CHARLESTON, S.C., Jan. 13, 2022 /PRNewswire/ -- The Bank of
South Carolina Corporation (Nasdaq: BKSC) announced unaudited
earnings of $6,744,866 or
$1.22 and $1.19 basic and diluted per share, respectively,
for the year ended December 31, 2021
– an increase of $284,235 or 4.40%
from earnings for the year ended December
31, 2020 of $6,460,631 or
$1.17 and $1.14 basic and diluted per share, respectively.
Earnings for the three months ended December
31, 2021 decreased $196,036 or
11.30% to $1,539,170 compared to
$1,735,206 for the three months ended
December 31, 2020. Returns on average
assets and average equity for the year ended December 31, 2021 were 1.14% and 12.30%,
respectively, compared with 2020 returns on average assets and
average equity of 1.28% and 11.93%, respectively.
Fleetwood S. Hassell, President
and Chief Executive Officer, stated, "This year, we will celebrate
our 35th anniversary as the oldest bank headquartered in
Charleston. Despite lower fourth
quarter earnings, 2021 was another successful year as we were able
to meet and exceed our profit plan, resulting in the third most
profitable year in our history. Fees realized from PPP and mortgage
originations greatly helped to offset reduced interest income
generated from this exceptionally low interest rate environment. We
are prepared to meet the challenges of 2022: razor-thin margins,
suitable investments of our resources, diminished fee income, and a
tight labor market. Anticipated Federal Reserve rate increases will
help to mitigate some of this; however, an expanded mortgage
department and increased loan volume will be the keys to driving
more revenue for the bank. Nonetheless, our employees remain our
greatest asset and, once again, will see us through another
successful year of relationship banking with unparalleled service,
responsiveness, and attention to detail."
The following table shows the balance sheet and income statement
highlights:
|
|
|
|
|
|
(Unaudited)
December 31,
2021
|
|
(Unaudited)
December 31,
2020
|
|
|
|
|
BKSC Common
Stock Shares
Outstanding
|
5,541,266
|
|
5,520,469
|
Book Value Per
Share
|
$
9.73
|
|
$
9.96
|
Total
Assets
|
$
679,220,646
|
|
$
532,494,599
|
|
|
|
|
Three Months
Ending
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
1,539,170
|
|
$
1,735,206
|
|
|
|
|
Basic Earnings Per
Share
|
$
0.28
|
|
$
0.31
|
Diluted Earnings Per
Share
|
$
0.27
|
|
$
0.31
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
5,539,381
|
|
5,520,272
|
Diluted Weighted
Average Shares Outstanding
|
5,683,804
|
|
5,673,339
|
|
|
|
|
|
(Unaudited)
December 31,
2021
|
|
(Unaudited)
December 31,
2020
|
Twelve Months
Ending
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
6,744,866
|
|
$
6,460,631
|
Basic Earnings Per
Share
|
$
1.22
|
|
$
1.17
|
Diluted Earnings Per
Share
|
$
1.19
|
|
$
1.14
|
|
|
|
|
Weighted Average
Shares
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
5,531,518
|
|
5,526,948
|
Diluted Weighted
Average Shares Outstanding
|
5,680,482
|
|
5,678,543
|
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, 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".
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SOURCE Bank of South Carolina Corporation