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Section 1: 8-K (FORM 8-K)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report: October 11, 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):

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

oPre-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 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

On October 11, 2018, the Bank of South Carolina Corporation issued a press release announcing its unaudited financial results for the quarter and nine months ended September 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 9.01FINANCIAL STATEMENTS AND EXHIBITS

 

(d)Exhibits.

 

The following Exhibit is filed as part of this report

 

Exhibit 99.1 Press release dated October 11, 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: October 11, 2018  
     
     
  /s/ Eugene H. Walpole, IV  
  Eugene H. Walpole, IV  
  Chief Financial Officer  
  Executive Vice President  

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

Bank of South Carolina Corporation Announces Third Quarter Earnings

CHARLESTON, S.C., Oct. 11, 2018 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $1,778,153 or $0.32 basic and diluted per share for the quarter ended September 30, 2018 – an increase of 23.43% from earnings for the quarter ended September 30, 2017 of $1,440,653 or $0.26 basic and diluted per share. Earnings for the nine months ended September 30, 2018 increased $1,063,614 or 26.24% to $5,116,740 compared to $4,053,126 for the nine months ended September 30, 2017. Returns on average assets and average equity for the nine months ended September 30, 2018 were 1.59% and 15.72%, respectively, compared to 2017 returns on average assets and average equity of 1.29% and 12.80%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "With the impact of corporate tax reform and our investment in two historic renovation tax credits, we have favorably managed our tax liability for 2018. Coupled with consistent lending, improved margins, and strong management of overhead, our performance has led to continued success. We are pleased to be ahead of budget and last year's performance to date and look forward to finishing out a strong year."

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:










(Unaudited)
September 30,


(Unaudited)

September 30,


2018


2017





Shares Outstanding




BKSC Common Stock                     

5,510,312


5,481,468





Book Value Per Share                   

$               7.86


$               7.97





Total Assets                                

$  428,377,382


$  431,474,309





Three Months Ended








Net Income                               

$      1,778,153


$      1,440,653





Basic Earnings Per Share                        

$               0.32


$               0.26





Diluted Earnings Per Share                       

$               0.32


$               0.26





Weighted Average Shares




Outstanding Basic                              

5,506,649


5,475,504





Weighted Average Shares




Outstanding Diluted                         

5,589,549


5,588,410





Nine Months Ended








Net Income                               

$      5,116,740


$     4,053,126





Basic Earnings Per Share                        

$               0.93


$               0.74





Diluted Earnings Per Share                       

$               0.92


$               0.73





Weighted Average Shares




Outstanding Basic                              

5,496,346


5,459,006





Weighted Average Shares




Outstanding Diluted                         

5,579,989


5,568,799



CONTACT: Eugene H. Walpole, IV, (843) 724-1500

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