Welcome to our dedicated page for BANK OF SO CAROLINA news (Ticker: BKSC), a resource for investors and traders seeking the latest updates and insights on BANK OF SO CAROLINA stock.
Bank of South Carolina Corporation (NASDAQ: BKSC) operates as the bank holding company for the Bank of South Carolina. Established in 1986, the company offers a comprehensive range of financial services designed for individuals, professionals, and small to mid-sized businesses across South Carolina. Its robust suite of deposit products includes non-interest bearing demand accounts, NOW accounts, money market accounts, time deposits, savings accounts, and certificates of deposit. In addition, the company extends various lending services, such as secured and unsecured commercial loans, commercial real estate loans, consumer loans, construction loans, home equity loans, and lines of credit.
Headquartered in Charleston, South Carolina, the Bank of South Carolina operates through several strategically located banking offices in Charleston, North Charleston, Summerville, Mount Pleasant, James Island, and West Ashley. Despite facing challenges from increasing deposit expenses and competitive pressures, the bank remains committed to quality asset management, expense control, and superior customer service.
Recent financial results reflect the bank’s adaptive strategies in response to an evolving economic climate. For the quarter ended June 30, 2023, the bank reported unaudited earnings of $1,277,717, marking a decrease of 17.19% compared to the same quarter in 2022. Similarly, the nine months ended September 30, 2023, saw earnings of $4,129,866, a 14.80% drop from the previous year. Despite these declines, the bank maintains a strong asset quality with minimal past due loans and anticipates positive impacts from upcoming investment portfolio maturities.
Looking forward, Bank of South Carolina is optimistic about future growth. With strategic initiatives like their new office on James Island, a recently announced stock repurchase program, and ongoing efforts to rebalance income streams, the bank positions itself for continued success. As a publicly traded entity on the NASDAQ under the symbol 'BKSC', the company remains a significant player in South Carolina's financial landscape.
Stay tuned to our latest updates and financial news for more insights into our performance and future plans.
The Bank of South Carolina Corporation (NASDAQ: BKSC) reported unaudited earnings of $1,588,779 or $0.29 earnings per share for Q1 2023, an 8.52% increase from $1,464,106 or $0.26 in Q1 2022. The company achieved annualized returns of 1.00% on average assets and 15.73% on average equity, up from 0.89% and 11.40% respectively. However, President Fleetwood S. Hassell noted that while earnings improved, the bank is not meeting its profit plan due to rising deposit costs driven by intense competition. Although loan interest income is increasing, profit margins are thin, and uncertainty persists regarding potential Federal Reserve rate hikes. The bank is set to open its sixth office on James Island.
The Bank of South Carolina Corporation (NASDAQ: BKSC) has declared a quarterly cash dividend of $0.17 per share. Shareholders of record on April 4, 2023 will receive the payment on April 28, 2023. This marks the 134th quarterly cash dividend in the company's history, celebrating its 36th anniversary since inception. The Bank, located in Charleston, has been operational since 1987, and a new office is expected to open in the second quarter of 2023.
The Bank of South Carolina Corporation (NASDAQ: BKSC) announced the retirement of President & CEO Fleetwood S. Hassell, effective September 30, 2023. Hassell will remain on the Board of Directors. Eugene H. Walpole IV, currently Executive Vice President & CFO, will succeed him as President & CEO starting October 1, 2023. Hassell has been with the Bank since 1986 and has led as CEO since 2012. The Board emphasized a well-planned succession to maintain experienced leadership. Walpole has been part of the Bank since 2012 and has played a crucial role in executing the strategic plan.
The Bank of South Carolina Corporation (Nasdaq: BKSC) reported unaudited earnings of $6,655,140 for 2022, down 1.33% from 2021. Basic and diluted earnings per share decreased to $1.20 and $1.18, respectively. However, Q4 earnings rose 17.45% to $1,807,785, with EPS at $0.33. Despite a decline in returns on average assets and equity, the bank maintains a strong position and plans to open a new office in James Island in 2023 to enhance future growth.
Bank of South Carolina Corporation (NASDAQ: BKSC) has declared a quarterly cash dividend of $0.17 per share. Shareholders of record by December 27, 2022, will receive this payment on January 31, 2023. This marks the 133rd quarterly cash dividend paid in over 35 years of continuous operation. President Fleetwood S. Hassell expressed optimism about the company's performance in 2023.
FAQ
What is the current stock price of BANK OF SO CAROLINA (BKSC)?
What is the market cap of BANK OF SO CAROLINA (BKSC)?
What services does Bank of South Carolina Corporation offer?
Where is Bank of South Carolina Corporation headquartered?
How did the Bank of South Carolina Corporation perform financially in recent quarters?
What are the company's future plans?
What makes Bank of South Carolina Corporation unique?
Under what symbol is Bank of South Carolina Corporation traded?
What has been the recent trend in the company's earnings?
How does the company view its asset quality?
What is the company's strategy to combat rising deposit expenses?
Where can I find more information about Bank of South Carolina Corporation?
