Earnings rose at double-digit pace at the Bank of South Carolina Corp. to open the year.
The $1.2 million profit was a 26 percent increase from the first three months of 2014, the Charleston-based lender said Tuesday. On a per-share basis, net income was 27 cents for the most recent quarter.
“With the improving economy in Charleston, we’re off to a good start with better than anticipated loan volume and solid production from our mortgage department,” CEO Fleetwood S. Hassell said in a written statement. “Strategic changes within our investment portfolio and excellent control of expenses continue to drive our efficiencies and have resulted in a strong contribution to our bottom line. We are happy with our results to date and look forward to the rest of the year.”
The financial results coincided with the parent company’s annual meeting of shareholders held Tuesday at its Meeting Street headquarters.
The Bank of South Carolina has offices in downtown Charleston, Mount Pleasant, Summerville and West Ashley. Its fifth full-service retail branch is expected to open this year in North Charleston.