Bank of South Carolina Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 11, 2018 at 10:10 am
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Bank of South Carolina Corporation announced unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the year, the company reported earnings of $4,901,825 or $0.99 and $0.97 basic and diluted per share, respectively, a decrease of 6.58% from earnings for the year ended December 31, 2016 of $5,247,063 or $1.06 and $1.04 basic and diluted per share, respectively. Returns on average assets and average equity were 1.15% and 11.37%, respectively, compared with 2016 returns on average assets and average equity of 1.28% and 12.65%, respectively.
For the quarter, the company's earnings decreased $464,180 or 36.36% to $848,699 compared to $1,312,880 for the three months ended December 31, 2016. The decrease in quarterly and annual earnings is directly attributable to the recently enacted Tax Cut and Jobs Act, which was signed by President Trump on December 22, 2017.
The Bank of South Carolina (the Bank) operates as a state-chartered independent, community oriented, commercial bank. The Company provides a range of financial services and products to the Charleston, North Charleston metro area, which includes Charleston, Berkeley and Dorchester County. The Bank offers personal banking, business banking and mortgage services. The Bankâs personal banking services include checking, savings, certificates of deposit, health savings accounts, individual retirement accounts, VISA CheckCards, eSafe Internet banking, consumer loans, credit cards, personal reserve checking and safe deposit boxes. The Bank offers various business banking services, including eCorp Internet banking, commercial loans, credit cards, wire transfer requests, merchant credit cards services and other. The Bank offers various deposits, including non-interest-bearing demand accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits and savings accounts.