BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2015

Bank Of South Carolina Corporation - Parent Company Tables

Schedule of Condensed Financial Statements of Parent Company

The Company’s principal source of income is dividends from the Bank. Certain regulatory requirements restrict the amount of dividends which the Bank can pay to the Company. The Company’s principal asset is its investment in its Bank subsidiary. The Company’s condensed statements of financial condition as of December 31, 2015 and 2014, and the related condensed statements of operations and cash flows for the years ended December 31, 2015, 2014 and 2013, are as follows:

CONDENSED STATEMENTS OF Financial Condition

	2015		2014
Assets
Cash	$	946,996	$	648,194
Investment in wholly-owned bank subsidiary		38,823,720		36,469,571
Other assets		20,154		222,197
Total assets	$	39,790,870	$	37,339,962
Liabilities and shareholders’ equity
Other Liabilities		639,158		579,980
Shareholders’ equity		39,151,712		36,759,982
Total liabilities and shareholders’ equity	$	39,790,870	$	37,339,962

CONDENSED STATEMENTS OF Operations

	2015			2014			2013
Interest income	$	302		$	306		$	220
Net operating expenses		(195,636	)		(187,284	)		(169,887	)
Dividends received from bank		2,475,000			2,865,000			2,245,000
Equity in undistributed earnings of subsidiary		2,604,622			1,720,798			2,001,591
Net income	$	4,884,288		$	4,398,820		$	4,076,924

CONDENSED STATEMENTS OF Cash FlowS

	2015			2014			2013
Cash flows from operating activities:
Net income	$	4,884,288		$	4,398,820		$	4,076,924
Stock-based compensation expense		78,987			74,908			74,722
Equity in undistributed earnings of subsidiary		(2,604,622	)		(1,720,798	)		(2,001,591	)
Decrease (increase) in other assets		202,043			(40,418	)		(41,895	)
Net cash provided by operating activities		2,560,696			2,712,512			2,108,160
Cash flows from financing activities:
Dividends paid		(2,380,062	)		(2,765,735	)		(1,647,576	)
Cash in lieu of fractional shares		(4,778	)		—			—
Stock options exercised		122,946			26,050			128,477
Net cash used by financing activities		(2,261,894	)		(2,739,685	)		(1,519,098	)
Net increase (decrease) in cash		298,802			(27,173	)		589,062
Cash at beginning of year		648,194			675,367			86,305
Cash at end of year	$	946,996		$	648,194		$	675,367
Supplemental disclosure for non-cash investing and financing activity:
Change in dividend payable	$	59,178		$	325		$	579,655