Bank of South Carolinas stock jumps on 3Q earnings report
Shares of the Bank of South Carolina Corp. jumped today even as its third-quarter profit slipped about 5 percent.
The Charleston-based lender said it earned $893,662 for the latest reporting period, or about $43,000 less than during the same three months of 2011.
Year to date, the bank’s profits are up almost 14 percent to more than $2,67 million, or60 centsa share.
“We are pleased with the bank’s 2012 performance to date,” said Fleetwood S. Hassell, president and chief executive officer. “Although loan demand remains flat, the contribution from our mortgage department has been outstanding.”
Income from the mortgage unit has jumped more than 90 percent to $957,027 through September, the lender said.
In mid-day trading, shares of the Bank of South Carolina were up $1.15, or more than 11 percent, to $12.
The bank recently announced it will pay a quarterly cash dividend of 11 cents a share on Oct. 31.
The Bank of South Carolina has four offices in downtown Charleston, Mount Pleasant, Summerville and West Ashley,