0001144204-16-093827.txt : 20160412 0001144204-16-093827.hdr.sgml : 20160412 20160412114047 ACCESSION NUMBER: 0001144204-16-093827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160412 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160412 DATE AS OF CHANGE: 20160412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF SOUTH CAROLINA CORP CENTRAL INDEX KEY: 0001007273 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 571021355 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27702 FILM NUMBER: 161566669 BUSINESS ADDRESS: STREET 1: 256 MEETING ST STREET 2: P O BOX 538 CITY: CHARLESTON STATE: SC ZIP: 29402 BUSINESS PHONE: 803 724 1500 MAIL ADDRESS: STREET 1: 256 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29402 8-K 1 v436780_8k.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

 

Date of Report: April 12, 2016

 

Bank of South Carolina Corporation

(Exact name of registrant as specified in its charter)

 

South Carolina 0-27702 57-1021355
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)

 

256 Meeting Street Charleston, SC 29401
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (843) 724-1500

 

 

 

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

  

Section 2- Financial Information

 

Item 2.02Results of Operations and Financial Condition

 

On April 12, 2016 the Bank of South Carolina Corporation issued a press release announcing its financial results for the quarter ended March 31, 2016. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Exhibit 99.1 to this report, and such press release is incorporated herein by reference.

 

Section 9- Financial Statements and Exhibits

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits.

 

The following Exhibit is filed as part of this report

 

Exhibit 99.1Press release dated April 12, 2016

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  The Bank of South Carolina Corporation  
  (Registrant)  
     
Date: April 12, 2016    
  /s/ Eugene H. Walpole, IV  
  Eugene H. Walpole, IV  
  Chief Financial Officer  
  Senior Vice President  

 

 

 EX-99.1 2 v436780_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1
 

Bank of South Carolina Corporation Announces First Quarter Earnings

CHARLESTON, S.C., April 12, 2016 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced earnings of $1,195,736 or $.24 basic and diluted earnings per share, for the quarter ended March 31, 2016 – a decrease of 0.77% from earnings for the first quarter ended March 31, 2015 of $1,204,960 or basic and diluted earnings per share of $.25 and $.24, respectively. Returns on average assets and average equity for the quarter ended March 31, 2016 were 1.22% and 11.91%, respectively, compared with the quarter ended March 31, 2015 returns on average assets and average equity of 1.32% and 12.93%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Strong lending opportunities and consistent contributions from our mortgage department have the bank off to another great start. We are pleased to be well ahead of our 2016 profit plan for the first three months. Our colleague, Sherry Sharry, recently announced her retirement from the organization she helped build over the past 30 years. A founding employee, Sherry leaves with a sterling 36 year banking career and will remain on as a director. Gene Walpole, SVP has assumed her duties and responsibilities as Chief Financial Officer. As the headlines of our paper have been filled with news of change and uncertainty with new, vacating, and merging banks, we continue our course of serving the citizens of the Lowcountry and remaining the oldest bank headquartered in Charleston."

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










March 31, 2016

March 31, 2015



Shares Outstanding



BKSC Common Stock

4,917,207

4,907,223



Book Value Per Share

$

8.20

$

7.75



Total Assets

$

403,693,992

$

376,587,308



3 Months Ending








Net Income

$

1,195,736

$

1,204,960



Basic Earnings Per Share

$

0.24

$

0.25



Diluted Earnings Per Share

$

0.24

$

0.24



Weighted Average Shares Outstanding








Basic

4,917,334

4,907,223



Diluted

5,067,563

5,054,687



CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500