Bank of South Carolina Corp. reported a sixfold year-over-year increase in third-quarter net income, to $821,601.
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The Charleston bank holding company said in its preliminary earnings announcement Friday that the profit gain was primarily driven by a significant drop in its loan-loss reserve.
Bank of South Carolina allocated $190,000 in reserves in the third quarter, down 83% from the $1.1 million set aside a year earlier.
The $261.3 million-asset company reported a return on average assets of 1.15%, and average equity of 10.71% for the nine-month period.
