Bank of South Carolina Corporation Announces First Quarter Earnings

The Bank of South Carolina Corporation (OTCQX: BKSC) announced unaudited earnings of $1,794,014 or $0.33 basic and $0.32 diluted earnings per share for the quarter ended March 31, 2025 – an increase of $418,218, or 30.40%, from earnings for the quarter ended March 31, 2024 of $1,375,796 or $0.25 basic and diluted earnings per share, respectively. Annualized returns on average assets and average equity for the three months ended March 31, 2025 were 1.28% and 13.51%, respectively, compared with March 31, 2024 annualized returns on average assets and average equity of 0.89% and 11.69%, respectively.

Eugene H. Walpole, IV, President and Chief Executive Officer, stated, “We are pleased to report net income of $1,794,014 for the first quarter, representing a 30% increase compared to the same period in 2024, and a 28% increase on a per-share basis. Our return on average assets of 1.28% and return on average equity of 13.51% reflect year-over-year improvement of 44% and 16%, respectively. Through disciplined loan pricing and lower funding costs, we've realized consistent enhancement of our net interest margin over the last several quarters. Preserving asset quality and expanding earnings per share remain our focus, as we are not willing to sacrifice either one for growth's sake. We will continue managing risk with a long-term perspective and are pleased to be ahead of our profit plan to date.”

Selected Condensed Consolidated Financial Data(Unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024Total Interest and Fee Income $ 6,737,106 $ 6,818,624 $ 6,848,831 $ 6,702,792 $ 6,593,463Total Interest Expense 1,325,566 1,406,681 1,566,695 1,564,362 1,861,311Net Interest Income 5,411,540 5,411,943 5,282,136 5,138,430 4,732,152Provision for Credit Losses 50,000 25,000 – 50,000 -Net Interest Income After Provision for Credit Losses 5,361,540 5,386,943 5,282,136 5,088,430 4,732,152Total Other Income 480,342 483,085 485,206 471,075 423,497Total Other Expense 3,491,502 3,498,230 3,412,935 3,339,934 3,359,684Income Before Income Tax Expense 2,350,380 2,371,798 2,354,407 2,219,571 1,795,965Income Tax Expense 556,366 553,519 552,544 465,773 420,169Net Income $ 1,794,014 $ 1,818,279 $ 1,801,863 $ 1,753,798 $ 1,375,796Earnings Per Share – Basic $ 0.33 $ 0.33 $ 0.33 $ 0.32 $ 0.25Earnings Per Share – Diluted $ 0.32 $ 0.33 $ 0.33 $ 0.32 $ 0.25Return on Average Assets 1.28% 1.27% 1.24% 1.19% 0.89%Return on Average Equity 13.51% 13.69% 14.04% 14.71% 11.69%Common Stock Shares Outstanding 5,429,005 5,432,762 5,445,519 5,457,907 5,462,794Book Value Per Share $ 10.12 $ 9.63 $ 9.71 $ 8.93 $ 8.69Efficiency Ratio 59.26% 59.34% 59.18% 59.54% 65.17%Net Interest Margin 4.07% 3.97% 3.82% 3.68% 3.20%% Loans Past Due > 30 Days 0.47% 0.25% 0.16% 0.19% 0.32%Allowance for Credit Losses as a % of Total Loans 1.04% 1.01% 1.04% 1.04% 1.04%Quarterly Averages:Total Assets $ 566,714,762 $ 569,812,437 $ 578,014,415 $ 590,639,502 $ 624,732,564Total Loans $ 363,853,692 $ 363,015,990 $ 358,623,795 $ 359,514,482 $ 353,396,331Total Deposits $ 498,326,696 $ 500,693,110 $ 512,024,560 $ 516,221,132 $ 519,023,338Total Shareholders' Equity $ 53,865,410 $ 52,837,535 $ 51,043,788 $ 47,951,482 $ 47,328,863

About Bank of South Carolina CorporationThe Bank of South Carolina Corporation is the holding company of The Bank of South Carolina (“The Bank”). The Bank is a South Carolina state-chartered financial institution with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, James Island, and the West Ashley community and has been in continuous operation since 1987. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the OTCQX® Best Marketunder the symbol “BKSC”.

Forward-Looking-StatementsThis release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE BANK OF SOUTH CAROLINA

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