Bank of South Carolina reports Q4 EPS 32c vs. 27c a year ago

Fleetwood Hassell, President and CEO 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."