The Bank of South Carolina Corporation posted earnings of $1.31 million, or $0.27 and $0.26 basic and diluted per share, respectively, for the quarter ended Dec. 31.
The earnings represented an increase of 7 percent from earnings for the quarter ended Dec. 31, 2015 of $1.22 million, or $0.25 and $0.24 basic and diluted per share, respectively.
"I am extremely pleased and proud of the Company's year. 2016 profits of over $5,000,000 and earnings per share in excess of $1 represent record milestones for our institution," Fleetwood S. Hassell, president of the Bank of South Carolina, said.
Returns on average assets and average equity for the 12 months ended Dec. 31 were 1.28 percent and 12.65 percent, respectively, compared with 2015 returns on average assets and average equity of 1.29 percent and 12.64 percent, respectively.
Earnings for the 12 months ended Dec. 31 increased $362,776 or 7.43 percent to $5.2 million compared to $4.88 million for the 12 months ended Dec. 31, 2015.
"As we celebrate the 30th anniversary of the bank's opening, we are reminded of the fundamental values and principles we are founded upon – namely service, responsiveness and attention to detail," Hassell said.
The Bank of South Carolina, a De Novo Charter, opened in 1987.