BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019, and the related condensed statements of income and cash flows for the years ended December 31, 2020, 2019 and 2018, are as follows:

Condensed Statements of Financial Condition

	December 31, 2020		December 31, 2019
Assets
Cash	$	1,723,556	$	1,096,474
Investment in wholly-owned bank subsidiary		53,934,084		50,731,750
Other assets		261,196		224,608
Total assets	$	55,918,836	$	52,052,832
Liabilities and shareholders’ equity
Dividends payable	$	938,480	$	884,800
Shareholders’ equity		54,980,356		51,168,032
Total liabilities and shareholders’ equity	$	55,918,836	$	52,052,832

Condensed Statements of Income

	For the year ended December 31,
	2020			2019			2018
Interest income	$	759		$	1,280		$	1,157
Net operating expenses		(255,409	)		(221,510	)		(224,316	)
Dividends received fom bank		4,700,000			4,170,000			3,775,000
Equity in undistributed earnings of subsidiary		2,015,281			3,368,663			3,371,093
Net income	$	6,460,631		$	7,318,433		$	6,922,934

Condensed Statements of Cash Flows

	For the year ended December 31,
	2020			2019			2018
Cash flows from operating activities:
Net income	$	6,460,631		$	7,318,433		$	6,922,934
Stock-based compensation expense		92,986			78,053			72,408
Equity in undistributed earnings of subsidiary		(2,015,280	)		(3,368,663	)		(3,371,093	)
(Increase) in other assets		(36,590	)		(45,979	)		(57,688	)
Net cash provided by operating activities		4,501,747			3,981,846			3,566,561
Cash flows from financing activities:
Dividends paid		(3,592,841	)		(4,031,157	)		(3,699,845	)
Repurchase of common shares		(398,868	)		—			—
Stock options exercised		117,044			138,286			193,569
Net cash used by financing activities		(3,874,665	)		(3,892,871	)		(3,506,276	)
Net increase in cash		627,082			88,973			60,285
Cash at the beginning of the year		1,096,474			1,007,501			947,216
Cash at the end of the year	$	1,723,556		$	1,096,474		$	1,007,501
Supplemental disclosure for non-cash investing and financing activity Change in dividends payable	$	53,680		$	58,163		$	85,615