CHARLESTON, SC, January 14, 2021 / PRNewswire / – The Bank of South Carolina (Nasdaq: BKSC) announced unaudited earnings of $ 6,460,631 or $ 1.17 and $ 1.14 basic and diluted per share, respectively, for the year ended December 31, 2020 – a decrease in $ 857,802 or 11.72% of the profit for the year ended December 31, 2019 of $ 7,318,433 or $ 1.33 and $ 1.31 basic and diluted per share, respectively. Earnings in the three months ended December 31, 2020 decreased $ 38,323 or 2.16% for $ 1,735,206 compared to $ 1,773,529 for the three months ended December 31, 2019. Returns on average assets and average shareholders’ equity for the year ended December 31, 2020 were 1.28% and 11.93%, respectively, compared to the 2019 returns on average assets and average net equity of 1.66% and 14.86%, respectively.
Fleetwood S. Hassell, President and CEO, stated: “Despite the ongoing pandemic, dramatic reduction in interest rates and the operating expenses of a new banking office, we were able to meet and exceed our profit plan for the year. 2020 was an unusual year and operationally challenging; however, we face every interruption and obstacle to prove our resilience and agility.The combined efforts of all our employees resulted in more accounts being opened in 2020 than in 2019 and our third most profitable year in our more than 33 years of history. The company’s financial performance continues to be strong. Our employees remain focused on service and look forward to meeting the challenges of 2021. “
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The following table shows the highlights of the balance sheet and income statement: |
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(Unaudited) |
(Unaudited) |
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Outstanding BKSC common shares |
5,520,469 |
5,530,001 |
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Book value per share |
$ 9.96 |
$ 9.25 |
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Total assets |
$ 532,494,599 |
$ 445,012,521 |
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Final three months |
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net income |
$ 1,735,206 |
$ 1,773,529 |
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Basic earnings per share |
$ 0.31 |
$ 0.32 |
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Diluted earnings per share |
$ 0.31 |
$ 0.32 |
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Basic weighted average number of shares outstanding |
5,520,272 |
5,530,001 |
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Diluted weighted average number of shares outstanding |
5,673,339 |
5,595,844 |
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(Unaudited) |
(Unaudited) |
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Final Twelve Months |
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net income |
$ 6,460,631 |
$ 7,318,433 |
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Basic earnings per share |
$ 1.17 |
$ 1.33 |
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Diluted earnings per share |
$ 1.14 |
$ 1.31 |
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Weighted average of shares |
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Basic weighted average number of shares outstanding |
5,526,948 |
5,522,025 |
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Diluted weighted average number of shares outstanding |
5,678,543 |
5,588,090 |
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About Bank of South Carolina Corporation
Bank of South Carolina Corporation is the holding of The Bank of South Carolina (“The bank”). The Bank is a South Carolina State– accredited bank with offices in Charleston, North Charleston, Summerville, Mt. Pleasantand 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 shares on the NASDAQ stock market under the symbol “BKSC”.
SOURCE Bank of South Carolina Corporation
Related Links
http://www.banksc.com