Bank of South Carolina Corporation Announces Second Quarter Earnings
CHARLESTON, S.C., July 10, 2025 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $1,956,155, or $0.36 basic and $0.35 diluted earnings per share for the quarter ended June 30, 2025, an increase of $202,357, or 11.54%, from earnings for the quarter ended June 30, 2024 of $1,753,798, or $0.32 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2025 increased $620,575, or 19.83%, to $3,750,169 compared to $3,129,594 for the six months ended June 30, 2024. Annualized returns on average assets and average equity for the six months ended June 30, 2025 were 1.33% and 13.73%, respectively, compared with June 30, 2024 annualized returns on average assets and average equity of 1.04% and 13.21%, respectively.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report net income of $1,956,155 for the quarter - our highest second-quarter earnings on record and a 12% increase over the same period in 2024. This strong performance is primarily driven by the continued improvement in our net interest margin, which exceeded 4% for the second consecutive quarter and highlights the effectiveness of our disciplined pricing strategy. To be firmly ahead of both last year's earnings to date and the current-year profit plan is a credit to our exceptional team of professional bankers. Meanwhile, loan demand across our markets remains robust, and our customers continue to prosper, as reflected in the low percentage of nonperforming loans on our balance sheet. As we enter the second half of the year, we remain steadfast in our commitment to delivering outstanding customer service, upholding a high standard of asset quality, and leveraging capital with a long-term perspective."
Selected Condensed Consolidated Financial Data
(Unaudited)
For the Three Months Ended
June 30,2025
March 31,2025
December 31,2024
September 30,2024
June 30,2024
Total Interest and Fee Income
$ 7,202,647
$ 6,737,106
$ 6,818,624
$ 6,848,831
$ 6,702,792
Total Interest Expense
1,304,294
1,325,566
1,406,681
1,566,695
1,564,362
Net Interest Income
5,898,353
5,411,540
5,411,943
5,282,136
5,138,430
Provision for Credit Losses
100,000
50,000
25,000
-
50,000
Net Interest Income After Provision for Credit Losses
5,798,353
5,361,540
5,386,943
5,282,136
5,088,430
Total Other Income
421,104
480,342
