BANK OF SOUTH CAROLINA CORPORATION - PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

		December 31
	2021		2020
Assets
Cash	$	1,233,354	$	1,723,556
Investment in wholly-owned bank subsidiary		53,327,296		53,934,084
Other assets		298,998		261,196
Total assets	$	54,859,648	$	55,918,836
Liabilities and shareholders’ equity
Other liabilities	$	942,015	$	938,480
Shareholders’ equity		53,917,633		54,980,356
Total liabilities and shareholders’ equity	$	54,859,648	$	55,918,836

Condensed Statements of Income

Condensed Statements of Income

	For the year ended December 31,
	2021			2020			2019
Interest income	$	288		$	759		$	1,280
Net operating expenses		(256,471	)		(255,409	)		(221,510	)
Dividends received fom bank		3,805,000			4,700,000			4,170,000
Equity in undistributed earnings of subsidiary		3,196,048			2,015,281			3,368,663
Net income	$	6,744,865		$	6,460,631		$	7,318,433

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	For the year ended December 31,
	2021			2020			2019
Cash flows from operating activities:
Net income	$	6,744,865		$	6,460,631		$	7,318,433
Stock-based compensation expense		103,033			92,986			78,053
Equity in undistributed earnings of subsidiary		(3,196,048	)		(2,015,280	)		(3,368,663	)
Decrease in other assets		(37,802	)		(36,590	)		(45,979	)
Increase in other liabilities		(1	)		—			—
Net cash provided by operating activities		3,614,047			4,501,747			3,981,844
Cash flows from financing activities:
Dividends paid		(4,312,138	)		(3,592,841	)		(4,031,157	)
Repurchase of common shares		—			(398,868	)		—
Stock options exercised		207,889			117,044			138,286
Net cash used by financing activities		(4,104,249	)		(3,874,665	)		(3,892,871	)
Net (decrease) increase in cash		(490,202	)		627,082			88,973
Cash at the beginning of the year		1,723,556			1,096,474			1,007,501
Cash at the end of the year	$	1,233,354		$	1,723,556		$	1,096,474
Supplemental disclosure for non-cash investing and financing activity
Change in dividends payable	$	3,536		$	53,680		$	58,163