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Bank of South Carolina Corporation Announces Third Quarter Earnings

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CHARLESTON, S.C., Oct. 10, 2013 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced earnings of $3,107,056 or $.70 per share, for the nine months ended September 30, 2013 – an increase of 16.17% from earnings for the nine months ended September 30, 2012 of $2,674,655 or $.60 per share. Returns on average assets and average equity for the nine months ended September 30, 2013 were 1.27% and 11.97%, respectively, compared with 2012 returns on average assets and average equity of 1.12% and 10.76%, respectively. Earnings for the three months ended September 30, 2013 increased $170,515 or 19.08% to $1,064,177 compared to $893,662 for the three months ended September 30, 2012.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Our model of safe and sound banking practices over the past 27 years has resulted in great success for our financial institution and its employees, customers, and shareholders.  Now, we are excited to announce our intention to open a future office in North Charleston on Highway 78 and Ingleside Boulevard led by veteran banker Terry Strawn."

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









September 30,


September 30,


2013


2012





Shares Outstanding




BKSC Common Stock               

4,456,028


4,446,239





Book Value Per Share                   

$               7.73


$               7.57





Total Assets                             

$  334,189,870


$  307,466,670





3 Months




Ending








Net Income                       

$      1,064,177


$         893,662





Basic Earnings Per Share                       

$.24


$.20





Diluted Earnings Per Share                       

$.24


$.20





Weighted Average Shares




Outstanding Basic                           

4,454,669


4,446,239





Weighted Average Shares




Outstanding Diluted                             

4,454,669


4,446,239





9 Months




Ending








Net Income                                 

$      3,107,056


$      2,674,655





Basic Earnings Per Share                       

$.70


$.60





Diluted Earnings Per Share                     

$.70


$.60





Weighted Average Shares




Outstanding Basic                          

4,450,997


4,445,570





Weighted Average Shares




Outstanding Diluted                   

4,450,997


4,445,570

SOURCE Bank of South Carolina Corporation



RELATED LINKS
http://www.banksc.com

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