| PARENT COMPANY FINANCIAL INFORMATION |
Note 21
- 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) |
|
2013 |
|
2012 |
| Assets: |
|
|
|
|
|
|
|
|
| Cash on deposit |
|
$ |
2,583 |
|
|
$ |
1,417 |
|
| Securities purchased under agreement to resell |
|
|
128 |
|
|
|
128 |
|
| Investment securities available-for-sale |
|
|
417 |
|
|
|
429 |
|
| Investment in bank subsidiary |
|
|
64,399 |
|
|
|
67,055 |
|
| Other |
|
|
739 |
|
|
|
767 |
|
| Total assets |
|
$ |
68,266 |
|
|
$ |
69,796 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Junior subordinated debentures |
|
|
15,464 |
|
|
|
15,464 |
|
| Other |
|
|
131 |
|
|
|
149 |
|
| Total liabilities |
|
|
15,595 |
|
|
|
15,613 |
|
| Shareholders’ equity |
|
|
52,671 |
|
|
|
54,183 |
|
| Total liabilities and shareholders’ equity |
|
$ |
68,266 |
|
|
$ |
69,796 |
|
Condensed Statements
of Operations
| |
|
Year ended December 31, |
| (Dollars in thousands) |
|
2013 |
|
2012 |
|
2011 |
| Income: |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and dividend income |
|
$ |
26 |
|
|
$ |
1 |
|
|
$ |
9 |
|
| Gain on sale of securities |
|
|
327 |
|
|
|
— |
|
|
|
— |
|
| Equity in undistributed earnings of subsidiary |
|
|
2,229 |
|
|
|
4,313 |
|
|
|
3,782 |
|
| Dividend income from bank subsidiary |
|
|
2,316 |
|
|
|
320 |
|
|
|
— |
|
| Total income |
|
|
4,898 |
|
|
|
4,634 |
|
|
|
3,791 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
433 |
|
|
|
658 |
|
|
|
446 |
|
| Other |
|
|
449 |
|
|
|
301 |
|
|
|
239 |
|
| Total expense |
|
|
882 |
|
|
|
959 |
|
|
|
685 |
|
| Income before taxes |
|
|
4,016 |
|
|
|
3,675 |
|
|
|
3,106 |
|
| Income tax benefit |
|
|
(121 |
) |
|
|
(293 |
) |
|
|
(218 |
) |
| Net income |
|
$ |
4,137 |
|
|
$ |
3,968 |
|
|
$ |
3,324 |
|
Condensed Statements
of Cash Flows
| |
|
Year ended December 31, |
| (Dollars in thousands) |
|
2013 |
|
2012 |
|
2011 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
4,137 |
|
|
$ |
3,968 |
|
|
$ |
3,324 |
|
| Adjustments to reconcile net income to net cash (used) provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity in undistributed earnings of subsidiary |
|
|
(2,229 |
) |
|
|
(4,313 |
) |
|
|
(3,782 |
) |
| Gain on sale of securities |
|
|
(327 |
) |
|
|
— |
|
|
|
— |
|
| Other-net |
|
|
272 |
|
|
|
(90 |
) |
|
|
232 |
|
| Net
cash (used) provided by operating activities |
|
|
1,853 |
|
|
|
(435 |
) |
|
|
(226 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of available-for sale-securities |
|
|
— |
|
|
|
(417 |
) |
|
|
— |
|
| Proceeds from sale of securities available-for-sale |
|
|
339 |
|
|
|
— |
|
|
|
— |
|
| Maturity of available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
1,250 |
|
| Other-net |
|
|
— |
|
|
|
— |
|
|
|
(76 |
) |
| Net cash provided (used) by investing activities |
|
|
339 |
|
|
|
(417 |
) |
|
|
1,174 |
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of subordinated note payable |
|
|
— |
|
|
|
— |
|
|
|
2,500 |
|
| Repayment of subordinated note payable |
|
|
— |
|
|
|
(2,500 |
) |
|
|
— |
|
| Dividends paid: Common stock |
|
|
(1,145 |
) |
|
|
(605 |
) |
|
|
(525 |
) |
| Preferred stock |
|
|
— |
|
|
|
(475 |
) |
|
|
(670 |
) |
| Proceeds from issuance of common stock |
|
|
119 |
|
|
|
13,885 |
|
|
|
182 |
|
| Redemption of preferred stock |
|
|
— |
|
|
|
(11,073 |
) |
|
|
— |
|
| Redemption of stock warrants |
|
|
— |
|
|
|
(510 |
) |
|
|
— |
|
| Net cash provided (used) in financing activities |
|
|
(1,026 |
) |
|
|
(1,278 |
) |
|
|
1,487 |
|
| Increase (decrease) in cash and cash equivalents |
|
|
1,166 |
|
|
|
(2,130 |
) |
|
|
2,435 |
|
| Cash and cash equivalents, beginning of year |
|
|
1,417 |
|
|
|
3,547 |
|
|
|
1,112 |
|
| Cash and cash equivalents, end of year |
|
$ |
2,583 |
|
|
$ |
1,417 |
|
|
$ |
3,547 |
|
|