Bank of S.C. 1Q earnings down 4.31%

By Ashley Barker
abarker@scbiznews.com
Published April 9, 2014

Charleston-based Bank of South Carolina Corp.’s first-quarter earnings were down 4.31% from last year.

The bank, which held its annual shareholders meeting on Tuesday, reported $955,798 in earnings, or $0.21 per share, for the quarter ended March 31. In the first quarter of 2013, the bank earned $998,805 or $0.22 per share.

Returns on average assets during the first quarter of 2014 were 1.15%, which is down from 1.26% in last year’s first quarter. The average equity for the quarter also decreased from 11.72% last year to 10.92% in 2014, the bank said.

Fleetwood S. Hassell, president of the Bank of South Carolina, said he is pleased that the first-quarter earnings were ahead of their profit plan.

“Although mortgage originations have fallen off as expected, loan demand has improved, and control of our non-interest expenses remain strong,” Hassell said in a statement. “As we continue to build the bank one account at a time, we are reminded that this organization has been built for the long term and cares for and knows its customers and the market we serve.”

Construction on the bank’s fifth branch is expected to begin this summer in North Charleston. The bank plans to open a full-service branch in about 7,000 square feet of a 40,000-square-foot office building in the Ingleside development. Seven employees will work at the branch beginning in the first quarter of 2015, according to Hassell.

The Bank of South Carolina — which opened in 1987 at 256 Meeting St. in downtown Charleston — already has branches in Summerville, West Ashley and Mount Pleasant. The bank announced in January that its earnings were more than $4 million for the year ended Dec. 31. That was an increase of 11.18% from earnings for 2012 of nearly $3.7 million.

Bank of South Carolina Corp. earnings report


BKSC common stock
Book value per share
Total assets

March 31, 2014
4,461,388
$7.91
$336,618,121

March 31, 2013
4,448,901
$7.70
$328,647,570

Source: Bank of South Carolina Corp.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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