Bank of South Carolina has also reported fourth quarter earnings of $893.90 million or $0.23 per share, down 12.55% from fourth quarter 2006 earnings of $1.02 billion or $0.26 per share, following the trends of the final three quarters of 2007. The bank’s returns on average assets and average equity for the year were 1.62% and 15.42%, respectively, when compared with 2006 returns on average assets and equity of 1.69% and 17.20%.
Hugh Lane, president and CEO of Bank of South Carolina, said: Each economic cycle has its own challenges and opportunities. However, we go into 2008 with good earnings, strong liquidity, capital and asset quality, which will give us the capacity to respond to good business development opportunities.
