Companies Announce Earnings Reports for Q2

Many South Carolina companies have recently announced their earnings for the second quarter of 2026. All information comes from company press releases. Here are some highlights:

·       Security Federal Corporation, based in Aiken. Net income available to common shareholders was $3.6 million, or $1.16 per common share, for the third quarter of 2026, an increase of $413,000, or 13.0 percent compared to the third quarter of 2025. The increase in net income was driven by higher net interest income (up $592,000, or 4.9 percent) and non-interest income (up $157,000, or 6.0 percent), which offset increased non-interest expense (up $115,000, or 1.1 percent) and provision for credit losses (no provision in 2026 compared to a $200,000 reversal in the third quarter of 2025).

·       First Reliance Bancshares Inc., headquartered in Florence. Net income for the third quarter of 2026 was $2.7 million, or $0.33 per diluted share, compared to $2.7 million, or $0.33 per diluted share, for the third quarter of 2025. For the nine-months ended September 30, 2026, net income totaled $9.0 million, or $1.10 per diluted share, compared to $8.0 million, or $0.96 per diluted share for the same period in 2025.  Operating earnings (Non-GAAP) were $2.9 million, or $0.36 per diluted share, for the third quarter of 2026, compared to $2.7 million, or $0.33 per diluted share, for the third quarter of 2025.  For the nine-months ended September 30, 2026, operating earnings (Non-GAAP) totaled $9.2 million or $1.13 per diluted share, compared to $6.6 million, or $0.79 per diluted share, for the nine-months ended Sept. 30, 2025.

·       South Atlantic Bancshares Inc., based in Myrtle Beach. Net income totaled $5.2 million for the third quarter of 2026, a quarter-over-quarter increase of $483.0 thousand or 10.2 percent, and an increase of $847.0 thousand, or 19.3 percent, over the third quarter of 2025. Net income totaled $14.4 million for the nine months ended Sept. 30, 2026, a year-over-year increase of $3.0 million, or 26.7 percent, when compared to net income of $11.4 million for the nine months ended Sept. 30, 2025.

·       First Community Corporation, based in Lexington. Net income of $8.044 million during the third quarter of 2026, an increase of 54.9 percent year-over-year and 5.9 percent on a linked quarter basis.  Net income excluding the after-tax effect of merger expenses during the third quarter of 2026 of $8.123 million, an increase of 44.3percent year-over-year and 1.8 percent, on a linked quarter basis. Net income for the nine months ended Sept. 30, 2026, of $21.137 million, a 47.0 percent increase over the same time period in 2025. Net income for the nine months ended Sept. 30, 2026, excluding the after-tax effect of merger expenses, of $22.857 million, an increase of 52.5 percent year-over-year. 

·       Southern First Bancshares, headquartered in Greenville. Net income was $12.2 million and diluted earnings per share was $1.28, representing a $0.22, or 21 percent increase over the third quarter of 2025, and an $0.08 increase from the second quarter of 2026. Return on average assets was 1.03 percent, up 23 basis points over the third quarter of last year, and tangible common equity to assets was 9.47 percent, up 129 basis points from the third quarter of 2025. Key asset quality metrics were consistent both on a linked quarter and year-over-year basis. Net charge-offs were approximately $719 thousand, or 0.07 percent of average loans, annualized, and nonperforming assets were 0.30 percent of total assets. Provision for credit losses increased by $375 thousand from the prior quarter, and the allowance for credit losses represented 1.07 percent of loans.

·       Bank of South Carolina Corporation, based in Charleston. The bank announced unaudited earnings of $2,421,687, or $0.45 basic and $0.44 diluted earnings per share, for the quarter ended Sept. 30, 2026 – an increase of $278,047, or 12.97 percent, from earnings for the quarter ended Sept. 30, 2025, of $2,143,640, or $0.39 basic and $0.38 diluted earnings per share. Annualized returns on average assets and average equity for the quarter ended Sept. 30, 2026, were 1.71 percent and 15.49 percent, respectively, compared with Sept. 30, 2025, annualized returns on average assets and average equity of 1.46 percent and 14.58 percent, respectively. Unaudited earnings for the nine months ended Sept 30, 20.26 increased $857,730, or 14.55 percent, to $6,751,539 compared to $5,893,809 for the nine months ended September 30, 2025. Annualized returns on average assets and average equity for the nine months ended Sept. 30, 2026, were 1.60 percent and 14.69 percent, respectively, compared with Sept. 30, 2025, annualized returns on average assets and average equity of 1.37 percent and 14.03 percent, respectively.

·       ScanSource Inc., headquartered in Greenville. Net sales for the first quarter of fiscal year 2027 totaled $962.3 million, an increase of 30.1 percent year-over-year, or an increase of 26.8 percent on a non-GAAP basis. Net sales for products and services increased 30.8 percent year-over-year, and recurring revenue increased 15.7 percent year-over-year. For Specialty Technology Solutions, first quarter net sales of $917.3 million increased 28.2 percent year-over-year, driven by broad-based growth in North America. Intelisys & Solution Services net sales for the first quarter increased 85.9 percent year-over-year to $45.0 million including the MicroAge acquisition, or an increase of 3.2 percent on a non-GAAP basis reflecting Intelisys business growth. Gross profit for the first quarter of fiscal year 2027 increased 8.8 percent year-over-year to $116.9 million, with a gross profit margin of 12.2 percent versus 14.5 percent in the prior-year quarter.

·       Ingevity Corporation, headquartered in North Charleston. Net sales of $305.1 million decreased 8 percent from prior year; excluding Road Markings, sales increased 2 percent Net income from continuing operations of $51.1 million, or $1.46 per diluted share, compared to $40.8 million, or $1.10 per diluted share, in the prior year. Adjusted earnings from continuing operations of $56.7 million and $1.63 of adjusted diluted earnings per share compared to $48.3 million and $1.31 in the prior year.

·       World Acceptance Corp., based in Greenville. Net income of $8.8 million, or $1.92 per diluted share, in the second quarter, a $10.4 million increase, or $2.25 increase per share, compared to the same quarter of the prior fiscal year. Total revenues increased $4.4 million to $139.2 million, or 3.2 percent, compared to the same quarter of the prior fiscal year. Repurchased 133,199 shares, or 3.0 percent of the outstanding shares, for approximately $25.0 million during the quarter.

·       Oconee Federal Financial Corporation, headquartered in Seneca. Sixty consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011. Total assets were $668.2 million, a decrease of 1.4 percent from $677.4 million at June 30, 2026. Total loans outstanding were $503.6 million, up from $499.4 million at June 30, 2026. At Sept. 30, 2026, the stock book value and tangible book value were $14.69 and $14.25, respectively.

·       Regional Management Corp., based in Greenville. Net income for the third quarter of 2026 was $15.1 million and diluted earnings per share was $1.61, up 5.3 percent and 13.4 percent year-over-year, respectively. Net finance receivables as of Sept. 30, 2026, were $2.2 billion, an increase of $156.9 million, or 7.6 percent, from the prior-year period and $61.7 million from June 30, 2026, driven by growth in large loans, including auto-secured loans, and 14 new branches opened since Sept. 30, 2025. Record quarterly total revenue of $178.8 million, an increase of $13.3 million, or 8.0 percent, from the prior-year period, primarily due to growth in average net finance receivables and an increase in fee income from bank partnership originations.