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.