BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013, and the related condensed statements of operations and cash flows for the years ended December 31, 2014, 2013 and 2012, are as follows:

CONDENSED STATEMENTS OF Financial Condition

	2014		2013
Assets
Cash	$	648,194	$	675,367
Investment in wholly-owned bank subsidiary		36,469,571		34,461,652
Other assets		222,197		181,779
Total assets	$	37,339,962	$	35,318,798
Liabilities and shareholders’ equity
Other Liabilities		579,980		579,655
Shareholders’ equity		36,759,982		34,739,143
Total liabilities and shareholders’ equity	$	37,339,962	$	35,318,798

CONDENSED STATEMENTS OF Operations

	2014			2013			2012
Interest income	$	306		$	220		$	257
Net operating expenses		(187,284	)		(169,887	)		(213,254	)
Dividends received from bank		2,865,000			2,245,000			2,160,000
Equity in undistributed earnings of subsidiary		1,720,798			2,001,591			1,719,825
Net income	$	4,398,820		$	4,076,924		$	3,666,828

CONDENSED STATEMENTS OF Cash FlowS

	2014			2013			2012
Cash flows from operating activities:
Net income	$	4,398,820		$	4,076,924		$	3,666,828
Stock-based compensation expense		74,908			74,722			72,928
Equity in undistributed earnings of subsidiary		(1,720,798	)		(2,001,591	)		(1,719,825	)
Decrease (increase) in other assets		(40,092	)		(41,895	)		3,390
Net cash provided by operating activities		2,712,838			2,108,160			2,023,321
Cash flows from financing activities:
Dividends paid		(2,766,061	)		(1,647,576	)		(2,489,610	)
Stock options exercised		26,050			128,477			11,094
Net cash used by financing activities		(2,740,011	)		(1,519,098	)		(2,478,516	)
Net (decrease) increase in cash		(27,173	)		589,062			(455,195	)
Cash at beginning of year		675,367			86,305			541,500
Cash at end of year	$	648,194		$	675,367		$	86,305
Change in dividend payable	$	325		$	579,655		$	(488,944	)