Bank of South Carolina Corporation Announces Third Quarter Earnings
CHARLESTON, S.C., Oct. 10, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX:BKSC) announced unaudited earnings of $1,801,863, or $0.33 basic and diluted earnings per share, for the quarter ended September 30, 2024, an increase of $538,493, or 42.62%, from earnings for the quarter ended September 30, 2023 of $1,263,370, or $0.23 basic and diluted earnings per share. Unaudited earnings for the nine months ended September 30, 2024 increased $801,591, or 19.41%, to $4,931,457 compared to $4,129,866 for the nine months ended September 30, 2023. Annualized returns on average assets and average equity for the nine months ended September 30, 2024 were 1.10% and 13.50%, respectively, compared with September 30, 2023 annualized returns on average assets and average equity of 0.86% and 12.95%, respectively.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased with operating results for the quarter and year-to-date, in which we generated a return on average assets of 1.24% and 1.10%, respectively, and a return on average equity of 14.04% and 13.50%, respectively. Our bankers remain steadfastly focused on service, responsiveness, and attention to the needs of our customers, who are by-and-large faring well in this economy. We've also remained disciplined with respect to loan pricing and credit underwriting, efforts that have resulted in an improved net interest margin and non-performing asset ratio during the quarter. As was widely expected, the Federal Reserve took action in September to begin easing, and we anticipate that further rate reductions are forthcoming. Our balance sheet is well-positioned for the impact of additional rate cuts, as we look forward to finishing out another successful year."
Selected Condensed Consolidated Financial Data
(Unaudited)
For the Three Months Ended
September 30,2024
June 30,2024
March 31,2024
December 31,2023
September 30,2023
Total Interest and Fee Income
$ 6,848,831
$ 6,702,792
$ 6,593,463
$ 6,500,593
$ 6,154,138
Total Interest Expense
1,566,695
1,564,362
1,861,311
1,821,435
1,619,582
Net Interest Income
5,282,136
5,138,430
4,732,152
4,679,158
4,534,556
Provision for Credit Losses
-
50,000
-
-
-
Net Interest Income After Provision for Credit Losses
5,282,136
5,088,430
