By Lauren Ratcliffe
Published July 16, 2012
The Bank of South Carolina Corp. earned $890,267 or $0.20 per share in the second quarter of 2012.
This represents an earnings increase of 16% over 2011, when the bank holding company earned $768,025 or $0.17 per share.
Earnings for the first half of the year increased 25% to $1.78 million compared with $1.41 million last year.
“We were very pleased with second quarter earnings which put us ahead of our profit plan for the year,” said Fleetwood S. Hassell, president of the Bank of South Carolina. “Clearly, we remain one of the fortunate beneficiaries of the uncertainty that still remains in our industry.”
Hassel attributed the increased earnings to significant growth in the mortgage banking income for the company. Income in that sector increased 95% to 626,301.
Southcoast Financial Corp. also announced its earnings for the first half of 2012 — the bank earned $503,000 or $0.09 per share in the second quarter. This compares with a loss of $8.12 million or $1.54 per share last year.
For the first half of 2012, Southcoast earned $1.75 million or $.33 per share. This compares with a loss of $8.7 million or $1.65 per share.
Losses in 2011 were attributed to a $3.64 million provision for loan losses and a $4.81 million income tax expense related to a write down of the company’s deferred tax asset.
“The 2012 results were positively impacted by gains on the sale of impaired assets, security gains, reduction in our loan loss provision and increased core earnings,” said L. Wayne Pearson, chairman and CEO of Southcoast.