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: July 11, 2019
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock | BKSC | NASDAQ |
Item 2.02 Results of Operations and Financial Condition
On July 11, 2019, the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the quarter and six months ended June 30, 2019. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 2.02 to this report, and such press release is incorporated herein by reference.
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 July 11, 2019
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) | |
| /s/ Eugene H. Walpole, IV | |
| Eugene H. Walpole, IV | |
| Chief Financial Officer | |
| Executive Vice President | |
| Date: July 11, 2019 |
Exhibit 99.1
Bank of South Carolina Corporation Announces Second Quarter Earnings
CHARLESTON, S.C., July 11, 2019 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $1,840,847, or $0.33 basic and diluted earnings per share, for the quarter ended June 30, 2019 – an increase of 6.63% from earnings for the quarter ended June 30, 2018 of $1,726,357, or $0.31 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2019 increased $191,524, or 5.74%, to $3,530,111 compared to $3,338,587 for the six months ended June 30, 2018. Annualized returns on average assets and average equity for the six months ended June 30, 2019 were 1.65% and 14.99%, respectively, compared with 2018 annualized returns on average assets and average equity of 1.57% and 15.59%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "As with the first quarter of the year, the second experienced solid loan demand with strong margins, excellent control of expenses, and improvement in our mortgage origination contribution. We are ahead of our profit plan for the year and the three and six month periods as compared to 2018. We are looking forward to the second half of the year with the opening of our North Charleston office in the fourth quarter."
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. A fifth office at 9403 Highway 78 in North Charleston is under construction and anticipated to open in the fourth quarter of 2019. 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".
The following table shows the balance sheet and income statement highlights:
|
|
| (Unaudited)
|
| (Unaudited)
|
|
|
|
|
|
|
Common stock shares outstanding |
| 5,525,278 |
| 5,501,639 |
|
|
|
|
|
|
Book value per share | $ | 8.94 | $ | 7.86 |
|
|
|
|
|
|
Total assets | $ | 442,374,445 | $ | 426,770,905 |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
Net income | $ | 1,840,847 | $ | 1,726,357 |
|
|
|
|
|
|
Basic earnings per share | $ | 0.33 | $ | 0.31 |
|
|
|
|
|
|
Diluted earnings per share | $ | 0.33 | $ | 0.31 |
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
| 5,517,236 |
| 5,492,896 |
|
|
|
|
|
|
Diluted |
| 5,587,985 |
| 5,586,585 |
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
Net income | $ | 3,530,111 | $ | 3,338,587 |
|
|
|
|
|
|
Basic earnings per share | $ | 0.64 | $ | 0.63 |
|
|
|
|
|
|
Diluted earnings per share | $ | 0.63 | $ | 0.61 |
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
| 5,515,832 |
| 5,339,187 |
|
|
|
|
|
|
Diluted |
| 5,586,813 |
| 5,433,360 |
CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500