# EDGAR Filing Document

**Accession Number:** 0001007273
**File Stem:** 0000950170-23-000688
**Filing Date:** 2023-1
**Character Count:** 8300
**Document Hash:** 6e7dbcc097c772f639f727c2d246c6aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-000688.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0000950170-23-000688

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF SOUTH CAROLINA CORP
- **CENTRAL INDEX KEY:** 0001007273
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 571021355
- **STATE OF INCORPORATION:** SC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27702
- **FILM NUMBER:** 23524956

**BUSINESS ADDRESS:**
- **STREET 1:** 256 MEETING ST
- **STREET 2:** P O BOX 538
- **CITY:** CHARLESTON
- **STATE:** SC
- **ZIP:** 29402
- **BUSINESS PHONE:** 803 724 1500

**MAIL ADDRESS:**
- **STREET 1:** 256 MEETING STREET
- **CITY:** CHARLESTON
- **STATE:** SC
- **ZIP:** 29402

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 12, 2023<br>

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Bank of South Carolina Corporation

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| South Carolina | 0-27702 | 57-1021355 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 256 Meeting Street |  |  |
| Charleston**,** South Carolina |  | 29401 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: (**843**)**724-1500<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock | BKSC | The NASDAQ Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition**

On January 12, 2023, the Bank of South Carolina Corporation (the "Company") issued a press release announcing its unaudited financial results for the three and twelve months ended December 31, 2022. The information contained in the press release is deemed to be "filed" under the Securities Exchange Act of 1934 as Item 2.02 to this report, and such press release is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

Exhibit 99.1 [<u>Press release dated January 12, 2023</u>](bksc-ex99_1.htm) <br> Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Bank of South Carolina Corporation**<br> (Registrant) |
| Date: | January 12, 2023 | By:  | /s/Eugene H. Walpole, IV |
|  |  |  | Eugene H. Walpole, IV<br>Chief Financial Officer<br>Executive Vice President |

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## Exhibit 99.1

**Exhibit 99.1**

**Bank of South Carolina Corporation Announces Annual and Fourth Quarter Earnings**

CHARLESTON, S.C., Jan. 12, 2023 /PRNewswire/ -- The Bank of South Carolina Corporation (Nasdaq: BKSC) announced unaudited earnings of $6,655,140 or $1.20 and $1.18 basic and diluted per share, respectively, for the year ended December 31, 2022 – a decrease of $89,725 or 1.33% from earnings for the year ended December 31, 2021 of $6,744,865 or $1.22 and $1.19 basic and diluted per share, respectively. Earnings for the three months ended December 31, 2022 increased $268,616 or 17.45% to $1,807,785 compared to $1,539,169 for the three months ended December 31, 2021. Returns on average assets and average equity for the year ended December 31, 2022 were 1.01% and 15.26%, respectively, compared with 2021 returns on average assets and average equity of 1.14% and 12.30%, respectively.

Fleetwood S. Hassell, President and Chief Executive Officer, stated, "We are very proud to announce 2022 profits that were the fourth best in our 36-year history. Maintaining safe and sound banking practices with consistent lending in this new interest rate environment along with excellent management of operating expenses has resulted in another solid year. Although interest rate spreads have improved, mortgage activity has slowed and intense competition for deposits has emerged. Bond portfolio values have also been impacted by higher rates, which indirectly impacts our capital and book value. We expect these declines to be temporary as investments mature over the coming months. The bank is well positioned to benefit from additional Federal Reserve rate increases, which we believe are coming this year as they continue to fight rising inflation. As we look ahead to 2023 and the opening of our new James Island office in just a few months, the bank's future is bright as we stay the course and continue to build for the future."

The following table shows the balance sheet and income statement highlights:

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| | | |
|:---|:---|:---|
|  | **(Unaudited) <br>December 31, <br>2022** | **(Unaudited) <br>December 31, <br>2021** |
| Common stock shares outstanding  | 5552351 | 5541266 |
| Book value per share  | $6.99 | $9.73 |
| Total assets  | $653345609 | $679220646 |
| **<u>Three Months Ended</u>** |  |  |
| Net income  | $1807785 | $1539169 |
| Basic earnings per share  | $0.33 | $0.28 |
| Diluted earnings per share  | $0.32 | $0.27 |
| Weighted average shares outstanding:<br>Basic  | 5552351 | 5539381 |
| Diluted  | 5652399 | 5686849 |
|  | **(Unaudited) <br>December 31, <br>2022** | **(Unaudited) <br>December 31, <br>2021** |
| **<u>Twelve Months Ended</u>** |  |  |
| Net income  | $6655140 | $6744865 |
| Basic earnings per share  | $1.20 | $1.22 |
| Diluted earnings per share  | $1.18 | $1.19 |
| Weighted average shares outstanding: |  |  |
| Basic | 5550078 | 5531518 |
| Diluted | 5644698 | 5680482 |

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**About Bank of South Carolina Corporation**

The Bank of South Carolina Corporation is the holding company of The Bank of South Carolina ("The Bank"). The Bank is a South Carolina state-chartered bank with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, and the West Ashley community and has been in continuous operation since 1987. A sixth office at 1730 Maybank Highway on James Island is anticipated to open in the second quarter of 2023. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC". <br>

For additional information, contact: Eugene H. Walpole, IV, Executive Vice President and Chief Financial Officer, (843) 724-1500