CHARLESTON, S.C., July 11, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX:BKSC) announced unaudited earnings of $1,753,798, or $0.32 basic and diluted earnings per share for the quarter ended June 30, 2024 – an increase of $476,081, or 37.26%, from earnings for the quarter ended June 30, 2023 of $1,277,717, or $0.23 basic and diluted earnings per share. Unaudited earnings for the six months ended June 30, 2024 increased $263,098, or 9.18%, to $3,129,594 compared to $2,866,496 for the six months ended June 30, 2023. Annualized returns on average assets and average equity for the six months ended June 30, 2024 were 1.04% and 13.21%, respectively, compared with June 30, 2023 annualized returns on average assets and average equity of 0.89% and 13.61%, respectively. Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "While six months don't make a year, we are quite pleased with operating results for the quarter and year-to-date, in which we generated a return on average assets of 1.19% and 1.04%, respectively, and a return on average equity of 14.71% and 13.21%, respectively.  Our continued focus on reallocating maturing investment securities into higher-yielding loans, while simultaneously reducing our reliance on borrowed funds, is having its intended effect on net interest margin.  These initiatives - supported by consistent management of noninterest income and expense - have resulted in improved profitability.  Meanwhile, loan demand in our markets remains strong, and we are continuing to price risk appropriately without sacrificing credit quality.  The likelihood and extent of any easing by the Federal Reserve in 2024 remains to be seen.  We intend to stay the course by executing on our strategic objectives in the second half of the year."   Selected Condensed Consolidated Financial Data (Unaudited) For the Three Months Ended June 30,2024 March 31,2024 December 31,2023 September 30,2023 June 30,2023 Total Interest and Fee Income $       6,702,792 $       6,593,463 $       6,500,593 $         6,154,138 $         6,027,060 Total Interest Expense 1,564,362 1,861,311 1,821,435 1,619,582 1,420,080 Net Interest Income 5,138,430 4,732,152 4,679,158 4,534,556 4,606,980 Provision for Credit Losses 50,000 - - - - Net Interest Income After Provision for Credit Losses 5,088,430