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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION

Note 22—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)  2024   2023 
Assets:          
Cash on deposit  $4,061   $3,590 
Investment in bank subsidiary   153,894    140,746 
Other   1,759    1,941 
Total assets  $159,714   $146,277 
Liabilities:          
Junior subordinated debentures  $14,964   $14,964 
Other   256    254 
Total liabilities   15,220    15,218 
Shareholders’ equity   144,494    131,059 
Total liabilities and shareholders’ equity  $159,714   $146,277 

 

Condensed Statements of Operations

             
   Year ended December 31, 
(Dollars in thousands)  2024   2023   2022 
Income:               
Interest and dividend income  $38   $37   $21 
Equity in undistributed earnings of subsidiary   10,416    8,495    11,431 
Dividend income from bank subsidiary   5,627    5,357    4,463 
Total income   16,081    13,889    15,915 
Expenses:               
Interest expense   1,217    1,187    675 
Other   1,484    1,419    974 
Total expense   2,701    2,606    1,649 
Income before taxes   13,380    11,283    14,266 
Income tax benefit   (575)   (560)   (347)
Net income  $13,955   $11,843   $14,613 

 

Condensed Statements of Cash Flows

             
   Year ended December 31, 
(Dollars in thousands)  2024   2023   2022 
Cash flows from operating activities:               
Net income  $13,955   $11,843   $14,613 
Adjustments to reconcile net income to net cash provided by operating activities               
Equity in undistributed earnings of subsidiary   (10,416)   (8,495)   (11,431)
Other-net   229    (545)   232 
Net cash provided by operating activities   3,768    2,803    3,414 
Cash flows from investing activities:               
Purchase of investments at cost   (45)   (80)   (188)
Net cash used in investing activities   (45)   (80)   (188)
Cash flows from financing activities:               
Dividends paid: common stock   (4,415)   (4,235)   (3,913)
(Cost of) Proceeds from issuance of common stock   (104)   (28)   28 
Dividend Reinvestment Plan   410    438    388 
Change in non-vested restricted stock   160    180    507 
Restricted stock units granted   816    763    1,447 
Restricted shares surrendered   (119)   (121)   (42)
Deferred compensation shares   —    —    (1,106)
Net cash used in financing activities   (3,252)   (3,003)   (2,691)
Increase (decrease) in cash and cash equivalents   471    (280)   535 
Cash and cash equivalents at beginning of year   3,590    3,870    3,335 
Cash and cash equivalents at end of year  $4,061   $3,590   $3,870