Bank of South Carolina Corporation Announces First Quarter Earnings
Bank of South Carolina Corporation Announces First Quarter Earnings
CHARLESTON, S.C., April 9, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $1,375,796 or $0.25 basic and diluted earnings per share for the quarter ended March 31, 2024 – a decrease of $212,983, or 13.41%, from earnings for the quarter ended March 31, 2023 of $1,588,779 or $0.29 and $0.28 basic and diluted earnings per share, respectively. Annualized returns on average assets and average equity for the three months ended March 31, 2024 were 0.88% and 11.66%, respectively, compared with March 31, 2023 annualized returns on average assets and average equity of 1.00% and 15.73%, respectively.
南卡羅來納州查爾斯頓，2024年4月9日 /PRNewswire/ — 南卡羅來納銀行公司（OTCQX：BKSC）宣佈，截至2024年3月31日的季度未經審計的收益爲1,375,796美元，基本和攤薄後每股收益0.25美元，下降212,983美元，跌幅13.41％；每股基本收益和攤薄後每股收益分別爲 28。截至2024年3月31日的三個月，平均資產的年化回報率和平均權益分別爲0.88％和11.66％，而2023年3月31日的平均資產年化回報率和平均權益回報率分別爲1.00％和15.73％。
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased with our performance in the first quarter, in which we generated a return on average assets of 0.88% and a return on average equity of 11.66%. When compared to last quarter, we produced higher net interest income, net income, and book value per share. These improved results are in large part due to strong commercial loan activity experienced during the quarter that propelled average loan growth of 2.5%. Meanwhile, credit quality is sound and non-performing assets minimal, and we are encouraged to be ahead of our 2024 profit plan to-date. As we continue to closely monitor the actions of the Federal Reserve, our strategy remains focused on using bond maturities within our investment portfolio to extinguish borrowings and fund loan growth in our market. In doing so, we expect to see gradual enhancement of our net interest margin as the year goes."
四世總裁兼首席執行官尤金·沃爾波爾表示：“我們對第一季度的表現感到滿意，其中我們的平均資產回報率爲0.88％，平均股本回報率爲11.66％。與上個季度相比，我們的淨利息收入、淨收入和每股賬面價值均有所提高。這些業績的改善在很大程度上是由於本季度強勁的商業貸款活動推動了2.5％的平均貸款增長。同時，信貸質量良好，不良資產微乎其微，我們鼓勵我們提前完成迄今爲止的2024年利潤計劃。在我們繼續密切關注聯儲局行動的同時，我們的戰略仍然側重於利用投資組合中的債券到期日來抵消借款，爲市場的貸款增長提供資金。通過這樣做，我們預計隨着時間的推移，我們的淨利率將逐步提高。”
|
Selected Condensed Consolidated Financial Data | ||||
|
(Unaudited) | ||||
|
For the Three Months Ended | ||||
|
March 31, |
December 31, |
September 30, |
June 30, | |
|
Total Interest and Fee Income |
$ 6,593,463 |
$ 6,500,593 |
$ 6,154,138 |
$ 6,027,060 |
|
Total Interest Expense |
1,861,311 |
1,821,435 |
1,619,582 |
1,420,080 |
|
Net Interest Income |
4,732,152 |
4,679,158 |
4,534,556 |
4,606,980 |
|
Provision for Credit Losses |
- |
- |
- |
- |
|
Net Interest Income After Provision for Credit Losses |
4,732,152 |
4,679,158 |
4,534,556 |
4,606,980 |
|
Total Other Income |
423,497 |
397,970 |
480,448 |
437,121 |
|
Total Other Expense |
3,359,684 |
3,309,138 |
3,381,506 |
3,386,022 |
|
Income Before Income Tax Expense |
1,795,965 |
1,767,988 |
1,633,498 |
1,658,079 |
|
Income Tax Expense |
420,169 |
404,239 |
370,128 |
380,362 |
|
Net Income |
$ 1,375,796 |
$ 1,363,749 |
$ 1,263,370 |
$ 1,277,717 |
|
Earnings Per Share - Basic |
$ 0.25 |
$ 0.25 |
$ 0.23 |
$ 0.23 |
|
Earnings Per Share - Diluted |
$ 0.25 |
$ 0.24 |
$ 0.23 |
$ 0.23 |
|
Return on Average Assets |
0.88 % |
0.86 % |
0.86 % |
0.89 % |
|
Return on Average Equity |
11.66 % |
12.90 % |
12.95 % |
13.61 % |
|
Common Stock Shares Outstanding |
5,462,794 |
5,469,251 |
5,485,755 |
5,548,239 |
|
Book Value Per Share |
$ 8.69 |
$ 8.61 |
$ 7.51 |
$ 7.67 |
|
Efficiency Ratio |
65.17 % |
65.18 % |
67.43 % |
67.13 % |
|
Allowance for Credit Losses as a Percentage of Total Loans |
1.04 % |
1.07 % |
1.09 % |
1.08 % |
|
Quarterly Averages: | ||||
|
Total Assets |
$ 624,732,564 |
$ 625,093,859 |
$ 639,253,597 |
$ 650,131,459 |
|
Total Loans |
$ 353,396,331 |
$ 344,789,580 |
$ 339,152,054 |
$ 341,123,966 |
|
Total Deposits |
$ 519,023,338 |
$ 518,397,166 |
$ 540,290,630 |
$ 574,075,057 |
|
Total Shareholders' Equity |
$ 47,328,863 |
$ 42,464,898 |
$ 42,997,996 |
$ 43,952,144 |
|
精選的簡明合併財務數據 | ||||
|
（未經審計） | ||||
|
在已結束的三個月中 | ||||
|
3月31日 |
十二月三十一日 |
9月30日 |
6月30日 | |
|
利息和費用收入總額 |
6,593,463 美元 |
6,500,593 美元 |
6,154,138 美元 |
6,027,060 美元 |
|
總利息支出 |
1,861,311 |
1,821,435 |
1,619,582 |
1,420,080 |
|
淨利息收入 |
4,732,152 |
4,679,158 |
4,534,556 |
4,606,980 |
|
信貸損失準備金 |
- |
- |
- |
- |
|
扣除信貸損失準備後的淨利息收入 |
4,732,152 |
4,679,158 |
4,534,556 |
4,606,980 |
|
其他收入總額 |
423,497 |
397,970 |
480,448 |
437,121 |
|
其他費用總額 |
3,359,684 |
3,309,138 |
3,381,506 |
3,386,022 |
|
所得稅支出前收入 |
1,795,965 |
1,767,988 |
1,633,498 |
1,658,079 |
|
所得稅支出 |
420,169 |
404,239 |
370,128 |
380,362 |
|
淨收入 |
1,375,796 美元 |
1,363,749 美元 |
1,263,370 美元 |
1,277,717 美元 |
|
每股收益-基本 |
0.25 美元 |
0.25 美元 |
0.23 美元 |
0.23 美元 |
|
每股收益-攤薄 |
0.25 美元 |
0.24 美元 |
0.23 美元 |
0.23 美元 |
|
平均資產回報率 |
0.88% |
0.86% |
0.86% |
0.89% |
|
平均股本回報率 |
11.66% |
12.90% |
12.95% |
13.61% |
|
已發行普通股 |
5,462,794 |
5,469,251 |
5,485,755 |
5,548,239 |
|
每股賬面價值 |
8.69 美元 |
8.61 美元 |
7.51 美元 |
7.67 美元 |
|
效率比 |
65.17% |
65.18% |
67.43% |
67.13% |
|
信貸損失備抵佔貸款總額的百分比 |
1.04% |
1.07% |
1.09% |
1.08% |
|
季度平均值： | ||||
|
總資產 |
624,732,564 美元 |
625,093,859 美元 |
639,253,597 美元 |
650,131,459 美元 |
|
貸款總額 |
353,396,331 美元 |
344,789,580 美元 |
339,152,054 美元 |
341,123,966 美元 |
|
存款總額 |
519,023,338 美元 |
518,397,166 美元 |
540,290,630 美元 |
574,075,057 美元 |
|
股東權益總額 |
47,328,863 美元 |
42,464,898 美元 |
42,997,996 美元 |
43,952,144 美元 |
About Bank of South Carolina Corporation
The Bank of South Carolina Corporation is the holding company of The Bank of South Carolina ("The Bank"). The Bank is a South Carolina state-chartered financial institution with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, James Island, and the West Ashley community and has been in continuous operation since 1987. Our website is . Bank of South Carolina Corporation currently trades its common stock on the OTCQX Best Market under the symbol "BKSC".
關於南卡羅來納銀行公司
南卡羅來納銀行公司是南卡羅來納銀行（“該銀行”）的控股公司。該銀行是一家南卡羅來納州特許金融機構，在查爾斯頓、北查爾斯頓、蒙大拿州薩默維爾設有辦事處。普萊森特、詹姆斯島和西阿什利社區，自1987年以來一直持續運營。我們的網站是.南卡羅來納銀行公司目前在OTCQX最佳市場上交易其普通股，股票代碼爲 “BKSC”。
Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
前瞻性陳述
本新聞稿包含前瞻性陳述，這些陳述不是歷史事實，旨在作爲 “前瞻性陳述”，因爲該術語由1995年《私人證券訴訟改革法》定義。這些前瞻性陳述可能包括但不限於有關公司計劃、目標、預期和意圖的陳述，以及本新聞稿中包含的非歷史事實且與公司未來經營業績有關的其他陳述。在本新聞稿中使用時，“期望”、“預期”、“打算”、“計劃”、“相信”、“尋求”、“估計” 等詞語以及類似的表述通常旨在識別前瞻性陳述。實際業績可能與這些前瞻性陳述中討論的結果存在重大差異，因爲此類陳述本質上受重大假設、風險和不確定性的影響，其中許多假設、風險和不確定性難以預測，而且通常是公司無法控制的。其中包括但不限於：不利經濟發展的可能性，除其他外，可能增加公司貸款組合的違約和拖欠風險；利率的變化；通貨膨脹率的變化；對公司貸款和其他產品需求的變化；不可預見的成本和支出增加；與收購相關的收入或成本節省低於預期；會計政策的變化；貨幣和財政政策的變化聯邦政府；以及法律、法規的變化以及競爭環境。除非法律要求，否則公司不承擔任何更新任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。
SOURCE BANK OF SOUTH CAROLINA
來源：南卡羅來納銀行
譯文內容由第三人軟體翻譯。