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: July 15, 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 July 15, 2004 in its 256 Meeting Street banking house, announced
earnings for the 2nd quarter of 2004 of $475,830 or $.17 per share, down 4% from
2nd quarter 2003 earnings of $493,737 or $.18 per share. Earnings for the six
months ended June 30,2004, were $896,393 or $.32 per share, down 3% from the
first six months of 2003, of $927,119 or $.33 per share. Our return on average
assets and average equity for the six months ended June 30, 2004 were .97% and
9.09% respectively, compared to the six months ended June 30, 2003 of 1.10% and
9.5% respectively.
Hugh C. Lane, Jr., President of The Bank of South Carolina, stated: "During June
we recaptured $168,000 from our reserve for loan losses. We were required to do
this because of the quality of our loan portfolio, supported by our methodology
and formula for calculating our reserves. Since the third quarter of 2003, our
loan portfolio has had a high level of payoffs. Deposit growth has been very
strong due to the success of our business development efforts and our existing
customers. Our mortgage department continues to make a strong contribution to
our performance with loan originations for the first six months of 2004 of
$35,191,689. The recent increase in interest rates by the Federal Reserve will
improve our net interest margin and earnings. We plan to extend the maturity of
our investment portfolio, improve its contribution to our income and reduce our
asset sensitivity when we feel the returns are adequate."
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
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June 30, June 30,
2004 2003
Shares Outstanding
BKSC Common Stock 2,805,610 2,805,610
Book Value Per Share $ 7.04 $ 6.95
Total Assets $194,355,467 $183,005,120
Quarter
Ending
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Net Income $ 475,830 $ 493,737
Basic Earnings Per Share $ .17 $ .18
Diluted Earnings Per Share $ .17 $ .18
Weighted Average Shares
Outstanding Basic 2,805,610 2,805,610
Weighted Average Shares
Outstanding Diluted 2,815,252 2,805,610
Six Months Ending
June 30
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Net Income $ 896,393 $ 927,119
Basic Earning Per Share $ .32 $ .33
Diluted Earnings Per Share $ .32 $ .33
Weighted Average Shares
Outstanding Basic 2,805,610 2,805,610
Bank of South Carolina
Corporation (BKSC)
Report of Earnings
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Weighted Average Shares
Outstanding Diluted 2,818,767 2,805,610
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)
July 15, 2004 By: /s/William L. Hiott, Jr.
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William L. Hiott, Jr.
Executive Vice President and Cashier