Bank of South Carolina Corporation Announces Second Quarter Earnings
Friday, July 12th, 2019
The Bank of South Carolina Corporation, announced unaudited earnings of $1,840,847, or $0.33 basic and diluted earnings per share, for the quarter ended June 30, 2019 – an increase of 6.63% from earnings for the quarter ended June 30, 2018 of $1,726,357, or $0.31 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2019 increased $191,524, or 5.74%, to $3,530,111 compared to $3,338,587 for the six months ended June 30, 2018. Annualized returns on average assets and average equity for the six months ended June 30, 2019 were 1.65% and 14.99%, respectively, compared with 2018 annualized returns on average assets and average equity of 1.57% and 15.59%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "As with the first quarter of the year, the second experienced solid loan demand with strong margins, excellent control of expenses, and improvement in our mortgage origination contribution. We are ahead of our profit plan for the year and the three and six month periods as compared to 2018. We are looking forward to the second half of the year with the opening of our North Charleston office in the fourth quarter."