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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | Note 23—PARENT COMPANY FINANCIAL INFORMATION The balance sheets, statements of operations and cash flows for First Community Corporation (Parent Only) follow: Condensed Balance Sheets
|  | At December 31, |
(Dollars in thousands) |  | 2019 |  |  | 2018 |
Assets: |  |  |  |  |  |  |  |
Cash on deposit |  | $ | 2,987 |  |  | $ | 4,811 |
Interest bearing deposits |  |  | — |  |  |  | — |
Securities purchased under agreement to resell |  |  | — |  |  |  | — |
Investment in bank subsidiary |  |  | 131,584 |  |  |  | 121,984 |
Other |  |  | 809 |  |  |  | 863 |
Total assets |  | $ | 135,380 |  |  | $ | 127,658 |
Liabilities: |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 14,964 |  |  | $ | 14,964 |
Other |  |  | 222 |  |  |  | 197 |
Total liabilities |  |  | 15,186 |  |  |  | 15,161 |
Shareholders’ equity |  |  | 120,194 |  |  |  | 112,497 |
Total liabilities and shareholders’ equity |  | $ | 135,380 |  |  | $ | 127,658 |
Condensed Statements of Operations
|  | Year ended December 31, |
(Dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividend income |  | $ | 24 |  |  | $ | 23 |  |  | $ | 18 |
Gain on sale of land |  |  | — |  |  |  | — |  |  |  | 90 |
Equity in undistributed earnings of subsidiary |  |  | 4,776 |  |  |  | 8,348 |  |  |  | 3,341 |
Dividend income from bank subsidiary |  |  | 7,057 |  |  |  | 3,721 |  |  |  | 3,001 |
Total income |  |  | 11,857 |  |  |  | 12,092 |  |  |  | 6,450 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 760 |  |  |  | 718 |  |  |  | 570 |
Other |  |  | 381 |  |  |  | 386 |  |  |  | 350 |
Total expense |  |  | 1,141 |  |  |  | 1,104 |  |  |  | 920 |
Income before taxes |  |  | 10,716 |  |  |  | 10,988 |  |  |  | 5,530 |
Income tax benefit |  |  | (255 | ) |  |  | (241 | ) |  |  | (285 | )
Net income |  | $ | 10,971 |  |  | $ | 11,229 |  |  | $ | 5,815 |
Condensed Statements of Cash Flows
|  | Year ended December 31, |
(Dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 10,971 |  |  | $ | 11,229 |  |  | $ | 5,815 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  |  | (4,776 | ) |  |  | (8,348 | ) |  |  | (3,341 | )
Gain on sales of assets |  |  | — |  |  |  | — |  |  |  | (90 |
Other-net |  |  | 322 |  |  |  | 12 |  |  |  | 615 |
Net cash provided by operating activities |  |  | 6,517 |  |  |  | 2,893 |  |  |  | 2,999 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of federal funds |  |  | — |  |  |  | 129 |  |  |  | — |
Proceeds from business acquisition |  |  | — |  |  |  | — |  |  |  | 131 |
Proceeds from sale of land |  |  | — |  |  |  | — |  |  |  | 1,145 |
Net cash provided by investing activities |  |  | — |  |  |  | 129 |  |  |  | 1,276 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid: common stock |  |  | (3,306 | ) |  |  | (3,033 | ) |  |  | (2,472 | )
Repurchase of common stock |  |  | (5,636 | ) |  |  | — |  |  |  | — |
Proceeds from issuance of common stock |  |  | 570 |  |  |  | 362 |  |  |  | 371 |
Issuance of restricted stock |  |  | (75 | ) |  |  | — |  |  |  | — |
Restricted shares surrendered |  |  | (159 | ) |  |  | (57 | ) |  |  | (408 | )
Deferred compensation shares |  |  | 265 |  |  |  | 19 |  |  |  | — |
Net cash used in financing activities |  |  | (8,341 | ) |  |  | (2,709 | ) |  |  | (2,509 | )
Increase (decrease) in cash and cash equivalents |  |  | (1,824 | ) |  |  | 313 |  |  |  | 1,766 |
Cash and cash equivalents, beginning of year |  |  | 4,811 |  |  |  | 4,498 |  |  |  | 2,732 |
Cash and cash equivalents, end of year |  | $ | 2,987 |  |  | $ | 4,811 |  |  | $ | 4,498 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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