The Bank of South Carolina Corp reported a nearly 19 percent jump in its third-quarter profit, a gain it attributed to loan growth and costs controls.
The Charleston-based lender said its earned $1.43 million, or 29 cents a share, for the July-September period.
For the first nine month of 2016, the bank’s earnings totaled $3.93 million, an increase of 7.6 percent compared to the same period a year ago.
“With strong lending efforts, excellent control of expenses and greater contributions from our mortgage department, we have posted solid results for the third quarter of this year,” CEO Fleetwood Hassell said in a written statement, “We have experienced remarkable deposit growth throughout the year and have maintained respectable margins during an extraordinarily low and prolonged interest rate environment. We are pleased with the performance of the bank to date.”
The Bank of South Carolina operates branches in downtown Charleston, Mount Pleasant, Summerville and West Ashley. It plans to build its fifth retail location at the mixed-use Ingleside development along U.S. Highway 78 in North Charleston, with work expected to begin this year.