Bank of South Carolina Announces Earnings for 2010

The Bank of South Carolina Corporation, BKSC announced earnings of $3,110,513 or $.70 per share, for the year ended December 31, 2010 - an increase of 66.35% from earnings for the year ended December 31, 2009 of $1,869,854 or $.43 per share. This increase is primarily the result of an allocation of $2,369,000 the company made to its Reserve for Loan Losses in 2009 compared to an allocation of $670,000 in 2010. The Company had earnings of $833,202 or $.19 per share for the three months ended December 31, 2010, compared to $270,970 or $.06 per share for the three months ended December 31, 2009. Returns on average assets and average equity for the year ended December 31, 2010 were 1.17% and 10.87%, respectively, compared with 2009 returns on average assets and average equity of .73% and 6.79%, respectively.