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 10, 2018
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)) | |||
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. ¨
Section 2- Financial Information
Item 2.02 Results of Operations and Financial Condition; 8.01 Other Events
On April 10, 2018 the Bank of South Carolina Corporation issued a press release announcing its financial results for the quarter ended March 31, 2018 along with the declaration of a 10% stock dividend. 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 10, 2018 |
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 10, 2018 | |
| /s/ Eugene H. Walpole, IV | |
| Eugene H. Walpole, IV | |
| Chief Financial Officer/ | |
| Executive Vice President |
Exhibit 99.1
Bank of South Carolina Corporation Announces First Quarter Earnings & Dividend
CHARLESTON, S.C., April 10, 2018 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced earnings of $1,612,230 or $0.32 basic and diluted per share for the quarter ended March 31, 2018 – an increase of 31.49% from earnings for the quarter ended March 31, 2017 of $1,226,088 or $0.25 and $0.24 basic and diluted per share, respectively. Returns on average assets and average equity for the three months ended March 31, 2018 were 1.51% and 15.17%, respectively, compared with 2017 returns on average assets and average equity of 1.21% and 11.95%, respectively.
In addition, at its March 22, 2018 meeting, the Board of Directors of Bank of South Carolina Corporation approved a 10% stock dividend payable May 31, 2018 to shareholders of record as of April 30, 2018.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Over the past six years, we have been able to raise our regular cash dividend four times, declare a one-time special cash dividend, and now for the second time in three years, reward our shareholders again with this ten percent stock dividend – all the while maintaining exemplary capital levels. We are grateful to our shareholders, customers and employees for staying the course as we continue on in our next thirty plus years."
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 |
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| March 31, |
| March 31, |
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| 2018 |
| 2017 |
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Shares Outstanding |
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BKSC Common Stock | 4,990,879 |
| 4,971,539 |
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Book Value Per Share | $ 8.55 |
| $ 8.38 |
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Total Assets | $ 434,684,173 |
| $ 428,796,627 |
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3 Months Ending |
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Net Income | $ 1,612,230 |
| $ 1,226,088 |
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Basic Earnings Per Share | $ 0.32 |
| $ 0.25 |
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Diluted Earnings Per Share | $ 0.32 |
| $ 0.24 |
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Weighted Average Shares |
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Outstanding Basic | 4,990,079 |
| 4,962,250 |
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Weighted Average Shares |
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Outstanding Diluted | 5,075,791 |
| 5,073,101 |
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CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500