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".
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The following table
shows the balance sheet and income statement highlights:
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(Unaudited)
December 31,
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(Audited)
December
31,
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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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5,510,917
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5,488,207
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Book Value Per
Share
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$
8.25
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$
7.79
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Total
Assets
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$
429,135,198
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$
446,566,498
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Three Months
Ending
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Net
Income
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$
1,806,194
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$
848,699
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Basic Earnings Per
Share
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$
0.33
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$
0.15
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Diluted Earnings Per
Share
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$
0.32
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$
0.15
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Weighted Average
Shares
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Outstanding
Basic
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5,510,917
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5,484,125
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Weighted Average
Shares
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Outstanding
Diluted
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5,600,983
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5,583,892
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Twelve Months
Ending
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Net
Income
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$
6,922,934
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$
4,901,825
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Basic Earnings Per
Share
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$
1.26
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$
0.90
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Diluted Earnings Per
Share
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$
1.24
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$
0.88
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Weighted Average
Shares
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Outstanding
Basic
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5,500,027
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5,471,001
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Weighted Average
Shares
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Outstanding
Diluted
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5,589,012
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5,568,493
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SOURCE Bank of South Carolina Corporation