Bank of South Carolina Q1 net income $1.59M, EPS $0.28 diluted, up 8.5% YoY; behind profit plan

BANK OF SOUTH CAROLINA CORP

2023-Q1 EPS reported $0.28

Net income $1,588,779 vs $1,464,106 a year ago; basic EPS $0.29, diluted EPS $0.28.
Annualized ROAA 1.00% and ROAE 15.73%, compared with 0.89% and 11.40% in Q1 2022.
Book value per share $7.84, down from $8.10; total assets $646.8M vs $665.0M.
President cites intense deposit competition pressuring margins; sixth office opening on James Island later Q2.
Shareholders elected 18 directors and ratified Elliott Davis as auditor for 2023.

item 2.02 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BANK OF SOUTH CAROLINA CORP reported the quarter ended March 31, 2023 results: net income $1,588,779, EPS $0.29 and $0.28 basic and diluted earnings per share.

Period: the quarter ended March 31, 2023
Net income: $1,588,779
EPS: $0.29 and $0.28 basic and diluted earnings per share
Result: reported results

Exact text from the filing

On April 11, 2023 the Bank of South Carolina Corporation (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended March 31, 2023.

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

BANK OF SOUTH CAROLINA CORP shareholders approved Election of eighteen Directors to serve until the 2024 Annual Meeting at the 2023-04-11 meeting.

Proposal: director election
Outcome: passed
Meeting: 2023-04-11

Exact text from the filing

Proposal 1: To elect eighteen Directors of the Bank of South Carolina Corporation to serve until the Company’s 2024 Annual Meeting of Shareholders: Name For Abstain Broker Non-Votes Susanne K. Boyd 2,201,889 281,774 2,149,868 David W. Bunch 2,233,922 249,741 2,149,868 Graham M. Eubank, Jr. 2,185,085 298,578 2,149,868 Elizabeth M. Hagood 1,973,453 510,210 2,149,868 Fleetwood S. Hassell 2,227,061 256,602 2,149,868 Glen B. Haynes, DVM 2,211,342 272,321 2,149,868 William L. Hiott, Jr. 2,187,367 296,296 2,149,868 Richard W. Hutson, Jr. 2,194,522 289,141 2,149,868 Charles G. Lane 2,241,168 242,495 2,149,868 Hugh C. Lane, Jr. 2,237,396 246,267 2,149,868 Alan I. Nussbaum, MD 2,210,966 272,697 2,149,868 Josette R. E. Pelzer, PhD, CPA 2,232,759 250,904 2,149,868 Karen J. Phillips 2,243,975 239,688 2,149,868 Malcolm M. Rhodes, MD 2,242,570 241,093 2,149,868 Douglas H. Sass 2,235,775 247,888 2,149,868 Sheryl G. Sharry 2,237,744 245,919 2,149,868 Thaddeus T. Shuler 2,232,961 250,702 2,149,868 Eugen

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

BANK OF SOUTH CAROLINA CORP shareholders approved Ratify the appointment of Elliott Davis, LLC as the Company’s independent registered public accounting firm for the year ended December 31, 2023 at the 2023-04-11 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2023-04-11

Exact text from the filing

Proposal 2: To ratify the appointment of Elliott Davis, LLC as the Company’s independent registered public accounting firm for the year ended December 31, 2023: For Against Abstain 4,611,462 11,470 10,599

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Source: SEC EDGAR

accession 0000950170-23-012435

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