Bank of South Carolina Corporation Announces Second Quarter Earnings

Core Viewpoint - The Bank of South Carolina Corporation reported strong financial performance for the second quarter of 2025, achieving record earnings driven by improved net interest margins and robust loan demand [1][2]. Financial Performance - The unaudited net income for the quarter ended June 30, 2025, was $1,956,155, representing an increase of $202,357 or 11.54% compared to $1,753,798 for the same quarter in 2024 [1]. - For the first six months of 2025, unaudited earnings rose to $3,750,169, an increase of $620,575 or 19.83% from $3,129,594 in the same period of 2024 [1]. - The annualized return on average assets for the six months ended June 30, 2025, was 1.33%, up from 1.04% a year earlier, while the return on average equity increased to 13.73% from 13.21% [1]. Revenue and Expenses - Total interest and fee income for the quarter was $7,202,647, compared to $6,702,792 in the same quarter of 2024 [2]. - Net interest income after provision for credit losses was $5,798,353 for the quarter, reflecting a strong performance in interest income generation [2]. - Total other income was $421,104, while total other expenses amounted to $3,663,556, leading to an income before income tax expense of $2,555,901 [2]. Key Ratios and Metrics - The net interest margin for the quarter was 4.33%, marking the second consecutive quarter above 4% [2]. - The efficiency ratio improved to 57.97%, indicating better cost management [2]. - The percentage of loans past due over 30 days was low at 0.29%, demonstrating strong asset quality [2]. Company Overview - The Bank of South Carolina Corporation is a state-chartered financial institution operating since 1987, with multiple locations in South Carolina [3]. - The company trades its common stock on the OTCQX Best Market under the symbol "BKSC" [3].