Bank of South Carolina Corporation Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 12, 2017 at 10:18 pm IST
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Bank of South Carolina Corporation announced earnings results for the fourth quarter and full year ended December 31, 2016. The company announced earnings of $1,312,880 or $0.27 and $0.26 basic and diluted per share, respectively, for the quarter ended December 31, 2016 – an increase of 7.00% from earnings for the quarter ended December 31, 2015 of $1,226,972 or $0.25 and $0.24 basic and diluted per share, respectively.
Earnings for the twelve months ended December 31, 2016 increased $362,776 or 7.43% to $5,247,063 compared to $4,884,287 for the twelve months ended December 31, 2015. Returns on average assets and average equity for the twelve months ended December 31, 2016 were 1.28% and 12.65%, respectively, compared with 2015 returns on average assets and average equity of 1.29% and 12.64%, respectively. Diluted earnings per share was $1.04 compared to $0.96 a year ago. Book value per share was $8.19 compared to $7.96 a year ago.
The Bank of South Carolina (the Bank) operates as a state-chartered independent, community oriented, commercial bank. The Company provides a range of financial services and products to the Charleston, North Charleston metro area, which includes Charleston, Berkeley and Dorchester County. The Bank offers personal banking, business banking and mortgage services. The Bankâs personal banking services include checking, savings, certificates of deposit, health savings accounts, individual retirement accounts, VISA CheckCards, eSafe Internet banking, consumer loans, credit cards, personal reserve checking and safe deposit boxes. The Bank offers various business banking services, including eCorp Internet banking, commercial loans, credit cards, wire transfer requests, merchant credit cards services and other. The Bank offers various deposits, including non-interest-bearing demand accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits and savings accounts.