The Bank of South Carolina Corporation (OTCQX: BKSC), the parent company of The Bank of South Carolina, has recently announced a quarterly cash dividend of $0.19 per share. This marks a significant milestone as it represents the 141st consecutive quarterly dividend declared by the corporation, reinforcing its commitment to delivering shareholder value. The dividend will be paid to shareholders on record as of December 31, 2024, with payment scheduled for January 31, 2025. This latest declaration brings the total dividends paid in 2024 to $0.70 per share, showcasing a robust return for investors and reflecting the bank’s stable financial health and profitability.
Founded in 1987, The Bank of South Carolina operates as a state-chartered financial institution with a strong presence in the Charleston area and its surrounding communities, including North Charleston, Summerville, Mt. Pleasant, James Island, and West Ashley. The bank has established itself as a reliable banking partner for both individuals and businesses in the region, focusing on providing high-quality financial services while maintaining a robust capital position.
The Bank of South Carolina has demonstrated consistent financial performance over the years. As of September 30, 2024, the bank reported unaudited earnings of $1.8 million, translating to $0.33 per share, which is a 42.62% increase compared to the same quarter in the previous year. This growth is indicative of the bank’s effective management strategies and its ability to adapt to changing economic conditions.
The bank has also maintained strong annualized returns on average assets and equity, with figures of 1.10% and 13.50%, respectively, for the nine months ending September 30, 2024. These metrics highlight the bank’s operational efficiency and profitability.
The Bank of South Carolina offers a wide array of financial products and services designed to cater to the diverse needs of its customers. For personal banking, the bank provides checking accounts, savings accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), consumer loans, credit cards, and safe deposit boxes. In terms of business banking, services include commercial loans, credit cards, wire transfers, merchant services, and eCorp Internet banking. Additionally, the bank specializes in mortgage services, offering home equity lines of credit and mortgage originations. Established in 1986 and headquartered in Charleston, South Carolina, the Bank of South Carolina operates with a focus on personal service and building lasting relationships with its clients while maintaining a commitment to responsiveness and attention to detail.
With five banking locations across Charleston and surrounding areas, the bank is well-positioned to serve its community effectively.
The consistent payment of dividends underscores the bank’s dedication to returning value to its shareholders. The recent increase in dividends by 12%, from $0.17 to $0.19 per share, reflects confidence in the bank’s earnings growth and capital position. Since its inception, total cash dividends distributed have exceeded $66 million, further solidifying its reputation as a dependable choice for investors seeking reliable returns.
Looking ahead, The Bank of South Carolina Corporation remains committed to enhancing its service offerings and expanding its market reach. The board’s decision to maintain consistent dividend payments signals confidence in the bank’s operational performance and long-term growth potential. As economic conditions evolve, the bank aims to continue navigating challenges while prioritizing customer service and maintaining strong financial health.
In conclusion, The Bank of South Carolina Corporation stands out as a stable institution with a solid track record in dividend payments and a commitment to serving its community through diverse banking solutions.
