Bank of South Carolina Corporation Reports Earnings
On April 8, 2025, the Bank of South Carolina Corporation (OTCQX: BKSC) announced its unaudited earnings for the first quarter of 2025, revealing impressive growth compared to the previous year. The bank recorded net income of $1,794,014, translating to a basic earnings per share (EPS) of $0.33 and diluted EPS of $0.32. This marks a remarkable increase of $418,218 or 30.40% from the first quarter of 2024, which saw earnings of $1,375,796 at $0.25 per share.
Eugene H. Walpole, IV, President and Chief Executive Officer of the Bank of South Carolina Corporation, expressed satisfaction with these results, pointing out a 28% rise in earnings per share as well as an annualized return on average assets (ROAA) of 1.28%. This reflects a year-over-year improvement of 44%, while the return on average equity (ROAE) increased to 13.51%, showing a 16% enhancement from the prior year.
"Our results indicate the effectiveness of our disciplined approach to loan pricing combined with lower funding costs. We are proud of our consistent improvement in net interest margin over the last few quarters," Walpole noted. The overall strategy focuses on maintaining asset quality while expanding earnings per share without compromising growth.
Financial Overview
In further detail, total interest and fee income for the quarter reached $6,737,106, while total interest expenses stood at $1,325,566, resulting in a net interest income of $5,411,540. Despite a provision for credit losses recorded at $50,000, the bank's net interest income after accounting for this provision was $5,361,540. The bank also generated a total other income of $480,342, which contributed to a solid financial performance.
Total other expenses during the period amounted to $3,491,502, leading to an income before income tax expense of $2,350,380. After accounting for an income tax expense of $556,366, the bank was left with the aforementioned net income for the quarter.
Earnings Per Share and Equity
Earnings per share figures highlight the growth trajectory of the bank. Basic EPS increased to $0.33, while diluted EPS reflected a similar rise to $0.32, both higher than previous values. Furthermore, the bank's efficiency ratio was recorded at 59.26%, revealing effective cost management.
The financial report also indicated that the bank's total assets reflected a gradual decline to $566,714,762, coupled with total loans standing at $363,853,692 and total deposits of $498,326,696. The book value per share was noted at $10.12, evidencing the bank’s robust financial standing.
Looking Forward
Walpole emphasized the importance of managed risk and a long-term outlook in the bank’s operational strategy. He stated,
“We remain ahead of our profit plan to date and continue to prioritize the preservation of asset quality.” The Bank of South Carolina plays a pivotal role in the local financial space, maintaining a long-lasting reputation since its inception in 1987. It operates across multiple locations in South Carolina, reinforcing its commitment to serving the local community with tailored banking solutions.
As the bank looks toward the future, stakeholders will be keenly observing how it plans to navigate economic uncertainties while driving sustainable growth. With a solid financial foundation already laid down for 2025, the Bank of South Carolina Corporation is set to make significant strides in enhancing its market presence and continued profitability.
For more information about their services, visit
www.banksc.com.