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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2020
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)   2020     2019  
Assets:                
Cash on deposit   $ 3,357     $ 2,987  
Interest bearing deposits     —       —  
Securities purchased under agreement to resell     —       —  
Investment in bank subsidiary     147,140       131,584  
Other     1,046       809  
Total assets   $ 151,543     $ 135,380  
Liabilities:                
Junior subordinated debentures   $ 14,964     $ 14,964  
Other     242       222  
Total liabilities     15,206       15,186  
Shareholders’ equity     136,337       120,194  
Total liabilities and shareholders’ equity   $ 151,543     $ 135,380  

 

Condensed Statements of Operations

    Year ended December 31,  
(Dollars in thousands)   2020     2019     2018  
Income:                        
Interest and dividend income   $ 17     $ 24     $ 23  
Equity in undistributed earnings of subsidiary     6,759       4,776       8,348  
Dividend income from bank subsidiary     4,158       7,057       3,721  
Total income     10,934       11,857       12,092  
Expenses:                        
Interest expense     536       760       718  
Other     518       381       386  
Total expense     1,055       1,141       1,104  
Income before taxes     9,879       10,716       10,988  
Income tax benefit     (219 )     (255 )     (241 )
Net income   $ 10,099     $ 10,971     $ 11,229  

Condensed Statements of Cash Flows

    Year ended December 31,  
(Dollars in thousands)   2020     2019     2018  
Cash flows from operating activities:                        
Net income   $ 10,099     $ 10,971     $ 11,229  
Adjustments to reconcile net income to net cash provided by operating activities                        
Equity in undistributed earnings of subsidiary     (6,759 )     (4,776 )     (8,348 )
Other-net     42       322       12  
Net cash provided by operating activities     3,382       6,517       2,893  
Cash flows from investing activities:                        
Proceeds from sale of federal funds     —       —       129  
Net cash provided by investing activities     —       —       129  
Cash flows from financing activities:                        
Dividends paid: common stock     (3,573 )     (3,306 )     (3,033 )
Repurchase of common stock     —       (5,636 )     —  
Proceeds from issuance of common stock     4       —       —  
Dividend Reinvestment Plan     372       570       362  
Issuance of restricted stock     —       (75 )     —  
Restricted shares surrendered     (15 )     (159 )     (57 )
Deferred compensation shares     200       265       19  
Net cash used in financing activities     (3,012 )     (8,341 )     (2,709 )
Increase (decrease) in cash and cash equivalents     370       (1,824 )     313  
Cash and cash equivalents at beginning of year     2,987       4,811       4,498  
Cash and cash equivalents at end of year   $ 3,357     $ 2,987     $ 4,811