SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: April 13, 2004
BANK OF SOUTH CAROLINA CORPORATION
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(Exact name of registrant as specified in its charter)
South Carolina 0-27702 57-1021355
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
256 Meeting Street, Charleston, SC 29401
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(Address of principal executive offices) (Zip Code)
(843) 724-1500
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(Registrant's telephone number, including area code)
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Item 5 Other Events:
Charleston, SC - The Board of Directors of Bank of South Carolina Corporation,
at its meeting April 13, 2004 in its 256 Meeting Street banking house, announced
earnings for the 1st quarter of 2004 of $420,563 or $.15 per share, down 3% from
1st quarter 2003 earnings of $433,382 or $.15 per share.
Hugh C. Lane, Jr., President of The Bank of South Carolina, stated: "The bank is
both very liquid and asset sensitive, and our earnings will remain under
pressure until we have an increase in interest rates. Our returns on average
assets and average equity in the first quarter of 2004 were .93% and 8.53%,
respectively, compared with last year's first quarter returns on average assets
and average equity of 1.05% and 8.90%, respectively. We had strong deposit
growth during the quarter, with average first quarter deposits increasing 12%
over 2003 average first quarter deposits. Although mortgage originations for the
first quarter 2004 of $14,635,296 were down from first quarter 2003 originations
of $22,354,876, this was an improvement over fourth quarter 2003 originations of
$10,839,379."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256
Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley
community. It is also available on its' website at www.banksc.com. Bank of South
Carolina Corporation currently trades its common stock on the NASDAQ stock
market under the symbol "BKSC". Market makers for the stock for Bank of South
Carolina Corporation are: Robinson Humphrey Company, Inc., Sterne, Agee and
Leach Inc., Scott & Stringfellow, Inc., Nite Securities, LP and Speer, Leeds and
Kellogg.
Bank of South Carolina
Corporation (BKSC)
Report of Earnings
March 31, March 31,
2004 2003
Shares Outstanding
BKSC Common Stock 2,805,610 2,805,610
Book Value Per Share 7.02 6.89
Total Assets 189,034,769 $173,658,947
Quarter
Ending
Net Income $420,563 $433,382
Basic Earnings Per Share $.15 $.15
Diluted Earnings Per Share $.15 $.15
Weighted Average Shares
Outstanding Basic 2,805,610 2,805,610
Weighted Average Shares
Outstanding Diluted 2,822,281 2,805,765
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANK OF SOUTH CAROLINA CORPORATION
(Registrant)
April 13, 2004 By: /s/ William L. Hiott, Jr.
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William L. Hiott, Jr.
Executive Vice President and Cashier