Charleston-based Bank of South Carolina reports 1Q earnings

The Bank of South Carolina holds it annual sharehodlers meeting Tuesday at its downtown Charleston heqdquarters.

The Bank of South Carolina Corp. reported a slight decrease in its first-quarter earnings, but said profits remain ahead of expectations.

The Charleston-based lender said net income slipped less than 1 percent to just under $1.2 million for the January-March period compared to a year earlier. On a per-share basis, net income fell by a penny to 24 cents.

“Strong lending opportunities and consistent contributions from our mortgage department have the bank off to another great start,” CEO Fleetwood S. Hassell said in a written statement. “We are pleased to be well ahead of our 2016 profit plan for the first three months.”

The earnings decline was the first for the four-branch bank since the opening quarter of 2013.

The company holds its annual meeting of shareholders at its downtown headquarters Tuesday at 5:30 p.m. Shares were up more than 3 percent in midday trading to $16.03.