| 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) | |
2025 | | |
2024 | |
| Assets: | |
| | | |
| | |
| Cash on deposit | |
$ | 4,452 | | |
$ | 4,061 | |
| Investment in bank subsidiary | |
| 175,726 | | |
| 153,894 | |
| Other | |
| 2,600 | | |
| 1,759 | |
| Total assets | |
$ | 182,778 | | |
$ | 159,714 | |
| Liabilities: | |
| | | |
| | |
| Junior subordinated debentures | |
$ | 14,964 | | |
$ | 14,964 | |
| Other | |
| 257 | | |
| 256 | |
| Total liabilities | |
| 15,221 | | |
| 15,220 | |
| Shareholders’ equity | |
| 167,557 | | |
| 144,494 | |
| Total liabilities and shareholders’ equity | |
$ | 182,778 | | |
$ | 159,714 | |
Condensed Statements of Operations
| | |
| | |
| | |
| |
| | |
Year ended December 31, | |
| (Dollars in thousands) | |
2025 | | |
2024 | | |
2023 | |
| Income: | |
| | | |
| | | |
| | |
| Interest and dividend income | |
$ | 33 | | |
$ | 38 | | |
$ | 37 | |
| Equity in undistributed earnings of subsidiary | |
| 14,774 | | |
| 10,416 | | |
| 8,495 | |
| Dividend income from bank subsidiary | |
| 7,129 | | |
| 5,627 | | |
| 5,357 | |
| Total income | |
| 21,936 | | |
| 16,081 | | |
| 13,889 | |
| Expenses: | |
| | | |
| | | |
| | |
| Interest expense | |
| 1,071 | | |
| 1,217 | | |
| 1,187 | |
| Other | |
| 2,326 | | |
| 1,484 | | |
| 1,419 | |
| Total expense | |
| 3,397 | | |
| 2,701 | | |
| 2,606 | |
| Income tax benefit | |
| (666 | ) | |
| (575 | ) | |
| (560 | ) |
| Net income | |
$ | 19,205 | | |
$ | 13,955 | | |
$ | 11,843 | |
Condensed Statements of Cash Flows
| | |
| | |
| | |
| |
| | |
Year ended December 31, | |
| (Dollars in thousands) | |
2025 | | |
2024 | | |
2023 | |
| Cash flows from operating activities: | |
| | | |
| | | |
| | |
| Net income | |
$ | 19,205 | | |
$ | 13,955 | | |
$ | 11,843 | |
| Adjustments to reconcile net income to net cash provided by operating activities | |
| | | |
| | | |
| | |
| Equity in undistributed earnings of subsidiary | |
| (14,774 | ) | |
| (10,416 | ) | |
| (8,495 | ) |
| Other-net | |
| (667 | ) | |
| 229 | | |
| (545 | ) |
| Net cash provided by operating activities | |
| 3,764 | | |
| 3,768 | | |
| 2,803 | |
| Cash flows from investing activities: | |
| | | |
| | | |
| | |
| Purchase of investments at cost | |
| (173 | ) | |
| (45 | ) | |
| (80 | ) |
| Net cash used in investing activities | |
| (173 | ) | |
| (45 | ) | |
| (80 | ) |
| Cash flows from financing activities: | |
| | | |
| | | |
| | |
| Dividends paid: common stock | |
| (4,750 | ) | |
| (4,415 | ) | |
| (4,235 | ) |
| Dividend reinvestment plan | |
| 386 | | |
| 410 | | |
| 438 | |
| Stock-based compensation | |
| 1,164 | | |
| 753 | | |
| 794 | |
| Net cash used in financing activities | |
| (3,200 | ) | |
| (3,252 | ) | |
| (3,003 | ) |
| Increase (decrease) in cash and cash equivalents | |
| 391 | | |
| 471 | | |
| (280 | ) |
| Cash and cash equivalents at beginning of year | |
| 4,061 | | |
| 3,590 | | |
| 3,870 | |
| Cash and cash equivalents at end of year | |
$ | 4,452 | | |
$ | 4,061 | | |
$ | 3,590 | |
|