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Section 1: 8-K (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: January 10, 2019

 

 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 January 10, 2019, the Bank of South Carolina Corporation issued a press release announcing its unaudited financial results for the quarter and year ended December 31, 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 January 10, 2019

 

 

 

 

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: January 10, 2019

 

 

 

/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)

Exhibit 99.1 

Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings

CHARLESTON, S.C., Jan. 10, 2019 /PRNewswire/ -- The Bank of South Carolina Corporation, (Nasdaq: BKSC) announced unaudited earnings of $6,922,934 or $1.26 and $1.24 basic and diluted per share, respectively, for the year ended December 31, 2018 – an increase of 41.23% from earnings for the year ended December 31, 2017 of $4,901,825 or $0.90 and $0.88 basic and diluted per share, respectively. Earnings for the three months ended December 31, 2018 increased $957,495 or 112.82% to $1,806,194 compared to $848,699 for the three months ended December 31, 2017. Earnings per share have been restated to reflect the 10% stock dividend granted during the year ended December 31, 2018. Returns on average assets and average equity for the year ended December 31, 2018 were 1.61% and 15.85%, respectively, compared with 2017 returns on average assets and average equity of 1.15% and 11.37%, respectively.

Fleetwood S. Hassell, President of the Bank of South Carolina, stated, "We were pleased to end 2018 with record earnings for the quarter and the year. More so, we are excited about 2019 with the planned opening of our North Charleston office and the continued emphasis on growing our young bankers. We begin the new year as we ended the last – building the bank one account at a time, and all the while providing exemplary service, responsiveness, and attention to detail. For almost 32 years, the result has been long term and often generational relationships. Let's stay the course."

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. A fifth office at 9403 Highway 78 in North Charleston is under construction and anticipated to open in the second half of 2019. 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)
December 31,


(Audited)

December 31,


2018


2017





Shares Outstanding




BKSC Common Stock                     

5,510,917


5,488,207





Book Value Per Share                   

$               8.25


$               7.79

Total Assets                                

$  429,135,198


$  446,566,498





Three Months Ending












Net Income                               

$      1,806,194


$         848,699





Basic Earnings Per Share                        

$               0.33


$               0.15

Diluted Earnings Per Share                       

$               0.32


$               0.15





Weighted Average Shares




Outstanding Basic                              

5,510,917


5,484,125









Weighted Average Shares




Outstanding Diluted                         

5,600,983


5,583,892





Twelve Months Ending












Net Income                               

$      6,922,934


$      4,901,825

Basic Earnings Per Share                        

$               1.26


$               0.90

Diluted Earnings Per Share                       

$               1.24


$               0.88





Weighted Average Shares




Outstanding Basic                              

5,500,027


5,471,001









Weighted Average Shares




Outstanding Diluted                         

5,589,012


5,568,493



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

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