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
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Date of Report: April 11, 2017
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 |
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| (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 2.02 Results of Operations and Financial Condition
On April 11, 2017 the Bank of South Carolina Corporation issued a press release announcing its financial results for the quarter ended March 31, 2017. 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 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
The following Exhibit is filed as part of this report
Exhibit 99.1 Press release dated April 11, 2017
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 11, 2017 | |
| /s/ Eugene H. Walpole, IV | |
| Eugene H. Walpole, IV | |
| Chief Financial Officer | |
| Senior Vice President |
Bank of South Carolina Corporation Announces First Quarter Earnings
CHARLESTON, S.C., April 11, 2017 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced earnings of $1,226,088 or $0.25 and $0.24 basic and diluted per share, respectively, for the quarter ended March 31, 2017 – an increase of 2.54% from earnings for the quarter ended March 31, 2016 of $1,195,736 or $0.24 and $0.24 basic and diluted per share, respectively. Returns on average assets and average equity for the three months ended March 31, 2017 were 1.21% and 11.95%, respectively, compared with 2016 returns on average assets and average equity of 1.22% and 11.91%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Continued efficiencies and excellent control of expenses have offset the effects of flat loan demand as we begin our year. We are consistent with our profit plan to date and remain ahead of earnings for the first quarter of 2016."
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 |
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Corporation (BKSC) |
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Report of Earnings |
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| March 31, |
| March 31, |
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| 2017 |
| 2016 |
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Shares Outstanding |
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BKSC Common Stock | 4,971,539 |
| 4,917,507 |
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Book Value Per Share | $ 8.38 |
| $ 8.20 |
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Total Assets | $ 428,796,627 |
| $ 403,693,992 |
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3 Months Ending |
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Net Income | $ 1,226,088 |
| $ 1,195,736 |
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Basic Earnings Per Share | $ 0.25 |
| $ 0.24 |
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Diluted Earnings Per Share | $ 0.24 |
| $ 0.24 |
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Weighted Average Shares |
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Outstanding Basic | 4,962,250 |
| 4,917,334 |
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Weighted Average Shares |
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Outstanding Diluted | 5,073,101 |
| 5,067,563 |
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CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500