CHARLESTON, S.C., April 9, 2024 /PRNewswire/ -- The Bank of South Carolina Corporation (OTCQX:BKSC) announced unaudited earnings of $1,375,796 or $0.25 basic and diluted earnings per share for the quarter ended March 31, 2024 – a decrease of $212,983, or 13.41%, from earnings for the quarter ended March 31, 2023 of $1,588,779 or $0.29 and $0.28 basic and diluted earnings per share, respectively. Annualized returns on average assets and average equity for the three months ended March 31, 2024 were 0.88% and 11.66%, respectively, compared with March 31, 2023 annualized returns on average assets and average equity of 1.00% and 15.73%, respectively. Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased with our performance in the first quarter, in which we generated a return on average assets of 0.88% and a return on average equity of 11.66%.  When compared to last quarter, we produced higher net interest income, net income, and book value per share.  These improved results are in large part due to strong commercial loan activity experienced during the quarter that propelled average loan growth of 2.5%.  Meanwhile, credit quality is sound and non-performing assets minimal, and we are encouraged to be ahead of our 2024 profit plan to-date.  As we continue to closely monitor the actions of the Federal Reserve, our strategy remains focused on using bond maturities within our investment portfolio to extinguish borrowings and fund loan growth in our market.  In doing so, we expect to see gradual enhancement of our net interest margin as the year goes."      Selected Condensed Consolidated Financial Data (Unaudited) For the Three Months Ended March 31,2024 December 31,2023 September 30,2023 June 30,2023 Total Interest and Fee Income $       6,593,463 $       6,500,593 $         6,154,138 $         6,027,060 Total Interest Expense 1,861,311 1,821,435 1,619,582 1,420,080 Net Interest Income 4,732,152 4,679,158 4,534,556 4,606,980 Provision for Credit Losses - -