Bank of South Carolina Corporation Announces Third Quarter Earnings & James Island Office

Rhea-AI Summary

The Bank of South Carolina Corporation (BKSC) reported unaudited earnings of $1,726,937 for Q3 2021, reflecting a 1.39% increase from Q3 2020. Basic and diluted earnings per share were $0.31 and $0.30, respectively. For the nine months ended September 30, 2021, net income rose by 10.16% to $5,205,696. Despite low loan demand, earnings were supported by the mortgage operation. The company announced a new office opening in Q2 2023 on James Island, enhancing its market presence.

Positive

• Q3 2021 net income increased by $23,666, or 1.39%, year-over-year.
• Net income for nine months ended September 30, 2021, increased by $480,271, or 10.16%.
• Basic EPS for the nine months rose to $0.94 from $0.85 in 2020.

Negative

• Loan demand remains low, impacting potential earnings growth.
• Annualized returns on average assets decreased to 1.23% from 1.28%.

CHARLESTON, S.C., Oct. 14, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,726,937, or $0.31 and $0.30 basic and diluted earnings per share, respectively, for the quarter ended September 30, 2021 – an increase of $23,666, or 1.39%, from earnings for the quarter ended September 30, 2020 of $1,703,271, or $0.31 and $0.30 basic and diluted earnings per share, respectively. Unaudited earnings for the nine months ended September 30, 2021 increased $480,271, or 10.16%, to $5,205,696 compared to $4,725,425 for the nine months ended September 20, 2020. Annualized returns on average assets and average equity for the nine months ended September 30, 2021 were 1.23% and 12.64%, respectively, compared with September 30, 2020 annualized returns on average assets and average equity of 1.28% and 11.77%, respectively.

The Bank of South Carolina Corporation also announced a new future banking office at 1730 Maybank Highway on James Island.  The bank will occupy an existing building, which will undergo renovation next year, and anticipates opening in the second quarter of 2023.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We are encouraged with our earnings to-date despite relatively low loan demand. Nonetheless, considerable contributions provided by our mortgage operation have helped to offset the impact of compressed lending margins.  We have processed all forgiveness requests related to round one of the PPP program, and we are actively assisting clients with round two. The bank remains well capitalized by regulatory measures, and we'll continue to manage our expenses closely.

As we approach the second anniversary of the opening of our North Charleston office, which continues to grow and prosper, we are pleased to announce further growth within our market.  This new office on James Island will not only allow us to better serve our existing clients on James Island and the surrounding islands, but it affords us the opportunity to introduce our kind of banking to new clients as well. We look forward to the future opening of this office and to finishing out another successful year."

The following table shows the balance sheet and income statement highlights:
	(Unaudited) September 30,		(Unaudited) September 30,
	2021		2020
Common stock shares outstanding	5,536,661		5,519,259
Book value per share	$               9.83		$               9.88
Total assets	$  691,778,578		$  529,100,090
Three Months Ended
Net income	$      1,726,937		$      1,703,271
Basic earnings per share	$               0.31		$               0.31
Diluted earnings per share	$               0.30		$               0.30
Weighted average shares outstanding:
Basic	5,535,906		5,527,696
Diluted	5,686,250		5,696,247
Nine Months Ended
Net income	$      5,205,696		$      4,725,425
Basic earnings per share	$               0.94		$               0.85
Diluted earnings per share	$               0.92		$               0.83
Weighted average shares outstanding:
Basic	5,528,868		5,529,189
Diluted	5,684,484		5,695,614

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 were Bank of South Carolina's earnings for Q3 2021?

The Bank of South Carolina reported earnings of $1,726,937 for Q3 2021.

How much did Bank of South Carolina's net income increase for the nine months ended September 30, 2021?

Net income increased by $480,271, or 10.16%, to $5,205,696.

What are the earnings per share for Bank of South Carolina for Q3 2021?

The basic earnings per share for Q3 2021 were $0.31, and diluted earnings per share were $0.30.

When is the new Bank of South Carolina office on James Island expected to open?

The new office is anticipated to open in the second quarter of 2023.