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: July 8, 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 July 8, 2021, 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, 2021. 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 July 8, 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: July 8, 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 Second Quarter Earnings
CHARLESTON, S.C., July 8, 2021 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,668,684, or $0.30 and $0.29 basic and diluted earnings per share, respectively, for the quarter ended June 30, 2021 – an increase of $167,661, or 11.17%, from earnings for the quarter ended June 30, 2020 of $1,501,023, or $0.27 and $0.26 basic and diluted earnings per share, respectively. Unaudited earnings for the six months ended June 30, 2021 increased $456,555, or 15.11%, to $3,478,759 compared to $3,022,204 for the six months ended June 20, 2020. Annualized returns on average assets and average equity for the six months ended June 30, 2021 were 1.27% and 12.80%, respectively, compared with June 30, 2020 annualized returns on average assets and average equity of 1.28% and 11.46%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Operating with the lowest margins in recent decades, our industry has managed to move forward in large part the result of fee income generated from the Paycheck Protection Program and mortgage originations. This has been the case as well for the Bank of South Carolina. Combined with exceptional management of operating expenses, our second quarter and year-to-date performance has exceeded our expectations and profit plan. Our challenge is to deploy the massive amounts of liquidity accumulated over the past 18 months into higher yielding assets. Current loan demand remains tepid and yields low. However, we will not compromise the lending standards upon which we have built the bank over the past 34 ½ years. Asset quality remains our focus.
The Federal Reserve has hinted at increasing rates in the next 24 months or so as they continue to balance their mandate of unemployment and inflation (transitory or not). We will stay the course with strong financial performance and look forward to the second half of the year."
| The following table shows the balance sheet and income statement highlights: | ||
|---|---|---|
| (Unaudited)June 30, | (Unaudited)<br><br>June 30, | |
| 2021 | 2020 | |
| Common stock shares outstanding | 5,533,999 | 5,530,682 |
| Book value per<br>share | $ 9.84 | $ 9.75 |
| Total<br>assets | $ 581,915,387 | $ 542,621,550 |
| Three Months Ended | ||
| Net income | $ 1,668,684 | $ 1,501,023 |
| Basic earnings per share | $ 0.30 | $ 0.27 |
| Diluted earnings per<br>share | $ 0.29 | $ 0.26 |
| Weighted average shares outstanding: | ||
| Basic | 5,528,835 | 5,529,632 |
| Diluted | 5,686,026 | 5,714,121 |
| Six Months Ended | ||
| Net income | $ 3,478,759 | $ 3,022,204 |
| Basic earnings per share | $ 0.63 | $ 0.55 |
| Diluted earnings per<br>share | $ 0.61 | $ 0.53 |
| Weighted average shares<br>outstanding: | ||
| Basic | 5,525,291 | 5,529,944 |
| Diluted | 5,690,024 | 5,708,718 |
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