CHARLESTON, S.C., Oct. 8, 2026 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $2,421,687, or $0.45 basic and $0.44 diluted earnings per share, for the quarter ended September 30, 2026 - an increase of $278,047, or 12.97%, from earnings for the quarter ended September 30, 2025 of $2,143,640, or $0.39 basic and $0.38 diluted earnings per share. Annualized returns on average assets and average equity for the quarter ended September 30, 2026 were 1.71% and 15.49%, respectively, compared with September 30, 2025 annualized returns on average assets and average equity of 1.46% and 14.58%, respectively. Unaudited earnings for the nine months ended September 30, 2026 increased $857,730, or 14.55%, to $6,751,539 compared to $5,893,809 for the nine months ended September 30, 2025. Annualized returns on average assets and average equity for the nine months ended September 30, 2026 were 1.60% and 14.69%, respectively, compared with September 30, 2025 annualized returns on average assets and average equity of 1.37% and 14.03%, respectively.
Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report another strong quarter, with earnings increasing nearly 13% over the same period a year ago and nearly 15% year-to-date compared with the same period last year. A net interest margin of 4.85% helped drive quarterly returns on average assets and equity of 1.71% and 15.49%, respectively. We continue to see steady loan demand in our local markets, and our solid capital position and low levels of past-due loans have us well-positioned to serve our customers and pursue these opportunities. We look forward to finishing out another successful year for the Bank."
Selected Condensed Consolidated Financial Data
(Unaudited)
For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2026 2026 2026 2025 2025
Total Interest and Fee $7,473,888 $7,259,871 $6,869,250 $7,139,722 $7,317,405
Income
Total Interest Expense 891,816 893,168 1,008,229 1,207,326 1,303,263
Net Interest Income 6,582,072 6,366,703 5,861,021 5,932,396 6,014,142
Provision for Credit Losses 150,000 150,000 50,000 200,000 250,000
Net Interest Income After 6,432,072 6,216,703 5,811,021 5,732,396 5,764,142
Provision for Credit Losses
Total Other Income 447,624 467,782 414,100 448,178 519,500
Total Other Expense 3,740,056 3,673,251 3,627,528 3,765,414 3,516,683
Income Before Income Tax 3,139,640 3,011,234 2,597,593 2,415,160 2,766,959
Expense
Income Tax Expense 717,953 692,301 586,674 401,879 623,319
Net Income $2,421,687 $2,318,933 $2,010,919 $2,013,281 $2,143,640
Earnings Per Share - Basic $0.45 $0.43 $0.37 $0.37 $0.39
Earnings Per Share - Diluted $0.44 $0.42 $0.36 $0.36 $0.38
Return on Average Assets 1.71 % 1.64 % 1.46 % 1.39 % 1.46 %
Return on Average Equity 15.49 % 15.16 % 13.39 % 13.28 % 14.58 %
Net Interest Margin 4.85 % 4.71 % 4.43 % 4.28 % 4.30 %
Efficiency Ratio 53.20 % 53.75 % 57.81 % 59.01 % 53.82 %
Common Stock Shares 5,338,872 5,338,872 5,379,779 5,399,732 5,420,099
Outstanding
Book Value Per Share $11.32 $11.43 $11.22 $11.14 $10.88
Community Bank Leverage 11.93 % 11.63 % 11.71 % 11.33 % 11.19 %
Ratio
% Loans Past Due > 30 0.28 % 0.98 % 0.43 % 0.76 % 0.21 %
Days
Allowance for Credit 1.21 % 1.22 % 1.19 % 1.18 % 1.16 %
Losses as a % of Total Loans
Quarterly Averages:
Total Assets $561,996,910 $567,201,707 $560,348,116 $575,001,866 $580,830,205
Total Loans $371,775,367 $371,135,923 $361,591,069 $361,339,396 $360,100,453
Total Deposits $485,678,767 $491,625,349 $484,406,399 $498,995,120 $506,765,581
Total Shareholders' Equity $62,041,993 $61,371,224 $60,908,702 $60,159,434 $58,315,231
About Bank of South Carolina Corporation
The Bank of South Carolina Corporation is the holding company of The Bank of South Carolina ("The Bank"). The Bank is a South Carolina state-chartered financial institution with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, James Island, and the West Ashley community and has been in continuous operation since 1987. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the OTCQX® Best Market under the symbol "BKSC".
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Bank of South Carolina
