BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial statements of parent company

The Company’s condensed statements of financial condition as of December 31, 2018 and 2017, and the related condensed statements of income and cash flows for the years ended December 31, 2018, 2017 and 2016, are as follows:

Condensed Statements of Financial Condition
	2018		2017
Assets
Cash	$	1,007,501	$	947,216
Investment in wholly-owned bank subsidiary		45,103,068		42,437,503
Other assets		178,629		127,274
Total assets	$	46,289,198	$	43,511,993
Liabilities and shareholders’ equity
Other liabilities	$	826,637	$	747,358
Shareholders’ equity		45,462,561		42,764,635
Total liabilities and shareholders’ equity	$	46,289,198	$	43,511,993

Condensed Statements of Income
	For the years ended December 31,
	2018			2017			2016
Interest income	$	1,157		$	484		$	571
Net operating expenses		(224,316	)		(189,872	)		(177,612	)
Dividends received from bank		3,775,000			2,685,000			2,340,000
Equity in undistributed earnings of subsidiary		3,371,093			2,406,213			3,084,104
Net income	$	6,922,934		$	4,901,825		$	5,247,063

Condensed Statements of Cash Flows
	For the years ended December 31,
	2018			2017			2016
Cash flows from operating activities:
Net income	$	6,922,934		$	4,901,825		$	5,247,063
Stock-based compensation expense		72,408			71,701			76,529
Equity in undistributed earnings of subsidiary		(3,371,093	)		(2,406,213	)		(3,084,104	)
Decrease in other assets		(51,355	)		(51,197	)		(55,923	)
(Decrease) Increase in other liabilities		(6,333	)		151			—
Net cash provided by operating activities		3,566,561			2,516,267			2,183,565
Cash flows from financing activities:
Dividends paid		(3,699,845	)		(2,832,489	)		(2,613,715	)
Stock options exercised		193,569			340,843			405,749
Net cash used in financing activities		(3,506,276	)		(2,491,646	)		(2,207,966	)
Net increase (decrease) in cash		60,285			24,621			(24,401	)
Cash at the beginning of the year		947,216			922,595			946,996
Cash at the end of the year	$	1,007,501		$	947,216		$	922,595
Supplemental disclosure for non-cash investing and financing activity Change in dividends payable	$	85,615		$	53,340		$	74,706