XML 56 R44.htm IDEA: XBRL DOCUMENT
v3.23.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expenses | Income tax expense for the years ended December 31, 2022, 2021 and 2020 consists of the following: Schedule of Income Tax Expenses
INCOME TAXES |
|  | Year ended December 31 |
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,429 |  |  | $ | 3,653 |  |  | $ | 2,758 |
State |  |  | 735 |  |  |  | 749 |  |  |  | 523 |
Total Current |  |  | 4,164 |  |  |  | 4,402 |  |  |  | 3,281 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (323 | ) |  |  | (167 | ) |  |  | (751 | )
State |  |  | (43 | ) |  |  | (53 | ) |  |  | (34 | )
Total Deferred |  |  | (366 | ) |  |  | (220 | ) |  |  | (785 | )
Income tax expense |  | $ | 3,798 |  |  | $ | 4,182 |  |  | $ | 2,496 |
Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows: | Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows:
INCOME TAXES (Details 2) |
|  | Year ended December 31 |
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Expected federal income tax expense |  | $ | 3,866 |  |  | $ | 4,126 |  |  | $ | 2,645 |
State income tax net of federal benefit |  |  | 547 |  |  |  | 550 |  |  |  | 386 |
Tax exempt interest |  |  | (404 | ) |  |  | (396 | ) |  |  | (316 | )
Increase in cash surrender value life insurance |  |  | (151 | ) |  |  | (146 | ) |  |  | (153 | )
Valuation allowance |  |  | 27 |  |  |  | 32 |  |  |  | 32 |
Life Insurance Proceeds |  |  | — |  |  |  | — |  |  |  | (65 | )
Excess tax benefit of stock compensation |  |  | (5 | ) |  |  | (11 | ) |  |  | (1 | )
Other |  |  | (82 | ) |  |  | 27 |  |  |  | (32 | )
Total |  | $ | 3,798 |  |  | $ | 4,182 |  |  | $ | 2,496 |
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: Schedule of Deferred Tax Assets and Liabilities
INCOME TAXES (Details 3) |
|  | December 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,464 |  |  | $ | 2,415 |
Excess tax basis of deductible intangible assets |  |  | 60 |  |  |  | 98 |
Net operating loss carry forward |  |  | 840 |  |  |  | 792 |
Excess tax basis of assets acquired |  |  | 18 |  |  |  | 28 |
Unrealized losses on available-for-sale securities |  |  | 5,169 |  |  |  | — |
Unrealized losses on held-to-maturity securities |  |  | 3,291 |  |  |  | — |
Compensation expense deferred for tax purposes |  |  | 1,348 |  |  |  | 1,221 |
Deferred loss on other-than-temporary-impairment charges |  |  | 5 |  |  |  | 5 |
FASB 91 - Origination Income & Costs |  |  | 405 |  |  |  | 296 |
Tax credit carry-forwards |  |  | — |  |  |  | 33 |
Other Real Estate Owned |  |  | 231 |  |  |  | 230 |
Other |  |  | 299 |  |  |  | 183 |
Total deferred tax asset |  |  | 14,130 |  |  |  | 5,301 |
Valuation reserve |  |  | 916 |  |  |  | 889 |
Total deferred tax asset net of valuation reserve |  |  | 13,214 |  |  |  | 4,412 |
Liabilities: |  |  |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | 619 |  |  |  | 612 |
Excess financial reporting basis of assets acquired |  |  | 938 |  |  |  | 969 |
Unrealized gain on available-for-sale securities |  |  | — |  |  |  | 1,021 |
Total deferred tax liabilities |  |  | 1,557 |  |  |  | 2,602 |
Net deferred tax asset / (liability) recognized |  | $ | 11,657 |  |  | $ | 1,810 |

X
- References No definition available. + Details
Name: | fcco_DisclosureIncomeTaxesDetails2Abstract
Namespace Prefix: | fcco_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | fcco_DisclosureIncomeTaxesDetails3Abstract
Namespace Prefix: | fcco_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | fcco_DisclosureIncomeTaxesDetailsAbstract
Namespace Prefix: | fcco_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration