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 October 13, 2022, 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, 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: October 13, 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 |
Exhibit 99.1
Bank of South Carolina Corporation Announces Third Quarter Earnings
CHARLESTON, S.C., Oct. 13, 2022 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,840,267, or $0.33 basic and diluted earnings per share, respectively, for the quarter ended September 30, 2022 – an increase of $113,330, or 6.56%, from earnings for the quarter ended September 30, 2021 of $1,726,937, or $0.31 and $0.30 basic and diluted earnings per share, respectively. Unaudited earnings for the nine months ended September 30, 2022 decreased $358,341, or 6.88%, to $4,847,355 compared to $5,205,696 for the nine months ended September 30, 2021. Annualized returns on average assets and average equity for the nine months ended September 30, 2022 were 0.98% and 14.11%, respectively, compared with September 30, 2021 annualized returns on average assets and average equity of 1.23% and 12.64%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Increased interest rates from recent Federal Reserve actions have helped offset a decline in the contribution from mortgage originations. We are adequately reserved for credit losses and remain well capitalized as we enter the fourth quarter. We have closed our books on the PPP program and are focused on finishing out another successful year for the bank."
The following table shows the balance sheet and income statement highlights: | |||||
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| (Unaudited) September 30, | ||
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| 2022 |
| 2021 | ||
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Common stock shares outstanding | 5,552,351 |
| 5,536,661 | ||
Book value per share | $ | 6.49 |
| $ | 9.83 |
Total assets | $ | 630,129,805 |
| $ | 691,778,578 |
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Three Months Ended |
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Net income | $ | 1,840,267 |
| $ | 1,726,937 |
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Basic earnings per share | $ | 0.33 |
| $ | 0.31 |
Diluted earnings per share | $ | 0.33 |
| $ | 0.30 |
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Weighted average shares outstanding: |
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Basic | 5,552,351 |
| 5,535,906 | ||
Diluted | 5,650,799 |
| 5,686,250 | ||
Nine Months Ended |
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Net income | $ | 4,847,355 |
| $ | 5,205,696 |
Basic earnings per share | $ | 0.87 |
| $ | 0.94 |
Diluted earnings per share | $ | 0.86 |
| $ | 0.92 |
Weighted average shares outstanding: |
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Basic | 5,549,312 |
| 5,528,868 | ||
Diluted | 5,642,262 |
| 5,684,484 | ||
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