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Bank of South Carolina Q3 earnings increased 18.97%

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Staff Writer |
Bank of South Carolina
Bank of South Carolina   $.29 per basic share

The Bank of South Carolina Corporation announced earnings of $1,426,338 or $.29 per basic share, for the third quarter ended September 30, 2016.

This is an increase of 18.97% from earnings for the quarter ended September 30, 2015 of $1,198,919 or $.24 per basic share.

Returns on average assets and average equity for the nine months ended September 30, 2016 were 1.29% and 12.73%, respectively, compared with 2015 returns on average assets and average equity of 1.31% and 12.75%, respectively.

Earnings for the nine months ended September 30, 2016 increased $276,867 or 7.57% to $3,934,183 compared to $3,657,316 for the nine months ended September 30, 2015.

Fleetwood S. Hassell, president of the Bank of South Carolina, stated, "With strong lending efforts, excellent control of expenses, and greater contributions from our mortgage department, we have posted solid results for the third quarter of this year.

"We have experienced remarkable deposit growth throughout the year and have maintained respectable margins during an extraordinarily low and prolonged interest rate environment. We are pleased with the performance of the bank to date."


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