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PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2022
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)  2022   2021 
Assets:        
Cash on deposit  $3,870   $3,335 
Interest bearing deposits        
Securities purchased under agreement to resell        
Investment in bank subsidiary   128,392    151,519 
Other   1,288    1,353 
Total assets  $133,550   $156,207 
Liabilities:          
Junior subordinated debentures  $14,964   $14,964 
Other   225    245 
Total liabilities   15,189    15,209 
Shareholders’ equity   118,361    140,998 
Total liabilities and shareholders’ equity  $133,550   $156,207 

 

Condensed Statements of Operations

             
   Year ended December 31, 
(Dollars in thousands)  2022   2021   2020 
Income:            
Interest and dividend income  $21   $13   $17 
Equity in undistributed earnings of subsidiary   11,431    12,386    6,759 
Dividend income from bank subsidiary   4,463    4,019    4,158 
Total income   15,915    16,418    10,934 
Expenses:               
Interest expense   675    416    536 
Other   974    772    518 
Total expense   1,649    1,188    1,055 
Income before taxes   14,266    15,230    9,879 
Income tax benefit   (347)   (235)   (219)
Net income  $14,613   $15,465   $10,099 

Condensed Statements of Cash Flows

             
   Year ended December 31, 
(Dollars in thousands)  2022   2021   2020 
Cash flows from operating activities:               
Net income  $14,613   $15,465   $10,099 
Adjustments to reconcile net income to net cash provided by operating activities               
Equity in undistributed earnings of subsidiary   (11,431)   (12,386)   (6,759)
Other-net   233    145    42 
Net cash provided by operating activities   3,415    3,224    3,382 
Cash flows from investing activities:               
Purchase of investments at cost   (188)   (87)    
Net cash provided by investing activities   (188)   (87)    
Cash flows from financing activities:               
Dividends paid: common stock   (3,913)   (3,593)   (3,573)
Repurchase of common stock            
Proceeds from issuance of common stock   28    46    4 
Dividend Reinvestment Plan   388    368    372 
Change in non-vested restricted stock   507         

Restricted stock units granted

   1,447         
Restricted shares surrendered   (42)   (70)   (15)
Deferred compensation shares   (1,106)    90    200 
Net cash used in financing activities   (2,691)   (3,159)   (3,012)
Increase (decrease) in cash and cash equivalents   536   (22)   370 
Cash and cash equivalents at beginning of year   3,335    3,357    2,987 
Cash and cash equivalents at end of year  $3,871   $3,335   $3,357