The Bank of South Carolina Corporation Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 08, 2015 at 04:22 pm
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The Bank of South Carolina Corporation announced earnings results for the fourth quarter and year ended December 31, 2014. For the fourth quarter, the company reported earnings of $1,191,381 or $0.27 and $0.26 basic and diluted per share, respectively, for the quarter ended December 31, 2014 an increase of 22.84% from earnings for the quarter ended December 31, 2013 of $969,868 or of $0.23 and $0.22 basic and diluted per share, respectively.
Earnings for the twelve months ended December 31, 2014 increased $321,896 or 7.90% to $4,398,820 compared to $4,076,924 for the twelve months ended December 31, 2013. Book value per share as on December 31, 2014 was $8.24 compared to $7.79 a year ago. Returns on average assets and average equity for the twelve months ended December 31, 2014 were 1.26% and 12.12%, respectively, compared with 2013 returns on average assets and average equity of 1.23% and 11.72%, respectively.
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.