Bank of South Carolina Corporation Announces Second Quarter Earnings

CHARLESTON, S.C., July 15  /PRNewswire-FirstCall/ -- The Bank of South Carolina Corporation (NASDAQ:BKSC), announced that second quarter 2009 earnings of $687,461 increased 2.25% over second quarter 2008 earnings of $672,323.  The Company had earnings of $1,462,363 or $.37 per share for the six months ended June 30, 2009, compared to $1,443,363 or $.36 per share over 2008. Returns on average assets and average equity were 1.19% and 10.76%, respectively, compared with 2008 returns on average assets and average equity of 1.29% and 10.99%, respectively.

Hugh C. Lane, Jr., President of The Bank of South Carolina, stated, "We were pleased to see such earnings after an increase in the provision for loan losses and a special assessment from the FDIC of $114,000, in our second quarter.  We had good loan and deposit growth during the quarter.  Our balance sheet reflects two significant milestones - loans in excess of $200 million and total assets in excess of $250 million. Although this remains a difficult environment and is a period of stress for businesses and individuals, we are hearing better reports from our customers."

The June 2009 publication of US Banker magazine listed the 200 most profitable community banks in the United States with less than $2 billion in assets.  This ranking was determined by the three year return on average equity as of December 31, 2008.  Bank of South Carolina Corporation ranked forty first in the country and number one in the state.

The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley community.  Our website is http://www.banksc.com/.  Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".  Select market makers for the stock for Bank of South Carolina Corporation are: Knight Equity Markets, LP, USB Securities, LLC, Citadel Derivatives Group, LLC and Automated Trading Desk.

  Bank of South Carolina
  Corporation (BKSC)
  Report of Earnings

                                           June 30,              June 30,
                                             2009                  2008

  Shares Outstanding
  BKSC Common Stock                 4,002,272              3,973,554


  Book Value Per Share                  $6.74                  $6.56

  Total Assets                   $257,805,465           $234,804,515


  3 Months
  Ending

  Net Income                         $687,461               $672,323

  Basic Earnings Per Share               $.17                   $.17

  Diluted Earnings Per Share             $.17                   $.17

  Weighted Average Shares
  Outstanding Basic                 3,984,053              3,959,078

  Weighted Average Shares
  Outstanding Diluted               3,984,053              3,964,403

  6 Months
  Ending

  Net Income                       $1,462,363             $1,443,363

  Basic Earnings Per Share               $.37                   $.36

  Diluted Earnings Per Share             $.37                   $.36

  Weighted Average Shares
  Outstanding Basic                 3,980,359              3,956,531

  Weighted Average Shares
  Outstanding Diluted               3,980,359              3,964,295


DATASOURCE: Bank of South Carolina Corporation



CONTACT:  William L. Hiott, Jr., Bank of South Carolina Corporation,

[phone]



Web Site:  http://www.banksc.com/ 

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