Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): July 13, 2023 Bank of South Carolina Corporation
(Exact name of registrant as specified in its charter)
South Carolina	0-27702		57-1021355
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
256 Meeting Street Charleston, SC 29401
(Address of principal executive offices)			(Zip Code)
Registrant’s telephone number, including area code		(843) 724-1500

(Former name or former address, if changed since last report.)
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):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common stock

BKSC

The NASDAQ Capital Market

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).

☐ Emerging growth company

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 July 13, 2023, the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the three and six months ended June 30, 2023. 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
Exhibit 99.1	Press release dated July 13 2023
Exhibit 104	Cover Page Interactive Data File (embedded within the online 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.


	Bank of South Carolina Corporation
	(Registrant)

	Date: July 13, 2023


By:	/s/ Eugene H. Walpole, IV
	Eugene H. Walpole, IV
	Chief Financial Officer
	Executive Vice President

Exhibit 99.1

Bank of South Carolina Corporation Announces Second Quarter Earnings

CHARLESTON, S.C., July 13, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $1,277,717, or $0.23 basic and diluted earnings per share for the quarter ended June 30, 2023 – a decrease of $265,265, or 17.19%, from earnings for the quarter ended June 30, 2022 of $1,542,982, or $0.28 and $0.27 basic and diluted earnings per share, respectively. Unaudited earnings for the six months ended June 30, 2023 decreased $140,592 or 4.68%, to $2,866,496 compared to $3,007,088 for the six months ended June 30, 2022. Annualized returns on average assets and average equity for the six months ended June 30, 2023 were 0.89% and 13.61%, respectively, compared with June 30, 2022 annualized returns on average assets and average equity of 0.90% and 12.57%, respectively.

Fleetwood S. Hassell, President & CEO of the Bank of South Carolina, stated, "Unfortunately, in the second quarter we fell behind our 2023 profit plan and 2022 earnings to date as a result of the continued increase in deposit expense. Deposit rates paid from other sectors of the financial industry continue to create intense competition. Further rate increases by the Federal Reserve are unclear; however, the reality of interest rates remaining higher/longer is becoming more of a possibility. Should this occur, we will continue to use it as an opportunity to rebalance the income from our portfolio of loans, investments, and daily liquidity. We remain steadfast in our asset quality, control of expenses, and customer service and believe the future to be encouraging, having successfully opened our sixth office on James Island, declared another quarterly cash dividend, and recently announced a stock repurchase program."

The following table shows the balance sheet and income statement highlights:


	(Unaudited) June 30,	(Unaudited) June 30,
	2023	2022


Common stock shares outstanding	5,548,239	5,552,351
Book value per share	$ 7.67	$ 7.50
Total assets	$ 648,405,848	$ 655,465,190

Three Months Ended


Net income	$ 1,277,717	$ 1,542,982

Basic earnings per share	$ 0.23	$ 0.28
Diluted earnings per share	$ 0.23	$ 0.27

Weighted average shares outstanding:
Basic	5,551,502	5,550,951
Diluted	5,640,937	5,693,808
Six Months Ended
Net income	$ 2,866,496	$ 3,007,088
Basic earnings per share	$ 0.52	$ 0.54
Diluted earnings per share	$ 0.51	$ 0.53
Weighted average shares outstanding:
Basic	5,551,924	5,547,767
Diluted	5,646,547	5,682,968

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, James Island, and 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 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

Document and Entity Information	Jul. 13, 2023
Cover [Abstract]
Document Type	8-K
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false
Document Period End Date	Jul. 13, 2023
Entity Registrant Name	Bank of South Carolina Corporation
Entity Incorporation, State or Country Code	SC
Entity Central Index Key	0001007273
Securities Act File Number	0-27702
Entity Tax Identification Number	57-1021355
Entity Emerging Growth Company	false
Entity Address, Address Line One	256 Meeting Street
Entity Address, City or Town	Charleston
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29401
City Area Code	843
Local Phone Number	724-1500
Title of 12(b) Security	Common stock
Trading Symbol	BKSC
Security Exchange Name	NASDAQ