Bank of South Carolina earnings increased 6.31%Staff writer ▼ |
This is an increase of 6.31% from earnings for the quarter ended June 30, 2013 of $1,044,074 or $.23 per share. Returns on average assets and average equity for the six months ended June 30, 2014 were 1.21% and 11.64%, respectively, compared with 2013 returns on average assets and average equity of 1.26% and 11.85%, respectively.
Earnings for the six months ended June 30, 2014 increased $22,846 or 1.12% to $2,065,725 compared to $2,042,879 for the six months ended June 30, 2013.
Fleetwood S. Hassell, President of the Bank of South Carolina, said, "We certainly are pleased with our performance to date, as we are ahead of where we were last year and our 2014 profit plan. Timely changes in the Bank's investment portfolio coupled with better loan volume have adequately offset the anticipated decline in mortgage origination income. ■