PR Newswire
CHARLESTON, S.C., July 12, 2018
CHARLESTON, S.C., July 12, 2018 /PRNewswire/ -- The Bank
of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $1,726,357 or
$0.31 basic and diluted per share for the quarter ended June 30, 2018
– an increase of 24.52% from earnings for the quarter ended June 30, 2017 of $1,386,385 or $0.25 basic and diluted per share. Earnings for the six months
ended June 30, 2018 increased $726,114 or 27.79% to $3,338,587 compared to $2,612,473 for the six months ended June 30, 2017. Returns on average assets and average equity for the six months ended June 30, 2018 were 1.57% and 15.59%, respectively, compared to 2017 returns on average assets and average
equity of 1.26% and 12.47%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina,
stated, "Improved loan demand, strong margins, and continued emphasis on management of expenses have led to a strong second
quarter and first half of the year. We are pleased to be ahead of budget and last year's performance to date. We look forward to
the rest of 2018."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street,
has offices in Summerville, Mt. Pleasant, and the West Ashley
community. Our website is www.banksc.com. Bank of South
Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".
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The following table shows the balance sheet and income statement
highlights:
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(Unaudited)
June 30,
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(Unaudited)
June 30,
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2018
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2017
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Shares Outstanding
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BKSC Common
Stock
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5,501,639
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5,466,878
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Book Value Per
Share
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$ 7.86
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$ 7.88
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Total
Assets
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$ 426,770,905
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$ 430,303,999
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Three Months Ended
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Net
Income
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$ 1,726,357
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$ 1,386,385
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Basic Earnings Per
Share
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$ 0.31
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$ 0.25
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Diluted Earnings Per
Share
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$ 0.31
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$ 0.25
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Weighted Average Shares
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Outstanding
Basic
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5,492,896
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5,464,697
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Weighted Average Shares
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Outstanding
Diluted
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5,586,585
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5,588,687
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Six Months Ended
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Net
Income
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$ 3,338,587
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$ 2,612,473
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Basic Earnings Per
Share
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$ 0.63
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$ 0.48
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Diluted Earnings Per
Share
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$ 0.61
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$ 0.47
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Weighted Average Shares
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Outstanding
Basic
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5,339,187
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5,461,603
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Weighted Average Shares
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Outstanding
Diluted
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5,433,360
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5,584,373
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SOURCE Bank of South Carolina Corporation
