Form 8-K BANK OF SOUTH CAROLINA For: Jul 12
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report: July 12, 2018
Bank of South Carolina Corporation
(Exact name of registrant as specified in its charter)
| South Carolina | 0-27702 | 57-1021355 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 256 Meeting Street Charleston, SC | 29401 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant’s telephone number, including area code | (843) 724-1500 |
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 §240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On July 12, 2018, the Bank of South Carolina Corporation issued a press release announcing its unaudited financial results for the quarter and six months ended June 30, 2018. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 2.02 to this report, and such press release is incorporated herein by reference.
| Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
| (d) | Exhibits. |
The following Exhibit is filed as part of this report
| Exhibit 99.1 | Press release dated July 12, 2018 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Bank of South Carolina Corporation | ||
| (Registrant) | ||
| Date: July 12, 2018 | ||
| /s/ Eugene H. Walpole, IV | ||
| Eugene H. Walpole, IV | ||
| Chief Financial Officer | ||
| Executive Vice President |
Bank of South Carolina Corporation Announces Second Quarter Earnings
CHARLESTON, S.C., July 12, 2018 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $1,726,357 or $0.31 basic and diluted per share for the quarter ended June 30, 2018 – an increase of 24.52% from earnings for the quarter ended June 30, 2017 of $1,386,385 or $0.25 basic and diluted per share. Earnings for the six months ended June 30, 2018 increased $726,114 or 27.79% to $3,338,587 compared to $2,612,473 for the six months ended June 30, 2017. Returns on average assets and average equity for the six months ended June 30, 2018 were 1.57% and 15.59%, respectively, compared to 2017 returns on average assets and average equity of 1.26% and 12.47%, respectively.
Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "Improved loan demand, strong margins, and continued emphasis on management of expenses have led to a strong second quarter and first half of the year. We are pleased to be ahead of budget and last year's performance to date. We look forward to the rest of 2018."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley community. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".
The following table shows the balance sheet and income statement highlights: | |||
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| (Unaudited)
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| (Unaudited) June 30, |
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| 2018 |
| 2017 |
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Shares Outstanding |
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BKSC Common Stock | 5,501,639 |
| 5,466,878 |
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Book Value Per Share | $ 7.86 |
| $ 7.88 |
Total Assets | $ 426,770,905 |
| $ 430,303,999 |
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Three Months Ended |
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Net Income | $ 1,726,357 |
| $ 1,386,385 |
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Basic Earnings Per Share | $ 0.31 |
| $ 0.25 |
Diluted Earnings Per Share | $ 0.31 |
| $ 0.25 |
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Weighted Average Shares |
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Outstanding Basic | 5,492,896 |
| 5,464,697 |
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Weighted Average Shares |
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Outstanding Diluted | 5,586,585 |
| 5,588,687 |
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Six Months Ended |
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Net Income | $ 3,338,587 |
| $ 2,612,473 |
Basic Earnings Per Share | $ 0.63 |
| $ 0.48 |
Diluted Earnings Per Share | $ 0.61 |
| $ 0.47 |
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Weighted Average Shares |
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Outstanding Basic | 5,339,187 |
| 5,461,603 |
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Weighted Average Shares |
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Outstanding Diluted | 5,433,360 |
| 5,584,373 |
CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500
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