Charleston-based Bank of South Carolina releases 2Q earnings

The Bank of South Carolina's corporate office and downtown Charleston branch are in a former carriage factory at 256 Meeting St.

The Bank of South Carolina Corp. said Thursday that its second quarter profit rose almost 7 percent to $1.1 million compared to the same period a year ago.

On a per-share basis, earnings at the Charleston-based lender totaled 23 cents for the three months ended June 30.

For the first half of 2014, net income edged up about 1 percent to $2.06 million.

Overall loan growth, timely investment changes and expense controls have offset an industrywide decline in income from mortgages, CEO Fleetwood S. Hassell said.

"We certainly are pleased with our performance to date, as we are ahead of where we were last year and our 2014 profit plan," he said in a written statement.

Hassell also said ownership changes at some of the bank's locally based competitors has helped generate new business.

"Deposit growth and new account activity are strong, as we remain the beneficiary of the uncertainty that still remains in the Charleston market," he said. "As community banking participants continue to diminish locally, we continue to build on the share of the market we hold and remain a long-term home to those who value relationships in banking."

Among the local bank brands that are going away are Harbor National, which is being acquired by BNC, and First Federal of Charleston, which was sold to a Columbia-based lender last year and is changing its name to South State Bank this month.

The Bank of South Carolina plans to open its fifth branch next year. It will be in North Charleston, at U.S. Highway 78 and Ingleside Boulevard.

Shares of the company were down 20 cents to $14.92 in early afternoon trading.