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Bank of South Carolina Corporation Announces First Quarter Earnings



     Bank of South Carolina Corporation Announces First Quarter Earnings

PR Newswire

CHARLESTON, S.C., April 9, 2013

CHARLESTON, S.C., April 9, 2013 /PRNewswire/ -- The Bank of South Carolina
Corporation, (Nasdaq: BKSC) announced earnings of $998,805 or $.22 per share,
for the quarter ended March 31, 2013 – an  increase of 12.13% from earnings
for the first quarter ended March 31, 2012 of $890,726 or $.20 per share.
Returns on average assets and average equity for the quarter ended March 31,
2013 were 1.26% and 11.72%, respectively, compared with 2012 returns on
average assets and average equity of 1.09 % and 10.94%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We are
quite pleased with our first quarter earnings report.  The ongoing
contribution of our mortgage operation, coupled with excellent control of our
non-interest expenses, continues to drive our numbers.  Bank lending remains
flat, yet our new account activity and deposit growth is strong.  We are off
to a good start for 2013."

The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256
Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley
community.  Our website is www.banksc.com.  Bank of South Carolina Corporation
currently trades its common stock on the NASDAQ stock market under the symbol
"BKSC". 

Bank of South Carolina
Corporation (BKSC)
Report of Earnings
                                        March 31,       March 31,
                                        2013            2012
Shares Outstanding
BKSC Common Stock                       4,448,901       4,444,960
Book Value Per Share                    $          7.70 $               7.26
Total Assets                            $  328,647,570  $  343,711,052
3 Months
Ending
Net Income                              $998,805        $890,726
Basic Earnings Per Share                $.22            $.20
Diluted Earnings Per Share              $.22            $.20
Weighted Average Shares
Outstanding Basic                       4,446,905       4,444,943
Weighted Average Shares
Outstanding Diluted                     4,446,905       4,444,943

 

SOURCE Bank of South Carolina Corporation

Website: http://www.banksc.com
Contact: Sheryl G. Sharry, TELEPHONE: (843) 724-1500
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