0001387131-15-002345.txt : 20150807 0001387131-15-002345.hdr.sgml : 20150807 20150807140454 ACCESSION NUMBER: 0001387131-15-002345 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150807 DATE AS OF CHANGE: 20150807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF SOUTH CAROLINA CORP CENTRAL INDEX KEY: 0001007273 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 571021355 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27702 FILM NUMBER: 151036648 BUSINESS ADDRESS: STREET 1: 256 MEETING ST STREET 2: P O BOX 538 CITY: CHARLESTON STATE: SC ZIP: 29402 BUSINESS PHONE: 803 724 1500 MAIL ADDRESS: STREET 1: 256 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29402 10-Q 1 bksc-10q_063015.htm QUARTERLY REPORT

 

 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2015

 

☐   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission file number: 0-27702

 

Bank of South Carolina Corporation

(Exact name of registrant issuer as specified in its charter)

 

South Carolina   57-1021355
(State or other jurisdiction of incorporation or organization)   (IRS Employer Identification Number)

 

256 Meeting Street, Charleston, SC 29401

(Address of principal executive offices)

 

(843) 724-1500

(Registrant’s telephone number)

 

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   ☒  No   ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its Company Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   ☒  No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

Large accelerated filer  ☐ Accelerated Filer  ☐
Non-accelerated filer  ☐ Smaller reporting Company  ☒

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   ☐  No   ☒

 

As of August 7, 2015 there were 4,469,013 Common Shares outstanding.

 

 

 
 

  

BANK OF SOUTH CAROLINA CORPORATION

AND SUBSIDIARY

 

Table of Contents

 

    Page
PART I - FINANCIAL INFORMATION  
     
Item 1. Financial Statements (Unaudited)  
     
   
  Consolidated Balance Sheets   June 30, 2015 and December 31, 2014 3
  Consolidated Statements of Income - Three months ended June 30, 2015and 2014 4
  Consolidated Statements of Income   Six months ended June 30, 2015 and 2014 5
  Consolidated Statements of Comprehensive Income   Three and six months ended June 30, 2015 and 2014 6
  Consolidated Statements of Shareholders’ Equity- Six months ended June 30, 2015 and 2014 7
  Consolidated Statements of Cash Flows - Six months ended June 30, 2015 and 2014 8
  Notes to Consolidated Financial Statements 9
     
Item 2. Management's Discussion and Analysis of Financial  
  Condition and Results of Operations 32
  Off-Balance Sheet Arrangements 46
  Liquidity 47
  Capital Resources 48
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 49
     
Item 4. Controls and Procedures 49
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 50
Item 1A Risk Factors 50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50
Item 3. Defaults Upon Senior Securities 50
Item 4. Removed and Reserved 50
Item 5. Other Information 50
Item 6. Exhibits 50
     
Signatures 53
Certifications

 

2
 

 

PART I - ITEM 1 - FINANCIAL STATEMENTS

 

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

 

  (Unaudited)   (Audited)
  June 30, 2015 December 31, 2014
Assets:        
Cash and due from banks   $ 6,603,741     $ 4,698,435  
Interest bearing deposits in other banks     11,400,374       5,680,613  
Investment securities available for sale     103,177,428       113,994,112  
Mortgage loans to be sold     6,454,882       7,325,081  
Loans     240,456,346       234,117,792  
Less: Allowance for loan losses     (3,407,758 )     (3,334,848 )
Net loans     237,048,588       230,782,944  
Premises and equipment, net     2,338,579       2,352,423  
Other real estate owned     521,943       521,943  
Accrued interest receivable     1,228,169       1,290,380  
Other assets     867,454       579,871  
                 
Total assets   $ 369,641,158     $ 367,225,802  
                 
Liabilities and Shareholders' Equity:                
Liabilities                
Deposits:                
Non-interest bearing demand   $ 109,767,308     $ 107,072,271  
Interest bearing demand     79,352,827       79,397,647  
Money market accounts     54,481,146       47,450,210  
Certificates of deposit over $250,000     33,779,786       32,363,615  
Other time deposits     27,782,781       29,457,720  
Other savings deposits     24,782,301       26,677,564  
Total deposits     329,946,149       322,419,027  
                 
Short-term borrowings     481,110       6,980,681  
Accrued interest payable and other liabilities     1,294,202       1,066,112  
Total liabilities     331,721,461       330,465,820  
                 
Shareholders’ Equity                
Common Stock - No par value; 12,000,000 shares authorized; Shares issued 4,688,464 At June 30, 2015 and 4,680,839 at December 31, 2014. Shares outstanding 4,469,013 at June 30, 2015 and 4,461,388 at December 31, 2014.            
             
Additional paid in capital     28,931,269       28,779,108  
Retained earnings     9,937,736       8,640,291  
Treasury stock: 219,451 shares     (1,902,439 )     (1,902,439 )
Accumulated other comprehensive income, net of income taxes     953,131       1,243,022  
                 
Total shareholders' equity     37,919,697       36,759,982  
                 
Total liabilities and shareholders' equity   $ 369,641,158     $ 367,225,802  

 

See accompanying notes to consolidated financial statements

 

3
 

  

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

    Three Months Ended
    June 30,
    2015   2014
Interest and fee income        
Interest and fees on loans   $ 2,958,135     $ 2,814,009  
Interest and dividends on investment securities     586,084       488,798  
Other interest income     6,444       12,949  
Total interest and fee income     3,550,663       3,315,756  
                 
Interest expense                
Interest on deposits     99,423       103,024  
Interest on short-term borrowings     156        
Total interest expense     99,579       103,024  
                 
Net interest income     3,451,084       3,212,732  
Provision for loan losses     70,000       20,000  
Net interest income after provision for                
loan losses     3,381,084       3,192,732  
                 
Other income                
Service charges, fees and commissions     251,207       233,921  
Mortgage banking income     457,590       303,288  
Other non-interest income     6,607       7,188  
Gain on sale of securities     153,088       138,838  
Total other income     868,492       683,235  
                 
Other expense                
Salaries and employee benefits     1,475,677       1,329,048  
Net occupancy expense     376,029       368,057  
Other operating expenses     547,752       555,835  
Total other expense     2,399,458       2,252,940  
                 
Income before income tax expense     1,850,118       1,623,027  
Income tax expense     596,680       513,100  
Net income   $ 1,253,438     $ 1,109,927  
                 
Basic income per common share   $ 0.28     $ 0.25  
Diluted income per common share   $ 0.27     $ 0.24  
                 
Weighted average shares outstanding                
Basic     4,464,368       4,461,388  
Diluted     4,580,750       4,583,833  
                 
Cash Dividend Per Share   $ 0.13     $ 0.13  

 

See accompanying notes to consolidated financial statements

  

4
 

 

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   Six Months Ended
   June 30,
2015 2014
Interest and fee income      
Interest and fees on loans  $5,822,901   $5,523,980 
Interest and dividends on investment securities   1,189,045    980,205 
Other interest income   13,318    18,556 
Total interest and fee income   7,025,264    6,522,741 
           
Interest expense          
Interest on deposits   192,157    204,646 
Interest on short-term borrowings   893     
Total interest expense   193,050    204,646 
           
Net interest income   6,832,214    6,318,095 
Provision for loan losses   75,000    50,000 
Net interest income after provision for          
loan losses   6,757,214    6,268,095 
           
Other income          
Service charges, fees and commissions   488,493    456,437 
Mortgage banking income   834,736    530,342 
Other non-interest income   11,520    12,054 
Gain on sale of securities   264,401    223,735 
Total other income   1,599,150    1,222,568 
           
Other expense          
Salaries and employee benefits   2,891,850    2,658,959 
Net occupancy expense   739,627    732,728 
Other operating expenses   1,107,035    1,101,751 
Total other expense   4,738,512    4,493,438 
           
Income before income tax expense   3,617,852    2,997,225 
Income tax expense   1,159,455    931,500 
Net income  $2,458,397   $2,065,725 
           
Basic income per common share  $0.55   $0.46 
Diluted income per common share  $0.54   $0.45 
           
Weighted average shares outstanding          
Basic   4,462,886    4,461,388 
Diluted   4,582,404    4,584,308 
           
Cash Dividend Per Share  $0.26   $0.26 

 

See accompanying notes to consolidated financial statements

 

5
 

  

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 

  

   THREE MONTHS ENDED JUNE 30,
   2015  2014
Net income  $1,253,438   $1,109,927 
Other comprehensive income          
Unrealized (loss) gain on securities (net of tax ($472,977) and $31,100, respectively)   (805,341)   140,424 
Reclassification adjustment for gains included in income (net of tax $56,643 and $51,370, respectively)   (96,445)   (87,468)
Other comprehensive (loss) income, net of tax   (901,786)   52,956 
Total Comprehensive income  $351,652   $1,162,883 

  

   SIX MONTHS ENDED JUNE 30,
   2015  2014
Net income  $2,458,397   $2,065,725 
Other comprehensive income          
Unrealized (loss) gain on securities (net of tax ($72,425) and $101,063, respectively)   (123,319)   313,034 
Reclassification adjustment for gains included in income (net of tax $97,829 and $82,782, respectively)   (166,572)   (140,953)
Other comprehensive (loss) income, net of tax   (289,891)   172,081 
Total Comprehensive income  $2,168,506   $2,237,806 

  

See accompanying notes to consolidated financial statements.

 

6
 

 

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (UNAUDITED)

 

    ADDITIONAL PAID IN CAPITAL    RETAINED EARNINGS    TREASURY STOCK    ACCUMULATED OTHER COMPREHENSIVE INCOME    TOTAL 
                          
December 31, 2013  $28,678,150   $7,007,532   $(1,902,439)  $955,900   $34,739,143 
Net income       2,065,725            2,065,725 
Other comprehensive income               172,081    172,081 
Exercise of stock options   26,050                26,050 
Stock-based compensation expense   36,780                36,780 
Cash dividends ($0.26per common share)       (1,159,961)           (1,159,961)
June 30, 2014  $28,740,980   $7,913,296   $(1,902,439)  $1,127,981   $35,879,818 
                          
December 31, 2014  $28,779,108   $8,640,291   $(1,902,439)  $1,243,022   $36,759,982 
Net income       2,458,397            2,458,397 
Other comprehensive loss               (289,891)   (289,891)
Exercise of stock options   113,254                113,254 
Stock-based compensation expense   38,907                38,907 
Cash dividends ($0.26per common share)       (1,160,952)           (1,160,952)
June 30, 2015  $28,931,269   $9,937,736   $(1,902,439)  $953,131   $37,919,697 

  

See accompanying notes to consolidated financial statements.

 

7
 

  

BANK OF SOUTH CAROLINA CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

  

   Six Months Ended June 30,
   2015  2014
       
Cash flows from operating activities:      
Net income  $2,458,397   $2,065,725 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   99,451    101,208 
Gain on sale of securities   (264,401)   (223,735)
Provision for loan losses   75,000    50,000 
Stock-based compensation expense   38,907    36,780 
Net amortization of unearned discounts on investments   48,540    210,773 
Origination of mortgage loans held for sale   (49,005,737)   (28,845,724)
Proceeds from sale of mortgage loans held for sale   49,875,936    28,581,137 
Decrease (increase) in accrued interest receivable and other assets   209,283    (187,015)
Increase in accrued interest payable and other liabilities   227,098    433,482 
           
Net cash provided by operating activities   3,762,474    2,222,631 
           
Cash flows from investing activities:          
Proceeds from maturities of investment securities available for sale   2,145,000    1,755,000 
Proceeds from sale of investment securities available for sale   15,219,799    19,529,603 
Purchase of investment securities available for sale   (7,056,800)   (19,516,040)
Net increase in loans   (6,340,644)   (12,760,402)
Purchase of premises, equipment and leasehold Improvements, net   (85,607)   (88,601)
           
Net cash provided (used) by investing activities   3,881,748    (11,080,440)
           
Cash flows from financing activities:          
Net increase in deposit accounts   7,527,122    16,610,019 
Net decrease in short-term borrowings   (6,499,571)    
Dividends paid   (1,159,960)   (1,159,636)
Stock options exercised   113,254    26,050 
           
Net cash used by financing activities   (19,155)   15,476,433 
           
Net increase in cash and cash equivalents   7,625,067    6,618,624 
Cash and cash equivalents at beginning of period   10,379,048    22,124,096 
           
Cash and cash equivalents at end of period  $18,004,115   $28,742,720 
           
Supplemental disclosure of cash flow data:          
Cash paid during the period for:          
Interest  $201,704   $216,283 
Income taxes  $972,252   $661,000 
           
Supplemental disclosure for non-cash investing and financing activity:          
Change in dividends payable  $992   $325 
Change in unrealized (loss) gain on available for sale securities, net of tax  $(289,891)  $172,081 
Transfer of loans to other real estate owned  $   $521,943 

  

See accompanying notes to consolidated financial statements.

 

8
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1: Basis of Presentation

The Bank of South Carolina (the “Bank”) was organized on October 22, 1986 and opened for business as a state-chartered financial institution on February 26, 1987, in Charleston, South Carolina. The Bank was reorganized into a wholly-owned subsidiary of Bank of South Carolina Corporation (the “Company”), effective April 17, 1995. At the time of the reorganization, each outstanding share of the Bank was exchanged for two shares of Bank of South Carolina Corporation Stock.

 

The Bank operates as an independent, community oriented, commercial bank providing a broad range of financial services and products. We have four banking house locations: 256 Meeting Street, Charleston, SC, 100 North Main Street, Summerville, SC, 1337 Chuck Dawley Boulevard, Mt. Pleasant, SC and 2027 Sam Rittenberg Boulevard, Charleston, SC. We intend to open a banking office in North Charleston, SC on Highway 78 and Ingleside Boulevard in the future.

 

References to “we,” “us,” “our,” “the Bank,” or “the Company” refer to the parent and its subsidiary, that are consolidated for financial purposes.

 

The consolidated financial statements in this report are unaudited, except for the December 31, 2014 consolidated balance sheet. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results which may be expected for the entire year.

 

The preparation of the consolidated financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from these estimates and assumptions. Material estimates generally susceptible to significant change are related to the determination of the allowance for loan losses, impaired loans, other real estate owned, asset prepayment rates and other-than-temporary impairment of investment securities.

 

In preparing these financial statements, we evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued.

 

Note 2: Cash and Cash Equivalents

Cash and cash equivalents include working cash funds, due from banks, interest-bearing deposits in other banks, items in process of collection and federal funds sold. All cash equivalents are readily convertible to cash and have maturities of less than 90 days.

 

To comply with Federal Reserve regulations, we are required to maintain certain average cash reserve balances. Our daily reserve requirement for the three and six month periods ending June 30, 2015 and the three and six month periods ending June 30, 2014 was satisfied by vault cash.

 

Note 3: Investment Securities

We classify investments into three categories as follows: (1) Held to Maturity - debt securities that we have the positive intent and ability to hold to maturity, which are reported at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income using a methodology which approximates a level yield of interest over the estimated remaining period until maturity; (2) Trading - debt and equity securities that are bought and held principally for the purpose of selling them in the near term, which are reported at fair value, with unrealized gains and losses included in earnings; and (3) Available for Sale - debt and equity securities that may be sold under certain conditions, which are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity, net of income taxes. Unrealized losses on securities due to fluctuations in fair value are recognized when it is determined that an other than temporary decline in value has occurred. Realized gains or losses on the sale of investments are recognized on a specific identification, trade date basis. All securities were classified as available for sale for the three and six months ended June 30, 2015 and at December 31, 2014. We do not have any mortgage-backed securities nor have we ever invested in mortgage-backed securities. (See “non-interest income” for discussion on the sale of investment securities.)

 

9
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4: Mortgage Loans to be Sold

We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination.

 

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. At June 30, 2015 and December 31, 2014, we had approximately $6.5 million and $7.3 million in mortgage loans held for sale, respectively. Gains or losses on sales of loans are recognized when control over these assets has been surrendered and are included in mortgage banking income in the consolidated statements of income.

 

Note 5: Loans and Allowance for Loan Losses

Loans are carried at principal amounts outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to yield. Interest income on all loans is recorded on an accrual basis. The accrual of interest and the amortization of net loan fees are generally discontinued and accrued interest amounts are reversed against interest income on loans which 1) are maintained on a cash basis because of deterioration in the financial condition of the borrower; 2) for which payment of full principal is not expected; or 3) upon which principal or interest has been in default for a period of 90 days or more. The accrual of interest, however, may continue on these loans if they are well secured, in the process of collection, and management deems it appropriate. If non-accrual loans decrease their past due status to less than 30 days for a period of six to nine months, they are reviewed individually by management to determine if they should be returned to accrual status. We define past due loans based on contractual payment and maturity dates.

 

We account for nonrefundable fees and costs associated with originating or acquiring loans by requiring that loan origination fees be recognized over the life of the related loan as an adjustment on the loan’s yield. Deferred loan fees were $101,394 at June 30, 2015 and $89,441 at December 31, 2014. Certain direct loan origination costs shall be recognized over the life of the related loan as a reduction of the loan’s yield.

 

We account for impaired loans by requiring that all loans for which it is estimated that we will be unable to collect all amounts due according to the terms of the loan agreement be recorded at the loan’s fair value. Fair value may be determined based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral less cost to sell, if the loan is collateral dependent.

 

Additional accounting guidance allows us to use existing methods for recognizing interest income on an impaired loan. The guidance also requires additional disclosures about how we estimate interest income related to our impaired loans.

 

10
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest income and then to principal.

 

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). For this type of impaired loan, cash receipts are typically applied to principal and interest receivable in accordance with the terms of the restructured loan agreement. Interest income is recognized on these loans using the accrual method of accounting, provided they are performing in accordance with their restructured terms.

 

We believe that the allowance is adequate to absorb inherent losses in the loan portfolio; however, assessing the adequacy of the allowance is a process that requires considerable judgment. Our judgments are based on numerous assumptions about current events which we believe to be reasonable, but which may or may not be valid. Thus there can be no assurance that loan losses in future periods will not exceed the current allowance amount or that future increases in the allowance will not be required. No assurance can be given that our ongoing evaluation of the loan portfolio, in light of changing economic conditions and other relevant circumstances, will not require significant future additions to the allowance, thus adversely affecting our operating results.

 

The allowance is also subject to examination by regulatory agencies, which may consider such factors as the methodology used to determine adequacy and the size of the allowance relative to that of peer institutions and other adequacy tests. In addition, such regulatory agencies could require us to adjust our allowance based on information available to us at the time of our examination.

 

The methodology used to determine the reserve for unfunded lending commitments, which is included in other liabilities, is inherently similar to the methodology used to determine the allowance for loan losses adjusted for factors specific to binding commitments, including the probability of funding and historical loss ratio.

 

The following is a summary of the non-accrual loans as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
Loans Receivable on Non-Accrual
Commercial  $ 
Commercial Real Estate:     
Commercial Real Estate - Construction    
Commercial Real Estate - Other   1,341,611 
Consumer:     
Consumer Real Estate   458,609 
Consumer - Other   19,274 
Total  $1,819,494 

 

December 31, 2014
Loans Receivable on Non-Accrual
Commercial  $ 
Commercial Real Estate:     
Commercial Real Estate - Construction    
Commercial Real Estate - Other   882,413 
Consumer:     
Consumer Real Estate    
Consumer - Other    
Total  $882,413 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
    30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing
Commercial   $ 153,526       1,068,501       99,737       1,321,764       48,209,667       49,531,431       99,737  
Commercial Real Estate:                                                        
Commercial Real Estate -Construction                             1,466,902       1,466,902        
Commercial Real Estate -Other     708,974             1,247,964       1,956,938       119,599,453       121,556,391       394,016  
Consumer:                                                        
Consumer- Real Estate     69,558             537,012       606,570       62,524,504       63,131,074        
Consumer-Other     75,665       2,152       19,274       97,091       4,673,457       4,770,548       78,402  
Total   $ 1,007,723       1,070,653       1,903,987       3,982,363       236,473,983       240,456,346       572,155  

 

December 31, 2014
   30-59 Days Past Due  60-89 Days Past Due  Greater Than 90 Days  Total Past Due  Current  Total Loans Receivable  Recorded Investment > 90 Days and Accruing
Commercial  $557,608    2,474        560,082    49,339,495    49,899,577     
Commercial Real Estate:                                   
Commercial Real Estate -Construction                   1,511,702    1,511,702     
Commercial Real Estate -Other   229,607    589,705    1,665,673    2,484,985    113,254,697    115,739,682    1,274,119 
Consumer:                                   
Consumer- Real Estate                   62,054,983    62,054,983     
Consumer-Other   17,468            17,468    4,894,380    4,911,848     
Total  $804,683    592,179    1,665,673    3,062,535    231,055,257    234,117,792    1,274,119 

 

We grant short to intermediate term commercial and consumer loans to customers throughout our primary market area of Charleston, Berkeley and Dorchester Counties of South Carolina. Our primary market area is heavily dependent on tourism and medical services. Although we have a diversified loan portfolio, a substantial portion of our debtors’ ability to honor their contracts is dependent upon the stability of the economic environment in their primary markets including the government, tourism and medical industries. The majority of the loan portfolio is located in our immediate market area with a concentration in Real Estate Related, Offices and Clinics of Medical Doctors, Real Estate Agents and Managers, and Legal Services.

 

12
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

As of June 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table:

 

Impaired and Restructured Loans
For June 30, 2015
With no related allowance recorded:  Unpaid Principal Balance  Recorded   Investment  Related Allowance
Commercial  $793,234   $793,234   $ 
Commercial Real Estate   3,293,454    3,314,454     
Consumer Real Estate   522,364    522,364     
Consumer Other   7,530    7,530     
                
Total   4,616,582    4,637,582     
                
With an allowance recorded:               
Commercial   1,113,947    1,113,947    637,115 
Commercial Real Estate   992,311    992,311    193,773 
Consumer Real Estate   1,196,546    1,196,546    357,807 
Consumer Other   162,594    162,594    162,594 
                
Total   3,465,398    3,465,398    1,351,289 
Grand Total  $8,081,980   $8,102,980   $1,351,289 

 

Impaired and Restructured Loans
As of December 31, 2014
With no related allowance recorded:  Unpaid Principal Balance  Recorded   Investment  Related Allowance
Commercial  $634,865   $634,865   $ 
Commercial Real Estate   3,349,844    3,349,844     
Consumer Real Estate   351,140    351,140     
Consumer Other            
                
Total   4,335,849    4,335,849     
                
With an allowance recorded:               
Commercial   1,157,560    1,157,560    784,561 
Commercial Real Estate   846,008    846,008    209,189 
Consumer Real Estate   672,163    672,163    250,590 
Consumer Other   39,547    39,547    39,547 
                
Total   2,715,278    2,715,278    1,283,887 
Grand Total  $7,051,127   $7,051,127   $1,283,887 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014, respectively.

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Three Months Ended
   June 30, 2015  June 30, 2014
With no related allowance recorded:  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized
Commercial  $811,606   $11,026   $350,828   $13,259 
Commercial Real Estate   3,303,936    42,405    2,210,822    38,263 
Consumer Real Estate   522,399    5,133    272,981    2,712 
Consumer Other   7,658    34         
                     
Total   4,645,599    58,598    2,834,631    54,234 
                     
With an allowance recorded:                    
Commercial   1,141,727    13,551    1,144,263    14,423 
Commercial Real Estate   1,013,311    12,885    1,600,710    20,468 
Consumer Real Estate   1,200,173    7,862    691,458    7,000 
Consumer Other   157,602    2,154    39,574    636 
                     
Total   3,512,813    36,452    3,476,005    42,527 
Grand Total  $8,158,412   $95,050   $6,310,636   $96,761 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Six Months Ended
   June 30, 2015  June 30, 2014
With no related allowance recorded:  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized
Commercial  $822,849   $25,578   $353,509   $22,440 
Commercial Real Estate   3,318,009    88,205    2,228,199    63,794 
Consumer Real Estate   522,429    10,518    273,015    5,526 
Consumer Other   7,574    84         
                     
Total   4,670,861    124,385    2,854,723    91,760 
                     
With an allowance recorded:                    
Commercial   1,146,928    26,392    1,158,183    27,981 
Commercial Real Estate   1,015,819    25,029    1,603,108    36,674 
Consumer Real Estate   1,203,183    23,396    695,775    15,639 
Consumer Other   159,093    4,858    40,428    1,109 
                     
Total   3,525,023    79,675    3,497,494    81,403 
Grand Total  $8,195,884   $204,060   $6,352,217   $173,163 

 

The following table illustrates credit risks by category and internally assigned grades at June 30, 2015 and December 31, 2014.

 

June 30, 2015
   Commercial  Commercial Real Estate   Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
                   
Pass   $45,101,830   $1,026,385   $114,667,484   $59,472,984   $4,309,083   $224,577,766 
Watch    2,207,589        1,067,875    1,681,385    320,759    5,277,608 
OAEM    357,790    440,517    1,471,308    212,021    16,356    2,497,992 
Sub-Standard    1,864,222        4,349,724    1,764,684    124,350    8,102,980 
Doubtful                         
Loss                         
                                
Total   $49,531,431   $1,466,902   $121,556,391   $63,131,074   $4,770,548   $240,456,346 
                                 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

December 31, 2014
   Commercial  Commercial Real Estate   Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
                   
Pass   $45,154,058   $1,062,185   $108,568,274   $58,744,677   $4,512,912   $218,042,106 
Watch    2,401,715        1,697,883    1,818,923    276,557    6,195,078 
OAEM    551,380    449,517    1,378,436    467,482    82,832    2,929,647 
Sub-Standard    1,792,424        4,095,089    1,023,901    39,547    6,950,961 
Doubtful                         
Loss                         
                                
Total   $49,899,577   $1,511,702   $115,739,682   $62,054,983   $4,911,848   $234,117,792 
                                 

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above.

 

For the Three Months Ended
June 30, 2015
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance March 31, 2015  $1,100,802    1,191,722    895,954    145,610    3,334,088 
Charge-offs               (20,734)   (20,734)
Recoveries       24,164        240    24,404 
Provisions   (56,473)   (29,843)   61,493    94,823    70,000 
Ending Balance   1,044,329    1,186,043    957,447    219,939    3,407,758 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

As of and for the Six Months Ended
June 30, 2015
   Commercial  Commercial Real
Estate
  Consumer Real
Estate
  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2014  $1,211,130   $1,112,387   $906,255   $105,076   $3,334,848 
Charge-offs       (21,000)       (20,734)   (41,734)
Recoveries       39,164        480    39,644 
Provisions   (166,801)   55,492    51,192    135,117    75,000 
Ending Balance   1,044,329    1,186,043    957,447    219,939    3,407,758 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   637,115    193,773    357,807    162,594    1,351,289 
Collectively evaluated for impairment   407,214    992,270    599,640    57,345    2,056,469 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   1,907,180    4,285,765    1,718,911    170,124    8,081,980 
Collectively evaluated for impairment  $47,624,251   $118,737,528   $61,412,163   $4,600,424   $232,374,366 

  

For the Three Months Ended
June 30, 2014
   Commercial  Commercial Real Estate  Consumer Real
Estate
  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance March 31, 2014  $1,508,362   $1,197,893   $524,598   $92,712   $3,323,565 
Charge-offs               (2,064)   (2,064)
Recoveries       12,000        26,307    38,307 
Provisions   (231,116)   107,557    172,063    (28,504)   20,000 
Ending Balance   1,277,246    1,317,450    696,661    88,451    3,379,808 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

As of and for the Six Months Ended
June 30, 2014
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2013  $1,448,804   $1,064,363   $694,950   $84,160   $3,292,277 
Charge-offs       (3,953)       (4,129)   (8,082)
Recoveries       19,100        26,513    45,613 
Provisions   (171,558)   237,940    1,711    (18,093)   50,000 
Ending Balance   1,277,246    1,317,450    696,661    88,451    3,379,808 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   859,620    578,746    174,522    38,319    1,651,207 
Collectively evaluated for impairment   417,626    738,704    522,139    50,132    1,728,601 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   2,120,748    3,211,127    962,481    38,319    6,332,675 
Collectively evaluated for impairment  $50,566,948   $110,140,232   $59,298,288   $4,258,151   $224,263,619 

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

December 31, 2014
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2013  $1,448,804   $1,064,363   $694,950   $84,160   $3,292,277 
Charge-offs   (83,042)   (15,834)       (14,154)   (113,030)
Recoveries       46,000        27,101    73,101 
Provisions   (154,632)   17,858    211,305    7,969    82,500 
Ending Balance   1,211,130    1,112,387    906,255    105,076    3,334,848 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   784,561    209,189    250,590    39,547    1,283,887 
Collectively evaluated for impairment   426,569    903,198    655,665    65,529    2,050,961 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   1,792,425    4,195,852    1,023,303    39,547    7,051,127 
Collectively evaluated for impairment  $48,107,152   $113,055,532   $61,031,680   $4,872,301   $227,066,665 

 

TDR’s (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $449,203 and $466,541 at June 30, 2015 and December 31, 2014, respectively. All restructured loans were renegotiated to interest only and were performing as agreed as of June 30, 2015 and December 31, 2014, respectively.

 

There were no additional loans identified as a TDR during the six months ended June 30, 2015. There were no loans identified as a TDR that were in default as of June 30, 2015 or as of December 31, 2014.

 

Note 6: Premises, Equipment and Leasehold Improvements and Depreciation

Buildings and equipment are carried at cost less accumulated depreciation, calculated on the straight-line method over the estimated useful life of the related assets - 40 years for buildings and 3 to 15 years for equipment. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.

 

Note 7: Concentration of Credit Risk

Our primary market consists of the Counties of Berkeley, Charleston and Dorchester, South Carolina. At June 30, 2015 and December 31, 2014, the majority of the total loan portfolio, as well as a substantial portion of the commercial and real estate loan portfolios, were to borrowers within this region. No other areas of significant concentration of credit risk have been identified.

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 8: Other Real Estate Owned

Other real estate owned (“OREO”) is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral, or our estimation of the value of the collateral. Gains and losses on the sale of OREO and subsequent write-downs from periodic re-evaluation are charged to Other Operating Income. We had one property valued at $521,943 classified as OREO at June 30, 2015 and December 31, 2014, respectively. An additional property valued at $35,473 was classified as OREO during the year ended December 31, 2014. This property was sold at a gain of $2,382 during the year ended December 31, 2014.

 

The following table summarizes the activity in OREO at June 30, 2015 and December 31, 2014.

 

      June 30,   December 31,
      2015   2014
Balance, beginning of period     $ 521,943     $ —   
Additions-foreclosure             557,416  
Sales             35,473  
Write-downs              
Balance, end of period     $ 521,943     $ 521,943  

 

Note 9: Income Taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Net deferred tax assets are included in other assets in the consolidated balance sheet.

 

Accounting standards require the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. These standards also prescribe a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. We believe that we had no uncertain tax positions as of June 30, 2015 or June 30, 2014.

 

Note 10: Stock Based Compensation

The shareholders of the Company voted at the Company’s Annual Meeting, April 13, 2010 to approve the 2010 Omnibus Stock Incentive Plan, including 330,000 shares (adjusted for a 10% stock dividend declared on August 26, 2010) reserved under the plan (copy of the plan was filed with 2010 Proxy Statement). This plan is intended to assist the Company in recruiting and retaining employees with ability and initiative by enabling employees to participate in its future success and to align their interest with those of the Company and its shareholders. Under the Omnibus Stock Incentive Plan, options are periodically granted to employees at a price not less than 100% of the fair market value of the shares at the date of the grant. All employees are eligible to participate in this plan if the Executive Committee, in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of the Company or its subsidiary. Options may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Executive Committee shall determine. The maximum period in which an option may be exercised is determined at the date of grant and shall not exceed 10 years from the date of grant.

 

The options are not transferable except by will or by the laws of descent and distribution.

 

On April 23, 2015, the Executive Committee granted options to purchase an aggregate of 18,500 shares to nine employees. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. In addition, the Executive Committee granted options to purchase 3,000 shares to an employee on June 29, 2015. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. There were no options granted during the three or six months ended June 30, 2014.

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

On April 14, 1998 the Company adopted the 1998 Omnibus Stock Incentive Plan which expired on April 14, 2008. Options can no longer be granted under the 1998 Plan. Options granted before April 14, 2008, shall remain valid in accordance with their terms. There are currently options to purchase 17,290 shares outstanding under this plan with options to purchase 12,010 shares exercisable.

 

Under both plans employees become 20% vested after five years and vest 20% each year until fully vested. The right to exercise each such 20% of the options is cumulative and will not expire until the tenth anniversary of the date of the grant.

 

The following is a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plan for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014.

 

Three Months Ended June 30, 2015   Options   Weighted Average Exercise Price
                   
Balance at April 1, 2015       156,915     $ 11.53  
Forfeited       (750 )     11.84  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

Six Months Ended June 30, 2015   Options   Weighted Average Exercise Price
         
Balance at January 1, 2015       160,165     $ 11.53  
Forfeited       (4,000 )     12.30  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

Three months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at April 1, 2014       156,665     $ 11.04  
Forfeited       (3,750 )     11.46  
Exercised              
Balance at June 30, 2014       152,915       11.03  
                     

Six months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at January 1, 2014       159,165     $ 11.34  
Forfeited       (3,750 )     11.46  
Exercised       (2,500 )     10.42  
Balance at June 30, 2014       152,915       11.03  
                   
Options exercisable at June 30, 2015       12,010     $ 14.75  
                     

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 11: Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock.

 

A regular quarterly cash dividend of $.13 per share was declared on March 26, 2015 for shareholders of record at April 7, 2015, payable April 30, 2015. On March 27, 2014 a quarterly cash dividend of $.13 per share was declared for shareholders of record April 8, 2014, payable April 30, 2014.

 

Income per common share for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014 was calculated as follows:

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE (DENOMINATOR)   PER SHARE  AMOUNT
             
Net income   $ 1,253,438                  
                         
Basic income available to
common shareholders
  $ 1,253,438       4,464,368     $ .28  
                         
Effect of dilutive options             116,382          
                         
Diluted income available to common
shareholders
  $ 1,253,438       4,580,750     $ .27  

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE AMOUNT
             
Net income   $ 2,458,397                  
                         
Basic income available to
common shareholders
  $ 2,458,397       4,462,886     $ .55  
                         
Effect of dilutive options             119,518          
                         
Diluted income available to common
shareholders
  $ 2,458,397       4,582,404     $ .54  

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE  AMOUNT
             
Net income   $ 1,109,927                  
                         
Basic income available to
common shareholders
  $ 1,109,927       4,461,388     $ .25  
                         
Effect of dilutive options             122,445          
                         
Diluted income available to common
shareholders
  $ 1,109,927       4,583,833     $ .24  

 

22
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)  

SHARES WEIGHTED AVERAGE (DENOMINATOR)

  PER SHARE AMOUNT
             
Net income   $ 2,065,725                  
                         
Basic income available to
common shareholders
  $ 2,065,725       4,461,338     $ .46  
                         
Effect of dilutive options             122,920          
                         
Diluted income available to common shareholders   $ 2,065,725       4,584,308     $ .45  

 

The future payment of cash dividends is subject to the discretion of the Board of Directors and depends upon a number of factors, including future earnings, financial condition, cash requirements, and general business conditions. Cash dividends when declared, are paid by the Bank to the Company for distribution to shareholders of the Company. The Bank’s ability to pay dividends to the Company is restricted by the laws and regulations of the State of South Carolina. Generally, these restrictions allow the Bank to pay dividends from current earnings without the prior written consent of the South Carolina Commissioner of Banking, if it received a satisfactory rating at its most recent examination.

 

Note 12: Comprehensive Income

We apply accounting standards which establish guidance for the reporting and display of comprehensive income and its components in a full set of general purpose financial statements. Comprehensive income consists of net income and net unrealized gains or losses on available for sale securities.

 

Comprehensive income totaled $351,652 and $1,162,883 for the three months ended June 30, 2015 and 2014, respectively and $2,168,506 and $2,237,806 for the six months ended June 30, 2015 and 2014, respectively.

 

Note 13: Segment Information

We report operating segments in accordance with accounting standards. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Financial Officer/Executive Vice President in deciding how to allocate resources and assess performance. Accounting standards require that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has one reporting segment, The Bank of South Carolina.

 

Note 14: Derivative Instruments

Accounting standards require that all derivative instruments be recorded on the balance sheet at fair value. The accounting for the gain or loss due to change in fair value of the derivative instrument depends on whether the derivative instrument qualifies as a hedge. If the derivative does not qualify as a hedge, the gains or losses are reported in earnings when they occur. However, if the derivative instrument qualifies as a hedge, the accounting varies based on the type of risk being hedged.

 

We had no embedded derivative instruments requiring separate accounting treatment. We had freestanding derivative instruments consisting of fixed rate conforming loan commitments as interest rate locks and commitments to sell fixed rate conforming loans on a best efforts basis. We do not currently engage in hedging activities. Based on short term fair value of the mortgage loans held for sale (derivative contract), our derivative instruments were immaterial to our consolidated financial statements as of June 30, 2015 and June 30, 2014.

 

23
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 15: Fair Value Measurements

Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that we believe market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance establishes a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies.

 

The three levels of input that may be used to measure fair value are the following:

 

Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as US Treasuries and money market funds.
   
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts and impaired loans.
   
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

The guidance requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis (for example, available for sale investment securities) or on a nonrecurring basis (for example, impaired loans). Fair value estimates, methods, and assumptions are set forth below. 

 

24
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Investment Securities Available for Sale

Securities available for sale are recorded at fair value on a recurring basis and are based upon quoted prices if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange such as the New York Stock Exchange, or by dealers or brokers in active over-the counter markets. Level 2 securities include mortgage backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets.

 

Other Real Estate Owned (OREO)

Loans, secured by real estate, are adjusted to fair value upon transfer to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or our estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraisal, we record the asset as nonrecurring Level 2. When an appraised value is not available or we determine the fair value of the collateral is further impaired below the appraised value and there is no observable market price, we record the asset as nonrecurring Level 3. We had one property valued at $521,943 classified as OREO at June 30, 2015 and December 31, 2014.

 

Impaired Loans

We do not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans are reviewed for impairment on a quarterly basis if any of the following criteria are met:

 

1)Any loan on non-accrual

2)Any loan that is a troubled debt restructuring

3)Any loan over 60 days past due

4)Any loan rated sub-standard, doubtful, or loss

5)Excessive principal extensions are executed

6)If we are provided information that indicates that we will not collect all principal and interest as scheduled

 

Once a loan is identified as individually impaired, we measure the impairment in accordance with Accounting Standards Codification (“ASC” ) 310-10, “Accounting by Creditors for Impairment of a Loan”.

 

In accordance with this standard, the fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, we review the most recent appraisal and if it is over 18 months old we may request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, we may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of our primary market area, we would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where we are familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, we may perform an internal analysis whereby the previous appraisal value would be reviewed considering recent current conditions, and known recent sales or listings of similar properties in the area, and any other relevant economic trends. This analysis may result in the call for a new appraisal. These valuations are reviewed and updated on a quarterly basis.

 

Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2015 and December 31, 2014, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. In accordance with topic ASC 820 “Fair Value Measurement”, impaired loans, where an allowance is established based on the fair value of collateral, require classification in the fair value hierarchy. We record the impaired loan as nonrecurring Level 3.

 

25
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are as follows:

 

Balance 
at 
June 30, 2015
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
US Treasury Notes  $24,530,040   $   $   $24,530,040 
Government Sponsored Enterprises      46,155,564        46,155,564 
Municipal Securities       29,202,510    3,289,314    32,491,824 
Total  $24,530,040   $75,358,074   $3,289,314   $103,177,428 

 

Balance
at 
December 31, 2014
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs  
(Level 3)
  Total
US Treasury Notes  $29,248,281   $   $   $29,248,281 
Government Sponsored Enterprises       50,142,649        50,142,649 
Municipal Securities       33,226,093    1,377,089    34,603,182 
Total  $29,248,281   $83,368,742   $1,377,089   $113,994,112 

 

There were no liabilities carried at fair value on a recurring basis as of June 30, 2015 or December 31, 2014.

 

26
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Mortgage Loans Held for Sale

We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2.

 

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of June 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
Impaired loans  $   $   $6,730,691   $6,730,691 
Other real estate owned       521,943        521,943 
Total  $   $521,943   $6,730,691   $7,252,634 

 

December 31, 2014
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
Impaired loans  $   $   $5,767,240   $5,767,240 
Other real estate owned       521,943        521,943 
Total  $   $521,943   $5,767,240   $6,289,183 

 

There are no liabilities on a nonrecurring basis as of June 30, 2015 or December 31, 2014.

 

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BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

        Inputs
    Valuation Technique   Unobservable Input   General Range of Inputs
Nonrecurring measurements:            
Impaired Loans   Discounted Appraisals   Collateral Discounts   0-25%
Other Real Estate Owned       Appraisal Value/ Comparison Sales/Other Estimates   Appraisals and/or Sales of Comparable Properties   Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs

 

Accounting standards require disclosure of fair value information about financial instruments whether or not recognized on the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, prepayments, and estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may or may not be realized in an immediate sale of the instrument.

 

Under the accounting standard, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of the assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts of existing financial instruments do not represent the underlying value of those instruments on our books.

 

The following describes the methods and assumptions we use in estimating the fair values of financial instruments:

 

a. Cash and due from banks, interest-bearing deposits in other banks
  The carrying value approximates fair value. All mature within 90 days and do not present unanticipated credit concerns.
   
b. Investment securities available for sale
  The fair value of investment securities is derived from quoted market prices.
   
c.                    Loans
  The carrying values of variable rate consumer and commercial loans and consumer and commercial loans with remaining maturities of three months or less, approximate fair value. The fair values of fixed rate consumer and commercial loans with maturities greater than three months are determined using a discounted cash flow analysis and assume the rate being offered on these types of loans at June 30, 2015 and December 31, 2014, approximate market.
   
  The carrying value of mortgage loans held for sale approximates fair value.
   
  For lines of credit, the carrying value approximates fair value.
   
d. Deposits
  The estimated fair value of deposits with no stated maturity is equal to the carrying amount. The fair value of time deposits is estimated by discounting contractual cash flows, by applying interest rates currently being offered on the deposit products. The fair value estimates for deposits do not include the benefit that results from the low cost funding provided by the deposit liabilities as compared to the cost of alternative forms of funding (deposit base intangibles).
   
e. Short-term borrowings
  The carrying amount approximates fair value due to the short-term nature of these instruments.

  

28
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2015 and December 31, 2014:

 

   June 30, 2015
   Carrying
Amount
  Estimated Fair Value  Level  
1
  Level  
2
  Level  
3
Financial Assets:                         
Cash and due from banks  $6,603,741   $6,603,741    6,603,741         
Interest-bearing deposits in other banks   11,400,374    11,400,374    11,400,374         
Investments available for sale   103,177,428    103,177,428    24,530,040    75,358,074    3,289,314 
Mortgage loans to be sold   6,454,882    6,454,882        6,454,882     
Loans   240,456,346    240,523,031            240,523,031 
Financial Liabilities:                         
Deposits   329,946,149    329,958,339        329,958,339     
    Notional Amount    Fair Value                
Off-Balance Sheet Financial Instruments:                         
                          
Commitments to extend credit  $78,194,534   $   $       $ 
Standby letters of credit   577,943                 

 

29
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

   December 31, 2014
   Carrying
Amount
  Estimated Fair Value  Level  
1
  Level  
2
  Level  
3
Financial Assets:                         
Cash and due from banks  $4,698,435   $4,698,435    4,698,435         
Interest-bearing deposits in other banks   5,680,613    5,680,613    5,680,613         
Investments available for sale   113,994,112    113,994,112    29,248,281    83,368,742    1,377,089 
Mortgage loans to be sold   7,325,081    7,325,081        7,325,081      
Loans   234,117,792    234,204,303            234,204,303 
Financial Liabilities:                         
Deposits   322,419,027    322,435,308        322,435,308     
    Notional Amount    Fair Value                
Off-Balance Sheet Financial Instruments:                         
                          
Commitments to extend credit  $62,597,548   $   $       $ 
Standby letters of credit   577,943                 

 

Note 16: Recently Issued Accounting Pronouncements

The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company.

 

In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments became effective for interim and annual reporting periods beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. We applied the amendments prospectively using the modified retrospective approach. These amendments did not have a material effect on our financial statements.

 

In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for reporting periods beginning after December 15, 2017. We will apply this guidance using a modified retrospective approach. We do not expect this amendment to have a material effect on our consolidated financial statements.

  

30
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

In June 2014, the FASB issued guidance which makes limited amendments to the guidance on accounting for certain repurchase agreements. The guidance (1) requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The amendments became effective for the Company for the first interim or annual period beginning after December 31, 2014. We applied the guidance by making a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This adjustment did not have a material effect on our financial statements.

 

In August 2014, the FASB issued guidance that is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization’s ability to continue as a going concern within on year after the date that the financial statements are issued. This amendment will be effective for annual periods ending after December 31, 2016, and for annual and interim periods thereafter. We do not expect this amendment to have a material effect on our financial statements.

 

In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We will apply the guidance prospectively. We do not expect this amendment to have a material effect on our financial statements.

 

In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. We do not expect this amendment to have a material effect on our financial statements.

 

In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We do not expect this amendment to have a material effect on our financial statements.

 

In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. This amendment was effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not expect this amendment to have a material effect on our financial statements.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

  

31
 

 

BANK OF SOUTH CAROLINA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 17: Reclassification

Certain reclassifications of accounts reported for previous periods have been made in these consolidated financial statements. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.

 

Note 18: Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. We have reviewed events occurring through the date the financial statements were issued and noted no subsequent event requiring accrual or disclosure.

 

ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OR PLAN OF OPERATION

 

Management’s discussion and analysis is included to assist shareholders in understanding our financial condition, results of operations, and cash flow. This discussion should be reviewed in conjunction with the consolidated financial statements (unaudited) and notes presented in this report and the supplemental financial data appearing throughout this report. Since the primary asset of the Company is its wholly-owned subsidiary, most of the discussion and analysis relates to the Bank.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations and other portions of this quarterly report contain certain “forward-looking statements” concerning the future operations. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996 and are including this statement for the express purpose of availing the Company of protections of such safe harbor with respect to all “forward-looking statements” contained in this Form 10-Q. Forward looking statements may relate to, among other matters, the financial condition, results of operations, plans, objectives, future performance, and business of the Company. Forward-looking statements are based on many assumptions and estimates and are not guarantees of future performance. Actual results may differ materially from those anticipated in any forward-looking statements. The words “may”, “would”, “could”, “should”, “will”, “expect”, “anticipate”, “predict”, “project”, “potential”, “continue”, “assume”, “believe”, “intend”, “plan”, “forecast”, “goal”, and “estimate”, as well as similar expressions, are meant to identify such forward-looking statements. Potential risks and uncertainties that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, without limitations, those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (the “SEC”) and the following:

 

·Risk from changes in economic, monetary policy, and industry conditions

·Changes in interest rates, shape of the yield curve, deposit rates, the net interest margin and funding sources

·Market risk (including net income at risk analysis and economic value of equity risk analysis) and inflation

·Risk inherent in making loans including repayment risks and changes in the value of collateral

·Loan growth, the adequacy of the allowance for loan losses, provisions for loan losses, and the assessment of problem loans

·Level, composition, and re-pricing characteristics of the securities portfolio

·Deposit growth, change in the mix or type of deposit products and services

·Continued availability of senior management

·Technological changes

·Ability to control expenses

·Changes in compensation

·Risks associated with income taxes including potential for adverse adjustments

·Changes in accounting policies and practices

·Changes in regulatory actions, including the potential for adverse adjustments

·Recently enacted or proposed legislation

 

32
 

 

Much has been done to eliminate or mitigate these risks that have been exacerbated by the developments over the last eight years in national and international markets. Sweeping reform has entered our industry yet we are unable to fully predict its impact and perhaps its unintentional consequences for some time. There can be no assurance that these changes will not materially and adversely affect our business, financial condition and results of operation.

 

All forward-looking statements in this report are based on information available to us as of the date of this report. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that these expectations will be achieved. We will undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events. In addition, certain statements in our future filings with the Securities and Exchange Commission (“SEC”), in our press releases, and in our oral and written statements, which are not statements of historical fact, constitute forward looking statements.

 

Overview

Bank of South Carolina Corporation (the “Company”) is a financial institution holding company headquartered in Charleston, South Carolina, with $369,641,158 in assets as of June 30, 2015 and net income of $1,253,438 and $2,458,397 for the three and six months ended June 30, 2015, respectively. The Company offers a broad range of financial services through its wholly-owned subsidiary, The Bank of South Carolina (the “Bank”). The Bank is a state-chartered commercial bank which operates primarily in the Charleston, Dorchester and Berkeley Counties of South Carolina. The Bank’s original and current concept is to be a full service financial institution specializing in personal service, responsiveness, and attention to detail to foster long standing relationships.

 

The following is a discussion of our financial condition as of June 30, 2015 as compared to December 31, 2014 and the results of operations for the three and six months ended June 30, 2015 as compared to the three and six months ended June 30, 2014. The discussion and analysis identifies significant factors that have affected our financial position and operating results and should be read in conjunction with the financial statements and the related notes included in this report.

 

We derive most of our income from interest on loans and investments (interest bearing assets). The primary source of funding for making these loans and investments is our interest and non-interest bearing deposits. Consequently, one of the key measures of our profitability is the amount of net interest income, or the difference between the income on our interest earning assets, such as loans and investments, and the expense on our interest bearing liabilities, primarily deposits. Another key measure is the spread between the yield we earn on these interest bearing assets and the rate we pay on our interest bearing liabilities.

 

A primary risk of lending is that we may incur credit losses. The amount of such losses will vary depending upon the risk characteristics of the loan and lease portfolio as affected by economic conditions such as rising interest rates and the financial performance of borrowers. The reserve for credit losses consists of the allowance for loan losses (the “Allowance”) and a reserve for unfunded commitments (the “Unfunded Reserve”). The Allowance provides for estimable losses inherent in our loan and lease portfolio. The Allowance is increased or decreased through the provisioning process. For a detailed discussion on the allowance for loan losses see “Allowance for Loan Losses”.

 

In addition to earning interest on loans and investments, we earn income through fees and other expenses we charge to the customer. The various components of non-interest income as well as non-interest expense are described in the following discussion.

 

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CRITICAL ACCOUNTING POLICIES

We have adopted various accounting policies that govern the application of principles generally accepted in the United States and with general practices within the banking industry in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to our unaudited consolidated financial statements as of June 30, 2015 and our notes included in the consolidated financial statements in our 2014 Annual Report on Form 10-K as filed with the SEC.

 

Certain accounting policies involve significant judgments and assumptions by the Company that have a material impact on the carrying value of certain assets and liabilities. We consider these accounting policies to be critical accounting policies. The judgment and assumptions we use are based on historical experience and other factors, which we believe to be reasonable under the circumstances. Because of the number of the judgments and assumptions that we make, actual results could differ from these judgments and estimates that could have a material impact on the carrying values of our assets and liabilities and our results of operations.

 

We consider our policies regarding the allowance for loan losses to be our most subjective accounting policy due to the significant degree of judgment. We have developed what we believe to be appropriate policies and procedures for assessing the adequacy of the allowance for loan losses, recognizing that this process requires a number of assumptions and estimates with respect to our loan portfolio. Our assessments may be impacted in future periods by changes in economic conditions, the impact of regulatory examinations and the discovery of information with respect to borrowers which were not known at the time of the issuance of the consolidated financial statements. For additional discussion concerning our allowance for loan losses and related matters, see “Allowance for Loan Losses.”

 

BALANCE SHEET

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include working cash funds, due from banks, interest-bearing deposits in other banks, items in process of collection and federal funds sold. All amounts are readily convertible to cash and have maturities of less than 90 days. Total cash and cash equivalents increased 73.47% or $7,625,067 to $18,004,115 at June 30, 2015, from $10,379,048 at December 31, 2014. This increase was primarily due to an increase in deposits and excess cash from the sale of investment securities.

 

Regulations set by the Federal Reserve require that we maintain certain average cash reserve balances. For the three and six months ended June 30, 2015 and 2014 our cash reserve requirement with the Federal Reserve was satisfied by vault cash.

 

LOANS

We focus our lending activities on small and middle market businesses, professionals and individuals in our geographic markets. At June 30, 2015, outstanding loans (plus deferred loan fees of $101,394) totaled $240,456,346 which equaled 72.88% of total deposits and 65.05% of total assets. Most loans were to borrowers located in our market area of Charleston, Dorchester and Berkeley Counties of South Carolina.

 

The quality of our loan portfolio is contingent upon our risk selection and underwriting practices. All new credit (except for mortgage loans in the process of being sold to investors and loans secured by properly margined negotiable securities traded on an established market or other cash collateral) with over $200,000 in exposure is summarized by our Credit Department and reviewed by the Loan Committee on a monthly basis. The Board of Directors reviews credits over $500,000 monthly with annual credit analyses conducted on these borrowers upon the receipt of updated financial information. Prior to any extension of credit, every loan request goes through sound credit underwriting. The Credit Department conducts detailed cash flow analysis on each proposal using the most current financial information. Relevant trends and ratios are evaluated.

  

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The breakdown of total loans by type and the respective percentage of total loans are as follows:

 

    June 30,   December 31,
    2015   2014   2014
Commercial loans   $ 49,531,431     $ 52,687,696     $ 49,899,577  
Commercial real estate:                        
Commercial real estate construction     1,466,902       1,551,147       1,511,702  
Commercial real estate other     121,556,391       111,800,212       115,739,682  
Consumer:                        
Consumer real estate     63,131,074       60,260,769       62,054,983  
Consumer other     4,770,548       4,296,470       4,911,848  
      240,456,346       230,596,294       234,117,792  
Allowance for loan losses     (3,407,758 )     (3,379,808 )     (3,334,848 )
                         
Loans, net   $ 237,048,588     $ 227,216,486     $ 230,782,944  

 

Percentage of Loans   June 30,   December 31,
    2015   2014   2014
Commercial loans     20.60 %     22.85 %     21.31 %
Commercial real estate construction     .61 %     .67 %     .64 %
Commercial real estate other     50.55 %     48.49 %     49.44 %
Consumer real estate     26.26 %     26.13 %     26.51 %
Consumer other     1.98 %     1.86 %     2.10 %
                         
Total     100.00 %     100.00 %     100.00 %

 

INVESTMENT SECURITIES AVAILABLE FOR SALE

We use the investment securities portfolio for several purposes. It serves as a vehicle to manage interest rate and prepayment risk, to generate interest and dividend income from investment of funds, to provide liquidity to meet funding requirements, and to provide collateral for pledging of public funds. Investments are classified into three categories (1) Held to Maturity (2) Trading and (3) Available for Sale. We believe that maintaining our securities in the Available for Sale category provides greater flexibility in the management of the overall investment portfolio. The average yield on investments at June 30, 2015 was 2.19% compared to 2.12% at December 31, 2014. The amortized cost of the investments available for sale at June 30, 2015, June 30, 2014 and December 31, 2014 and percentage of each category to total investments are as follows:

 

    INVESTMENT PORTFOLIO
    June 30, 2015   June 30, 2014   December 31, 2014
US Treasury Notes   $ 24,530,040     $ 19,142,422     $ 29,248,281  
Government-Sponsored Enterprises     46,155,564       40,219,602       50,142,649  
Municipal Securities     32,491,824       33,803,740       34,603,182  
    $ 103,177,428     $ 93,165,764     $ 113,994,112  
                         
US Treasury Notes     23.78 %     20.55 %     25.66 %
Government-Sponsored Enterprises     44.73 %     43.17 %     43.99 %
Municipal Securities     31.49 %     36.28 %     30.35 %
      100.00 %     100.00 %     100.00 %

 

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All investment securities were classified as Available for Sale (debt and equity securities that may be sold under certain conditions), at June 30, 2015 and December 31, 2014. The securities were reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity, net of income taxes. Unrealized losses on securities due to fluctuations in fair value are recognized when it is determined that an other than temporary decline in value has occurred. Gains or losses on the sale of securities are recognized on a specific identification, trade date basis. (See “non-interest income” for discussion on the sale of investment securities.)

 

The amortized cost and fair value of investment securities available for sale are summarized as follows as of June 30, 2015 and December 31, 2014:

 

    JUNE 30, 2015
    AMORTIZED
COST
  GROSS UNREALIZED
GAINS
  GROSS
UNREALIZED
LOSSES
  ESTIMATED
FAIR
VALUE
                 
U.S. Treasury Notes   $ 24,365,049     $ 169,678     $ 4,687     $ 24,530,040  
Government-Sponsored Enterprises     46,184,259       224,516       253,211       46,155,564  
Municipal Securities     31,115,214       1,460,290       83,680       32,491,824  
                                 
Total   $ 101,664,522     $ 1,854,484     $ 341,578     $ 103,177,428  

 

   DECEMBER 31, 2014
   AMORTIZED
COST
  GROSS UNREALIZED 
GAINS
  GROSS
UNREALIZED LOSSES
 

ESTIMATED

FAIR
VALUE

             
U.S. Treasury Notes  $29,162,412   $105,627   $19,758   $29,248,281 
Government-Sponsored Enterprises   50,194,951    95,961    148,263    50,142,649 
Municipal Securities   32,663,698    1,973,743    34,259    34,603,182 
                     
Total  $112,021,061   $2,175,331   $202,280   $113,994,112 

 

The amortized cost and fair value of investment securities available for sale at June 30, 2015, and December 31, 2014, by contractual maturity are as follows:

 

June 30, 2015
    AMORTIZED
COST
  ESTIMATED
FAIR
VALUE
         
Due in one year or less   $ 3,322,270     $ 3,360,610  
Due in one year to five years     43,363,586       44,080,457  
Due in five years to ten years     51,584,889       52,256,150  
Due in ten years and over     3,393,777       3,480,211  
                 
Total   $ 101,664,522     $ 103,177,428  

 

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December 31, 2014
   AMORTIZED
COST
  ESTIMATED
FAIR
VALUE
       
Due in one year or less  $8,324,400   $8,362,398 
Due in one year to five years   43,301,670    43,851,426 
Due in five years to ten years   52,566,597    53,671,067 
Due in ten years and over   7,828,394    8,109,221 
           
Total  $112,021,061   $113,994,112 

 

The fair value of investment securities available for sale with unrealized losses at June 30, 2015, and December 31, 2014, are as follows:

  

JUNE 30, 2015
   Less than 12 months  12 months or longer  Total
Description of Securities  Fair Value  Unrealized Losses  Fair Value  Unrealized Losses  Fair Value  Unrealized Losses
                   
U.S. Treasury Notes  $2,995,313   $4,687   $   $   $2,995,313   $4,687 
Government-Sponsored Enterprises   22,718,648    253,211            22,718,648    253,211 
Municipal Securities   4,022,705    83,860            4,022,705    83,860 
Total  $29,736,666   $341,578   $   $   $29,736,666   $341,578 

 

DECEMBER 31, 2014
   Less than 12 months  12 months or longer  Total
Description of Securities  Fair Value  Unrealized Losses  Fair Value  Unrealized Losses  Fair Value  Unrealized Losses
                   
U.S. Treasury Notes  $4,948,438   $19,758   $   $   $4,948,438   $19,758 
Government-Sponsored Enterprises   28,850,132    148,263            28,850,132    148,263 
Municipal Securities   931,428    27,182    1,557,833    7,077    2,489,261    34,259 
Total  $34,729,998   $195,203   $1,557,833   $7,077   $36,287,831   $202,280 

 

At June 30, 2015, we had five Government Sponsored Enterprises with an unrealized loss of $253,211 and one U.S. Treasury Note with an unrealized loss of $4,687 and seven Municipal Securities with an unrealized loss of $83,680. At December 31, 2014 we had two U.S. Treasury Notes with an unrealized loss of $19,758, seven Government Sponsored Enterprises with an unrealized loss of $148,263 and three Municipal Securities with an unrealized loss of $34,259. The unrealized losses on investments were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Therefore, these investments are not considered other-than-temporarily impaired. We have the ability to hold these investments until market price recovery or maturity.

 

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DEPOSITS

Deposits remain our primary source of funding for loans and investments. Average interest bearing deposits provided funding for 59.90% of average earning assets for the six months ended June 30, 2015, and 61.88% for the twelve months ended December 31, 2014. The Company encounters strong competition from other financial institutions as well as consumer and commercial finance companies, insurance companies and brokerage firms located in the primary service area of the Bank. However, the percentage of funding provided by deposits has remained stable. The breakdown of total deposits by type and the respective percentage of total deposits are as follows:

 

   June 30,  December 31,
   2015  2014  2014
Non-interest bearing demand  $109,767,308   $101,024,740   $107,072,271 
Interest bearing demand   79,352,827    79,982,199    79,397,647 
Money market accounts   54,481,146    51,489,810    47,450,210 
Certificates of deposit over $250,000   33,779,786    34,648,176    32,363,615 
Other time deposits   27,782,781    30,987,591    29,457,720 
Other savings deposits   24,782,301    23,720,158    26,677,564 
                
Total Deposits  $329,946,149   $321,852,674   $322,419,027 

 

Percentage of Deposits  June 30,  December 31,
   2015  2014  2014
Non-interest bearing demand   33.27%   31.39%   33.21%
Interest bearing demand   24.05%   24.85%   24.62%
Money Market accounts   16.51%   16.00%   14.72%
Certificates of deposit over $250,000   10.24%   10.76%   10.04%
Other time deposits   8.42%   9.63%   9.14%
Other savings deposits   7.51%   7.37%   8.27%
                
Total Deposits   100.00%   100.00%   100.00%

 

Deposits increased 2.51% or $8,093,475 from June 30, 2014 to June 30, 2015 and increased 2.33% or $7,527,122 from December 31, 2014 to June 30, 2015. These increases were primarily due to larger balances in existing customer accounts as well as new accounts. Certificates of Deposit and other time deposits over $250,000 totaled $33,779,786, $34,648,176 and $32,363,615 at June 30, 2015, June 30, 2014 and December 31, 2014, respectively.

 

At June 30, 2015 and June 30, 2014, deposits with an aggregate deficit balance of $30,384 and $31,929, respectively were re-classified as other loans. At December 31, 2014 deposits with an aggregate deficit balance of $58,364 were reclassified as other loans.

 

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SHORT-TERM BORROWINGS

Short term borrowings are summarized as follows:

 

    June 30, 2015   December 31, 2014
Securities sold under agreement to repurchase   $ 481,110     $ 6,980,681  
Total   $ 481,110     $ 6,980,681  

 

Securities sold under agreements to repurchase with customers mature on demand. These borrowings were collateralized by two U.S. Treasury Notes with an amortized cost of $2,660,233 and a fair value of $2,680,820 at June 30, 2015. At December 31, 2014, the borrowings were collateralized by five U.S. Treasury Notes with an amortized cost of $8,502,891 and a fair value of $8,553,484. The agreements to repurchase had a weighted average interest rate of .024% at June 30, 2015 and .025% at December 31, 2014, respectively. The average amount of outstanding agreements to repurchase was $3,464,401 for the six months ended June 30, 2015 and $2,426,044 for the twelve months ended December 31, 2014. The securities underlying the repurchase agreements were held in safekeeping by an authorized broker. At the maturity date of this agreement the securities will be returned to our account.

 

At June 30, 2015 and December 31, 2014, we had no outstanding federal funds purchased with the option to borrow up to $13,000,000 on short term lines of credit. In March 2012, we established a $6 million REPO Line with Raymond James. There have been no borrowings under this agreement. We also established a Borrower-In-Custody arrangement with the Federal Reserve as a secondary source of liquidity. This arrangement permits us to retain possession of loans pledged as collateral to secure advances from the Federal Reserve Discount Window. Under this agreement we could borrow up to $74 million and $71 million at June 30, 2015 and December 31, 2014, respectively. There have been no borrowings under this arrangement.

 

Comparison of Three Months Ended June 30, 2015 to Three Months Ended June 30, 2014

Net income increased $143,511 or 12.93% to $1,253,438, or basic and diluted earnings per share of $.28 and $.27, respectively, for the three months ended June 30, 2015, from $1,109,927, or basic and diluted earnings per share of $.25 and $.24, respectively, for the three months ended June 30, 2014. Our return on average assets and average equity for the three months ended June 30, 2015 were 1.36% and 13.08%, respectively, compared with 1.27% and 12.33%, respectively, for the three months ended June 30, 2014.

 

Net Interest Income

Net interest income is affected by the size and mix of our balance sheet components as well as the spread between interest earned on assets and interest paid on liabilities. Net interest margin is a measure of the difference between interest income on earning assets and interest paid on interest bearing liabilities relative to the amount of interest bearing assets. Net interest income increased $238,352 or 7.42% to $3,451,084 for the three months ended June 30, 2015 from $3,212,732 for the three months ended June 30, 2014. This increase was primarily due to increases in interest and fees on loans and interest and dividends from investment securities. Our local economy continues to improve which is giving our customers confidence in the future. As such, our customers are again investing in their businesses. Our average loans increased $12,550,107 or 5.39% to $245,299,743 for the three months ended June 30, 2015, compared to $232,749,636 for the three months ended June 30, 2014. The yield on average loans remained relatively unchanged from 4.84% for the three months ended June 30, 2014, to 4.85% for the three months ended June 30, 2015. Interest income on loans increased $144,126 for the three months ended June 30, 2015 to $2,958,135 from $2,814,009 for the three months ended June 30, 2014.

 

Average investment securities increased $16,105,107 or 17.69% to $107,174,649 for the three months ended June 30, 2015, with a yield of 2.19% as compared to $91,069,123 for the three months ended June 30, 2014, with a yield of 2.15%. Interest and dividends on investment securities increased $97,286 to $586,084 for the three months ended June 30, 2015. This was an increase of 19.90% from $488,798 for the three months ended June 30, 2014. An increase in deposits gave us the opportunity to invest our excess cash in investment securities to improve our earnings yield.

 

Allowance for Loan Losses

The allowance for loan losses represents our estimate of probable losses inherent in our loan portfolio. The adequacy of the allowance for loan losses (the “allowance”) is reviewed monthly by the Loan Committee and on a quarterly basis by the Board of Directors. For purposes of this analysis, adequacy is defined at a level sufficient to absorb estimated losses in the loan portfolio as of the balance sheet date presented. To remain Generally Accepted Accounting Principals (“GAAP”) compliant the methodology employed for this analysis has been modified over the years to reflect the economic environment. This allowance is reviewed on a monthly basis by Credit Personnel (who have no lending authority nor complete the allowance). In addition, the allowance is validated on a periodic basis by the Company’s Risk Management Officer. The methodology is based on a Reserve Model that is comprised of the three components listed below:

 

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1)Specific Reserve analysis for impaired loans based on Financial Accounting Standards Board (“FASB”) “receivables” topic ASC 310-10-35.

2)General reserve analysis applying historical loss rates based on FASB “contingencies” topic ASC 450-20.

3)Qualitative or environmental factors.

 

Loans are reviewed for impairment on a quarterly basis if any of the following criteria are met:

1)Any loan on non-accrual

2)Any loan that is a troubled debt restructuring

3)Any loan over 60 days past due

4)Any loan rated sub-standard, doubtful, or loss

5)Excessive principal extensions are executed

6)If we are provided information that indicates we will not collect all principal and interest as scheduled

 

The aforementioned methodology applies to both secured and unsecured loans, yet it does not apply to large groups of smaller balance loans that are collectively evaluated. Impairment is measured by the present value of the future cash flow discounted at the loan’s effective interest rate, or, alternatively the fair value of the collateral if the loan is collateral dependent. An impaired loan may not represent an expected loss.

 

A general reserve analysis is performed on all loans, excluding impaired loans. This analysis includes a pool of loans that are reviewed for impairment but are not found to be impaired. Historical losses are segregated into risk-similar groups and a loss ratio is determined for each group over a five-year period. The five-year average loss ratio by type is then used to calculate the estimated loss based on the current balance of each group. The five-year historical loss percentage was .162% at June 30, 2015 and .196% at June 30, 2014.

 

Qualitative and environmental factors include external risk factors that we believe are representative of our overall lending environment. We believe that the following factors create a more comprehensive system of controls in which we can monitor the quality of the loan portfolio.

 

1)Portfolio risk

a.Levels and trends in delinquencies, impaired loans and changes in loan rating matrix

b.Trends in volume and terms of loans

c.Over-margined real estate lending risk

2)National and local economic trends and conditions

3)Effects of changes in risk selection and underwriting practices

4)Experience, ability and depth of lending management staff

5)Industry conditions

6)Effects of changes in credit concentrations

a.Loan concentration

b.Geographic concentration

c.Regulatory concentration

7)Loan and credit administration risk

a.Collateral documentation

b.Insurance Risk

c.Maintenance of financial information risk

 

The sum of each component’s analysis results represents the “estimated loss” within our total portfolio.

 

Portfolio risk includes the levels and trends in delinquencies, impaired loans and changes in the loan rating matrix, trends in volume and terms of loans and overmargined real estate lending. We are satisfied with the stability of the past due and non-performing loans and believe there has been no decline in the quality of our loan portfolio due to any trend in delinquent or adversely classified loans. Sizable unsecured principal balances on a non-amortizing basis are monitored. Although the vast majority of our real estate loans are underwritten on a cash flow basis, the secondary source of repayment is typically tied to our ability to realize on the collateral. Accordingly, we closely monitor loan to value ratios. The maximum collateral advance rate is 80% on all real estate transactions, with the exception of raw land at 65% and land development at 70%.

 

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Occasionally, we extend credit beyond our normal collateral advance margins in real estate lending. Although infrequent, the aggregate of these loans represent a notable part of our portfolio. Accordingly, these loans are monitored and the balances reported to the Board every quarter. An excessive level of this practice (as a percentage of capital) could result in additional regulatory scrutiny, competitive disadvantages and potential losses if forced to convert the collateral. The consideration of overmargined real estate loans directly relates to the capacity of the borrower to repay. We often request additional collateral to bring the loan to value ratio within the policy guidelines and also require a strong secondary source of repayment in addition to the primary source of repayment.

 

Although significantly under the threshold of 100% of capital (currently approximately $38 million), the number of overmargined real estate loans currently totals approximately $14.2 million or approximately 5.92% of our loan portfolio at June 30, 2015 compared to $18.7 million or approximately 8.12% of the loan portfolio at June 30, 2014.

 

A credit rating matrix is used to rate all extensions of credit and to provide a more specified picture of the risk each loan poses to the quality of the loan portfolio. There are nine possible ratings used to determine the quality of each loan based on the following characteristics: cash flow, collateral quality, guarantor strength, financial condition, management quality, operating performance, the relevancy of the financial statements, historical loan performance, and the borrower’s leverage position. The matrix is designed to meet our standards and expectations of loan quality. One hundred percent of our loans are graded.

 

National and local economic trends and conditions are constantly changing and result in both positive and negative impact on borrowers. Most macroeconomic conditions are not controllable by us and are incorporated into the qualitative risk factors. Natural and environmental disasters, political uncertainty, international instability, as well as problems in the traditional mortgage market are a few of the trends and conditions that are currently affecting the national and local economies. These changes have impacted borrowers’ ability, in many cases, to repay loans in a timely manner. On occasion, a loan’s primary source of repayment (i.e., personal income, cash flow, or lease income) may be eroded as a result of unemployment, lack of revenues, or the inability of a tenant to make rent payments.

 

The quality of our loan portfolio is contingent upon our risk selection and underwriting practices. Every credit with over $200,000 in exposure is summarized by our Credit Department and reviewed by the Loan Committee on a monthly basis. The Board of Directors reviews credits over $500,000 monthly with annual credit analyses conducted on these borrower upon the receipt of updated financial information. Prior to any extension of credit, every significant commercial loan goes through sound credit underwriting. The Credit Department conducts a detailed cash flow on each proposal using the most current financial information.

 

We have over 350 years of lending experience among our lending staff. In addition to the lending staff, we have an Advisory Board for each office comprised of business and community leaders from the specific office market area. An additional Advisory Board was created during 2012 to support our business efforts in the North Charleston area of South Carolina. As noted previously, the Bank recently announced its intention to open an office in North Charleston, South Carolina on Highway 78 and Ingleside Boulevard. We have signed a lease with an anticipated opening in the future. We meet with these advisory boards quarterly to discuss the trends and conditions in each respective market. We are aware of the many challenges currently facing the banking industry. As other banks look to increase earnings in the short term, we will continue to emphasize the need to maintain safe and sound lending practices and core deposit growth managed with a long term objective.

 

There continues be an influx of new banks in our geographic area. This increase has decreased the local industry’s overall margins as a result of pricing competition. We believe that our borrowing base is well established and therefore unsound price competition is not necessary.

 

The risks associated with the effects of changes in credit concentration include loan concentration, geographic concentration and regulatory concentration.

 

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As of June 30, 2015, there were only four Standard Industrial Code groups that comprised more than 2% of our total outstanding loans. The four groups are activities related to real estate, offices and clinics of doctors, real estate agents and managers, and legal services.

 

We are located along the coast and on an earthquake fault, increasing the chances that a natural disaster may impact us and our borrowers. We have a Disaster Recovery Plan in place; however, the amount of time it would take for our customers to return to normal operations is unknown. Our plan is reviewed and tested annually.

 

Loan and credit administration risk includes collateral documentation, insurance risk and maintaining financial information risk.

 

The majority of our loan portfolio is collateralized with a variety of our borrowers’ assets. The execution and monitoring of the documentation to properly secure the loan is the responsibility of our lenders and Loan Department. We require insurance coverage naming us as the mortgagee or loss payee. Although insurance risk is also considered collateral documentation risk, the actual coverage, amounts of coverage and increased deductibles are important to management. Recent legislation passed by Congress addresses the need for reform to the National Flood Insurance Program. This legislation, known as the Biggert Waters Flood Insurance Reform and Modernization Act of 2012, has resulted in significant unintended consequences causing dramatic increases in the cost of flood insurance coverage and its potential unaffordability. However, on March 14, 2014 the President signed the 2014 Homeowner Flood Insurance Affordability Act. This new law allows most properties to retain their subsidized premiums. Annual rate increases are also limited to 18% per year and the grandfather plan has been reinstated. In addition, the law requires the Federal Emergency Management Agency (“FEMA”) to refund policy holders who overpaid for premiums under the Biggert Waters Flood Insurance Reform and Modernization Act of 2012.

 

Risk includes a function of time during which the borrower’s financial condition may change; therefore, keeping financial information up to date is important to us. Our policy requires all new loans (with a credit exposure of $10,000 or more), regardless of the customer’s history with us, to have updated financial information. In addition, we monitor appraisals closely as real estate values are improving.

 

Based on our allowance for loan loss model, we recorded a provision for loan loss of $70,000 for the three months ended June 30, 2015 compared to $20,000 for the three months ended June 30, 2014. This increase was recommended based on the strength of our reserve and the anticipation of strong loan growth and an improving economy. At June 30, 2015 the five-year average loss ratios were: .139% Commercial, .531% Consumer, .342% 1-4 Residential, .000% Real Estate Construction and .092% Real Estate Mortgage. The five-year historical loss ratio used at June 30, 2015 was .162% as compared to .196% at June 30, 2014.

 

During the three months ended June 30, 2015, charge-offs of $20,734 and recoveries of $24,404 were recorded to the allowance for loan losses, resulting in an allowance for loan losses of $3,407,758 or 1.42% of total loans at June 30, 2015, compared to charge-offs of $2,064 and recoveries of $38,307 resulting in an allowance for loan losses of $3,379,808 or 1.47% of total loans at June 30, 2014.

 

We had impaired loans totaling $8,081,980 as of June 30, 2015 compared to $6,332,675 at June 30, 2014. Impaired loans include non-accrual loans with balances at June 30, 2015, and 2014, of $1,819,494 and $724,667, respectively and restructured loans (“TDR”) with balances at June 30, 2015 and 2014 of $449,203 and $481,332, respectively. We had two restructured loans at June 30, 2015 and June 30, 2014, respectively. According to GAAP, we are required to account for certain loan modifications or restructuring as a troubled debt restructuring, when appropriate. In general, the modification or restructuring of a debt is considered a TDR if we, for economic or legal reasons related to a borrower’s financial difficulties, grant a concession to the borrower that we would not otherwise consider. Changes that occurred between June 30, 2014 and June 30, 2015 include three loan receivables with an aggregate balance of $1,437,699 at June 30, 2014, being removed from the impaired loan classification. Two loan receivables with an aggregate balance of $941,609 at June 30, 2014, paid off as of June 30, 2015. One loan receivable in the amount of $496,000 at June 30, 2014 was removed after the borrower consistently paid as agreed and made substantial reductions to principal. All principal and interest are current and repayment of the remaining contractual principal and interest is expected. Eighteen loans with an aggregate balance of $3,401,729 were added to the impaired loan classification between June 30, 2014 and June 30, 2015. After a comprehensive review of our loans, it was determined that it is probable that we will not collect all amounts due according to the contractual terms of their loan agreements. Total expected loss on these loans is estimated to be $388,057. We do not know of any loans which will not meet their contractual obligations that are not otherwise discussed herein.

 

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The accrual of interest is generally discontinued on loans which become 90 days past due as to principal or interest. The accrual of interest on some loans, however, may continue even though they are 90 days past due if the loans are well secured or in the process of collection and we deem it appropriate. If non-accrual loans decrease their past due status to less than 30 days for a period of 6 to 9 months, they are reviewed individually to determine if they should be returned to accrual status. There were three loans over 90 days past due still accruing interest at June 30, 2015 and no loans over 90 days past due still accruing interest at June 30, 2014.

 

Net recoveries for the three months ended June 30, 2015, were $3,670 as compared to net recoveries of $36,243 for the three months ended June 30, 2014. Although uncertainty in the economic outlook still exists, we believe loss exposure in the portfolio is identified, reserved against and closely monitored to ensure that changes are promptly addressed in the analysis of reserve adequacy.

 

The following table represents the net charge-offs by loan type.

 

Net (charge-offs) recovery for the three months ended
    June 30, 2015   June 30, 2014
Commercial Loans   $     $  
Commercial Real Estate     24,164       12,000  
Consumer Real Estate            
Consumer Other     (20,494 )     24,243  
Net (charge-offs) recovery   $ 3,670     $ 36,243  

  

We believe the allowance for loan losses at June 30, 2015 is adequate to cover estimated losses in the loan portfolio; however, assessing the adequacy of the allowance is a process that requires considerable judgment. Our judgments are based on numerous assumptions about current events which we believe to be reasonable, but which may or may not be valid. Thus, there can be no assurance that loan losses in future periods will not exceed the current allowance amount or that future increases in the allowance will not be required. No assurance can be given that our ongoing evaluation of the loan portfolio in light of changing economic conditions and other relevant circumstances will not require significant future additions to the allowance, thus adversely affecting our operating results.

 

The following table presents a breakdown of the allowance for loan losses as of June 30, 2015 and 2014, respectively.

 

   June 30, 2015  June 30, 2014
   Allowance by loan type  Percentage of loans to total loans  Allowance by loan type  Percentage of loans to total loans
Commercial Loans  $1,044,329    21%  $1,277,246    23%
Commercial Real Estate   1,186,043    51%   1,317,450    49%
Consumer Real Estate   957,447    26%   696,661    26%
Consumer Other   219,939    2%   88,451    2%
Total  $3,407,758    100%  $3,379,808    100%

 

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The allowance is also subject to examination testing by regulatory agencies, which may consider such factors as the methodology used to determine adequacy and the size of the allowance relative to that of peer institutions, and other adequacy tests. In addition, such regulatory agencies could require us to adjust its allowance based on information available to them at the time of their examination.

 

The methodology used to determine the reserve for unfunded lending commitments, which is included in other liabilities, is inherently similar to the methodology used to determine the allowance for loan losses adjusted for factors specific to binding commitments, including the probability of funding and historical loss ratio. No provision was recorded during the three months ended June 30, 2015 or the three months ended June 30, 2014, resulting in no change to the balance of $20,825.

 

Other Income

Other income increased $185,257 or 27.11% to $868,492 for the three months ended June 30, 2015, from $683,235 for the three months ended June 30, 2014. This increase was primarily due to an increase in mortgage banking income of $154,302 or 50.88% to $457,590 for the three months ended June 30, 2015 as compared to $303,288 for the three months ended June 30, 2014. Mortgage originations increased $15,928,254 for the three months ended June 30, 2015, from $14,150,341 for the three months ended June 30, 2014. Low interest rates and a good economy in our market area contributed to this growth. We also had a gain of $153,088 on the sale of $4,500,000 in securities which included one Government Sponsored Enterprise and one Municipal Security for the three months ended June 30, 2015, as compared to a gain of $138,838 on the sale of $5,000,000 in investment securities for the three months ended June 30, 2014. This sale included one Government Sponsored Enterprise and three U.S. Treasury Notes. Service charges fees and commissions increased $17,286 or 7.39% to $251,207 for the three months ended June 30, 2015. This increase was primarily due to an increase of $14,925 in debit card fees resulting from increased usage particularly by our business customers.

 

Other Expense

Other expense increased $146,518 or 6.50% to $2,399,458 for the three months ended June 30, 2015, from $2,252,940 for the three months ended June 30, 2014. This increase was primarily due to increases in salaries and employee benefits of $146,629 or 11.03% from $1,329,911 for the three months ended June 30, 2014 to $1,475,677 for the three months ended June 30, 2015. Base wages increased $102,429 to $2,265,078 for the three months ended June 30, 2015, as a result of annual merit increases and the addition of new positions in our Credit and Technology Departments, as well as a new mortgage lender. The cost of providing insurance for employees, including workers compensation, increased $18,056 from $144,786 for the three months ended June 30, 2014 to $162,842 for the three months ended June 30, 2015. Our Employee Stock Ownership Plan (“ESOP”) contribution increased $7,500 for the three months ended June 30, 2015, as our monthly contribution increased from $22,500 in 2014 to $25,000 in 2015. We also saw an increase of $7,972 in our net occupancy from $368,057 for the three months ended June 30, 2014, to $376,029 for the three months ended June 30, 2015. This increase was primarily due to the increases in rent paid on our Summerville and Meeting Street banking locations. We experienced increases of $5,750 in charitable contributions, $10,487 in data processing fees offset by a decrease of $29,318 in professional fees and a decrease of $7,375 in sundry losses. As a community bank, we pride ourselves on making a difference in our community through charitable contributions and through service by our employees in local civic and community groups. Our data processing fees fluctuate due to usage of electronic banking by our business and personal customers. Our decrease in professional fees resulted from a reduction in legal and audit fees. Sundry losses can be losses due to bank error, fraud, item processing, or theft.

 

Income Tax Expense

For the three months ended June 30, 2015, the Company’s effective tax rate was 32.25% compared to 31.61% during the three months ended June 30, 2014.

 

Comparison of Six Months Ended June 30, 2015 to Six Months Ended June 30, 2014

Net income increased $392,672 or 19.01% to $2,458,397 for the six months ended June 30, 2015 from $2,065,725 for the six months ended June 30, 2014. Basic and diluted earnings per share for the six months ended June 30, 2015 were $.55 and $.54, respectively, compared to basic and diluted earnings per share of $.46 and $.45, respectively, for the six months ended June 30, 2014. This increase is primarily due to increases in interest and fees on loans, interest and dividends earned on investment securities, mortgage banking income as well as a gain recognized on the sale of investment securities available for sale.

 

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Net Interest Income

Net interest income increased $514,119 or 8.14% to $6,832,214 for the six months ended June 30, 2015 from $6,318,095 for the six months ended June 30, 2014. This increase was primarily due to increases in interest and fees on loans and interest and dividends on investment securities. Interest and fees on loans increased $298,921 or 5.41% to $5,822,901 for the six months ended June 30, 2015 as the result of an improving local economy and consumer confidence. Interest and dividends on investment securities increased $208,840 or 21.31% to $1,189,045 for the six months ended June 30, 2015 from $980,205 for the six months ended June 30, 2014.

 

Average earning assets increased $25,292,086 or 7.50% to $362,503,267 for the six months ended June 30, 2015 from $337,211,181 for the six months ended June 30, 2014. Average loans increased $13.1 million or 5.70% for the six months ended June 30, 2015. Average investments increased $16.1 million or 17.38% to $108,785,025 for the six months ended June 30, 2015 from $92,681,984 for the six months ended June 30, 2014.

 

Allowance for Loan Losses

The contribution to the allowance for loan losses for the six months ended June 30, 2015 was $75,000 compared to $50,000 for the six months ended June 30, 2014. The Loan Committee determined that this contribution was appropriate based upon the strength of our reserve and the anticipation of strong loan growth and an improving economy. During the period, we reduced the specific reserve from 100% to 50% for a borrower who has had a vast improvement in their financial condition. We had net charge-offs of $2,090 for the six months ended June 30, 2015 compared with net recoveries of $37,531 for the six months ended June 30, 2015. Charge-offs of $41,734, recoveries of $39,644, together with the contribution to the allowance, resulted in an allowance for loan losses of $3,407,758 or 1.42% of total loans at June 30, 2015.

 

Net (charge-offs) recovery for the six months ended
   June 30, 2015  June 30, 2014
Commercial Loans  $   $ 
Commercial Real Estate   18,164    15,147 
Consumer Real Estate        
Consumer Other   (20,254)   22,384 
Net (charge-offs) recovery  $(2,090)  $37,531 

 

Other Income

Non-interest income increased $376,582 or 30.80% to $1,599,150 for the six months ended June 30, 2015. Our mortgage banking income increased $304,394 or 57.40% to $834,736 for the six months ended June 30, 2015 from $530,342 for the six months ended June 30, 2014. Mortgage banking income is highly influenced by mortgage interest rates and the housing market. According to local real estate market reports, the sales volume in the Charleston market is nearly 19% above the volume at June 30, 2014. Service charges, fees and commissions increased $32,056 to $488,493 for the six months ended June 30, 2015 from $456,437 for the six months ended June 30, 2014. This increase was primarily due to an increase of $27,476 in debit card fees resulting from increased usage particularly by our business customers. We also had a gain of $264,401 on the sale of $15,500,000 investment securities during the six months ended June 30, 2015 compared to a gain of $223,735 on the sale of $19,000,000 investment securities during the six months ended June 30, 2014.

  

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Other Expense

Other expense increased $245,074 or 5.45% to $4,738,512 for the six months ended June 30, 2015, from $4,493,438 for the six months ended June 30, 2014. Salaries and employee benefits increased $232,891 or 8.76% from $2,658,959 for the six months ended June 30, 2014 to $2,891,850 for the six months ended June 30, 2015. Base wages increased $166,906 to $2,265,078 for the six months ended June 30, 2015. This increase was primarily due to annual merit increases and the addition of new positions in our Credit and Technology Departments, as well as a new mortgage lender. The cost of providing insurance for employees including workers compensation increased $21,583 from $284,219 for the six months ended June 30, 2014 to $305,802 for the six months ended June 30, 2015. Our monthly contribution to the ESOP increased from $22,500 in 2014 to $25,000 in 2015 resulting in an increase of $15,000 or 11.11% for the six months ended June 30, 2015.

 

Our net occupancy expense and other operating expenses increased $12,183 or .66% to $1,846,662 for the six months ended June 30, 2015, from $1,844,479 for the six months ended June 30, 2014. Net occupancy expense increased primarily due to annual rent increases at our Meeting Street and Summerville banking locations as well as an increase in insurance on banking locations, offset by a decrease in the cost of maintenance and repairs to our facilities.

 

Other operating expenses increased $5,284 to $1,107,035 for the six months ended June 30, 2015 from $1,101,751 for the six months ended June 30, 2014. We experienced increases of $11,500 in charitable contributions, $11,422 in data processing fees offset by a decrease of $29,092 in professional fees and a decrease of $20,506 in sundry losses. We increased our charitable contributions to many local organizations that we have supported in the past. We also supported additional organizations which led to an increase in our charitable giving. Our data processing fees fluctuate due to usage of electronic banking primarily by our business customers. Our decrease in professional fees resulted from a reduction in legal fees and audit fees. Sundry losses can be losses due to bank error, fraud, item processing, or theft.

 

Income Tax Expense

For the six months ended June 30, 2015, the Company’s effective tax rate was 32.05% compared to 31.08% during the six months ended June 30, 2014.

 

Off Balance Sheet Arrangements

In the normal course of operations, we engage in a variety of financial transactions that, in accordance with generally accepted accounting principles, are not recorded in the financial statements, or are recorded in amounts that differ from the notional amounts. These transactions involve, to varying degrees, elements of credit, interest rate, and liquidity risk. Such transactions are used by us for general corporate purposes or for customer needs. Corporate purpose transactions are used to help manage credit, interest rate and liquidity risk or to optimize capital. Customer transactions are used to manage customer requests for funding.

 

Our off-balance sheet arrangements consist principally of commitments to extend credit described below. We estimate probable losses related to binding unfunded lending commitments and record a reserve for unfunded lending commitments in other liabilities on the consolidated balance sheet. At June 30, 2015 and 2014, the balance of this reserve was $20,825. At June 30, 2015 and 2014, we had no interests in non-consolidated special purpose entities.

 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include accounts receivable, negotiable instruments, inventory, property, plant and equipment, and real estate. Commitments to extend credit, including unused lines of credit, amounted to $78,194,534 and $55,110,403 at June 30, 2015 and 2014, respectively, due to an improving economy, customer confidence in the future, and improving loan demand.

 

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Standby letters of credit represent our obligation to a third party contingent upon the failure of our customer to perform under the terms of an underlying contract with the third party or obligates us to guarantee or stand as surety for the benefit of the third party. The underlying contract may entail either financial or nonfinancial obligations and may involve such things as the shipment of goods, performance of a contract, or repayment of an obligation. Under the terms of a standby letter, generally drafts will be drawn only when the underlying event fails to occur as intended. We can seek recovery of the amounts paid from the borrower. The majority of these standby letters of credit are unsecured. Commitments under standby letters of credit are usually for one year or less. The maximum potential amount of undiscounted future payments related to standby letters of credit at June 30, 2015 and 2014 was $577,943 and $557,593, respectively.

 

We originate certain fixed rate residential loans and commit these loans for sale. The commitments to originate fixed rate residential loans and the sales commitments are freestanding derivative instruments. We had forward sales commitments, totaling $6,454,882 at June 30, 2015, to sell loans held for sale of $6,454,882. At June 30, 2014, we had forward sales commitments of $5,003,930. The fair value of these commitments was not significant at June 30, 2015 or 2014. We had no embedded derivative instruments requiring separate accounting treatment.

 

Once we sell certain fixed rate residential loans, the loans are no longer reportable on our balance sheet. With most of these sales, we have an obligation to repurchase the loan in the event of a default of principal or interest on the loan. This recourse period ranges from three to six months with unlimited recourse as a result of fraud. The unpaid principal balance of loans sold with recourse was $20.63 million at June 30, 2015 and $10.10 million at June 30, 2014. For the six months ended June 30, 2015 and June 30, 2014 there were no loans repurchased.

 

Liquidity

Historically, we have maintained our liquidity at levels believed by management to be adequate to meet requirements of normal operations, potential deposit outflows and strong loan demand and still allow for optimal investment of funds and return on assets.

 

We manage our assets and liabilities to ensure there is sufficient liquidity to enable management to fund deposit withdrawals, loan demand, capital expenditures, reserve requirements, operating expenses, dividends and to manage daily operations on an ongoing basis. Funds are primarily provided by the Bank through customer deposits, principal and interest payments on loans, mortgage loan sales, the sale or maturity of securities, temporary investments and earnings.

 

Proper liquidity management is crucial to ensure that we are able to take advantage of new business opportunities as well as meet the credit needs of our existing customers. Investment securities are an important tool in our liquidity management. Our primary liquid assets are cash and due from banks, federal funds sold, investments available for sale, other short-term investments and mortgage loans held for sale. Our primary liquid assets accounted for 34.53% and 35.34% of total assets at June 30, 2015 and 2014, respectively. Securities classified as available for sale, which are not pledged, may be sold in response to changes in interest rates and liquidity needs. All of the securities presently owned are classified as Available for Sale. Net cash provided by operations and deposits from customers have been the primary sources of liquidity. At June 30, 2015, we had unused short-term lines of credit totaling approximately $13 million (which can be withdrawn at the lender’s option). Additional sources of funds available to us for additional liquidity needs include borrowing on a short-term basis from the Federal Reserve System, increasing deposits by raising interest rates paid and selling mortgage loans held for sale. In March 2012, we established a $6 million REPO Line with Raymond James. There have been no borrowings under this agreement. We also established a Borrower-In-Custody arrangement with the Federal Reserve. This arrangement permits us to retain possession of assets pledged as collateral to secure advances from the Federal Reserve Discount Window. At June 30, 2015 we could borrow up to $74 million. There have been no borrowings under this arrangement.

 

Our core deposits consist of non-interest bearing accounts, NOW accounts, money market accounts, time deposits and savings accounts. We closely monitor our level of certificates of deposit greater than $100,000 and other large deposits. We maintain a Contingency Funding Plan (“CFP’) that identifies liquidity needs and weighs alternate courses of action designed to address these needs in emergency situations. We perform a quarterly cash flow analysis and stress test the CFP to evaluate the expected funding needs and funding capacity during a liquidity stress event. We believe our liquidity sources are adequate to meet our operating needs and do not know of any trends, events or uncertainties that may result in a significant adverse effect on our liquidity position. At June 30, 2015 and 2014, our liquidity ratio was 31.78% and 27.65%, respectively.

 

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Capital Resources

Our capital needs have been met to date through the $10,600,000 in capital raised in our initial offering, the retention of earnings less dividends paid and the exercise of stock options for a total shareholders’ equity at June 30, 2015, of $37,919,697. The rate of asset growth since our inception has not negatively impacted this capital base.

 

On July 2, 2013, the Federal Reserve Board approved the final rules implementing the Basel Committee on Banking Supervision’s (“BCBS”) capital guidelines for US banks (“Basel III”). Following the actions by the Federal Reserve, the FDIC also approved regulatory capital requirements on July 9, 2013. The FDIC’s rule is identical in substance to the final rules issued by the Federal Reserve Bank.

 

Basel III became effective on January 1, 2015. The purpose is to improve the quality and increase the quantity of capital for all banking organizations. The minimum requirements for the quantity and quality of capital were increased. The rule includes a new common equity Tier 1 capital to risk-weighted assets ratio of 4.5% and a common equity Tier 1 capital conservation buffer of 2.5% of risk-weighted assets. The rule also raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4% to 6% and requires a minimum leverage ratio of 4%. In addition, the rule also implements strict eligibility criteria for regulatory capital instruments and improves the methodology for calculating risk-weighted assets to enhance risk sensitivity. Full compliance with all of the final rule requirements will be phased in over a multi-year schedule. The risk-based capital ratio at June 30, 2015 for the Bank was 14.57%.

 

Prior to January 1, 2015, the capital rules for US Banks were based on Basel I which was designed to highlight differences in risk profiles among financial institutions and to account for off-balance sheet risk. Basel I required a minimum risk-based capital ratio of 8% for bank holding companies and banks. The total risk-based capital ratio at June 30, 2014 for the Bank was 14.75%.

 

We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a material effect on the financial statements. We must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Current and previous quantitative measures established by regulation to ensure capital adequacy require that we maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and to average assets. We believe, as of June 30, 2015, that the Company and the Bank meet all capital adequacy requirements to which we are subject.

 

At June 30, 2014, the Company and Bank were categorized as “well capitalized” under Basel I. To be categorized as “well capitalized” the Company and the Bank had to maintain minimum total risk based, Tier 1 risk based and Tier 1 leverage ratios of 10%, 6% and 5%, respectively, and to be categorized as “adequately capitalized,” the Company and the Bank had to maintain minimum total risk based, Tier 1 risk based and Tier 1 leverage ratios of 8%, 4% and 4%, respectively.

 

At June 30, 2015, the Company and the Bank were categorized as “well capitalized” under Basel III. To be categorized as “well capitalized” the Company and the Bank must maintain minimum total risk based, Tier 1 risk based, common equity Tier 1 risk based capital and Tier 1 leverage ratios of 10%, 8.0%, 6.5% and 5%, respectively, and to be categorized as “adequately capitalized,” the Company and the Bank must maintain minimum total risk based, Tier 1 risk based, common equity Tier 1 risk based capital, and Tier 1 leverage ratios of 8%, 6%, 4.5%, and 4.0%, respectively.

 

There are no current conditions or events that we are aware of that would change the Company’s or the Bank’s category.

 

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ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required.

 

ITEM 4 

CONTROLS AND PROCEDURES

 

Evaluation of disclosure controls and procedures and internal controls and procedures for financial reporting

 

An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities and Exchange Act of 1934 as amended (the “Act”) was carried out as of June 30, 2015 under the supervision and with the participation of the Bank of South Carolina Corporation’s management, including its President/Chief Executive Officer and the Chief Financial Officer/Executive Vice President and several other members of the Company’s senior management. Based upon that evaluation, Bank of South Carolina Corporation’s management, including the President/Chief Executive Officer and the Chief Financial Officer/Executive Vice President concluded that, as of June 30, 2015, the Company’s disclosure controls and procedures were effective in ensuring that the information the Company is required to disclose in the reports filed or submitted under the act has been (i) accumulated and communicated to management (including the President/Chief Executive Officer and Chief Financial Officer/Executive Vice President) to allow timely decisions regarding required disclosure, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

 

The Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of published financial statements in accordance with generally accepted accounting principles.

 

Under the supervision and with the participation of management, including the President/Chief Executive Officer and the Chief Financial Officer/Executive Vice President, the Company’s management has evaluated the effectiveness of its internal control over financial reporting as of June 30, 2015, based on the 2013 framework established in a report entitled “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Based on this assessment, the President/Chief Executive Officer and the Chief Financial Officer/Executive Vice President believe that as of June 30, 2015, the Company’s internal control over financial reporting was effective. There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended June 30, 2015, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II OTHER INFORMATION

 

Item 1. Legal Proceedings

In our opinion, there are no other legal proceedings pending other than routine litigation incidental to our business involving amounts which are not material to our financial condition.

 

Item 1A. Risk Factors

Not required.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

 

Item 3. Defaults Upon Senior Securities

None.

 

Item 4. Removed and Reserved

 

Item 5. Other Information

None.

 

Item 6. Exhibits

 

1.The Consolidated Financial Statements are included in this Form 10-Q and listed on pages as indicated.

  Page

  

  (1) Consolidated Balance Sheets 3
  (2) Consolidated Statements of Income 4
  (3) Consolidated Statements of Comprehensive Income 6
  (4) Consolidated Statements of Shareholders’ Equity 7
  (5) Consolidated Statements of Cash Flows 8
  (6) Notes to Consolidated Financial Statements 9-32

 

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2.Exhibits

  2.0 Plan of Reorganization (Filed with 1995 10-KSB)
  3.0 Articles of Incorporation of the Registrant (Filed with 1995 10-KSB)
  3.1 By-laws of the Registrant (Filed with 1995 10-KSB)
  3.2 Amendments to the Articles of Incorporation of the Registrant (Filed with Form S on June 23, 2012)
  4.0 2015 Proxy Statement (Filed with 2014 10-K)
  10.0 Lease Agreement for 256 Meeting Street (Filed with 1995 10-KSB)
  10.1 Sublease Agreement for Parking Facilities at 256 Meeting Street (Filed with 1995 10-KSB)
  10.2 Lease Agreement for 100 N. Main Street, Summerville, SC (Filed with 1995 10-KSB)
  10.3 Lease Agreement for 1337 Chuck Dawley Blvd., Mt. Pleasant, SC (Filed with 1995 10-KSB)
  10.4 Lease Agreement for 1071 Morrison Drive, Charleston, SC (Filed With 2010 10-K)
    Lease Agreement for 1071 Morrison Drive, Charleston, SC (Filed with June 30, 2014 10-Q)
  10.5 1998 Omnibus Stock Incentive Plan (Filed with 2008 10-K/A)
  10.6 Employee Stock Ownership Plan (Filed with 2008 10-K/A)
    Employee Stock Ownership Plan, Restated (Filed with 2011 Proxy Statement)
  10.7 2010 Omnibus Incentive Stock Option Plan (Filed with 2010 Proxy Statement)
  10.8 Lease Agreement for Highway 78 Ingleside Boulevard North Charleston, SC (filed with 2013 10-K)
  14.0 Code of Ethics (Filed with 2004 10-KSB)
  21.0 List of Subsidiaries of the Registrant (Filed with 1995 10-KSB)
    The Registrant’s only subsidiary is The Bank of South Carolina (Filed with 1995 10-KSB)
  31.1 Certification pursuant to Rule 13a-14(a)/15d-14(a) by Chief Executive Officer
  31.2 Certification pursuant to Rule 13a-14(a)/15d-14(a) by Chief Financial Officer
  32.1 Certification pursuant to Section 1350
  32.2 Certification pursuant to Section 1350

  

101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

51
 

 

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 thereunto duly authorized.

 

  BANK OF SOUTH CAROLINA CORPORATION
     
August 7, 2015    
  BY: /s/ Fleetwood S. Hassell
    Fleetwood S. Hassell
    President/Chief Executive Officer
     
  BY: /s/ Sheryl G. Sharry
    Sheryl G. Sharry
    Chief Financial Officer/
    Executive Vice President

 

52

 

EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

Bank of South Carolina Corporation 10-Q

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO 13a-14(a)/15d-14(a) BY THE CHIEF EXECUTIVE OFFICER

 

I, Fleetwood S. Hassell, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of the Bank of South Carolina Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for the periods presented in this report.

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within the entity, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

August 7, 2015  
   
/s/ Fleetwood S. Hassell  
Fleetwood S. Hassell  
President/Chief Executive Officer  

 


 

EX-31.2 3 ex31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

Bank of South Carolina Corporation 10-Q

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO 13a-14(a)/15d-14(a) BY THE CHIEF FINANCIAL OFFICER

 

I, Sheryl G. Sharry, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of the Bank of South Carolina Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for the periods presented in this report.

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within the entity, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

August 7, 2015  
   
/s/ Sheryl G. Sharry  
Sheryl G. Sharry  
Chief Financial Officer/  
Executive Vice President  

 


 

EX-32.1 4 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

Bank of South Carolina Corporation 10-Q

 

Exhibit 32.1

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO 18 USC 1350 (Section 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

I, Fleetwood S. Hassell, President/Chief Executive Officer of Bank of South Carolina Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

1.the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

 

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 7, 2015    
     
  BY: /s/ Fleetwood S. Hassell
    Fleetwood S. Hassell
    President/Chief Executive Officer

 


 

EX-32.2 5 ex32-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

Bank of South Carolina Corporation 10-Q

 

Exhibit 32.2

 

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO 18 USC 1350 (Section 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

I, Sheryl G. Sharry, Chief Financial Officer/Executive Vice President of Bank of South Carolina Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

1.the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

 

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 7, 2015    
     
  BY: /s/ Sheryl G. Sharry
    Sheryl G. Sharry
    Chief Financial Officer/
    Executive Vice President

 


 

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Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Activity in the allowance for loan losses by portfolio segment          
Beginning Balance $ 3,334,088 $ 3,323,565 $ 3,334,848 $ 3,292,277 $ 3,292,277
Charge-offs (20,734) (2,064) (41,734) (8,082) (113,030)
Recoveries 24,404 38,307 39,644 45,613 73,101
Provisions 70,000 20,000 75,000 50,000 82,500
Ending Balance 3,407,758 3,379,808 3,407,758 3,379,808 3,334,848
Individually evaluated for impairment 1,351,289 1,651,207 1,351,289 1,651,207 1,283,887
Collectively evaluated for impairment 2,056,469 1,728,601 2,056,469 1,728,601 2,050,961
Individually evaluated for impairment 8,081,980 6,332,675 8,081,980 6,332,675 7,051,127
Collectively evaluated for impairment 232,374,366 224,263,619 232,374,366 224,263,619 227,066,665
Commercial [Member]          
Activity in the allowance for loan losses by portfolio segment          
Beginning Balance $ 1,100,802 $ 1,508,362 $ 1,211,130 $ 1,448,804 1,448,804
Charge-offs         $ (83,042)
Recoveries          
Provisions $ (56,473) $ (231,116) $ (166,801) $ (171,558) $ (154,632)
Ending Balance 1,044,329 1,277,246 1,044,329 1,277,246 1,211,130
Individually evaluated for impairment 637,115 859,620 637,115 859,620 784,561
Collectively evaluated for impairment 407,214 417,626 407,214 417,626 426,569
Individually evaluated for impairment 1,907,180 2,120,748 1,907,180 2,120,748 1,792,425
Collectively evaluated for impairment 47,624,251 50,566,948 47,624,251 50,566,948 48,107,152
Commercial Real Estate [Member]          
Activity in the allowance for loan losses by portfolio segment          
Beginning Balance $ 1,191,722 $ 1,197,893 1,112,387 1,064,363 1,064,363
Charge-offs     (21,000) (3,953) (15,834)
Recoveries $ 24,164 $ 12,000 39,164 19,100 46,000
Provisions (29,843) 107,557 55,492 237,940 17,858
Ending Balance 1,186,043 1,317,450 1,186,043 1,317,450 1,112,387
Individually evaluated for impairment 193,773 578,746 193,773 578,746 209,189
Collectively evaluated for impairment 992,270 738,704 992,270 738,704 903,198
Individually evaluated for impairment 4,285,765 3,211,127 4,285,765 3,211,127 4,195,852
Collectively evaluated for impairment 118,737,528 110,140,232 118,737,528 110,140,232 113,055,532
Consumer Real Estate [Member]          
Activity in the allowance for loan losses by portfolio segment          
Beginning Balance $ 895,954 $ 524,598 $ 906,255 $ 694,950 $ 694,950
Charge-offs          
Recoveries          
Provisions $ 61,493 $ 172,063 $ 51,192 $ 1,711 $ 211,305
Ending Balance 957,447 696,661 957,447 696,661 906,255
Individually evaluated for impairment 357,807 174,522 357,807 174,522 250,590
Collectively evaluated for impairment 599,640 522,139 599,640 522,139 655,665
Individually evaluated for impairment 1,718,911 962,481 1,718,911 962,481 1,023,303
Collectively evaluated for impairment 61,412,163 59,298,288 61,412,163 59,298,288 61,031,680
Consumer Other [Member]          
Activity in the allowance for loan losses by portfolio segment          
Beginning Balance 145,610 92,712 105,076 84,160 84,160
Charge-offs (20,734) (2,064) (20,734) (4,129) (14,154)
Recoveries 240 26,307 480 26,513 27,101
Provisions 94,823 (28,504) 135,117 (18,093) 7,969
Ending Balance 219,939 88,451 219,939 88,451 105,076
Individually evaluated for impairment 162,594 38,319 162,594 38,319 39,547
Collectively evaluated for impairment 57,345 50,132 57,345 50,132 65,529
Individually evaluated for impairment 170,124 38,319 170,124 38,319 39,547
Collectively evaluated for impairment $ 4,600,424 $ 4,258,151 $ 4,600,424 $ 4,258,151 $ 4,872,301
XML 13 R48.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Details) - Recurring Basis [Member] - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 103,177,428 $ 113,994,112
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 24,530,040 29,248,281
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 75,358,074 83,368,742
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 3,289,314 1,377,089
U.S. Treasury Notes [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 24,530,040 29,248,281
U.S. Treasury Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 24,530,040 29,248,281
Government-Sponsored Enterprises [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 46,155,564 50,142,649
Government-Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 46,155,564 50,142,649
Municipal Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 32,491,824 34,603,182
Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 29,202,510 33,226,093
Municipal Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 3,289,314 $ 1,377,089
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Income Per Common Share (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
NUMERATOR        
Net income $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725
Basic income available to common shareholders 1,253,438 1,109,927 2,458,397 2,065,725
Diluted income available to common shareholders $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725
DENOMINATOR        
Basic income available to common shareholders (in shares) 4,464,368 4,461,388 4,462,886 4,461,388
Effect of dilutive options (in shares) 116,382 122,445 119,518 122,920
Diluted income available to common shareholders (in shares) 4,580,750 4,583,833 4,582,404 4,584,308
Earning per share Basic and Diluted        
Basic income available to common shareholders (in dollars per share) $ 0.28 $ 0.25 $ 0.55 $ 0.46
Diluted income available to common shareholders (in dollars per share) $ 0.27 $ 0.24 $ 0.54 $ 0.45

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Mortgage Loans to be Sold (Details Narrative) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Mortgage Loans To Be Sold Details Narrative    
Mortgage loans to be sold $ 6,454,882 $ 7,325,081
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Recently Issued Accounting Pronouncements
6 Months Ended
Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Recently Issued Accounting Pronouncements

Note 16: Recently Issued Accounting Pronouncements

The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company.

 

In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments became effective for interim and annual reporting periods beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. We applied the amendments prospectively using the modified retrospective approach. These amendments did not have a material effect on our financial statements.

 

In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for reporting periods beginning after December 15, 2017. We will apply this guidance using a modified retrospective approach. We do not expect this amendment to have a material effect on our consolidated financial statements.

 

In June 2014, the FASB issued guidance which makes limited amendments to the guidance on accounting for certain repurchase agreements. The guidance (1) requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The amendments became effective for the Company for the first interim or annual period beginning after December 31, 2014. We applied the guidance by making a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This adjustment did not have a material effect on our financial statements.

 

In August 2014, the FASB issued guidance that is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization’s ability to continue as a going concern within on year after the date that the financial statements are issued. This amendment will be effective for annual periods ending after December 31, 2016, and for annual and interim periods thereafter. We do not expect this amendment to have a material effect on our financial statements.

 

In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We will apply the guidance prospectively. We do not expect this amendment to have a material effect on our financial statements.

 

In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. We do not expect this amendment to have a material effect on our financial statements.

 

In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We do not expect this amendment to have a material effect on our financial statements.

 

In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. This amendment was effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not expect this amendment to have a material effect on our financial statements.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

XML 19 R50.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Details 2) - 6 months ended Jun. 30, 2015 - Nonrecurring Basis [Member]
Total
Impaired Loans [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Valuation technique

Discounted Appraisals

Unobservable Input

Collateral Discounts

Description of general range of inputs
0-25%
Impaired Loans [Member] | Lower Range [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Discount rate (in percent) 0.00%
Impaired Loans [Member] | Upper Range [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Discount rate (in percent) 25.00%
Other real estate owned [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Valuation technique

Appraisal Value/ Comparison Sales/Other Estimates

Unobservable Input

Appraisals and/or Sales of Comparable Properties

Description of general range of inputs

Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs

Other real estate owned [Member] | Lower Range [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Discount rate (in percent) 10.00%
Other real estate owned [Member] | Upper Range [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]  
Discount rate (in percent) 20.00%
XML 20 R42.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Real Estate Owned (Details) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Summary of activity in other real estate owned:    
Balance, beginning of period $ 521,943  
Additions - foreclosure   $ 557,416
Sales   35,473
Write-downs    
Balance, end of period $ 521,943 $ 521,943
XML 21 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Details 2) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Impaired and Restructured Loans with no related allowance recorded          
Unpaid Principal Balance With no related allowance recorded $ 4,616,582   $ 4,616,582   $ 4,335,849
Recorded Investment With no related allowance recorded 4,637,582   4,637,582   4,335,849
Average Recorded Investment With no related allowance recorded 4,645,599 $ 2,834,631 4,670,861 $ 2,854,723  
Interest Income Recognized With no related allowance recorded 58,598 54,234 124,385 91,760  
Impaired and Restructured Loans with an allowance recorded          
Unpaid Principal Balance With an allowance recorded 3,465,398   3,465,398   2,715,278
Recorded Investment With an allowance recorded 3,465,398   3,465,398   2,715,278
Related Allowance 1,351,289   1,351,289   1,283,887
Average Recorded Investment With an allowance recorded 3,512,813 3,476,005 3,525,023 3,497,494  
Interest Income Recognized With an allowance recorded 36,452 42,527 79,675 81,403  
Grand Total of Impaired and Restructured Loans          
Unpaid Principal balance 8,081,980   8,081,980   7,051,127
Recorded Investment 8,102,980   8,102,980   7,051,127
Average Recorded Investment 8,158,412 6,310,636 8,195,884 6,352,217  
Interest Income Recognized 95,050 96,761 204,060 173,163  
Commercial [Member]          
Impaired and Restructured Loans with no related allowance recorded          
Unpaid Principal Balance With no related allowance recorded 793,234   793,234   634,865
Recorded Investment With no related allowance recorded 793,234   793,234   634,865
Average Recorded Investment With no related allowance recorded 811,606 350,828 822,849 353,509  
Interest Income Recognized With no related allowance recorded 11,026 13,259 25,578 22,440  
Impaired and Restructured Loans with an allowance recorded          
Unpaid Principal Balance With an allowance recorded 1,113,947   1,113,947   1,157,560
Recorded Investment With an allowance recorded 1,113,947   1,113,947   1,157,560
Related Allowance 637,115   637,115   784,561
Average Recorded Investment With an allowance recorded 1,141,727 1,144,263 1,146,928 1,158,183  
Interest Income Recognized With an allowance recorded 13,551 14,423 26,392 27,981  
Commercial Real Estate [Member]          
Impaired and Restructured Loans with no related allowance recorded          
Unpaid Principal Balance With no related allowance recorded 3,293,454   3,293,454   3,349,844
Recorded Investment With no related allowance recorded 3,314,454   3,314,454   3,349,844
Average Recorded Investment With no related allowance recorded 3,303,936 2,210,822 3,318,009 2,228,199  
Interest Income Recognized With no related allowance recorded 42,405 38,263 88,205 63,794  
Impaired and Restructured Loans with an allowance recorded          
Unpaid Principal Balance With an allowance recorded 992,311   992,311   846,008
Recorded Investment With an allowance recorded 992,311   992,311   846,008
Related Allowance 193,773   193,773   209,189
Average Recorded Investment With an allowance recorded 1,013,311 1,600,710 1,015,819 1,603,108  
Interest Income Recognized With an allowance recorded 12,885 20,468 25,029 36,674  
Consumer Real Estate [Member]          
Impaired and Restructured Loans with no related allowance recorded          
Unpaid Principal Balance With no related allowance recorded 522,364   522,364   351,140
Recorded Investment With no related allowance recorded 522,364   522,364   351,140
Average Recorded Investment With no related allowance recorded 522,399 272,981 522,429 273,015  
Interest Income Recognized With no related allowance recorded 5,133 2,712 10,518 5,526  
Impaired and Restructured Loans with an allowance recorded          
Unpaid Principal Balance With an allowance recorded 1,196,546   1,196,546   672,163
Recorded Investment With an allowance recorded 1,196,546   1,196,546   672,163
Related Allowance 357,807   357,807   250,590
Average Recorded Investment With an allowance recorded 1,200,173 691,458 1,203,183 695,775  
Interest Income Recognized With an allowance recorded 7,862 7,000 23,396 15,639  
Consumer Other [Member]          
Impaired and Restructured Loans with no related allowance recorded          
Unpaid Principal Balance With no related allowance recorded 7,530   7,530    
Recorded Investment With no related allowance recorded 7,530   7,530    
Average Recorded Investment With no related allowance recorded 7,658   7,574    
Interest Income Recognized With no related allowance recorded 34   84    
Impaired and Restructured Loans with an allowance recorded          
Unpaid Principal Balance With an allowance recorded 162,594   162,594   39,547
Recorded Investment With an allowance recorded 162,594   162,594   39,547
Related Allowance 162,594   162,594   $ 39,547
Average Recorded Investment With an allowance recorded 157,602 39,574 159,093 40,428  
Interest Income Recognized With an allowance recorded $ 2,154 $ 636 $ 4,858 $ 1,109  
XML 22 R47.htm IDEA: XBRL DOCUMENT v3.2.0.727
Comprehensive Income (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Condensed Statements of Financial Condition:        
Total comprehensive income $ 351,652 $ 1,162,883 $ 2,168,506 $ 2,237,806
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Cash flows from operating activities:          
Net income $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation     99,451 101,208  
Gain on sale of securities (153,088) (138,838) (264,401) (223,735)  
Provision for loan losses 70,000 20,000 75,000 50,000 $ 82,500
Stock-based compensation expense     38,907 36,780  
Net amortization of unearned discounts on investments     48,540 210,773  
Origination of mortgage loans held for sale     (49,005,737) (28,845,724)  
Proceeds from sale of mortgage loans held for sale     49,875,936 28,581,137  
Decrease (increase) in accrued interest receivable and other assets     209,283 (187,015)  
Increase in accrued interest payable and other liabilities     227,098 433,482  
Net cash provided by operating activities     3,762,474 2,222,631  
Cash flows from investing activities:          
Proceeds from maturities of investment securities available for sale     2,145,000 1,755,000  
Proceeds from sale of investment securities available for sale     15,219,799 19,529,603  
Purchase of investment securities available for sale     (7,056,800) (19,516,040)  
Net increase in loans     (6,340,644) (12,760,402)  
Purchase of premises, equipment and leasehold Improvements, net     (85,607) (88,601)  
Net cash provided (used) by investing activities     3,881,748 (11,080,440)  
Cash flows from financing activities:          
Net increase in deposit accounts     7,527,122 $ 16,610,019  
Net decrease in short-term borrowings     (6,499,571)    
Dividends paid     (1,159,960) $ (1,159,636)  
Stock options exercised     113,254 26,050  
Net cash used by financing activities     (19,155) 15,476,433  
Net increase in cash and cash equivalents     7,625,067 6,618,624  
Cash and cash equivalents at beginning of period     10,379,048 22,124,096 22,124,096
Cash and cash equivalents at end of period $ 18,004,115 $ 28,742,720 18,004,115 28,742,720 $ 10,379,048
Cash paid during the period for:          
Interest     201,704 216,283  
Income taxes     972,252 661,000  
Supplemental disclosure for non-cash investing and financing activity:          
Change in dividends payable     992 325  
Change in unrealized (loss) gain on available for sale securities, net of tax     $ (289,891) 172,081  
Transfer of loans to other real estate owned       $ 521,943  
XML 24 R43.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Details Narrative) - shares
6 Months Ended
Apr. 23, 2015
Jun. 30, 2015
Number of options exercisable under plan   12,010
Nine Employees [Member]    
Options granted 18,500  
Dividend yield 4.13%  
Historical volatility 19.62%  
Risk free interest rate 1.96%  
Employee [Member]    
Options granted 3,000  
Dividend yield 4.13%  
Historical volatility 19.62%  
Risk free interest rate 1.96%  
2010 Stock Incentive Plan [Member]    
Number of share or future issuance   330,000
Percent of options vesting in five years   20.00%
Percentage of options vesting each following year   20.00%
1998 Stock Incentive Plan [Member]    
Percent of options vesting in five years   20.00%
Percentage of options vesting each following year   20.00%
Total outstanding shares under plan   17,290
Number of options exercisable under plan   12,010
XML 25 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Real Estate Owned (Tables)
6 Months Ended
Jun. 30, 2015
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
Schedule of activity in other real estate owned

The following table summarizes the activity in OREO at June 30, 2015 and December 31, 2014.

 

 

      June 30,   December 31,
      2015   2014
Balance, beginning of period     $ 521,943     $ —   
Additions-foreclosure             557,416  
Sales             35,473  
Write-downs              
Balance, end of period     $ 521,943     $ 521,943  

XML 26 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Tables)
6 Months Ended
Jun. 30, 2015
Receivables [Abstract]  
Schedule of non-accrual loans

The following is a summary of the non-accrual loans as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
Loans Receivable on Non-Accrual
Commercial   $  
Commercial Real Estate:        
Commercial Real Estate - Construction      
Commercial Real Estate - Other     1,341,611  
Consumer:        
Consumer Real Estate     458,609  
Consumer - Other     19,274  
Total   $ 1,819,494  

 

December 31, 2014
Loans Receivable on Non-Accrual
Commercial   $  
Commercial Real Estate:        
Commercial Real Estate - Construction      
Commercial Real Estate - Other     882,413  
Consumer:        
Consumer Real Estate      
Consumer - Other      
Total   $ 882,413  
Schedule of delinquent loans, excluding mortgage loans held for sale

The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
    30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing
Commercial   $ 153,526       1,068,501       99,737       1,321,764       48,209,667       49,531,431       99,737  
Commercial Real Estate:                                                        
Commercial Real Estate -Construction                             1,466,902       1,466,902        
Commercial Real Estate -Other     708,974             1,247,964       1,956,938       119,599,453       121,556,391       394,016  
Consumer:                                                        
Consumer- Real Estate     69,558             537,012       606,570       62,524,504       63,131,074        
Consumer-Other     75,665       2,152       19,274       97,091       4,673,457       4,770,548       78,402  
Total   $ 1,007,723       1,070,653       1,903,987       3,982,363       236,473,983       240,456,346       572,155  

 

December 31, 2014
    30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing
Commercial   $ 557,608       2,474             560,082       49,339,495       49,899,577        
Commercial Real Estate:                                                        
Commercial Real Estate -Construction                             1,511,702       1,511,702        
Commercial Real Estate -Other     229,607       589,705       1,665,673       2,484,985       113,254,697       115,739,682       1,274,119  
Consumer:                                                        
Consumer- Real Estate                             62,054,983       62,054,983        
Consumer-Other     17,468                   17,468       4,894,380       4,911,848        
Total   $ 804,683       592,179       1,665,673       3,062,535       231,055,257       234,117,792       1,274,119  
Schedule of loans individually evaluated and considered impaired

As of June 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table:

 

Impaired and Restructured Loans
For June 30, 2015
With no related allowance recorded:   Unpaid Principal Balance   Recorded   Investment   Related Allowance
Commercial   $ 793,234     $ 793,234     $  
Commercial Real Estate     3,293,454       3,314,454        
Consumer Real Estate     522,364       522,364        
Consumer Other     7,530       7,530        
                         
Total     4,616,582       4,637,582        
                         
With an allowance recorded:                        
Commercial     1,113,947       1,113,947       637,115  
Commercial Real Estate     992,311       992,311       193,773  
Consumer Real Estate     1,196,546       1,196,546       357,807  
Consumer Other     162,594       162,594       162,594  
                         
Total     3,465,398       3,465,398       1,351,289  
Grand Total   $ 8,081,980     $ 8,102,980     $ 1,351,289  

 

Impaired and Restructured Loans
As of December 31, 2014
With no related allowance recorded:   Unpaid Principal Balance   Recorded   Investment   Related Allowance
Commercial   $ 634,865     $ 634,865     $  
Commercial Real Estate     3,349,844       3,349,844        
Consumer Real Estate     351,140       351,140        
Consumer Other                  
                         
Total     4,335,849       4,335,849        
                         
With an allowance recorded:                        
Commercial     1,157,560       1,157,560       784,561  
Commercial Real Estate     846,008       846,008       209,189  
Consumer Real Estate     672,163       672,163       250,590  
Consumer Other     39,547       39,547       39,547  
                         
Total     2,715,278       2,715,278       1,283,887  
Grand Total   $ 7,051,127     $ 7,051,127     $ 1,283,887  

 

 

The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014, respectively.

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Three Months Ended
    June 30, 2015   June 30, 2014
With no related allowance recorded:   Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
Commercial   $ 811,606     $ 11,026     $ 350,828     $ 13,259  
Commercial   Real Estate     3,303,936       42,405       2,210,822       38,263  
Consumer   Real Estate     522,399       5,133       272,981       2,712  
Consumer Other     7,658       34              
                                 
Total     4,645,599       58,598       2,834,631       54,234  
                                 
With an allowance recorded:                                
Commercial     1,141,727       13,551       1,144,263       14,423  
Commercial Real Estate     1,013,311       12,885       1,600,710       20,468  
Consumer Real Estate     1,200,173       7,862       691,458       7,000  
Consumer Other     157,602       2,154       39,574       636  
                                 
Total     3,512,813       36,452       3,476,005       42,527  
Grand Total   $ 8,158,412     $ 95,050     $ 6,310,636     $ 96,761  

 

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Six Months Ended
    June 30, 2015   June 30, 2014
With no related allowance recorded:   Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
Commercial   $ 822,849     $ 25,578     $ 353,509     $ 22,440  
Commercial   Real Estate     3,318,009       88,205       2,228,199       63,794  
Consumer   Real Estate     522,429       10,518       273,015       5,526  
Consumer   Other     7,574       84              
                                 
Total     4,670,861       124,385       2,854,723       91,760  
                                 
With an allowance recorded:                                
Commercial     1,146,928       26,392       1,158,183       27,981  
Commercial   Real Estate     1,015,819       25,029       1,603,108       36,674  
Consumer   Real Estate     1,203,183       23,396       695,775       15,639  
Consumer   Other     159,093       4,858       40,428       1,109  
                                 
Total     3,525,023       79,675       3,497,494       81,403  
Grand Total   $ 8,195,884     $ 204,060     $ 6,352,217     $ 173,163  
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at June 30, 2015 and December 31, 2014.

 

June 30, 2015
    Commercial   Commercial   Real Estate   Construction   Commercial   Real Estate   Other   Consumer   Real Estate   Consumer   Other   Total
                         
Pass     $ 45,101,830     $ 1,026,385     $ 114,667,484     $ 59,472,984     $ 4,309,083     $ 224,577,766  
Watch       2,207,589             1,067,875       1,681,385       320,759       5,277,608  
OAEM       357,790       440,517       1,471,308       212,021       16,356       2,497,992  
Sub-Standard       1,864,222             4,349,724       1,764,684       124,350       8,102,980  
Doubtful                                      
Loss                                      
                                                   
Total     $ 49,531,431     $ 1,466,902     $ 121,556,391     $ 63,131,074     $ 4,770,548     $ 240,456,346  
                                                     

 

 

December 31, 2014
    Commercial   Commercial   Real Estate   Construction   Commercial   Real Estate   Other   Consumer   Real Estate   Consumer   Other   Total
                         
Pass     $ 45,154,058     $ 1,062,185     $ 108,568,274     $ 58,744,677     $ 4,512,912     $ 218,042,106  
Watch       2,401,715             1,697,883       1,818,923       276,557       6,195,078  
OAEM       551,380       449,517       1,378,436       467,482       82,832       2,929,647  
Sub-Standard       1,792,424             4,095,089       1,023,901       39,547       6,950,961  
Doubtful                                      
Loss                                      
                                                   
Total     $ 49,899,577     $ 1,511,702     $ 115,739,682     $ 62,054,983     $ 4,911,848     $ 234,117,792  
Schedule of changes in the allowance and an allocation of the allowance by loan category

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and six months ended June 30, 2015 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above.

 

For the Three Months Ended
June 30, 2015
    Commercial   Commercial   Real Estate   Consumer   Real Estate   Consumer   Other   Total
Allowance for Loan Losses                    
Beginning Balance March 31, 2015   $ 1,100,802       1,191,722       895,954       145,610       3,334,088  
Charge-offs                       (20,734 )     (20,734 )
Recoveries           24,164             240       24,404  
Provisions     (56,473 )     (29,843 )     61,493       94,823       70,000  
Ending Balance     1,044,329       1,186,043       957,447       219,939       3,407,758  

 

  

As of and for the Six Months Ended
June 30, 2015
    Commercial   Commercial   Real
Estate
  Consumer   Real
Estate
  Consumer   Other   Total
Allowance for Loan Losses                    
Beginning Balance December 31, 2014   $ 1,211,130     $ 1,112,387     $ 906,255     $ 105,076     $ 3,334,848  
Charge-offs           (21,000 )           (20,734 )     (41,734 )
Recoveries           39,164             480       39,644  
Provisions     (166,801 )     55,492       51,192       135,117       75,000  
Ending Balance     1,044,329       1,186,043       957,447       219,939       3,407,758  
Allowance for Loan Losses Ending Balances:                                        
Individually evaluated for impairment     637,115       193,773       357,807       162,594       1,351,289  
Collectively evaluated for impairment     407,214       992,270       599,640       57,345       2,056,469  
Investment in Loans Ending Balance:                                        
Individually evaluated for impairment     1,907,180       4,285,765       1,718,911       170,124       8,081,980  
Collectively evaluated for impairment   $ 47,624,251     $ 118,737,528     $ 61,412,163     $ 4,600,424     $ 232,374,366  

  

 

For the Three Months Ended
June 30, 2014
    Commercial   Commercial   Real Estate   Consumer   Real
Estate
  Consumer   Other   Total
Allowance for Loan Losses                    
Beginning Balance March 31, 2014   $ 1,508,362     $ 1,197,893     $ 524,598     $ 92,712     $ 3,323,565  
Charge-offs                       (2,064 )     (2,064 )
Recoveries           12,000             26,307       38,307  
Provisions     (231,116 )     107,557       172,063       (28,504 )     20,000  
Ending Balance     1,277,246       1,317,450       696,661       88,451       3,379,808  

 

 

As of and for the Six Months Ended
June 30, 2014
    Commercial   Commercial   Real Estate   Consumer   Real Estate   Consumer   Other   Total
Allowance for Loan Losses                    
Beginning Balance December 31, 2013   $ 1,448,804     $ 1,064,363     $ 694,950     $ 84,160     $ 3,292,277  
Charge-offs           (3,953 )           (4,129 )     (8,082 )
Recoveries           19,100             26,513       45,613  
Provisions     (171,558 )     237,940       1,711       (18,093 )     50,000  
Ending Balance     1,277,246       1,317,450       696,661       88,451       3,379,808  
Allowance for Loan Losses Ending Balances:                                        
Individually evaluated for impairment     859,620       578,746       174,522       38,319       1,651,207  
Collectively evaluated for impairment     417,626       738,704       522,139       50,132       1,728,601  
Investment in Loans Ending Balance:                                        
Individually evaluated for impairment     2,120,748       3,211,127       962,481       38,319       6,332,675  
Collectively evaluated for impairment   $ 50,566,948     $ 110,140,232     $ 59,298,288     $ 4,258,151     $ 224,263,619  

 

  

December 31, 2014
    Commercial   Commercial   Real Estate   Consumer   Real Estate   Consumer   Other   Total
Allowance for Loan Losses                    
Beginning Balance December 31, 2013   $ 1,448,804     $ 1,064,363     $ 694,950     $ 84,160     $ 3,292,277  
Charge-offs     (83,042 )     (15,834 )           (14,154 )     (113,030 )
Recoveries           46,000             27,101       73,101  
Provisions     (154,632 )     17,858       211,305       7,969       82,500  
Ending Balance     1,211,130       1,112,387       906,255       105,076       3,334,848  
Allowance for Loan Losses Ending Balances:                                        
Individually evaluated for impairment     784,561       209,189       250,590       39,547       1,283,887  
Collectively evaluated for impairment     426,569       903,198       655,665       65,529       2,050,961  
Investment in Loans Ending Balance:                                        
Individually evaluated for impairment     1,792,425       4,195,852       1,023,303       39,547       7,051,127  
Collectively evaluated for impairment   $ 48,107,152     $ 113,055,532     $ 61,031,680     $ 4,872,301     $ 227,066,665  
XML 27 R44.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Details) - $ / shares
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Options        
Options outstanding, beginning 156,915 156,665 160,165 159,165
Options forfeited (750) (3,750) (4,000) (3,750)
Options exercised (7,625)   (7,625) (2,500)
Options granted 21,500   21,500  
Options outstanding, ending 170,040 152,915 170,040 152,915
Options exercisable 12,010   12,010  
Weighted Average Exercise Price        
Options outstanding, beginning $ 11.53 $ 11.04 $ 11.53 $ 11.34
Options forfeited 11.84 11.46 12.3 11.46
Options exercised 14.85   14.85 10.42
Options granted 15.78   15.78  
Options outstanding, ending 11.92 $ 11.03 11.92 $ 11.03
Options exercisable $ 14.75   $ 14.75  
XML 28 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of activity under stock incentive plan

The following is a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plan for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014.

 

 

Three Months Ended June 30, 2015   Options   Weighted Average Exercise Price
                   
Balance at April 1, 2015       156,915     $ 11.53  
Forfeited       (750 )     11.84  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

 

 

Six Months Ended June 30, 2015   Options   Weighted Average Exercise Price
         
Balance at January 1, 2015       160,165     $ 11.53  
Forfeited       (4,000 )     12.30  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

 

 

Three months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at April 1, 2014       156,665     $ 11.04  
Forfeited       (3,750 )     11.46  
Exercised              
Balance at June 30, 2014       152,915       11.03  
                     

 

 

Six months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at January 1, 2014       159,165     $ 11.34  
Forfeited       (3,750 )     11.46  
Exercised       (2,500 )     10.42  
Balance at June 30, 2014       152,915       11.03  
                   
Options exercisable at June 30, 2015       12,010     $ 14.75  
                   
XML 29 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Per Common Share (Tables)
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Calculation of income per common share

Income per common share for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014 was calculated as follows:

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE (DENOMINATOR)   PER SHARE  AMOUNT
             
Net income   $ 1,253,438                  
                         
Basic income available to
common shareholders
  $ 1,253,438       4,464,368     $ .28  
                         
Effect of dilutive options             116,382          
                         
Diluted income available to common
shareholders
  $ 1,253,438       4,580,750     $ .27  

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE AMOUNT
             
Net income   $ 2,458,397                  
                         
Basic income available to
common shareholders
  $ 2,458,397       4,462,886     $ .55  
                         
Effect of dilutive options             119,518          
                         
Diluted income available to common
shareholders
  $ 2,458,397       4,582,404     $ .54  

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE  AMOUNT
             
Net income   $ 1,109,927                  
                         
Basic income available to
common shareholders
  $ 1,109,927       4,461,388     $ .25  
                         
Effect of dilutive options             122,445          
                         
Diluted income available to common
shareholders
  $ 1,109,927       4,583,833     $ .24  

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)  

SHARES WEIGHTED AVERAGE (DENOMINATOR)

  PER SHARE AMOUNT
             
Net income   $ 2,065,725                  
                         
Basic income available to
common shareholders
  $ 2,065,725       4,461,338     $ .46  
                         
Effect of dilutive options             122,920          
                         
Diluted income available to common shareholders   $ 2,065,725       4,584,308     $ .45  
XML 30 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Jun. 30, 2015
Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]        
Cash Dividend Per Share $ 0.13 $ 0.13 $ 0.26 $ 0.26
XML 31 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are as follows:

 

Balance 
at 
June 30, 2015
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
US Treasury Notes  $24,530,040   $   $   $24,530,040 
Government Sponsored Enterprises      46,155,564        46,155,564 
Municipal Securities       29,202,510    3,289,314    32,491,824 
Total  $24,530,040   $75,358,074   $3,289,314   $103,177,428 

 

Balance
at 
December 31, 2014
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs  
(Level 3)
  Total
US Treasury Notes  $29,248,281   $   $   $29,248,281 
Government Sponsored Enterprises       50,142,649        50,142,649 
Municipal Securities       33,226,093    1,377,089    34,603,182 
Total  $29,248,281   $83,368,742   $1,377,089   $113,994,112 

 

Schedule of assets and liabilities measured at fair value measured on a nonrecurring basis

The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of June 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of June 30, 2015 and December 31, 2014.

 

 

June 30, 2015
    Quoted Market Price in active markets  
(Level 1)
  Significant Other Observable Inputs  
(Level 2)
  Significant Unobservable Inputs  
(Level 3)
  Total
Impaired loans   $     $     $ 6,730,691     $ 6,730,691  
Other real estate owned           521,943             521,943  
Total   $     $ 521,943     $ 6,730,691     $ 7,252,634  

 

 

December 31, 2014
    Quoted Market Price in active markets  
(Level 1)
  Significant Other Observable Inputs  
(Level 2)
  Significant Unobservable Inputs  
(Level 3)
  Total
Impaired loans   $     $     $ 5,767,240     $ 5,767,240  
Other real estate owned           521,943             521,943  
Total   $     $ 521,943     $ 5,767,240     $ 6,289,183  

 

There were no liabilities carried at fair value on recurring basis as of June 30, 2015 or December 31, 2014.

 

 

        Inputs
    Valuation Technique   Unobservable Input   General Range of Inputs
Nonrecurring measurements:            
Impaired Loans   Discounted Appraisals   Collateral Discounts   0-25%
Other Real Estate Owned       Appraisal Value/ Comparison Sales/Other Estimates   Appraisals and/or Sales of Comparable Properties   Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs

 

There were no liabilities carried at fair value on nonrecurring basis as of June 30, 2015 or December 31, 2014.

Schedule of carrying amount,estimated fair value and the financial hierarchy of entity's financial instruments

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2015 and December 31, 2014:

 

 

    June 30, 2015
    Carrying   Amount   Estimated   Fair Value   Level  
1
  Level  
2
  Level  
3
Financial Assets:                                        
Cash and due from banks   $ 6,603,741     $ 6,603,741       6,603,741              
Interest-bearing deposits in other banks     11,400,374       11,400,374       11,400,374              
Investments available for sale     103,177,428       103,177,428       24,530,040       75,358,074       3,289,314  
Mortgage loans to be sold     6,454,882       6,454,882             6,454,882        
Loans     240,456,346       240,523,031                   240,523,031  
Financial Liabilities:                                        
Deposits     329,946,149       329,958,339             329,958,339        
      Notional Amount       Fair Value                          
Off-Balance Sheet Financial Instruments:                                        
                                         
Commitments to extend credit   $ 78,194,534     $     $           $  
Standby letters of credit     577,943                          

 

 

    December 31, 2014
    Carrying   Amount   Estimated   Fair Value   Level  
1
  Level  
2
  Level  
3
Financial Assets:                                        
Cash and due from banks   $ 4,698,435     $ 4,698,435       4,698,435              
Interest-bearing deposits in other banks     5,680,613       5,680,613       5,680,613              
Investments available for sale     113,994,112       113,994,112       29,248,281       83,368,742       1,377,089  
Mortgage loans to be sold     7,325,081       7,325,081             7,325,081          
Loans     234,117,792       234,204,303                   234,204,303  
Financial Liabilities:                                        
Deposits     322,419,027       322,435,308             322,435,308        
      Notional Amount       Fair Value                          
Off-Balance Sheet Financial Instruments:                                        
                                         
Commitments to extend credit   $ 62,597,548     $     $           $  
Standby letters of credit     577,943                          
XML 32 R40.htm IDEA: XBRL DOCUMENT v3.2.0.727
Premises, Equipment and Leasehold Improvements and Depreciation (Details Narrative)
6 Months Ended
Jun. 30, 2015
Buildings [Member]  
Useful life 40 years
Equipment [Member] | Lower Range [Member]  
Useful life 3 years
Equipment [Member] | Upper Range [Member]  
Useful life 15 years
XML 33 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Assets:    
Cash and due from banks $ 6,603,741 $ 4,698,435
Interest bearing deposits in other banks 11,400,374 5,680,613
Investment securities available for sale 103,177,428 113,994,112
Mortgage loans to be sold 6,454,882 7,325,081
Loans 240,456,346 234,117,792
Less: Allowance for loan losses (3,407,758) (3,334,848)
Net loans 237,048,588 230,782,944
Premises and equipment, net 2,338,579 2,352,423
Other real estate owned 521,943 521,943
Accrued interest receivable 1,228,169 1,290,380
Other assets 867,454 579,871
Total assets 369,641,158 367,225,802
Deposits:    
Non-interest-bearing demand 109,767,308 107,072,271
Interest-bearing demand 79,352,827 79,397,647
Money market accounts 54,481,146 47,450,210
Certificates of deposit over $250,000 33,779,786 32,363,615
Other time deposits 27,782,781 29,457,720
Other savings deposits 24,782,301 26,677,564
Total deposits 329,946,149 322,419,027
Short-term borrowings 481,110 6,980,681
Accrued interest payable and other liabilities 1,294,202 1,066,112
Total liabilities $ 331,721,461 $ 330,465,820
Shareholders' equity    
Common Stock - No par value; 12,000,000 shares authorized; Shares issued 4,688,464 At June 30, 2015 and 4,680,839 at December 31, 2014. Shares outstanding 4,469,013 at June 30, 2015 and 4,461,388 at December 31, 2014.    
Additional paid in capital $ 28,931,269 $ 28,779,108
Retained earnings 9,937,736 8,640,291
Treasury stock: 219,451 shares (1,902,439) (1,902,439)
Accumulated other comprehensive income, net of income taxes 953,131 1,243,022
Total shareholders' equity 37,919,697 36,759,982
Total liabilities and shareholders' equity $ 369,641,158 $ 367,225,802
XML 34 R45.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Per Common Share (Details Narrative) - $ / shares
3 Months Ended 6 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Jun. 30, 2015
Jun. 30, 2014
Earnings Per Share [Abstract]        
Cash Dividend Per Share $ 0.13 $ 0.13 $ 0.26 $ 0.26
XML 35 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statement of Comprehensive Income [Abstract]        
Tax on unrealized gain on securities $ (472,977) $ 31,100 $ (72,425) $ 101,063
Tax on reclassification adjustment for gains included in income $ 56,643 $ 51,370 $ 97,829 $ 82,782
XML 36 R35.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans Receivable on Non-Accrual $ 1,819,494 $ 882,413
Commercial Real Estate Other [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans Receivable on Non-Accrual 1,341,611 $ 882,413
Consumer Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans Receivable on Non-Accrual 458,609  
Consumer Other [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans Receivable on Non-Accrual $ 19,274  
XML 37 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Information
6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segment Information

Note 13: Segment Information

We report operating segments in accordance with accounting standards. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Financial Officer/Executive Vice President in deciding how to allocate resources and assess performance. Accounting standards require that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has one reporting segment, The Bank of South Carolina.

XML 38 R36.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Details 1) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due $ 3,982,363 $ 3,062,535
Current 236,473,983 231,055,257
Total Loans Receivable 240,456,346 234,117,792
Recorded Investment > 90 Days and Accruing 572,155 1,274,119
30-59 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,007,723 804,683
60-89 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,070,653 592,179
Greater Than 90 Days [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,903,987 1,665,673
Commercial [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,321,764 560,082
Current 48,209,667 49,339,495
Total Loans Receivable 49,531,431 49,899,577
Recorded Investment > 90 Days and Accruing 99,737  
Commercial [Member] | 30-59 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 153,526 557,608
Commercial [Member] | 60-89 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,068,501 2,474
Commercial [Member] | Greater Than 90 Days [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 99,737  
Commercial Real Estate Construction [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Current 1,466,902 1,511,702
Total Loans Receivable 1,466,902 1,511,702
Commercial Real Estate Other [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,956,938 2,484,985
Current 119,599,453 113,254,697
Total Loans Receivable 121,556,391 115,739,682
Recorded Investment > 90 Days and Accruing 394,016 1,274,119
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 708,974 229,607
Commercial Real Estate Other [Member] | 60-89 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due   589,705
Commercial Real Estate Other [Member] | Greater Than 90 Days [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 1,247,964 1,665,673
Consumer Real Estate [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 606,570  
Current 62,524,504 62,054,983
Total Loans Receivable 63,131,074 62,054,983
Consumer Real Estate [Member] | 30-59 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 69,558  
Consumer Real Estate [Member] | Greater Than 90 Days [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 537,012  
Consumer Other [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 97,091 17,468
Current 4,673,457 4,894,380
Total Loans Receivable 4,770,548 4,911,848
Recorded Investment > 90 Days and Accruing 78,402  
Consumer Other [Member] | 30-59 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 75,665 $ 17,468
Consumer Other [Member] | 60-89 Days Past Due [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due 2,152  
Consumer Other [Member] | Greater Than 90 Days [Member]    
Delinquent loans, excluding mortgage loans held for sale    
Total Past Due $ 19,274  
XML 39 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 15: Fair Value Measurements

Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that we believe market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance establishes a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies.

 

The three levels of input that may be used to measure fair value are the following:

 

Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as US Treasuries and money market funds.
   
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts and impaired loans.
   
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

The guidance requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis (for example, available for sale investment securities) or on a nonrecurring basis (for example, impaired loans). Fair value estimates, methods, and assumptions are set forth below. 

 

Investment Securities Available for Sale

Securities available for sale are recorded at fair value on a recurring basis and are based upon quoted prices if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange such as the New York Stock Exchange, or by dealers or brokers in active over-the counter markets. Level 2 securities include mortgage backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets.

 

Other Real Estate Owned (OREO)

Loans, secured by real estate, are adjusted to fair value upon transfer to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or our estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraisal, we record the asset as nonrecurring Level 2. When an appraised value is not available or we determine the fair value of the collateral is further impaired below the appraised value and there is no observable market price, we record the asset as nonrecurring Level 3. We had one property valued at $521,943 classified as OREO at June 30, 2015 and December 31, 2014.

 

Impaired Loans

We do not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans are reviewed for impairment on a quarterly basis if any of the following criteria are met:

 

1)Any loan on non-accrual

2)Any loan that is a troubled debt restructuring

3)Any loan over 60 days past due

4)Any loan rated sub-standard, doubtful, or loss

5)Excessive principal extensions are executed

6)If we are provided information that indicates that we will not collect all principal and interest as scheduled

 

Once a loan is identified as individually impaired, we measure the impairment in accordance with Accounting Standards Codification (“ASC” ) 310-10, “Accounting by Creditors for Impairment of a Loan”.

 

In accordance with this standard, the fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. Typically, we review the most recent appraisal and if it is over 18 months old we may request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, we may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of our primary market area, we would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is impaired. However, as a second example, on a nonperforming commercial real estate loan where we are familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, we may perform an internal analysis whereby the previous appraisal value would be reviewed considering recent current conditions, and known recent sales or listings of similar properties in the area, and any other relevant economic trends. This analysis may result in the call for a new appraisal. These valuations are reviewed and updated on a quarterly basis.

 

Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2015 and December 31, 2014, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. In accordance with topic ASC 820 “Fair Value Measurement”, impaired loans, where an allowance is established based on the fair value of collateral, require classification in the fair value hierarchy. We record the impaired loan as nonrecurring Level 3.

  

Assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are as follows:

 

Balance 
at 
June 30, 2015
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
US Treasury Notes  $24,530,040   $   $   $24,530,040 
Government Sponsored Enterprises      46,155,564        46,155,564 
Municipal Securities       29,202,510    3,289,314    32,491,824 
Total  $24,530,040   $75,358,074   $3,289,314   $103,177,428 

 

Balance
at 
December 31, 2014
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs  
(Level 3)
  Total
US Treasury Notes  $29,248,281   $   $   $29,248,281 
Government Sponsored Enterprises       50,142,649        50,142,649 
Municipal Securities       33,226,093    1,377,089    34,603,182 
Total  $29,248,281   $83,368,742   $1,377,089   $113,994,112 

 

There were no liabilities carried at fair value on a recurring basis as of June 30, 2015 or December 31, 2014.

 

Mortgage Loans Held for Sale

We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2.

 

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the collaterally dependent assets and liabilities carried on the balance sheet by caption and by level within the valuation hierarchy (as described above) as of June 30, 2015, and December 31, 2014, for which a nonrecurring change in fair value has been recorded as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
Impaired loans  $   $   $6,730,691   $6,730,691 
Other real estate owned       521,943        521,943 
Total  $   $521,943   $6,730,691   $7,252,634 

 

December 31, 2014
   Quoted Market Price in active markets
(Level 1)
  Significant Other Observable Inputs
(Level 2)
  Significant Unobservable
Inputs
(Level 3)
  Total
Impaired loans  $   $   $5,767,240   $5,767,240 
Other real estate owned       521,943        521,943 
Total  $   $521,943   $5,767,240   $6,289,183 

 

There are no liabilities on a nonrecurring basis as of June 30, 2015 or December 31, 2014.

 

        Inputs
    Valuation Technique   Unobservable Input   General Range of Inputs
Nonrecurring measurements:            
Impaired Loans   Discounted Appraisals   Collateral Discounts   0-25%
Other Real Estate Owned       Appraisal Value/ Comparison Sales/Other Estimates   Appraisals and/or Sales of Comparable Properties   Appraisals Discounted 10% to 20% for Sales Commissions and Other Holding Costs

 

Accounting standards require disclosure of fair value information about financial instruments whether or not recognized on the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, prepayments, and estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may or may not be realized in an immediate sale of the instrument.

 

Under the accounting standard, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of the assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts of existing financial instruments do not represent the underlying value of those instruments on our books.

 

The following describes the methods and assumptions we use in estimating the fair values of financial instruments:

 

a. Cash and due from banks, interest-bearing deposits in other banks
  The carrying value approximates fair value. All mature within 90 days and do not present unanticipated credit concerns.
   
b. Investment securities available for sale
  The fair value of investment securities is derived from quoted market prices.
   
c.                    Loans
  The carrying values of variable rate consumer and commercial loans and consumer and commercial loans with remaining maturities of three months or less, approximate fair value. The fair values of fixed rate consumer and commercial loans with maturities greater than three months are determined using a discounted cash flow analysis and assume the rate being offered on these types of loans at June 30, 2015 and December 31, 2014, approximate market.
   
  The carrying value of mortgage loans held for sale approximates fair value.
   
  For lines of credit, the carrying value approximates fair value.
   
d. Deposits
  The estimated fair value of deposits with no stated maturity is equal to the carrying amount. The fair value of time deposits is estimated by discounting contractual cash flows, by applying interest rates currently being offered on the deposit products. The fair value estimates for deposits do not include the benefit that results from the low cost funding provided by the deposit liabilities as compared to the cost of alternative forms of funding (deposit base intangibles).
   
e. Short-term borrowings
  The carrying amount approximates fair value due to the short-term nature of these instruments.

  

The following table is a summary of the carrying value and estimated fair value of the Company’s financial instruments as of June 30, 2015 and December 31, 2014:

 

   June 30, 2015
   Carrying
Amount
  Estimated Fair Value  Level  
1
  Level  
2
  Level  
3
Financial Assets:                         
Cash and due from banks  $6,603,741   $6,603,741    6,603,741         
Interest-bearing deposits in other banks   11,400,374    11,400,374    11,400,374         
Investments available for sale   103,177,428    103,177,428    24,530,040    75,358,074    3,289,314 
Mortgage loans to be sold   6,454,882    6,454,882        6,454,882     
Loans   240,456,346    240,523,031            240,523,031 
Financial Liabilities:                         
Deposits   329,946,149    329,958,339        329,958,339     
    Notional Amount    Fair Value                
Off-Balance Sheet Financial Instruments:                         
                          
Commitments to extend credit  $78,194,534   $   $       $ 
Standby letters of credit   577,943                 

 

   December 31, 2014
   Carrying
Amount
  Estimated Fair Value  Level  
1
  Level  
2
  Level  
3
Financial Assets:                         
Cash and due from banks  $4,698,435   $4,698,435    4,698,435         
Interest-bearing deposits in other banks   5,680,613    5,680,613    5,680,613         
Investments available for sale   113,994,112    113,994,112    29,248,281    83,368,742    1,377,089 
Mortgage loans to be sold   7,325,081    7,325,081        7,325,081      
Loans   234,117,792    234,204,303            234,204,303 
Financial Liabilities:                         
Deposits   322,419,027    322,435,308        322,435,308     
    Notional Amount    Fair Value                
Off-Balance Sheet Financial Instruments:                         
                          
Commitments to extend credit  $62,597,548   $   $       $ 
Standby letters of credit   577,943                 

 

Note 16: Recently Issued Accounting Pronouncements

The following is a summary of recent authoritative pronouncements that could impact the accounting, reporting and/or disclosure of financial information by the Company.

 

In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments became effective for interim and annual reporting periods beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. We applied the amendments prospectively using the modified retrospective approach. These amendments did not have a material effect on our financial statements.

 

In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for reporting periods beginning after December 15, 2017. We will apply this guidance using a modified retrospective approach. We do not expect this amendment to have a material effect on our consolidated financial statements.

  

In June 2014, the FASB issued guidance which makes limited amendments to the guidance on accounting for certain repurchase agreements. The guidance (1) requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The amendments became effective for the Company for the first interim or annual period beginning after December 31, 2014. We applied the guidance by making a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This adjustment did not have a material effect on our financial statements.

 

In August 2014, the FASB issued guidance that is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization’s ability to continue as a going concern within on year after the date that the financial statements are issued. This amendment will be effective for annual periods ending after December 31, 2016, and for annual and interim periods thereafter. We do not expect this amendment to have a material effect on our financial statements.

 

In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We will apply the guidance prospectively. We do not expect this amendment to have a material effect on our financial statements.

 

In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. We do not expect this amendment to have a material effect on our financial statements.

 

In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. The amendment will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We do not expect this amendment to have a material effect on our financial statements.

 

In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. This amendment was effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not expect this amendment to have a material effect on our financial statements.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows.

  

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income [Member]
Total
Balance, beginning at Dec. 31, 2013 $ 28,678,150 $ 7,007,532 $ (1,902,439) $ 955,900 $ 34,739,143
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income   $ 2,065,725     2,065,725
Other comprehensive income       $ 172,081 172,081
Exercise of stock options $ 26,050       26,050
Stock-based compensation expense $ 36,780       36,780
Cash dividends   $ (1,159,961)     (1,159,961)
Balance, ending at Jun. 30, 2014 $ 28,740,980 7,913,296 $ (1,902,439) $ 1,127,981 35,879,818
Balance, beginning at Dec. 31, 2014 $ 28,779,108 8,640,291 $ (1,902,439) $ 1,243,022 36,759,982
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income   $ 2,458,397     2,458,397
Other comprehensive income       $ (289,891) (289,891)
Exercise of stock options $ 113,254       113,254
Stock-based compensation expense $ 38,907       38,907
Cash dividends   $ (1,160,952)     (1,160,952)
Balance, ending at Jun. 30, 2015 $ 28,931,269 $ 9,937,736 $ (1,902,439) $ 953,131 $ 37,919,697
XML 42 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Jun. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Common Stock, shares authorized 12,000,000 12,000,000
Common Stock, shares issued 4,688,464 4,680,839
Common Stock, shares outstanding 4,469,013 4,461,388
Treasury stock, shares 219,451 219,451
XML 43 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Real Estate Owned
6 Months Ended
Jun. 30, 2015
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
Other Real Estate Owned

Note 8: Other Real Estate Owned

Other real estate owned (“OREO”) is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral, or our estimation of the value of the collateral. Gains and losses on the sale of OREO and subsequent write-downs from periodic re-evaluation are charged to Other Operating Income. We had one property valued at $521,943 classified as OREO at June 30, 2015 and December 31, 2014, respectively. An additional property valued at $35,473 was classified as OREO during the year ended December 31, 2014. This property was sold at a gain of $2,382 during the year ended December 31, 2014.

 

The following table summarizes the activity in OREO at June 30, 2015 and December 31, 2014.

 

 

      June 30,   December 31,
      2015   2014
Balance, beginning of period     $ 521,943     $ —   
Additions-foreclosure             557,416  
Sales             35,473  
Write-downs              
Balance, end of period     $ 521,943     $ 521,943  
XML 44 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2015
Aug. 07, 2015
Document And Entity Information    
Entity Registrant Name BANK OF SOUTH CAROLINA CORP  
Entity Central Index Key 0001007273  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   4,469,013
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2015  
XML 45 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes
6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9: Income Taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Net deferred tax assets are included in other assets in the consolidated balance sheet.

 

Accounting standards require the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. These standards also prescribe a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. We believe that we had no uncertain tax positions as of June 30, 2015 or June 30, 2014.

XML 46 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and fee income        
Interest and fees on loans $ 2,958,135 $ 2,814,009 $ 5,822,901 $ 5,523,980
Interest and dividends on investment securities 586,084 488,798 1,189,045 980,205
Other interest income 6,444 12,949 13,318 18,556
Total interest and fee income 3,550,663 3,315,756 7,025,264 6,522,741
Interest expense        
Interest on deposits 99,423 $ 103,024 192,157 $ 204,646
Interest on short-term borrowings 156   893  
Total interest expense 99,579 $ 103,024 193,050 $ 204,646
Net interest income 3,451,084 3,212,732 6,832,214 6,318,095
Provision for loan losses 70,000 20,000 75,000 50,000
Net interest income after provision for loan losses 3,381,084 3,192,732 6,757,214 6,268,095
Other income        
Service charges, fees and commissions 251,207 233,921 488,493 456,437
Mortgage banking income 457,590 303,288 834,736 530,342
Other non-interest income 6,607 7,188 11,520 12,054
Gain on sale of securities 153,088 138,838 264,401 223,735
Total other income 868,492 683,235 1,599,150 1,222,568
Other expense        
Salaries and employee benefits 1,475,677 1,329,048 2,891,850 2,658,959
Net occupancy expense 376,029 368,057 739,627 732,728
Other operating expenses 547,752 555,835 1,107,035 1,101,751
Total other expense 2,399,458 2,252,940 4,738,512 4,493,438
Income before income tax expense 1,850,118 1,623,027 3,617,852 2,997,225
Income tax expense 596,680 513,100 1,159,455 931,500
Net income $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725
Basic income per common share (in dollars per share) $ 0.28 $ 0.25 $ 0.55 $ 0.46
Diluted income per common share (in dollars per share) $ 0.27 $ 0.24 $ 0.54 $ 0.45
Weighted average shares outstanding        
Basic (in shares) 4,464,368 4,461,388 4,462,886 4,461,388
Diluted (in shares) 4,580,750 4,583,833 4,582,404 4,584,308
Cash Dividend Per Share (in dollar per share) $ 0.13 $ 0.13 $ 0.26 $ 0.26
XML 47 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Investment Securities
6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

Note 3: Investment Securities

We classify investments into three categories as follows: (1) Held to Maturity - debt securities that we have the positive intent and ability to hold to maturity, which are reported at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income using a methodology which approximates a level yield of interest over the estimated remaining period until maturity; (2) Trading - debt and equity securities that are bought and held principally for the purpose of selling them in the near term, which are reported at fair value, with unrealized gains and losses included in earnings; and (3) Available for Sale - debt and equity securities that may be sold under certain conditions, which are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity, net of income taxes. Unrealized losses on securities due to fluctuations in fair value are recognized when it is determined that an other than temporary decline in value has occurred. Realized gains or losses on the sale of investments are recognized on a specific identification, trade date basis. All securities were classified as available for sale for the three and six months ended June 30, 2015 and at December 31, 2014. We do not have any mortgage-backed securities nor have we ever invested in mortgage-backed securities. (See “non-interest income” for discussion on the sale of investment securities.)

XML 48 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Cash and Cash Equivalents
6 Months Ended
Jun. 30, 2015
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

Note 2: Cash and Cash Equivalents

Cash and cash equivalents include working cash funds, due from banks, interest-bearing deposits in other banks, items in process of collection and federal funds sold. All cash equivalents are readily convertible to cash and have maturities of less than 90 days.

 

To comply with Federal Reserve regulations, we are required to maintain certain average cash reserve balances. Our daily reserve requirement for the three and six month periods ending June 30, 2015 and the three and six month periods ending June 30, 2014 was satisfied by vault cash.

XML 49 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Instruments
6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments

Note 14: Derivative Instruments

Accounting standards require that all derivative instruments be recorded on the balance sheet at fair value. The accounting for the gain or loss due to change in fair value of the derivative instrument depends on whether the derivative instrument qualifies as a hedge. If the derivative does not qualify as a hedge, the gains or losses are reported in earnings when they occur. However, if the derivative instrument qualifies as a hedge, the accounting varies based on the type of risk being hedged.

 

We had no embedded derivative instruments requiring separate accounting treatment. We had freestanding derivative instruments consisting of fixed rate conforming loan commitments as interest rate locks and commitments to sell fixed rate conforming loans on a best efforts basis. We do not currently engage in hedging activities. Based on short term fair value of the mortgage loans held for sale (derivative contract), our derivative instruments were immaterial to our consolidated financial statements as of June 30, 2015 and June 30, 2014.

XML 50 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation
6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation

Note 10: Stock Based Compensation

The shareholders of the Company voted at the Company’s Annual Meeting, April 13, 2010 to approve the 2010 Omnibus Stock Incentive Plan, including 330,000 shares (adjusted for a 10% stock dividend declared on August 26, 2010) reserved under the plan (copy of the plan was filed with 2010 Proxy Statement). This plan is intended to assist the Company in recruiting and retaining employees with ability and initiative by enabling employees to participate in its future success and to align their interest with those of the Company and its shareholders. Under the Omnibus Stock Incentive Plan, options are periodically granted to employees at a price not less than 100% of the fair market value of the shares at the date of the grant. All employees are eligible to participate in this plan if the Executive Committee, in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of the Company or its subsidiary. Options may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Executive Committee shall determine. The maximum period in which an option may be exercised is determined at the date of grant and shall not exceed 10 years from the date of grant.

 

The options are not transferable except by will or by the laws of descent and distribution.

 

On April 23, 2015, the Executive Committee granted options to purchase an aggregate of 18,500 shares to nine employees. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. In addition, the Executive Committee granted options to purchase 3,000 shares to an employee on June 29, 2015. Fair value was estimated at the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield 4.13%, historical volatility 19.62%, risk free interest rate of 1.96%. There were no options granted during the three or six months ended June 30, 2014.

 

On April 14, 1998 the Company adopted the 1998 Omnibus Stock Incentive Plan which expired on April 14, 2008. Options can no longer be granted under the 1998 Plan. Options granted before April 14, 2008, shall remain valid in accordance with their terms. There are currently options to purchase 17,290 shares outstanding under this plan with options to purchase 12,010 shares exercisable.

 

Under both plans employees become 20% vested after five years and vest 20% each year until fully vested. The right to exercise each such 20% of the options is cumulative and will not expire until the tenth anniversary of the date of the grant.

 

The following is a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plan for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014.

 

 

Three Months Ended June 30, 2015   Options   Weighted Average Exercise Price
                   
Balance at April 1, 2015       156,915     $ 11.53  
Forfeited       (750 )     11.84  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

 

 

Six Months Ended June 30, 2015   Options   Weighted Average Exercise Price
         
Balance at January 1, 2015       160,165     $ 11.53  
Forfeited       (4,000 )     12.30  
Exercised       (7,625 )     14.85  
Granted       21,500       15.78  
Balance at June 30, 2015       170,040       11.92  
                     

 

 

Three months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at April 1, 2014       156,665     $ 11.04  
Forfeited       (3,750 )     11.46  
Exercised              
Balance at June 30, 2014       152,915       11.03  
                     

 

 

Six months Ended June 30, 2014   Options   Weighted Average Exercise Price
         
Balance at January 1, 2014       159,165     $ 11.34  
Forfeited       (3,750 )     11.46  
Exercised       (2,500 )     10.42  
Balance at June 30, 2014       152,915       11.03  
                   
Options exercisable at June 30, 2015       12,010     $ 14.75  
                 
XML 51 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Premises, Equipment and Leasehold Improvements and Depreciation
6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
Premises, Equipment and Leasehold Improvements and Depreciation

Note 6: Premises, Equipment and Leasehold Improvements and Depreciation

Buildings and equipment are carried at cost less accumulated depreciation, calculated on the straight-line method over the estimated useful life of the related assets - 40 years for buildings and 3 to 15 years for equipment. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.

XML 52 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Mortgage Loans to be Sold
6 Months Ended
Jun. 30, 2015
Mortgage Loans To Be Sold  
Mortgage Loans to be Sold

Note 4: Mortgage Loans to be Sold

We originate fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. These loans are fixed and variable rate residential mortgage loans that have been originated in our name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. We usually deliver to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. We are not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination.

 

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. At June 30, 2015 and December 31, 2014, we had approximately $6.5 million and $7.3 million in mortgage loans held for sale, respectively. Gains or losses on sales of loans are recognized when control over these assets has been surrendered and are included in mortgage banking income in the consolidated statements of income.

XML 53 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses
6 Months Ended
Jun. 30, 2015
Receivables [Abstract]  
Loans and Allowance for Loan Losses

Note 5: Loans and Allowance for Loan Losses

Loans are carried at principal amounts outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to yield. Interest income on all loans is recorded on an accrual basis. The accrual of interest and the amortization of net loan fees are generally discontinued and accrued interest amounts are reversed against interest income on loans which 1) are maintained on a cash basis because of deterioration in the financial condition of the borrower; 2) for which payment of full principal is not expected; or 3) upon which principal or interest has been in default for a period of 90 days or more. The accrual of interest, however, may continue on these loans if they are well secured, in the process of collection, and management deems it appropriate. If non-accrual loans decrease their past due status to less than 30 days for a period of six to nine months, they are reviewed individually by management to determine if they should be returned to accrual status. We define past due loans based on contractual payment and maturity dates.

 

We account for nonrefundable fees and costs associated with originating or acquiring loans by requiring that loan origination fees be recognized over the life of the related loan as an adjustment on the loan’s yield. Deferred loan fees were $101,394 at June 30, 2015 and $89,441 at December 31, 2014. Certain direct loan origination costs shall be recognized over the life of the related loan as a reduction of the loan’s yield.

 

We account for impaired loans by requiring that all loans for which it is estimated that we will be unable to collect all amounts due according to the terms of the loan agreement be recorded at the loan’s fair value. Fair value may be determined based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral less cost to sell, if the loan is collateral dependent.

 

Additional accounting guidance allows us to use existing methods for recognizing interest income on an impaired loan. The guidance also requires additional disclosures about how we estimate interest income related to our impaired loans.

  

When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest income and then to principal.

 

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). For this type of impaired loan, cash receipts are typically applied to principal and interest receivable in accordance with the terms of the restructured loan agreement. Interest income is recognized on these loans using the accrual method of accounting, provided they are performing in accordance with their restructured terms.

 

We believe that the allowance is adequate to absorb inherent losses in the loan portfolio; however, assessing the adequacy of the allowance is a process that requires considerable judgment. Our judgments are based on numerous assumptions about current events which we believe to be reasonable, but which may or may not be valid. Thus there can be no assurance that loan losses in future periods will not exceed the current allowance amount or that future increases in the allowance will not be required. No assurance can be given that our ongoing evaluation of the loan portfolio, in light of changing economic conditions and other relevant circumstances, will not require significant future additions to the allowance, thus adversely affecting our operating results.

 

The allowance is also subject to examination by regulatory agencies, which may consider such factors as the methodology used to determine adequacy and the size of the allowance relative to that of peer institutions and other adequacy tests. In addition, such regulatory agencies could require us to adjust our allowance based on information available to us at the time of our examination.

 

The methodology used to determine the reserve for unfunded lending commitments, which is included in other liabilities, is inherently similar to the methodology used to determine the allowance for loan losses adjusted for factors specific to binding commitments, including the probability of funding and historical loss ratio.

 

The following is a summary of the non-accrual loans as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
Loans Receivable on Non-Accrual
Commercial  $ 
Commercial Real Estate:     
Commercial Real Estate - Construction    
Commercial Real Estate - Other   1,341,611 
Consumer:     
Consumer Real Estate   458,609 
Consumer - Other   19,274 
Total  $1,819,494 

 

December 31, 2014
Loans Receivable on Non-Accrual
Commercial  $ 
Commercial Real Estate:     
Commercial Real Estate - Construction    
Commercial Real Estate - Other   882,413 
Consumer:     
Consumer Real Estate    
Consumer - Other    
Total  $882,413 

 

 

The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of June 30, 2015 and December 31, 2014.

 

June 30, 2015
    30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing
Commercial   $ 153,526       1,068,501       99,737       1,321,764       48,209,667       49,531,431       99,737  
Commercial Real Estate:                                                        
Commercial Real Estate -Construction                             1,466,902       1,466,902        
Commercial Real Estate -Other     708,974             1,247,964       1,956,938       119,599,453       121,556,391       394,016  
Consumer:                                                        
Consumer- Real Estate     69,558             537,012       606,570       62,524,504       63,131,074        
Consumer-Other     75,665       2,152       19,274       97,091       4,673,457       4,770,548       78,402  
Total   $ 1,007,723       1,070,653       1,903,987       3,982,363       236,473,983       240,456,346       572,155  

 

December 31, 2014
   30-59 Days Past Due  60-89 Days Past Due  Greater Than 90 Days  Total Past Due  Current  Total Loans Receivable  Recorded Investment > 90 Days and Accruing
Commercial  $557,608    2,474        560,082    49,339,495    49,899,577     
Commercial Real Estate:                                   
Commercial Real Estate -Construction                   1,511,702    1,511,702     
Commercial Real Estate -Other   229,607    589,705    1,665,673    2,484,985    113,254,697    115,739,682    1,274,119 
Consumer:                                   
Consumer- Real Estate                   62,054,983    62,054,983     
Consumer-Other   17,468            17,468    4,894,380    4,911,848     
Total  $804,683    592,179    1,665,673    3,062,535    231,055,257    234,117,792    1,274,119 

 

We grant short to intermediate term commercial and consumer loans to customers throughout our primary market area of Charleston, Berkeley and Dorchester Counties of South Carolina. Our primary market area is heavily dependent on tourism and medical services. Although we have a diversified loan portfolio, a substantial portion of our debtors’ ability to honor their contracts is dependent upon the stability of the economic environment in their primary markets including the government, tourism and medical industries. The majority of the loan portfolio is located in our immediate market area with a concentration in Real Estate Related, Offices and Clinics of Medical Doctors, Real Estate Agents and Managers, and Legal Services.

  

As of June 30, 2015 and December 31, 2014, loans individually evaluated and considered impaired are presented in the following table:

 

Impaired and Restructured Loans
For June 30, 2015
With no related allowance recorded:  Unpaid Principal Balance  Recorded   Investment  Related Allowance
Commercial  $793,234   $793,234   $ 
Commercial Real Estate   3,293,454    3,314,454     
Consumer Real Estate   522,364    522,364     
Consumer Other   7,530    7,530     
                
Total   4,616,582    4,637,582     
                
With an allowance recorded:               
Commercial   1,113,947    1,113,947    637,115 
Commercial Real Estate   992,311    992,311    193,773 
Consumer Real Estate   1,196,546    1,196,546    357,807 
Consumer Other   162,594    162,594    162,594 
                
Total   3,465,398    3,465,398    1,351,289 
Grand Total  $8,081,980   $8,102,980   $1,351,289 

 

Impaired and Restructured Loans
As of December 31, 2014
With no related allowance recorded:  Unpaid Principal Balance  Recorded   Investment  Related Allowance
Commercial  $634,865   $634,865   $ 
Commercial Real Estate   3,349,844    3,349,844     
Consumer Real Estate   351,140    351,140     
Consumer Other            
                
Total   4,335,849    4,335,849     
                
With an allowance recorded:               
Commercial   1,157,560    1,157,560    784,561 
Commercial Real Estate   846,008    846,008    209,189 
Consumer Real Estate   672,163    672,163    250,590 
Consumer Other   39,547    39,547    39,547 
                
Total   2,715,278    2,715,278    1,283,887 
Grand Total  $7,051,127   $7,051,127   $1,283,887 

 

The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014, respectively.

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Three Months Ended
   June 30, 2015  June 30, 2014
With no related allowance recorded:  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized
Commercial  $811,606   $11,026   $350,828   $13,259 
Commercial Real Estate   3,303,936    42,405    2,210,822    38,263 
Consumer Real Estate   522,399    5,133    272,981    2,712 
Consumer Other   7,658    34         
                     
Total   4,645,599    58,598    2,834,631    54,234 
                     
With an allowance recorded:                    
Commercial   1,141,727    13,551    1,144,263    14,423 
Commercial Real Estate   1,013,311    12,885    1,600,710    20,468 
Consumer Real Estate   1,200,173    7,862    691,458    7,000 
Consumer Other   157,602    2,154    39,574    636 
                     
Total   3,512,813    36,452    3,476,005    42,527 
Grand Total  $8,158,412   $95,050   $6,310,636   $96,761 

 

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Six Months Ended
   June 30, 2015  June 30, 2014
With no related allowance recorded:  Average Recorded Investment  Interest Income Recognized  Average Recorded Investment  Interest Income Recognized
Commercial  $822,849   $25,578   $353,509   $22,440 
Commercial Real Estate   3,318,009    88,205    2,228,199    63,794 
Consumer Real Estate   522,429    10,518    273,015    5,526 
Consumer Other   7,574    84         
                     
Total   4,670,861    124,385    2,854,723    91,760 
                     
With an allowance recorded:                    
Commercial   1,146,928    26,392    1,158,183    27,981 
Commercial Real Estate   1,015,819    25,029    1,603,108    36,674 
Consumer Real Estate   1,203,183    23,396    695,775    15,639 
Consumer Other   159,093    4,858    40,428    1,109 
                     
Total   3,525,023    79,675    3,497,494    81,403 
Grand Total  $8,195,884   $204,060   $6,352,217   $173,163 

 

The following table illustrates credit risks by category and internally assigned grades at June 30, 2015 and December 31, 2014.

 

June 30, 2015
   Commercial  Commercial Real Estate   Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
                   
Pass   $45,101,830   $1,026,385   $114,667,484   $59,472,984   $4,309,083   $224,577,766 
Watch    2,207,589        1,067,875    1,681,385    320,759    5,277,608 
OAEM    357,790    440,517    1,471,308    212,021    16,356    2,497,992 
Sub-Standard    1,864,222        4,349,724    1,764,684    124,350    8,102,980 
Doubtful                         
Loss                         
                                
Total   $49,531,431   $1,466,902   $121,556,391   $63,131,074   $4,770,548   $240,456,346 
                                 

 

December 31, 2014
   Commercial  Commercial Real Estate   Construction  Commercial Real Estate Other  Consumer Real Estate  Consumer Other  Total
                   
Pass   $45,154,058   $1,062,185   $108,568,274   $58,744,677   $4,512,912   $218,042,106 
Watch    2,401,715        1,697,883    1,818,923    276,557    6,195,078 
OAEM    551,380    449,517    1,378,436    467,482    82,832    2,929,647 
Sub-Standard    1,792,424        4,095,089    1,023,901    39,547    6,950,961 
Doubtful                         
Loss                         
                                
Total   $49,899,577   $1,511,702   $115,739,682   $62,054,983   $4,911,848   $234,117,792 
                                 

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014 and at December 31, 2014. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in our judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors described above.

 

For the Three Months Ended
June 30, 2015
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance March 31, 2015  $1,100,802    1,191,722    895,954    145,610    3,334,088 
Charge-offs               (20,734)   (20,734)
Recoveries       24,164        240    24,404 
Provisions   (56,473)   (29,843)   61,493    94,823    70,000 
Ending Balance   1,044,329    1,186,043    957,447    219,939    3,407,758 

 

 

As of and for the Six Months Ended
June 30, 2015
   Commercial  Commercial Real
Estate
  Consumer Real
Estate
  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2014  $1,211,130   $1,112,387   $906,255   $105,076   $3,334,848 
Charge-offs       (21,000)       (20,734)   (41,734)
Recoveries       39,164        480    39,644 
Provisions   (166,801)   55,492    51,192    135,117    75,000 
Ending Balance   1,044,329    1,186,043    957,447    219,939    3,407,758 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   637,115    193,773    357,807    162,594    1,351,289 
Collectively evaluated for impairment   407,214    992,270    599,640    57,345    2,056,469 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   1,907,180    4,285,765    1,718,911    170,124    8,081,980 
Collectively evaluated for impairment  $47,624,251   $118,737,528   $61,412,163   $4,600,424   $232,374,366 

  

For the Three Months Ended
June 30, 2014
   Commercial  Commercial Real Estate  Consumer Real
Estate
  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance March 31, 2014  $1,508,362   $1,197,893   $524,598   $92,712   $3,323,565 
Charge-offs               (2,064)   (2,064)
Recoveries       12,000        26,307    38,307 
Provisions   (231,116)   107,557    172,063    (28,504)   20,000 
Ending Balance   1,277,246    1,317,450    696,661    88,451    3,379,808 

 

 

As of and for the Six Months Ended
June 30, 2014
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2013  $1,448,804   $1,064,363   $694,950   $84,160   $3,292,277 
Charge-offs       (3,953)       (4,129)   (8,082)
Recoveries       19,100        26,513    45,613 
Provisions   (171,558)   237,940    1,711    (18,093)   50,000 
Ending Balance   1,277,246    1,317,450    696,661    88,451    3,379,808 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   859,620    578,746    174,522    38,319    1,651,207 
Collectively evaluated for impairment   417,626    738,704    522,139    50,132    1,728,601 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   2,120,748    3,211,127    962,481    38,319    6,332,675 
Collectively evaluated for impairment  $50,566,948   $110,140,232   $59,298,288   $4,258,151   $224,263,619 

 

 

December 31, 2014
   Commercial  Commercial Real Estate  Consumer Real Estate  Consumer Other  Total
Allowance for Loan Losses               
Beginning Balance December 31, 2013  $1,448,804   $1,064,363   $694,950   $84,160   $3,292,277 
Charge-offs   (83,042)   (15,834)       (14,154)   (113,030)
Recoveries       46,000        27,101    73,101 
Provisions   (154,632)   17,858    211,305    7,969    82,500 
Ending Balance   1,211,130    1,112,387    906,255    105,076    3,334,848 
Allowance for Loan Losses Ending Balances:                         
Individually evaluated for impairment   784,561    209,189    250,590    39,547    1,283,887 
Collectively evaluated for impairment   426,569    903,198    655,665    65,529    2,050,961 
Investment in Loans Ending Balance:                         
Individually evaluated for impairment   1,792,425    4,195,852    1,023,303    39,547    7,051,127 
Collectively evaluated for impairment  $48,107,152   $113,055,532   $61,031,680   $4,872,301   $227,066,665 

 

TDR’s (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $449,203 and $466,541 at June 30, 2015 and December 31, 2014, respectively. All restructured loans were renegotiated to interest only and were performing as agreed as of June 30, 2015 and December 31, 2014, respectively.

 

There were no additional loans identified as a TDR during the six months ended June 30, 2015. There were no loans identified as a TDR that were in default as of June 30, 2015 or as of December 31, 2014.

XML 54 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Concentration of Credit Risk
6 Months Ended
Jun. 30, 2015
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk

Note 7: Concentration of Credit Risk

Our primary market consists of the Counties of Berkeley, Charleston and Dorchester, South Carolina. At June 30, 2015 and December 31, 2014, the majority of the total loan portfolio, as well as a substantial portion of the commercial and real estate loan portfolios, were to borrowers within this region. No other areas of significant concentration of credit risk have been identified.

XML 55 R34.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Details Narrative) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Receivables [Abstract]    
Restructured loans $ 449,203 $ 466,541
Deferred loan fees $ 101,394 $ 89,441
XML 56 R51.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Details 3) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Financial Instruments-Assets    
Cash and due from banks $ 6,603,741 $ 4,698,435
Interest bearing deposits in other banks 11,400,374 5,680,613
Investments available for sale 103,177,428 113,994,112
Mortgage loans to be sold 6,454,882 7,325,081
Commitments to extend credit [Member]    
Off-Balance Sheet Financial Instruments:    
Off Balance Sheet Financial Instruments, Notional Amount 78,194,534 62,597,548
Standby letters of credit [Member]    
Off-Balance Sheet Financial Instruments:    
Off Balance Sheet Financial Instruments, Notional Amount 577,943 577,943
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Financial Instruments-Assets    
Cash and due from banks 6,603,741 4,698,435
Interest bearing deposits in other banks 11,400,374 5,680,613
Investments available for sale 24,530,040 29,248,281
Significant Other Observable Inputs (Level 2) [Member]    
Financial Instruments-Assets    
Investments available for sale 75,358,074 83,368,742
Mortgage loans to be sold 6,454,882 7,325,081
Financial Instruments-Liabilities    
Deposits 329,958,339 322,435,308
Significant Unobservable Inputs (Level 3) [Member]    
Financial Instruments-Assets    
Investments available for sale 3,289,314 1,377,089
Loans 240,523,031 234,204,303
Carrying Amount [Member]    
Financial Instruments-Assets    
Cash and due from banks 6,603,741 4,698,435
Interest bearing deposits in other banks 11,400,374 5,680,613
Investments available for sale 103,177,428 113,994,112
Mortgage loans to be sold 6,454,882 7,325,081
Loans 240,456,346 234,117,792
Financial Instruments-Liabilities    
Deposits 329,946,149 322,419,027
Fair Value [Member]    
Financial Instruments-Assets    
Cash and due from banks 6,603,741 4,698,435
Interest bearing deposits in other banks 11,400,374 5,680,613
Investments available for sale 103,177,428 113,994,112
Mortgage loans to be sold 6,454,882 7,325,081
Loans 240,523,031 234,204,303
Financial Instruments-Liabilities    
Deposits $ 329,958,339 $ 322,435,308
XML 57 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Comprehensive Income
6 Months Ended
Jun. 30, 2015
Condensed Statements of Financial Condition:  
Comprehensive Income

Note 12: Comprehensive Income

We apply accounting standards which establish guidance for the reporting and display of comprehensive income and its components in a full set of general purpose financial statements. Comprehensive income consists of net income and net unrealized gains or losses on available for sale securities.

 

Comprehensive income totaled $351,652 and $1,162,883 for the three months ended June 30, 2015 and 2014, respectively and $2,168,506 and $2,237,806 for the six months ended June 30, 2015 and 2014, respectively.

XML 58 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
Reclassification
6 Months Ended
Jun. 30, 2015
Reclassification  
Reclassification

Note 17: Reclassification

Certain reclassifications of accounts reported for previous periods have been made in these consolidated financial statements. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.

XML 59 R49.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Details 1) - Nonrecurring Basis [Member] - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 7,252,634 $ 6,289,183
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 6,730,691 5,767,240
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 521,943 521,943
Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 6,730,691 5,767,240
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 6,730,691 5,767,240
Other real estate owned [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 521,943 521,943
Other real estate owned [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 521,943 $ 521,943
XML 60 R41.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Real Estate Owned (Details Narrative)
12 Months Ended
Dec. 31, 2014
USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
Gain on other real estate owned $ 2,382
XML 61 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statement of Comprehensive Income [Abstract]        
Net income $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725
Other comprehensive income        
Unrealized (loss) gain on securities ,net of tax (805,341) 140,424 (123,319) 313,034
Reclassification adjustment for gains included in income ,net of tax (96,445) (87,468) (166,572) (140,953)
Other comprehensive (loss) income, net of tax (901,786) 52,956 (289,891) 172,081
Total Comprehensive income $ 351,652 $ 1,162,883 $ 2,168,506 $ 2,237,806
XML 62 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Basis of Presentation
6 Months Ended
Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1: Basis of Presentation

The Bank of South Carolina (the “Bank”) was organized on October 22, 1986 and opened for business as a state-chartered financial institution on February 26, 1987, in Charleston, South Carolina. The Bank was reorganized into a wholly-owned subsidiary of Bank of South Carolina Corporation (the “Company”), effective April 17, 1995. At the time of the reorganization, each outstanding share of the Bank was exchanged for two shares of Bank of South Carolina Corporation Stock.

 

The Bank operates as an independent, community oriented, commercial bank providing a broad range of financial services and products. We have four banking house locations: 256 Meeting Street, Charleston, SC, 100 North Main Street, Summerville, SC, 1337 Chuck Dawley Boulevard, Mt. Pleasant, SC and 2027 Sam Rittenberg Boulevard, Charleston, SC. We intend to open a banking office in North Charleston, SC on Highway 78 and Ingleside Boulevard in the future.

 

References to “we,” “us,” “our,” “the Bank,” or “the Company” refer to the parent and its subsidiary, that are consolidated for financial purposes.

 

The consolidated financial statements in this report are unaudited, except for the December 31, 2014 consolidated balance sheet. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results which may be expected for the entire year.

 

The preparation of the consolidated financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from these estimates and assumptions. Material estimates generally susceptible to significant change are related to the determination of the allowance for loan losses, impaired loans, other real estate owned, asset prepayment rates and other-than-temporary impairment of investment securities.

 

In preparing these financial statements, we evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued.

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Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

Note 18: Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. We have reviewed events occurring through the date the financial statements were issued and noted no subsequent event requiring accrual or disclosure.

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In ''CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)'', column(s) 13 are contained in other reports, so were removed by flow through suppression. bksc-20150630.xml bksc-20150630_cal.xml bksc-20150630_def.xml bksc-20150630_lab.xml bksc-20150630_pre.xml bksc-20150630.xsd true true XML 66 R38.htm IDEA: XBRL DOCUMENT v3.2.0.727
Loans and Allowance for Loan Losses (Details 3) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Credit risks by category and internally assigned grades    
Loans $ 240,456,346 $ 234,117,792
Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 224,577,766 218,042,106
Watch [Member]    
Credit risks by category and internally assigned grades    
Loans 5,277,608 6,195,078
OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 2,497,992 2,929,647
Substandard [Member]    
Credit risks by category and internally assigned grades    
Loans 8,102,980 6,950,961
Commercial [Member]    
Credit risks by category and internally assigned grades    
Loans 49,531,431 49,899,577
Commercial [Member] | Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 45,101,830 45,154,058
Commercial [Member] | Watch [Member]    
Credit risks by category and internally assigned grades    
Loans 2,207,589 2,401,715
Commercial [Member] | OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 357,790 551,380
Commercial [Member] | Substandard [Member]    
Credit risks by category and internally assigned grades    
Loans 1,864,222 1,792,424
Commercial Real Estate Construction [Member]    
Credit risks by category and internally assigned grades    
Loans 1,466,902 1,511,702
Commercial Real Estate Construction [Member] | Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 1,026,385 1,062,185
Commercial Real Estate Construction [Member] | OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 440,517 449,517
Commercial Real Estate Other [Member]    
Credit risks by category and internally assigned grades    
Loans 121,556,391 115,739,682
Commercial Real Estate Other [Member] | Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 114,667,484 108,568,274
Commercial Real Estate Other [Member] | Watch [Member]    
Credit risks by category and internally assigned grades    
Loans 1,067,875 1,697,883
Commercial Real Estate Other [Member] | OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 1,471,308 1,378,436
Commercial Real Estate Other [Member] | Substandard [Member]    
Credit risks by category and internally assigned grades    
Loans 4,349,724 4,095,089
Consumer Real Estate [Member]    
Credit risks by category and internally assigned grades    
Loans 63,131,074 62,054,983
Consumer Real Estate [Member] | Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 59,472,984 58,744,677
Consumer Real Estate [Member] | Watch [Member]    
Credit risks by category and internally assigned grades    
Loans 1,681,385 1,818,923
Consumer Real Estate [Member] | OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 212,021 467,482
Consumer Real Estate [Member] | Substandard [Member]    
Credit risks by category and internally assigned grades    
Loans 1,764,684 1,023,901
Consumer Other [Member]    
Credit risks by category and internally assigned grades    
Loans 4,770,548 4,911,848
Consumer Other [Member] | Pass [Member]    
Credit risks by category and internally assigned grades    
Loans 4,309,083 4,512,912
Consumer Other [Member] | Watch [Member]    
Credit risks by category and internally assigned grades    
Loans 320,759 276,557
Consumer Other [Member] | OAEM [Member]    
Credit risks by category and internally assigned grades    
Loans 16,356 82,832
Consumer Other [Member] | Substandard [Member]    
Credit risks by category and internally assigned grades    
Loans $ 124,350 $ 39,547
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Income Per Common Share
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Income Per Common Share

Note 11: Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock.

 

A regular quarterly cash dividend of $.13 per share was declared on March 26, 2015 for shareholders of record at April 7, 2015, payable April 30, 2015. On March 27, 2014 a quarterly cash dividend of $.13 per share was declared for shareholders of record April 8, 2014, payable April 30, 2014.

 

Income per common share for the three and six months ended June 30, 2015 and for the three and six months ended June 30, 2014 was calculated as follows:

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE (DENOMINATOR)   PER SHARE  AMOUNT
             
Net income   $ 1,253,438                  
                         
Basic income available to
common shareholders
  $ 1,253,438       4,464,368     $ .28  
                         
Effect of dilutive options             116,382          
                         
Diluted income available to common
shareholders
  $ 1,253,438       4,580,750     $ .27  

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2015
    INCOME (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE AMOUNT
             
Net income   $ 2,458,397                  
                         
Basic income available to
common shareholders
  $ 2,458,397       4,462,886     $ .55  
                         
Effect of dilutive options             119,518          
                         
Diluted income available to common
shareholders
  $ 2,458,397       4,582,404     $ .54  

 

    FOR THE THREE MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)   SHARES WEIGHTED AVERAGE
(DENOMINATOR)
  PER SHARE  AMOUNT
             
Net income   $ 1,109,927                  
                         
Basic income available to
common shareholders
  $ 1,109,927       4,461,388     $ .25  
                         
Effect of dilutive options             122,445          
                         
Diluted income available to common
shareholders
  $ 1,109,927       4,583,833     $ .24  

 

 

    FOR THE SIX MONTHS ENDED JUNE 30, 2014
    INCOME  (NUMERATOR)  

SHARES WEIGHTED AVERAGE (DENOMINATOR)

  PER SHARE AMOUNT
             
Net income   $ 2,065,725                  
                         
Basic income available to
common shareholders
  $ 2,065,725       4,461,338     $ .46  
                         
Effect of dilutive options             122,920          
                         
Diluted income available to common shareholders   $ 2,065,725       4,584,308     $ .45  

 

The future payment of cash dividends is subject to the discretion of the Board of Directors and depends upon a number of factors, including future earnings, financial condition, cash requirements, and general business conditions. Cash dividends when declared, are paid by the Bank to the Company for distribution to shareholders of the Company. The Bank’s ability to pay dividends to the Company is restricted by the laws and regulations of the State of South Carolina. Generally, these restrictions allow the Bank to pay dividends from current earnings without the prior written consent of the South Carolina Commissioner of Banking, if it received a satisfactory rating at its most recent examination.