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: October 12, 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 |
| (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. ¨
| Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On October 12, 2017, the Bank of South Carolina Corporation issued a press release announcing its financial results for the quarter ended September 30, 2017. 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 October 12, 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: October 12, 2017 | |
| /s/ Eugene H. Walpole, IV | |
| Eugene H. Walpole, IV | |
| Chief Financial Officer | |
| Senior Vice President |
Bank of South Carolina Corporation Announces Third Quarter Earnings
CHARLESTON, S.C., Oct. 12, 2017 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced earnings of $1,440,653 or $0.29 and $0.28 basic and diluted per share, respectively, for the quarter ended September 30, 2017 – an increase of 1.00% from earnings for the quarter ended September 30, 2016 of $1,426,338 or $0.29 and $0.28 basic and diluted per share, respectively. Earnings for the nine months ended September 30, 2017 increased $118,943 or 3.02% to $4,053,126 compared to $3,934,183 for the nine months ended September 30, 2016. Returns on average assets and average equity for the nine months ended September 30, 2017 were 1.28% and 12.66%, respectively, compared with 2016 returns on average assets and average equity of 1.29% and 12.73%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Federal Reserve decisions to raise interest rates have resulted in an improvement in loan interest income and have mitigated the lack of loan growth throughout the first three quarters of the year. Recent loan activity and a strong pipeline, however, have positioned the bank for a favorable fourth quarter. Continued emphasis on operating expenses has resulted, once again, in a strong efficiency ratio (63.73%) which is paramount for the long term success of a community bank. We are pleased with the performance of the bank to date."
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".
The following table shows the balance sheet and income statement highlights: | |||
|
|
|
|
|
|
|
|
|
|
|
| September 30, |
| September 30, |
|
| 2017 |
| 2016 |
|
|
|
|
|
Shares Outstanding |
|
|
|
BKSC Common Stock | 4,984,479 |
| 4,948,719 |
|
|
|
|
|
Book Value Per Share | $ 8.77 |
| $ 8.50 |
|
|
|
|
|
Total Assets | $ 431,474,309 |
| $ 409,566,425 |
|
|
|
|
|
Three Months Ending |
|
|
|
|
|
|
|
|
Net Income | $ 1,440,653 |
| $ 1,426,338 |
|
|
|
|
|
Basic Earnings Per Share | $ 0.29 |
| $ 0.29 |
|
|
|
|
|
Diluted Earnings Per Share | $ 0.28 |
| $ 0.28 |
|
|
|
|
|
Weighted Average Shares |
|
|
|
Outstanding Basic | 4,978,515 |
| 4,931,185 |
|
|
|
|
|
Weighted Average Shares |
|
|
|
Outstanding Diluted | 5,067,561 |
| 5,054,723 |
|
|
|
|
|
Nine Months Ending |
|
|
|
|
|
|
|
|
Net Income | $ 4,053,126 |
| $ 3,934,183 |
|
|
|
|
|
Basic Earnings Per Share | $ 0.82 |
| $ 0.80 |
|
|
|
|
|
Diluted Earnings Per Share | $ 0.80 |
| $ 0.78 |
|
|
|
|
|
Weighted Average Shares |
|
|
|
Outstanding Basic | 4,969,617 |
| 4,929,977 |
|
|
|
|
|
Weighted Average Shares |
|
|
|
Outstanding Diluted | 5,058,958 |
| 5,058,837 |
CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500