Bank of SC Q1 Profit Slackens 0.77%

Bank Of SC Corporation BKSC disclosed that its profit for the first quarter slacked 0.77 percent to $1.196 million from $1.205 million in the year-ago quarter. On a per share basis, it worked out to $0.24 for both the comparable period.

Bank of SC Corporation said the returns on average assets, as well as average equity for the first quarter were 1.22 percent and 11.91 percent, respectively, which was lower than the 1.32 percent and 12.93 percent recorded in the previous year quarter.

The company's President, Fleetwood Hassell, commented, "Strong lending opportunities and consistent contributions from our mortgage department have the bank off to another great start. We are pleased to be well ahead of our 2016 profit plan for the first three months."

He continued, "As the headlines of our paper have been filled with news of change and uncertainty with new, vacating, and merging banks, we continue our course of serving the citizens of the Lowcountry and remaining the oldest bank headquartered in Charleston."