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 9, 2020<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 9, 2020, 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, 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 July 9, 2020
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 9,2020 |
| /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 9, 2020 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,341,636, or $0.24 and $0.23 basic and diluted earnings per share, respectively, for the quarter ended June 30, 2020 – a decrease of $499,211, or 27.12%, from earnings for the quarter ended June 30, 2019 of $1,840,847, or $0.33 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2020 decreased $507,957, or 14.39%, to $3,022,154 compared to $3,530,111 for the six months ended June 20, 2019. Annualized returns on average assets and average equity for the six months ended June 30, 2020 were 1.28% and 11.46%, respectively, compared with June 30, 2019 annualized returns on average assets and average equity of 1.65% and 14.99%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "An interest rate environment rivaling that of the Great Recession has continued to impact our margins and thus our profits for the second quarter. We are, however, encouraged by the outstanding contribution from our mortgage operation and the robust deposit growth already experienced this year. Asset quality remains strong as we have not, to-date, experienced a significant number of requests from borrowers for payment deferrals or other accommodations. Our exposure to the hospitality and retail markets is minimal.
Our participation in the Payroll Protection Program resulted in the origination of 266 loans totaling more than $37 million. We are extremely proud of the effort put forth by our employees to serve the needs of Lowcountry businesses and not-for-profit organizations during these difficult times.
We remain well capitalized and continue to reward our shareholders, having paid quarterly cash dividends in 123 of the last 125 quarters. I am encouraged that, in the last half of this year, we will continue to serve and support our customers with the goal for all to remain healthy."
| The following table shows the balance sheet and income statement highlights: | ||
|---|---|---|
| (Unaudited)June 30, | (Unaudited)<br><br>June 30, | |
| 2020 | 2019 | |
| Common stock shares outstanding | 5,530,682 | 5,525,278 |
| Book value per<br>share | $ 9.75 | $ 8.94 |
| Total<br>assets | $ 542,582,502 | $ 442,374,445 |
| Three Months Ended | ||
| Net income | $ 1,341,636 | $ 1,840,847 |
| Basic earnings per share | $ 0.24 | $ 0.33 |
| Diluted earnings per<br>share | $ 0.23 | $ 0.33 |
| Weighted average shares outstanding: | ||
| Basic | 5,529,632 | 5,517,236 |
| Diluted | 5,714,121 | 5,587,985 |
| Six Months Ended | ||
| Net income | $ 3,022,154 | $ 3,530,111 |
| Basic earnings per share | $ 0.55 | $ 0.64 |
| Diluted earnings per share | $ 0.53 | $ 0.63 |
| Weighted average shares outstanding: | ||
| Basic | 5,529,944 | 5,515,832 |
| Diluted | 5,708,718 | 5,586,813 |
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