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: January 9, 2020
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 of this chapter).
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 January 9, 2020, the Bank of South Carolina Corporation issued a press release announcing its unaudited financial results for the quarter and year ended December 31, 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 January 9, 2020
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: January 9, 2020 | ||
| /s/ Eugene H. Walpole, IV | ||
| Eugene H. Walpole, IV | ||
| Chief Financial Officer | ||
| Executive Vice President | ||
Exhibit 99.1
Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings
CHARLESTON, S.C., Jan. 9, 2020 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $7,318,433 or $1.33 and $1.31 basic and diluted per share, respectively, for the year ended December 31, 2019 – an increase of $395,499 or 5.71% from earnings for the year ended December 31, 2018 of $6,922,934 or $1.26 and $1.24 basic and diluted per share, respectively. Earnings for the three months ended December 31, 2019 decreased $32,665 or 1.81% to $1,773,529 compared to $1,806,194 for the three months ended December 31, 2018. Returns on average assets and average equity for the year ended December 31, 2019 were 1.66% and 14.86%, respectively, compared with 2018 returns on average assets and average equity of 1.61% and 15.85%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Building on the previous year's success, 2019 was another record year for the Bank of South Carolina. Strong margins, coupled with a much-improved contribution from our mortgage operation, resulted in returns with which we are pleased. We are excited to have opened our North Charleston office and look forward to its long-term growth and success. The fundamentals of our industry never change, and our adherence to them drives the efficiency of our operation and ensures our unique position as 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 North Charleston, 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".
The following table shows the balance sheet and income statement highlights: | |||
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| (Unaudited)
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| (Unaudited)
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| 2019 |
| 2018 |
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Shares Outstanding |
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BKSC Common Stock | 5,530,001 |
| 5,510,917 |
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Book Value Per Share | $ 9.25 |
| $ 8.25 |
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Total Assets | $ 445,012,521 |
| $ 429,135,198 |
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Three Months Ending |
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Net Income | $ 1,773,529 |
| $ 1,806,194 |
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Basic Earnings Per Share | $ 0.32 |
| $ 0.33 |
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Diluted Earnings Per Share | $ 0.32 |
| $ 0.32 |
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Weighted Average Shares |
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Outstanding Basic | 5,530,001 |
| 5,510,917 |
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Weighted Average Shares |
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Outstanding Diluted | 5,595,844 |
| 5,600,983 |
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Twelve Months Ending |
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Net Income | $ 7,318,433 |
| $ 6,922,934 |
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Basic Earnings Per Share | $ 1.33 |
| $ 1.26 |
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Diluted Earnings Per Share | $ 1.31 |
| $ 1.24 |
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Weighted Average Shares |
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Outstanding Basic | 5,522,025 |
| 5,500,027 |
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Weighted Average Shares |
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Outstanding Diluted | 5,588,090 |
| 5,589,012 |
CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500