BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2012

Bank Of South Carolina Corporation - Parent Company Tables

Schedule of Condensed Financial Statements of Parent Company

The Company’s condensed statements of financial condition as of December 31, 2012 and 2011, and the related condensed statements of operations and cash flows for the years ended December 31, 2012, 2011 and 2010, are as follows:

CONDENSED STATEMENTS OF Financial Condition

	2012		2011
Assets
Cash	$	86,305	$	541,500
Investment in wholly-owned bank subsidiary		33,704,253		31,309,093
Other assets		139,884		143,276
Total assets	$	33,930,442	$	31,993,869
Liabilities and shareholders’ equity
Shareholders’ equity		33,930,442		31,993,869
Total liabilities and shareholders’ equity	$	33,930,442	$	31,993,869

CONDENSED STATEMENTS OF Operations

	2012			2011			2010
Interest income	$	257		$	289		$	374
Net operating expenses		(213,254	)		(138,877	)		(136,384	)
Dividends received from bank		2,160,000			1,790,000			1,715,000
Equity in undistributed earnings of subsidiary		1,719,825			1,537,906			1,531,523
Net income	$	3,666,828		$	3,189,318		$	3,110,513

CONDENSED STATEMENTS OF Cash FlowS

	2012			2011			2010
Cash flows from operating activities:
Net income	$	3,666,828		$	3,189,318		$	3,110,513
Stock-based compensation expense		72,928			64,587			50,721
Equity in undistributed earnings of subsidiary		(1,719,825	)		(1,537,906	)		(1,531,523	)
Decrease (increase) in other assets		3,390			(81,776	)		(29,101	)
Net cash provided by operating activities		2,023,321			1,634,223			1,600,610
Cash flows from financing activities:
Dividends paid		(2,489,610	)		(1,376,623	)		(1,688,084	)
Fractional shares paid		—			—			(2,466	)
Stock options exercised		11,094			123,403			210,811
Net cash used by financing activities		(2,478,516	)		(1,253,220	)		(1,479,739	)
Net (decrease) increase in cash		(455,195	)		381,003			120,871
Cash at beginning of year		541,500			160,497			39,626
Cash at end of year	$	86,305		$	541,500		$	160,497
Change in dividend payable	$	(488,944	)	$	488,944		$	—