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Share Name | Share Symbol | Market | Type |
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Bank of South Carolina Corporation | NASDAQ:BKSC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 12.00 | 12.24 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
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Securities registered pursuant to Section 12(b) of the Act: |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 13, 2023, the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the three and six months ended June 30, 2023. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 2.02 to this report, and such press release is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following Exhibit is filed as part of this report |
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Exhibit 99.1 |
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Exhibit 104 |
Cover Page Interactive Data File (embedded within the online XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Bank of South Carolina Corporation |
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(Registrant) |
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Date: July 13, 2023 |
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By: |
/s/ Eugene H. Walpole, IV |
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Eugene H. Walpole, IV |
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Chief Financial Officer |
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Executive Vice President |
Exhibit 99.1
Bank of South Carolina Corporation Announces Second Quarter Earnings
CHARLESTON, S.C., July 13, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,277,717, or $0.23 basic and diluted earnings per share for the quarter ended June 30, 2023 – a decrease of $265,265, or 17.19%, from earnings for the quarter ended June 30, 2022 of $1,542,982, or $0.28 and $0.27 basic and diluted earnings per share, respectively. Unaudited earnings for the six months ended June 30, 2023 decreased $140,592 or 4.68%, to $2,866,496 compared to $3,007,088 for the six months ended June 30, 2022. Annualized returns on average assets and average equity for the six months ended June 30, 2023 were 0.89% and 13.61%, respectively, compared with June 30, 2022 annualized returns on average assets and average equity of 0.90% and 12.57%, respectively.
Fleetwood S. Hassell, President & CEO of the Bank of South Carolina, stated, "Unfortunately, in the second quarter we fell behind our 2023 profit plan and 2022 earnings to date as a result of the continued increase in deposit expense. Deposit rates paid from other sectors of the financial industry continue to create intense competition. Further rate increases by the Federal Reserve are unclear; however, the reality of interest rates remaining higher/longer is becoming more of a possibility. Should this occur, we will continue to use it as an opportunity to rebalance the income from our portfolio of loans, investments, and daily liquidity. We remain steadfast in our asset quality, control of expenses, and customer service and believe the future to be encouraging, having successfully opened our sixth office on James Island, declared another quarterly cash dividend, and recently announced a stock repurchase program."
The following table shows the balance sheet and income statement highlights: |
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(Unaudited) |
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(Unaudited) June 30, |
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2023 |
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2022 |
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Common stock shares outstanding |
5,548,239 |
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5,552,351 |
Book value per share |
$ 7.67 |
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$ 7.50 |
Total assets |
$ 648,405,848 |
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$ 655,465,190 |
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Three Months Ended |
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Net income |
$ 1,277,717 |
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$ 1,542,982 |
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Basic earnings per share |
$ 0.23 |
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$ 0.28 |
Diluted earnings per share |
$ 0.23 |
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$ 0.27 |
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Weighted average shares outstanding: |
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Basic |
5,551,502 |
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5,550,951 |
Diluted |
5,640,937 |
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5,693,808 |
Six Months Ended |
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Net income |
$ 2,866,496 |
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$ 3,007,088 |
Basic earnings per share |
$ 0.52 |
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$ 0.54 |
Diluted earnings per share |
$ 0.51 |
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$ 0.53 |
Weighted average shares outstanding: |
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Basic |
5,551,924 |
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5,547,767 |
Diluted |
5,646,547 |
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5,682,968 |
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, James Island, 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".
CONTACT: Eugene H. Walpole, IV, Executive Vice President and Chief Financial Officer, (843) 724-1500
Document and Entity Information |
Jul. 13, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Amendment Flag | false |
Document Period End Date | Jul. 13, 2023 |
Entity Registrant Name | Bank of South Carolina Corporation |
Entity Incorporation, State or Country Code | SC |
Entity Central Index Key | 0001007273 |
Securities Act File Number | 0-27702 |
Entity Tax Identification Number | 57-1021355 |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 256 Meeting Street |
Entity Address, City or Town | Charleston |
Entity Address, State or Province | SC |
Entity Address, Postal Zip Code | 29401 |
City Area Code | 843 |
Local Phone Number | 724-1500 |
Title of 12(b) Security | Common stock |
Trading Symbol | BKSC |
Security Exchange Name | NASDAQ |
1 Year Bank of South Carolina Chart |
1 Month Bank of South Carolina Chart |
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