Charleston’s Bank of South Carolina reports 5% gain in 2Q earnings

The Bank of South Carolina is based at 256 Meeting St. in downtown Charleston.

Second-quarter earning at the Bank of South Carolina Corp. increased nearly 5 percent from the same period a year ago on loan demand and other factors.

Net income for the April-June period totaled $1.31 million, or 26 cents a share, the Charleston-based lender said Thursday. For the first six months of 2016, profits are up 2 percent to slightly more than $2.5 million.

“As with the first quarter of this year, the second has seen continued strong loan demand, deposit growth, and solid contributions from our non-interest income sources,” CEO Fleetwood Hassell said in a written statement. “We are ahead of our profit plan for the year and the three and six month periods as compared to 2015.”

The Bank of South Carolina has branches in downtown Charleston, Mount Pleasant, Summerille and the West Ashley. An expansion into North Charleston is taking longer than expected, but Hassell has said the lender still plans to build its fifth retail location at the mixed-use Ingleside development along U.S. Highway 78. Work is expected to begin later this year.