The Bank of South Carolina Corporation announced unaudited earnings of $1,542,981, or $0.28 and $0.27 basic and diluted earnings per share, respectively, for the quarter ended June 30. Earnings were -7.5% lower from the year-ago quarter.
The bank’s unaudited earnings for the six months ended June 30 fell -13.6% to $3,007,088 compared to $3,478,759 for the six months ended June 30, 2021. Annualized returns on average assets and average equity for the six months ended June 30 came in at 0.90% and 12.57%, respectively, compared with 1.27% and 12.80% in the year-ago period.
Fleetwood S. Hassell, President & CEO of the Bank of South Carolina said in a statement, "Balance sheet growth continues to impact return on assets; however, return on equity remains favorable. Our challenge remains the deployment of excess liquidity into higher-yielding investments. As we await further Federal Reserve actions, we continue to focus on asset quality and control of operating expenses. Margins are improving, and we are optimistic that higher loan interest income will offset any declines in mortgage origination volume. We remain ahead of our profit plan for the first six months and look forward to the second half of the year."