Published Jan. 14, 2013
The bank holding company for The Bank of South Carolina recorded a 15% increase in earnings in 2012.
Bank of South Carolina Corp. earned $3.7 million during 2012, or $0.82 per share. Earnings for the final quarter of 2012 also increased, up 18%.
Average loan growth was 3.7% because of an increase in mortgage loans to be sold, according to bank President and CEO Fleetwood S. Hassell.
“This contribution was a driving force in our success this year,” he said.
Mortgage banking income increased 104% from 2011.
“We were quite pleased with the bank’s earnings for 2012, which were the third best in our company’s history,” Hassell said. “We remain committed to the fundamentals of community banking. Our business model of asset quality, low cost funding sources and efficient operations will continue to serve us well as we move through 2013.”