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
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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 14, 2022, 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, 2022. 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 |
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Cover Page Interactive Data File (embedded within the Inline 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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The Bank of South Carolina Corporation |
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(Registrant) |
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Date: July 14, 2022 |
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/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 |
Bank of South Carolina Corporation Announces Second Quarter Earnings
CHARLESTON, S.C., July 14, 2022 /PRNewswire/ -- The Bank of South Carolina Corporation (NASDAQ: BKSC) announced unaudited earnings of $1,542,981, or $0.28 and $0.27 basic and diluted earnings per share, respectively, for the quarter ended June 30, 2022 – a decrease of $125,703, or 7.5%, from earnings for the quarter ended June 30, 2021 of $1,668,684, or $0.30 and $0.29 basic and diluted earnings per share, respectively. Unaudited earnings for the six months ended June 30, 2022 decreased $471,671 or 13.6%, to $3,007,088 compared to $3,478,759 for the six months ended June 30, 2021. Annualized returns on average assets and average equity for the six months ended June 30, 2022 were 0.90% and 12.57%, respectively, compared with June 30, 2021 annualized returns on average assets and average equity of 1.27% and 12.80%, respectively.
In its May 2022 issue, American Banker Magazine ranked Bank of South Carolina Corporation 68th on its annual list of the Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity (Source: Capital Performance Group). The rankings include publicly traded banks and thrifts with total assets less than $2 billion, of which there were 438 institutions that met the criteria for consideration this year.
Fleetwood S. Hassell, President & CEO of the Bank of South Carolina, stated, "Balance sheet growth continues to impact return on assets; however, return on equity remains favorable. Our challenge remains the deployment of excess liquidity into higher-yielding investments. As we await further Federal Reserve actions, we continue to focus on asset quality and control of operating expenses. Margins are improving, and we are optimistic that higher loan interest income will offset any declines in mortgage origination volume. We remain ahead of our profit plan for the first six months and look forward to the second half of the year."
The following table shows the balance sheet and income statement highlights:
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| (Unaudited) June 30, |
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Common stock shares outstanding | 5,552,351 |
| 5,533,999 |
Book value per share | $ 7.50 |
| $ 9.84 |
Total assets | $ 655,465,190 |
| $ 581,915,387 |
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Three Months Ended |
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Net income | $ 1,542,981 |
| $ 1,668,684 |
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Basic earnings per share | $ 0.28 |
| $ 0.30 |
Diluted earnings per share | $ 0.27 |
| $ 0.29 |
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Weighted average shares outstanding: |
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Basic | 5,550,951 |
| 5,528,835 |
Diluted | 5,693,808 |
| 5,686,026 |
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Six Months Ended |
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Net income | $ 3,007,088 |
| $ 3,478,759 |
Basic earnings per share | $ 0.54 |
| $ 0.63 |
Diluted earnings per share | $ 0.53 |
| $ 0.61 |
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Weighted average shares outstanding: |
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Basic | 5,547,767 |
| 5,525,291 |
Diluted | 5,682,968 |
| 5,690,024 |
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".
CONTACT: Eugene H. Walpole, IV, Executive Vice President and Chief Financial Officer, (843) 724-1500