Bank of South Carolina Corp. (BKSC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Bank Of South Carolina Corp. has a market cap of $44.5 million; its shares were traded at around $11.12 with a P/E ratio of 24.2 and P/S ratio of 3.2. The dividend yield of Bank Of South Carolina Corp. stocks is 3.6%. Bank Of South Carolina Corp. had an annual average earning growth of 2.4% over the past 10 years.
The Company focuses its lending activities on small and middle market businesses, professionals and individuals in its geographic markets. At June 30, 2010 outstanding loans (less deferred loan fees of $9,412) totaled $204,508,504 which equaled 87.67% of total deposits and 77.87% of total assets. The major components of the loan portfolio were commercial loans and commercial real estate loans totaling 22.40% and 52.27%, 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 $4,999,016 or 2.51% to $204,499,092 at June 30, 2010 from $199,500,076 at June 30, 2009 and decreased $9,396,253 or 4.39% from $213,895,345 at December 31, 2009. The increase from June 30, 2009 to June 30, 2010 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 by competitors in the Company s market. The decrease from December 31, 2009 to June 30, 2010 can be attributed to loan payoffs and a decrease in new loans. In addition, the Company sold two loans with a total value of $2,220,833 on April 1, 2010; two loans with a total value of $1,164,966 on April 2, 2010; and four loans with a total value of $1,859,069 on April 5, 2010. On May 5, 2010 the Company purchased one loan in the amount of $531,623 back from Savannah bank. In addition on July 7, 2010 (see “subsequent events”) the Company repurchased from Savannah Bank loans in the aggregate principal amount of $4,326,062. The loan participations were originally sold to Savannah Bank to improve the Company s liquidity position. The Company has since experienced deposit growth coupled with softer loan demand, resulting in an improved liquidity position. Given the availability of funding sources and loans representing the Company s highest earning asset, the Company repurchased the loans from Savannah Bank, resulting in a greater contribution to earnings.
Commercial real estate loans decreased $1,186,469 or 1.10% with personal banklines increasing $5,501,973 or 23.25% from June 30, 2009 to June 30, 2010. Commercial real estate loans and residential mortgage loans decreased $10,147,226 or 8.67%, and $1,597,848 or 8.55%, respectively, from December 31, 2009. Personal banklines increased $2,900,892 or 11.04% from December 31, 2009. The increase in total loans from June 30, 2009 to June 30, 2010 can be attributed to the stability of the Company, strong business development efforts, the hiring of one additional loan officer and the slow down of lending in the Company s market. The decrease in total loans from December 31, 2009 to June 30, 2010 can be attributed to the loan payoffs and a decrease in new loans.
During the six months ended June 30, 2010, a second mortgage loan in the amount of $17,040 was transferred from loans to other real estate owned. In addition the Company purchased the first mortgage on the loan for $101,300 from another institution and transferred that loan to other real estate owned. The Company also transferred $65,000 from loans to other real estate owned. This loan was for real estate which subsequently sold for $65,000. Total loans transferred to other real estate owned during the reporting period aggregated $183,340.
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Bank Of South Carolina Corp. has a market cap of $44.5 million; its shares were traded at around $11.12 with a P/E ratio of 24.2 and P/S ratio of 3.2. The dividend yield of Bank Of South Carolina Corp. stocks is 3.6%. Bank Of South Carolina Corp. had an annual average earning growth of 2.4% over the past 10 years.
Highlight of Business Operations:
Bank of South Carolina Corporation (the Company) is a financial institution holding company headquartered in Charleston, South Carolina, with $262.6 million in assets as of June 30, 2010 and net income of $728,842 and $1,455,709 for the three and six months ended June 30, 2010. 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 June 30, 2010 outstanding loans (less deferred loan fees of $9,412) totaled $204,508,504 which equaled 87.67% of total deposits and 77.87% of total assets. The major components of the loan portfolio were commercial loans and commercial real estate loans totaling 22.40% and 52.27%, 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 $4,999,016 or 2.51% to $204,499,092 at June 30, 2010 from $199,500,076 at June 30, 2009 and decreased $9,396,253 or 4.39% from $213,895,345 at December 31, 2009. The increase from June 30, 2009 to June 30, 2010 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 by competitors in the Company s market. The decrease from December 31, 2009 to June 30, 2010 can be attributed to loan payoffs and a decrease in new loans. In addition, the Company sold two loans with a total value of $2,220,833 on April 1, 2010; two loans with a total value of $1,164,966 on April 2, 2010; and four loans with a total value of $1,859,069 on April 5, 2010. On May 5, 2010 the Company purchased one loan in the amount of $531,623 back from Savannah bank. In addition on July 7, 2010 (see “subsequent events”) the Company repurchased from Savannah Bank loans in the aggregate principal amount of $4,326,062. The loan participations were originally sold to Savannah Bank to improve the Company s liquidity position. The Company has since experienced deposit growth coupled with softer loan demand, resulting in an improved liquidity position. Given the availability of funding sources and loans representing the Company s highest earning asset, the Company repurchased the loans from Savannah Bank, resulting in a greater contribution to earnings.
Commercial real estate loans decreased $1,186,469 or 1.10% with personal banklines increasing $5,501,973 or 23.25% from June 30, 2009 to June 30, 2010. Commercial real estate loans and residential mortgage loans decreased $10,147,226 or 8.67%, and $1,597,848 or 8.55%, respectively, from December 31, 2009. Personal banklines increased $2,900,892 or 11.04% from December 31, 2009. The increase in total loans from June 30, 2009 to June 30, 2010 can be attributed to the stability of the Company, strong business development efforts, the hiring of one additional loan officer and the slow down of lending in the Company s market. The decrease in total loans from December 31, 2009 to June 30, 2010 can be attributed to the loan payoffs and a decrease in new loans.
During the six months ended June 30, 2010, a second mortgage loan in the amount of $17,040 was transferred from loans to other real estate owned. In addition the Company purchased the first mortgage on the loan for $101,300 from another institution and transferred that loan to other real estate owned. The Company also transferred $65,000 from loans to other real estate owned. This loan was for real estate which subsequently sold for $65,000. Total loans transferred to other real estate owned during the reporting period aggregated $183,340.
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