Charleston’s Bank of South Carolina Corp. posts its 3rd-highest yearly earnings

The Bank of South Carolina opened at 256 Meeting St. in downtown Charleston in 1987. (Staff/File)

The Bank of South Carolina Corp. said its fourth-quatrer profit rose 19 percent, lifting its gains for all of 2012.

The Charleston-based lender said its earned $992,173, or 22 cents a share, for the September-December period.

For all last year, Bank of South Carolina reported more than $3.66 million in net income, a 15 percent increase from 2011. On a per-share basis, profits totaled 82 cents for 2012.

A sharp increase in revenue from mortgage lending helped drive net income higher, said Fleetwood S. Hassell, president and CEO.

“We were quite pleased with the bank’s earnings for 2012, which were the third best in our company’s history. ... We remain committed to the fundamentals of community banking. Our business model of asset quality, low-cost funding sources and efficient operations will continue to serve us well as we move through 2013,” Hassell said in statement.

The Bank of South Carolina has four branches. Its shares trade on the Nasdaq stock market under the symbol “BKSC.”

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