CHARLESTON, S.C., Jan. 10, 2019 /PRNewswire/ -- The Bank
of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $6,922,934 or
$1.26 and $1.24 basic and diluted per share, respectively, for the
year ended December 31, 2018 – an increase of 41.23% from earnings for the year ended December 31, 2017 of $4,901,825 or $0.90 and
$0.88 basic and diluted per share, respectively. Earnings for the three months ended December 31, 2018 increased $957,495 or 112.82% to $1,806,194 compared to $848,699 for the three months ended December 31, 2017. Earnings per share have been restated to reflect the 10% stock dividend granted during the
year ended December 31, 2018. Returns on average assets and average equity for the year ended
December 31, 2018 were 1.61% and 15.85%, respectively, compared with 2017 returns on average assets
and average equity of 1.15% and 11.37%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina,
stated, "We were pleased to end 2018 with record earnings for the quarter and the year. More so, we are excited about 2019 with
the planned opening of our North Charleston office and the continued emphasis on growing our
young bankers. We begin the new year as we ended the last – building the bank one account at a time, and all the while providing
exemplary service, responsiveness, and attention to detail. For almost 32 years, the result has been long term and often
generational relationships. Let's stay the course."
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. A fifth office at 9403 Highway 78 in North Charleston is under construction and
anticipated to open in the second half of 2019. 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".
The following table shows the balance sheet and income statement
highlights:
|
|
|
|
|
|
|
|
|
|
(Unaudited)
December 31,
|
|
(Audited)
December 31,
|
|
2018
|
|
2017
|
|
|
|
|
Shares Outstanding
|
|
|
|
BKSC Common
Stock
|
5,510,917
|
|
5,488,207
|
|
|
|
|
Book Value Per
Share
|
$ 8.25
|
|
$ 7.79
|
Total
Assets
|
$ 429,135,198
|
|
$ 446,566,498
|
|
|
|
|
Three Months Ending
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$ 1,806,194
|
|
$ 848,699
|
|
|
|
|
Basic Earnings Per
Share
|
$ 0.33
|
|
$ 0.15
|
Diluted Earnings Per
Share
|
$ 0.32
|
|
$ 0.15
|
|
|
|
|
Weighted Average Shares
|
|
|
|
Outstanding
Basic
|
5,510,917
|
|
5,484,125
|
|
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
Outstanding
Diluted
|
5,600,983
|
|
5,583,892
|
|
|
|
|
Twelve Months Ending
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$ 6,922,934
|
|
$ 4,901,825
|
Basic Earnings Per
Share
|
$ 1.26
|
|
$ 0.90
|
Diluted Earnings Per
Share
|
$ 1.24
|
|
$ 0.88
|
|
|
|
|
Weighted Average Shares
|
|
|
|
Outstanding
Basic
|
5,500,027
|
|
5,471,001
|
|
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
Outstanding
Diluted
|
5,589,012
|
|
5,568,493
|
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SOURCE Bank of South Carolina Corporation