Bank of South Carolina Corporation Announces Third Quarter Earnings
The Bank of South Carolina Corporation (BKSC) reported unaudited earnings of $1,703,271, or $0.31 per share, for Q3 2020, a 15.46% decline from $2,014,791, or $0.36 per share, in Q3 2019. For the first nine months of 2020, earnings fell 14.78% to $4,725,425 compared to $5,544,902 in the same period last year. Annualized returns on average assets and equity decreased to 1.28% and 11.77%, respectively. Despite these challenges, the bank noted steady deposit growth and a strong loan loss reserve.
- Cumulative earnings returned to shareholders surpassed $50 million with upcoming dividend payment.
- Strong existing loan loss reserve in the credit cycle.
- Steady activity in new accounts and deposit growth ahead of budget.
- Q3 2020 net income fell by $311,520, or 15.46% from Q3 2019.
- Nine-month earnings decreased by $819,477, or 14.78% compared to the previous year.
- Annualized returns on average assets and equity declined significantly.
CHARLESTON, S.C., Oct. 8, 2020 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We continue to produce respectable earnings in an exceptionally difficult interest rate environment. Asset quality remains our number one priority with a strong existing loan loss reserve to move through this credit cycle. Income from our mortgage operation continues to make a significant contribution to offset the effects of lower net interest income. New account activity is steady, and deposit growth remains ahead of budget. As we enter the fourth quarter, we begin the process of assisting our PPP loan customers through the SBA forgiveness process. Our North Charleston office continues to grow in loans and deposits, and we remain excited about our expanded presence in this growing market. Additionally, cumulative earnings returned to shareholders since inception will surpass
The following table shows the balance sheet and income statement highlights: | |||
(Unaudited) | (Unaudited) September 30, | ||
2020 | 2019 | ||
Common stock shares outstanding | 5,519,259 | 5,530,001 | |
Book value per share | $ 9.88 | $ 9.33 | |
Total assets | $ 529,100,090 | $ 453,060,365 | |
Three Months Ended | |||
Net income | $ 1,703,271 | $ 2,014,791 | |
Basic earnings per share | $ 0.31 | $ 0.36 | |
Diluted earnings per share | $ 0.30 | $ 0.36 | |
Weighted average shares outstanding: | |||
Basic | 5,527,696 | 5,526,233 | |
Diluted | 5,696,247 | 5,595,056 | |
Nine Months Ended | |||
Net income | $ 4,725,425 | $ 5,544,902 | |
Basic earnings per share | $ 0.85 | $ 1.00 | |
Diluted earnings per share | $ 0.83 | $ 0.99 | |
Weighted average shares outstanding: | |||
Basic | 5,529,189 | 5,519,337 | |
Diluted | 5,695,614 | 5,588,532 | |
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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