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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
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