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
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Date of Report: October 8, 2020
Bank of South Carolina Corporation |
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(Exact name of registrant as specified in its charter) |
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South Carolina |
0-27702 |
57-1021355 |
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(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
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256 Meeting Street Charleston, SC 29401 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(843) 724-1500 |
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(Former name or former address, if changed since last report.) |
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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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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common stock |
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BKSC |
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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 October 8, 2020, the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the three and nine months ended September 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 October 8, 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.
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The Bank of South Carolina Corporation |
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(Registrant) |
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Date: October 8, 2020 |
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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 |
Exhibit 99.1
Bank of South Carolina Corporation Announces Third Quarter Earnings
CHARLESTON, S.C., Oct. 8, 2020 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,703,271, or $0.31 and $0.30 basic and diluted earnings per share, respectively, for the quarter ended September 30, 2020 – a decrease of $311,520, or 15.46%, from earnings for the quarter ended September 30, 2019 of $2,014,791, or $0.36 basic and diluted earnings per share. Unaudited earnings for the nine months ended September 30, 2020 decreased $819,477, or 14.78%, to $4,725,425 compared to $5,544,902 for the nine months ended September 30, 2019. Annualized returns on average assets and average equity for the nine months ended September 30, 2020 were 1.28% and 11.77%, respectively, compared with September 30, 2019 annualized returns on average assets and average equity of 1.69% and 15.26%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We continue to produce respectable earnings in an exceptionally difficult interest rate environment. Asset quality remains our number one priority with a strong existing loan loss reserve to move through this credit cycle. Income from our mortgage operation continues to make a significant contribution to offset the effects of lower net interest income. New account activity is steady, and deposit growth remains ahead of budget. As we enter the fourth quarter, we begin the process of assisting our PPP loan customers through the SBA forgiveness process. Our North Charleston office continues to grow in loans and deposits, and we remain excited about our expanded presence in this growing market. Additionally, cumulative earnings returned to shareholders since inception will surpass $50 million with the upcoming payment of our recently declared dividend– marking another milestone for the Bank and our shareholders."
The following table shows the balance sheet and income statement highlights: | |||
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| (Unaudited)
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| (Unaudited) September 30, |
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| 2020 |
| 2019 |
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Common stock shares outstanding | 5,519,259 |
| 5,530,001 |
Book value per share | $ 9.88 |
| $ 9.33 |
Total assets | $ 529,100,090 |
| $ 453,060,365 |
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Three Months Ended |
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Net income | $ 1,703,271 |
| $ 2,014,791 |
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Basic earnings per share | $ 0.31 |
| $ 0.36 |
Diluted earnings per share | $ 0.30 |
| $ 0.36 |
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Weighted average shares outstanding: |
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Basic | 5,527,696 |
| 5,526,233 |
Diluted | 5,696,247 |
| 5,595,056 |
Nine Months Ended |
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Net income | $ 4,725,425 |
| $ 5,544,902 |
Basic earnings per share | $ 0.85 |
| $ 1.00 |
Diluted earnings per share | $ 0.83 |
| $ 0.99 |
Weighted average shares outstanding: |
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Basic | 5,529,189 |
| 5,519,337 |
Diluted | 5,695,614 |
| 5,588,532 |
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