Bank of South Carolina Corp. (BKSC) filed Quarterly Report for the period ended 2009-09-30.
BANK OF SOUTH CAROLINA CORP. is a one-bank holding company engaged through its subsidiaryin general banking business. Bank Of South Carolina Corp. has a market cap of $44 million; its shares were traded at around $10.99 with a P/E ratio of 18.6 and P/S ratio of 3.2. Bank Of South Carolina Corp. had an annual average earning growth of 12.1% over the past 5 years.
Highlight of Business Operations:
Bank of South Carolina Corporation (the Company) is a financial institution holding company headquartered in Charleston, South Carolina, with $271.5 million in assets as of September 30, 2009 and net income of $1,598,884 for the nine months ended September 30, 2009. The Company offers a broad range of financial services through its wholly-owned subsidiary, The Bank of South Carolina (the Bank). The Bank is a state-chartered commercial bank which operates principally in the Charleston, Dorchester and Berkeley, counties of South Carolina. The Bank s original and current concept is to be a full service financial institution specializing in personal service, responsiveness, and attention to detail to foster long standing relationships.
The Company focuses its lending activities on small and middle market businesses, professionals and individuals in its geographic markets. At September 30, 2009 outstanding loans (less deferred loan fees of $27,046) totaled $210,978,963 which equaled 89.72% of total deposits and 77.72% of total assets. The major components of the loan portfolio were commercial loans and commercial real estate loans totaling 21.34% and 54.12%, respectively of total loans. Substantially all loans were to borrowers located in the Company s market areas in the counties of Charleston, Dorchester and Berkeley in South Carolina. The breakdown of total loans by type and the respective percentage of total loans are as follows:
Total loans, not including deferred loan fees, increased $36,978,138 or 21.25% to $211,006,009 at September 30, 2009 from $174,027,871 at September 30, 2008 and increased $30,867,928 or 17.14% from $180,138,081 at December 31, 2008. This increase can be attributed to the stability of the Company, strong business development efforts, the hiring of two additional loan officers and the slow down of lending in the Company s market.
Commercial real estate loans increased $25,956,412 or 29.42%, residential mortgages increased $6,547,288 or 44.13% and personal banklines increased 34.48% or $6,286,615 from September 30, 2008 to September 30, 2009. Commercial real estate loans increased $22,084,007 or 23.98%, residential mortgages increased $5,128,912 or 31.55% and personal banklines increased $4,206,625 or 20.71% from December 31, 2008.
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