Bank of South Carolina Corp. (BKSC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Bank Of South Carolina Corp. has a market cap of $50 million; its shares were traded at around $10.97 with a P/E ratio of 19.5 and P/S ratio of 3.5. 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 1.5% 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 September 30, 2010 outstanding loans (less deferred loan fees of $5,123) totaled $209,212,006 which equaled 90.81% of total deposits and 80.08% of total assets. The major components of the loan portfolio were commercial loans and commercial real estate loans totaling 23.25% and 52.42%, 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, decreased $1,799,126 or .85% to $209,206,883 at September 30, 2010 from $211,006,000 at September 30, 2009 and decreased $4,688,462 or 2.19% from $213,895,345 at December 31, 2009. The decrease from September 30, 2009 to September 30, 2010 and from December 31, 2009 to September 30, 2010 can be attributed to loan payoffs and a decrease in new loans.
The Company saw a decrease in both commercial real estate and residential mortgage loans from September 30, 2009 to September 30, 2010 and from December 31, 2009 to September 30, 2010. Commercial real estate loans decreased $4,525,505 or 3.96% and residential mortgage loans decreased $4,092,981 or 19.14% from September 30, 2009 to September 30, 2010. However, the company experienced an increase in commercial loans of $3,618,882 or 8.04% and personal banklines of $3,487,476 or 14.22% from September 30, 2009 to September 30, 2010. The decrease in commercial real estate and residential mortgage loans continued between December 31, 2009 and September 30, 2010, with commercial real estate loans decreasing $7,379,188 or 6.30% and residential mortgage loans decreasing $1,391,716 or 7.45%. Commercial loans and personal banklines increased $2,557,929 or 5.55% and $1,737,853 or 6.62% between December 31, 2009 and September 30, 2010. The Company has experienced a decrease in new loans as the weakened economy continues to have an impact on the commercial real estate market, the housing market and businesses in general.
During the nine months ended September 30, 2010 the Company transferred $741,470 from loans to other real estate owned. The first loan consisted of a residential lot that was sold for the estimated fair value, of $65,000. Another loan transferred was a second mortgage loan in a situation in which the Company purchased the first mortgage in the amount of $101,300 and received $118,340 from the sale of other real estate owned resulting in a recorded loss of $13,347. At September 30, 2010, the Company held two pieces of real estate (in other real estate owned), a dock slip with a fair value of $52,290 and a single family residence with a fair market value of $607,140.
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Bank Of South Carolina Corp. has a market cap of $50 million; its shares were traded at around $10.97 with a P/E ratio of 19.5 and P/S ratio of 3.5. 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 1.5% 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 $261.3 million in assets as of September 30, 2010 and net income of $821,601 and $2,277,310 for the three and nine months ended September 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 September 30, 2010 outstanding loans (less deferred loan fees of $5,123) totaled $209,212,006 which equaled 90.81% of total deposits and 80.08% of total assets. The major components of the loan portfolio were commercial loans and commercial real estate loans totaling 23.25% and 52.42%, 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, decreased $1,799,126 or .85% to $209,206,883 at September 30, 2010 from $211,006,000 at September 30, 2009 and decreased $4,688,462 or 2.19% from $213,895,345 at December 31, 2009. The decrease from September 30, 2009 to September 30, 2010 and from December 31, 2009 to September 30, 2010 can be attributed to loan payoffs and a decrease in new loans.
The Company saw a decrease in both commercial real estate and residential mortgage loans from September 30, 2009 to September 30, 2010 and from December 31, 2009 to September 30, 2010. Commercial real estate loans decreased $4,525,505 or 3.96% and residential mortgage loans decreased $4,092,981 or 19.14% from September 30, 2009 to September 30, 2010. However, the company experienced an increase in commercial loans of $3,618,882 or 8.04% and personal banklines of $3,487,476 or 14.22% from September 30, 2009 to September 30, 2010. The decrease in commercial real estate and residential mortgage loans continued between December 31, 2009 and September 30, 2010, with commercial real estate loans decreasing $7,379,188 or 6.30% and residential mortgage loans decreasing $1,391,716 or 7.45%. Commercial loans and personal banklines increased $2,557,929 or 5.55% and $1,737,853 or 6.62% between December 31, 2009 and September 30, 2010. The Company has experienced a decrease in new loans as the weakened economy continues to have an impact on the commercial real estate market, the housing market and businesses in general.
During the nine months ended September 30, 2010 the Company transferred $741,470 from loans to other real estate owned. The first loan consisted of a residential lot that was sold for the estimated fair value, of $65,000. Another loan transferred was a second mortgage loan in a situation in which the Company purchased the first mortgage in the amount of $101,300 and received $118,340 from the sale of other real estate owned resulting in a recorded loss of $13,347. At September 30, 2010, the Company held two pieces of real estate (in other real estate owned), a dock slip with a fair value of $52,290 and a single family residence with a fair market value of $607,140.
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