancio della banca è ben posizionato per ulteriori possibili tagli dei tassi.
El Bank of South Carolina (OTCQX: BKSC) reportó ingresos no auditados de $1,801,863, o $0.33 de ganancias básicas y diluidas por acción, para el trimestre que terminó el 30 de septiembre de 2024. Esto representa un aumento del 42.62% en comparación con el mismo trimestre en 2023. Durante los nueve meses que terminaron el 30 de septiembre de 2024, los ingresos no auditados incrementaron en un 19.41% a $4,931,457. La compañía logró impresionantes rendimientos anualizados sobre activos promedio y patrimonio del 1.10% y 13.50%, respectivamente, para el periodo de nueve meses.
El presidente y CEO Eugene H. Walpole, IV expresó satisfacción con los resultados, destacando el enfoque de la empresa en el servicio al cliente y la política de precios de préstamos disciplinada. El margen de interés neto y la proporción de activos no productivos de la banca mejoraron durante el trimestre. Con la Reserva Federal comenzando a reducir las tasas, el balance de la banca está bien posicionado para posibles futuros recortes de tasas.
사우스 캐롤라이나 은행(OTCQX: BKSC)이 2024년 9월 30일 종료된 분기에 대해 감사되지 않은 수익 1,801,863달러를 보고했습니다. 이는 주당 기본 및 희석 수익이 0.33달러에 해당합니다. 이는 2023년 같은 분기와 비교해 42.62% 증가한 수치입니다. 2024년 9월 30일로 종료된 아홉 달 동안 감사되지 않은 수익은 19.41% 증가하여 4,931,457달러에 달했습니다. 회사는 이 기간 동안 평균 자산 및 자본에 대해 각각 1.10% 및 13.50%의 인상적인 연환산 수익률을 달성했습니다.
회장 겸 CEO 유진 H. 월폴 IV는 결과에 대한 만족감을 표명하며, 고객 서비스와 신중한 대출 가격 책정에 대한 회사의 초점을 강조했습니다. 은행의 순이자 마진과 비작동 자산 비율은 분기 동안 개선되었습니다. 연방준비제도가 금리를 낮추기 시작하면서, 은행의 재무 상태는 앞으로 추가 금리 인하에 대해 잘 준비되어 있습니다.
La Bank of South Carolina (OTCQX: BKSC) a rapporté des bénéfices non audités de 1 801 863 $, soit 0,33 $ de bénéfices de base et dilués par action, pour le trimestre se terminant le 30 septembre 2024. Cela représente une augmentation de 42,62% par rapport au même trimestre en 2023. Pour les neuf mois se terminant le 30 septembre 2024, les bénéfices non audités ont augmenté de 19,41 %, atteignant 4 931 457 $. La société a réalisé des rendements annualisés impressionnants sur les actifs et les fonds propres moyens de 1,10 % et 13,50 %, respectivement, pour la période de neuf mois.
Le président et PDG Eugene H. Walpole, IV a exprimé sa satisfaction concernant les résultats, soulignant l'accent mis par l'entreprise sur le service à la clientèle et la tarification des prêts disciplinée. La marge d'intérêt nette et le ratio des actifs non performants de la banque se sont améliorés au cours du trimestre. Avec la Réserve fédérale qui commence à réduire les taux, le bilan de la banque est bien positionné pour d'éventuelles nouvelles réductions de taux.
Die Bank of South Carolina (OTCQX: BKSC) berichtete über unprüfte Erträge von 1.801.863 US-Dollar, was einem Basis- und verwässerten Gewinn pro Aktie von 0,33 US-Dollar entspricht, für das am 30. September 2024 endende Quartal. Dies stellt einen Zuwachs von 42,62% im Vergleich zum gleichen Quartal im Jahr 2023 dar. Für die neun Monate, die am 30. September 2024 endeten, stiegen die ungeprüften Erträge um 19,41% auf 4.931.457 US-Dollar. Das Unternehmen erzielte beeindruckende annualisierte Renditen auf Durchschnittsaktiva und -eigenkapital von 1,10% bzw. 13,50% für den neuntmonatigen Zeitraum.
Der Präsident und CEO Eugene H. Walpole, IV äußerte Zufriedenheit mit den Ergebnissen und hob den Fokus des Unternehmens auf Kundenservice und disziplinierte Kreditpreise hervor. Die Nettozinsspanne und die Quote der notleidenden Kredite der Bank verbesserten sich im Quartal. Da die Federal Reserve beginnt, die Zinsen zu senken, ist die Bilanz der Bank gut positioniert für weitere mögliche Zinssenkungen.
- Unaudited earnings increased by 42.62% year-over-year for Q3 2024
- Nine-month earnings rose by 19.41% compared to the same period in 2023
- Annualized return on average assets improved to 1.10% from 0.86% year-over-year
- Annualized return on average equity increased to 13.50% from 12.95% year-over-year
- Net interest margin improved to 3.82% in Q3 2024 from 2.96% in Q3 2023
- Percentage of loans past due > 30 days decreased to 0.16% from 0.75% year-over-year
- Efficiency ratio improved to 59.18% in Q3 2024 from 67.43% in Q3 2023
- Total assets decreased to $578,014,415 in Q3 2024 from $639,253,597 in Q3 2023
- Total deposits declined to $512,024,560 in Q3 2024 from $540,290,630 in Q3 2023
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased with operating results for the quarter and year-to-date, in which we generated a return on average assets of
Selected Condensed Consolidated Financial Data (Unaudited) | |||||
For the Three Months Ended | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
Total Interest and Fee Income | $ 6,848,831 | $ 6,702,792 | $ 6,593,463 | $ 6,500,593 | $ 6,154,138 |
Total Interest Expense | 1,566,695 | 1,564,362 | 1,861,311 | 1,821,435 | 1,619,582 |
Net Interest Income | 5,282,136 | 5,138,430 | 4,732,152 | 4,679,158 | 4,534,556 |
Provision for Credit Losses | - | 50,000 | - | - | - |
Net Interest Income After Provision for Credit Losses | 5,282,136 | 5,088,430 | 4,732,152 | 4,679,158 | 4,534,556 |
Total Other Income | 485,206 | 471,075 | 423,497 | 397,970 | 480,448 |
Total Other Expense | 3,412,935 | 3,339,934 | 3,359,684 | 3,309,138 | 3,381,506 |
Income Before Income Tax Expense | 2,354,407 | 2,219,571 | 1,795,965 | 1,767,988 | 1,633,498 |
Income Tax Expense | 552,544 | 465,773 | 420,169 | 404,239 | 370,128 |
Net Income | $ 1,801,863 | $ 1,753,798 | $ 1,375,796 | $ 1,363,749 | $ 1,263,370 |
Earnings Per Share - Basic | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.25 | $ 0.23 |
Earnings Per Share - Diluted | $ 0.33 | $ 0.32 | $ 0.25 | $ 0.24 | $ 0.23 |
Return on Average Assets | 1.24 % | 1.19 % | 0.89 % | 0.87 % | 0.78 % |
Return on Average Equity | 14.04 % | 14.71 % | 11.69 % | 12.74 % | 11.66 % |
Common Stock Shares Outstanding | 5,445,519 | 5,457,907 | 5,462,794 | 5,469,251 | 5,485,755 |
Book Value Per Share | $ 9.71 | $ 8.93 | $ 8.69 | $ 8.61 | $ 7.51 |
Efficiency Ratio | 59.18 % | 59.54 % | 65.17 % | 65.18 % | 67.43 % |
Net Interest Margin | 3.82 % | 3.68 % | 3.20 % | 3.12 % | 2.96 % |
% Loans Past Due > 30 Days | 0.16 % | 0.19 % | 0.32 % | 0.53 % | 0.75 % |
Allowance for Credit Losses as a % of Total Loans | 1.04 % | 1.04 % | 1.04 % | 1.07 % | 1.09 % |
Quarterly Averages: | |||||
Total Assets | $ 578,014,415 | $ 590,639,502 | $ 624,732,564 | $ 625,093,859 | $ 639,253,597 |
Total Loans | $ 358,623,795 | $ 359,514,482 | $ 353,396,331 | $ 344,789,580 | $ 339,152,054 |
Total Deposits | $ 512,024,560 | $ 516,221,132 | $ 519,023,338 | $ 518,397,166 | $ 540,290,630 |
Total Shareholders' Equity | $ 51,043,788 | $ 47,951,482 | $ 47,328,863 | $ 42,464,898 | $ 42,997,996 |
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
Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE BANK OF SOUTH CAROLINA
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