Bank of South Carolina Corporation Announces Second Quarter Earnings

     Bank of South Carolina Corporation Announces Second Quarter Earnings

PR Newswire

CHARLESTON, S.C., July 11, 2013

CHARLESTON, S.C., July 11, 2013 /PRNewswire/ --The Bank of South Carolina
Corporation, (Nasdaq: BKSC) announced earnings of $1,044,074 or $.23 per
share, for the quarter ended June 30, 2013 – an increase of 17.28% from
earnings for the quarter ended June 30, 2012 of $890,267 or $.20 per share.
Returns on average assets and average equity for the six months ended June 30,
2013 were 1.26% and 11.85%, respectively, compared with 2012 returns on
average assets and average equity of 1.12% and 10.87%, respectively. Earnings
for the six months ended June 30, 2013 increased $261,886 or 14.70% to
$2,042,879 compared to $1,780,993 for the six months ended June 30, 2012.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We are
very pleased with the second quarter and year to date earnings. Steady
contributions of mortgage and loan production coupled with excellent control
of expenses continue to drive our numbers. As we look to the future, our
course will be on continued emphasis of the very hallmarks the Bank was
founded upon - unparalleled customer service, responsiveness, and attention to
detail that often lead to generational relationships. We consider these the
fundamentals of community banking. We look forward to the remaining half of
the year."

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
                                                    June 30,       June 30,
                                                    2013           2012
Shares Outstanding
BKSC Common Stock              4,453,528      4,446,239
Book Value Per Share            $ 7.73         $ 7.45
Total Assets         $ 340,502,378  $ 311,302,661
3 Months
Ending
Net                                               $ 1,044,074    $ 890,267
Income
Basic Earnings Per Share   $ .23          $ .20
Diluted Earnings Per Share $ .23          $ .20
Weighted Average Shares
Outstanding Basic    4,451,333      4,445,520
Weighted Average Shares
Outstanding Diluted      4,451,333      4,445,520
6 Months
Ending
Net                                               $ 2,042,879    $ 1,780,993
Income
Basic Earnings Per                                $ .46          $ .40
Share
Diluted Earnings Per Share     $ .46          $ .40
Weighted Average Shares
Outstanding Basic        4,449,131      4,445,232
Weighted Average Shares
Outstanding Diluted        4,449,131      4,445,232





SOURCE Bank of South Carolina Corporation
 
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