#United States #Charleston #earnings report #Bank of South Carolina #eugene walpole

Overview of Annual Earnings

The Bank of South Carolina Corporation, traded on OTCQX under the symbol BKSC, recently announced its unaudited earnings for the year ending December 31, 2024. The results indicate a robust financial performance with total earnings amounting to $6,749,736, equating to earnings per share of $1.24 and $1.23 on a basic and diluted basis, respectively. This marks a commendable increase of $1,256,120, or 22.87%, compared to the previous year's earnings of $5,493,616, which reported earnings per share of $0.99 and $0.98.

Quarterly Performance Highlights

In addition to annual results, the corporation's unaudited earnings for the fourth quarter ended December 31, 2024, also showed significant improvement. Covering this quarter, the earnings reached $1,818,279, representing a 33.33% rise from $1,363,749 in the same quarter of the prior year, with a total interest and fee income of $6,818,624. This indicates a consistent upward trajectory in the bank's financial health as it manages to enhance its profit margins while effectively balancing expenses.

Key Financial Metrics

For the full year of 2024, the Bank achieved remarkable returns on average assets and average equity of 1.14% and 13.55% respectively, improving from the previous year's returns of 0.86% and 12.90%. This progression reflects the bank's strategies and efforts in maximizing shareholders' equity while minimizing costs. Notably, the net interest margin increased significantly by 85 basis points through the year.

Management Insights

Eugene H. Walpole, IV, the President and CEO of the Bank of South Carolina, expressed pride in the financial outcomes, stating, "We are proud of our performance for both the quarter and year." He highlighted that the robust earnings mark the bank's second-best year on record. The growth was largely attributed to an increase in non-interest income management, effective overhead control, and a growth in loans outstanding by over 5% annually. Walpole emphasized that maintaining high asset quality allowed the bank to keep non-performing assets at minimal levels.

Future Outlook

Looking forward, the bank remains optimistic about its financial outlook amidst potential rate cuts by the Federal Reserve in 2025. Despite the anticipated policy shifts, the strategic focus will remain on reallocating maturing investments into higher-yielding loans, enhancing the net interest margin further. Walpole also extended gratitude to the bank's employees for their dedication and commitment throughout the year, which played a vital role in achieving these results.

Selected Financial Data

The financial performance is detailed in the following condensed consolidated metrics:

• - Total Interest Income: $6,818,624 in Q4 2024
• - Net Income: $1,818,279 for Q4 2024
• - Return on Average Assets: 1.27% for Q4 2024
• - Return on Average Equity: 13.69% for Q4 2024
• - Efficiency Ratio: 59.34%

This data serves to showcase the solid performance and resiliency of the Bank of South Carolina as it navigates a dynamically changing financial landscape. The institution has laid down a strong foundation for sustainable growth moving forward.

Conclusion

The Bank of South Carolina Corporation's financial results for 2024 reflect a robust operational framework and a commitment to balancing growth with asset quality. With a focus on strategic maneuvers to adapt to economic changes, the bank is poised to continue its positive trend in the upcoming years.

For more information, visit Bank of South Carolina's website.