8-K
Bank Of South Carolina Corp (BKSC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
| Date of Report: January 14, 2021<br><br><br><br><br><br>Bank of South Carolina Corporation | |||
|---|---|---|---|
| (Exact name of registrant as specified in its charter) | |||
| South Carolina | 0-27702 | 57-1021355 | |
| (State or other jurisdiction <br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | |
| 256 Meeting Street Charleston, SC 29401 | |||
| (Address of principal executive offices) | (Zip Code) | ||
| Registrant’s telephone number, including area code | (843) 724-1500 | ||
| (Former name or former address, if changed since last report.) | |||
| 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): | |||
| [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
| [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
| [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
| [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br><br><br>Securities registered pursuant to Section 12(b) of the Act: | |||
| Title of each class | Trading<br><br><br>Symbol(s) | Name of each exchange on which registered | |
| --- | --- | --- | |
| Common stock | BKSC | NASDAQ |
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).
☐ Emerging growth company
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 January 14, 2021, the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the three and twelve months ended December 31, 2020. 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
Exhibit 99.1 Press release dated January 14, 2021
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.
| The Bank of South Carolina Corporation |
|---|
| (Registrant) |
| Date: January 14, 2021 |
| /s/ Eugene H. Walpole, IV |
| Eugene H. Walpole, IV |
| Chief Financial Officer |
| Executive Vice President |
Exhibit-99.1
Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
CHARLESTON, S.C., Jan. 14, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $6,460,631 or $1.17 and $1.14 basic and diluted per share, respectively, for the year ended December 31, 2020 – a decrease of $857,802 or 11.72% from earnings for the year ended December 31, 2019 of $7,318,433 or $1.33 and $1.31 basic and diluted per share, respectively. Earnings for the three months ended December 31, 2020 decreased $38,323 or 2.16% to $1,735,206 compared to $1,773,529 for the three months ended December 31, 2019. Returns on average assets and average equity for the year ended December 31, 2020 were 1.28% and 11.93%, respectively, compared with 2019 returns on average assets and average equity of 1.66% and 14.86%, respectively.
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "In spite of the ongoing pandemic, dramatic reduction in interest rates, and the operating expenses of a new banking office, we were able to meet and then exceed our profit plan for the year. 2020 was a most unusual and operationally challenging year; yet, we met each disruption and roadblock head on to prove our resiliency and agility. The combined efforts of all of our employees resulted in more accounts being opened in 2020 than 2019 and our third most profitable year in our 33+ year history. The company's financial performance continues to be strong. Our employees remain focused on service and we look forward to meeting the challenges of 2021."
| The following table shows the balance sheet and income statement highlights: | ||
|---|---|---|
| (Unaudited)December 31, 2020 | (Unaudited)December 31, 2019 | |
| BKSC Common Stock Shares Outstanding | 5,520,469 | 5,530,001 |
| Book Value Per<br>Share | $ 9.96 | $ 9.25 |
| Total<br>Assets | $ 532,494,599 | $ 445,012,521 |
| Three Months Ending | ||
| Net Income | $ 1,735,206 | $ 1,773,529 |
| Basic Earnings Per Share | $ 0.31 | $ 0.32 |
| Diluted Earnings Per<br>Share | $ 0.31 | $ 0.32 |
| Basic Weighted Average Shares Outstanding | 5,520,272 | 5,530,001 |
| Diluted Weighted Average Shares Outstanding | 5,673,339 | 5,595,844 |
| (Unaudited)December 31,2020 | (Unaudited)December 31,2019 | |
| Twelve Months Ending | ||
| Net Income | $ 6,460,631 | $ 7,318,433 |
| Basic Earnings Per<br>Share | $ 1.17 | $ 1.33 |
| Diluted Earnings Per<br>Share | $ 1.14 | $ 1.31 |
| Weighted Average Shares | ||
| Basic Weighted Average Shares Outstanding | 5,526,948 | 5,522,025 |
| Diluted Weighted Average Shares Outstanding | 5,678,543 | 5,588,090 |
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".
CONTACT: Eugene H. Walpole, IV, Executive Vice President and Chief Financial Officer, (843) 724-1500