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MERGERS AND ACQUISTIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
Mergers And Acquistions |
Schedule of Assets Acquired and Liabilities Assumed - Initial Fair Value Adjustment | The following table presents the assets acquired and liabilities assumed as of October 20, 2017 as recorded by the Company on the acquisition date and initial fair value adjustments.
(Dollars in thousands, except per share data) |  | As Recorded by Cornerstone |  |  | Fair Value Adjustments |  |  | As Recorded by the Company |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 30,060 |  |  | $ | — |  |  | $ | 30,060 |
Investment securities |  |  | 44,018 |  |  |  | (358 | )(a) |  |  | 43,660 |
Loans |  |  | 60,835 |  |  |  | (734 | )(b) |  |  | 60,101 |
Premises and equipment |  |  | 4,164 |  |  |  | 573 | (c) |  |  | 4,737 |
Intangible assets |  |  | — |  |  |  | 1,810 | (d) |  |  | 1,810 |
Bank owned life insurance |  |  | 2,384 |  |  |  | — |  |  |  | 2,384 |
Other assets |  |  | 3,082 |  |  |  | (452 | )(e) |  |  | 2,630 |
Total assets |  | $ | 144,543 |  |  | $ | 839 |  |  | $ | 145,382 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing |  | $ | 27,296 |  |  | $ | — |  |  | $ | 27,296 |
Interest-bearing |  |  | 99,152 |  |  |  | 150 | (f) |  |  | 99,302 |
Total deposits |  |  | 126,448 |  |  |  | 150 |  |  |  | 126,598 |
Securities sold under agreements to repurchase |  |  | 849 |  |  |  | — |  |  |  | 849 |
Other liabilities |  |  | 320 |  |  |  | 96 | (g) |  |  | 416 |
Total liabilities |  |  | 127,617 |  |  |  | 246 |  |  |  | 127,863 |
Net identifiable assets acquired over liabilities assumed |  |  | 16,926 |  |  |  | 593 |  |  |  | 17,519 |
Goodwill |  |  | — |  |  |  | 9,558 |  |  |  | 9,558 |
Net assets acquired over liabilities assumed |  | $ | 16,926 |  |  | $ | 10,151 |  |  | $ | 27,077 |
Consideration: |  |  |  |  |  |  |  |  |  |  |  |
First Community Corporation common shares issued |  |  | 877,364 |  |  |  |  |  |  |  |  |
Purchase price per share of the Company’s common stock |  | $ | 22.05 |  |  |  |  |  |  |  |  |
|  | $ | 19,346 |  |  |  |  |  |  |  |  |
Cash exchanged for stock and fractional shares |  |  | 7,731 |  |  |  |  |  |  |  |  |
Fair value of total consideration transferred |  | $ | 27,077 |  |  |  |  |  |  |  |  |
Explanation of fair value adjustments (a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. (b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses recorded by Cornerstone. (c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. (e)—Adjustment reflects the deferred tax adjustment related to fair value adjustments at 34%. (f)—Adjustment reflects the fair value adjustment on interest-bearing deposits. (g)—Adjustment reflects the fair value adjustment on post-retirement benefits.
Schedule of Impact of Merger and Pro Forma Information | The following table discloses the impact of the merger with Cornerstone (excluding the impact of merger-related expenses) since the acquisition on October 20, 2017 through December 31, 2017.
(Dollars in thousands) |  | Pro Forma Twelve Months Ended December 31, 2017 |  |  | Pro Forma Twelve Months Ended December 31, 2016 |
Total revenues (net interest income plus noninterest income) |  | $ | 43,602 |  |  | $ | 41,300 |
Net income |  | $ | 6,791 |  |  | $ | 7,750 |

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