Bank of South Carolina Corporation Announces First Quarter Earnings

Bank of South Carolina Corporation Announces First Quarter Earnings

Benzinga
April 8, 2025

CHARLESTON, S.C., April 8, 2025 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX:BKSC) announced unaudited earnings of $1,794,014 or $0.33 basic and $0.32 diluted earnings per share for the quarter ended March 31, 2025, an increase of $418,218, or 30.40%, from earnings for the quarter ended March 31, 2024 of $1,375,796 or $0.25 basic and diluted earnings per share, respectively. Annualized returns on average assets and average equity for the three months ended March 31, 2025 were 1.28% and 13.51%, respectively, compared with March 31, 2024 annualized returns on average assets and average equity of 0.89% and 11.69%, respectively.

Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report net income of $1,794,014 for the first quarter, representing a 30% increase compared to the same period in 2024, and a 28% increase on a per-share basis. Our return on average assets of 1.28% and return on average equity of 13.51% reflect year-over-year improvement of 44% and 16%, respectively. Through disciplined loan pricing and lower funding costs, we've realized consistent enhancement of our net interest margin over the last several quarters. Preserving asset quality and expanding earnings per share remain our focus, as we are not willing to sacrifice either one for growth's sake. We will continue managing risk with a long-term perspective and are pleased to be ahead of our profit plan to date."

Selected Condensed Consolidated Financial Data

(Unaudited)

For the Three Months Ended

March 31,2025

December 31,2024

September 30,2024

June 30,2024

March 31,2024

Total Interest and Fee Income

$       6,737,106

$       6,818,624

$       6,848,831

$       6,702,792

$       6,593,463

Total Interest Expense

1,325,566

1,406,681

1,566,695

1,564,362

1,861,311

Net Interest Income

5,411,540

5,411,943

5,282,136

5,138,430

4,732,152

Provision for Credit Losses

50,000

25,000

-

50,000

-

Net Interest Income After Provision for Credit Losses

5,361,540

5,386,943

5,282,136

5,088,430

4,732,152

Total Other Income

480,342

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