CHARLESTON, S.C. - Bank of South Carolina Corporation (OTCQX: BKSC), the parent company of The Bank of South Carolina, announced today that its Board of Directors has declared a quarterly cash dividend of $0.19 per share, a 12% increase from the previous dividend. The dividend is payable on October 31, 2024, to shareholders of record as of October 8, 2024.
President and CEO Eugene H. Walpole, IV commented on the dividend increase, highlighting the company's solid earnings and capital position as the basis for the decision. He expressed pride in the bank's history of shareholder rewards, which, with the upcoming payment, will surpass $66 million in total cash dividends since the bank's founding.
The Bank of South Carolina has been operational since 1987, offering financial services across multiple locations including Charleston, North Charleston, Summerville, Mt. Pleasant, James Island, and the West Ashley community. The increase to the quarterly dividend marks the 140th consecutive payout to the company's shareholders.
This financial milestone reflects the bank's commitment to its shareholders and its confidence in the institution's financial health. The Bank of South Carolina Corporation's stock is traded on the OTCQX Best Market under the ticker symbol BKSC.
The information for this report is based on a press release statement.
In other recent news, Bank of South Carolina Corporation has made significant announcements regarding its shareholder dividends. The company declared a quarterly cash dividend of $0.17 per share, scheduled for shareholders of record as of July 8, 2024, with payment due on July 31, 2024. This marks the 139th consecutive quarterly cash dividend distributed by the corporation, reflecting its commitment to consistently return value to its investors.
Earlier, the company had announced a similar quarterly cash dividend, also of $0.17 per share, set for distribution on April 30, 2024, marking the 138th consecutive quarterly cash dividend. The record date for this dividend was April 9, 2024.
These announcements align with Bank of South Carolina Corporation's longstanding dividend policy, a key element of its value return strategy to shareholders. These are among the recent developments for the bank, as it continues to operate through several branches across various locations, solidifying its presence in the region's financial sector. The company's strategic decisions emphasize its dedication to maintaining regular dividend payouts, a factor of particular interest to income-focused investors.
InvestingPro Insights
The Bank of South Carolina Corporation (OTCQX: BKSC) has recently made headlines with its increased quarterly cash dividend, but what do the numbers say about the company's financial health? According to InvestingPro data, the bank boasts a market capitalization of $64.29 million. Its price-to-earnings (P/E) ratio stands at a modest 10.78, as of the last twelve months leading up to Q3 2023, suggesting that the stock may be reasonably priced relative to its earnings.
One of the key InvestingPro Tips for BKSC is its impressive track record of maintaining dividend payments for 36 consecutive years, a testament to its consistent performance and commitment to shareholder returns. This is particularly noteworthy for income-focused investors seeking reliable dividend stocks. Additionally, BKSC has been profitable over the last twelve months, which aligns with its capacity to increase its dividend payout.
Investors looking at the stock's book value will find the price-to-book ratio at 1.5, indicating that the stock is trading at a fair value relative to its net assets. For those interested in further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/BKSC, providing a deeper dive into BKSC's financials and market performance.
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