The Bank of South Carolina Corp. is on pace to beat its profit target for the full year thanks to strong second-quarter results, its president said Wednesday.
The Charleston bank reported a 5% increase in preliminary net earnings, to $768,025, compared with a year earlier.
President Hugh C. Lane, Jr. cited a nearly 15% jump in deposits for the past year and a $9 million increase in loan demand from the previous quarter. Total capital also rose more than $30 million for the first time in any reporting period for the $299.1 million-asset company.
However, net earnings were down by 2.6% to $1.4 million for the first six months of the year compared to the same period in 2010.