FIRST COMMUNITY CORP /SC/ Stock Compensation Disclosure
At December 31, 2025, unrecognized compensation cost related to non-vested restricted stock and units totaled $3.1 million, expected to be recognized over a weighted average period of 1.0 years. The table below shows the components of “nonvested restricted stock and stock units” as of the years ended December 31, 2025 and 2024.
| (Dollars in thousands) | As of December 31, | |||||||
| Nonvested restricted stock and stock units | 2025 | 2024 | ||||||
| Non-employee director deferred compensation stock plan deferred stock units | $ | 1,823 | $ | 1,600 | ||||
| Time-based restricted stock units - officer | 525 | 481 | ||||||
| Performance-based restricted stock units - officer | 921 | 561 | ||||||
| Restricted stock – officer and director | (204 | ) | (3 | ) | ||||
| Total nonvested restricted stock and stock units | $ | 3,065 | $ | 2,639 | ||||
Non-Employee Director Deferred Compensation Plan
Under the Company’s Non-Employee Director Deferred Compensation Plan, as amended and restated effective as of January 1, 2021, a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account as of the last day of such calendar quarter during which the compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock within 30 days following such director’s separation from service from the board of directors.
| Twelve Months ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Non-employee director deferred compensation plan accumulated share units | 120,575 | 111,166 | 103,133 | |||||||||
| Accrued amounts (dollars in thousands)1 | $ | 1,823 | $ | 1,600 | $ | 1,439 | ||||||
| Related director compensation expense (dollars in thousands) | $ | 152 | $ | 90 | $ | 125 | ||||||
First Community Corporation 2021 Omnibus Equity Incentive Plan
In 2021, the Company and its shareholders adopted an omnibus equity incentive plan whereby 225,000 shares were reserved for issuance by the Company to help the company attract, retain and motivate directors, officers, employees, consultants and advisors of the Company and its subsidiaries (the “2021 Plan”). The 2021 Plan replaced the 2011 Plan. All awards granted during 2025, 2024, and 2023 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
The table below shows stock awards granted during the twelve months ended December 31, 2025, 2024, and 2023.
| (In shares/units) | Twelve Months ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Time-based restricted stock units - officer | 14,126 | 15,095 | 12,562 | |||||||||
| Performance-based restricted stock units – officer | 18,834 | 1 | 20,126 | 2 | 16,749 | 3 | ||||||
| Restricted stock – officer | 10,689 | 206 | 259 | |||||||||
| Restricted stock – director | 8,400 | 13,464 | 7,590 | |||||||||
| 1 | 18,834 units represent the target payout with a maximum payout of 37,668 units. |
| 2 | 20,126 units represent the target payout with a maximum payout of 40,253 units. |
| 3 | 16,749 units represent the target payout with a maximum payout of 33,500 units. |
The table below shows the fair value of stock awards granted during the periods.
| (Dollars in thousands) | Twelve months ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Time-based restricted stock units - officer | $ | 370 | $ | 271 | $ | 255 | ||||||
| Performance-based restricted stock units – officer | 493 | 1 | 362 | 2 | 340 | 3 | ||||||
| Restricted stock – officer | 286 | 3 | 5 | |||||||||
| Restricted stock – director | $ | 220 | $ | 242 | $ | 154 | ||||||
| 1 | $493 thousand represents the target payout with a maximum payout of $986 thousand. |
| 2 | $362 thousand represents the target payout with a maximum payout of $723 thousand. |
| 3 | $340 thousand represents the target payout with a maximum payout of $680 thousand. |
At December 31, 2025, unrecognized compensation cost related to non-vested restricted stock and units totaled $, expected to be recognized over a weighted average period of x.x years. The weighted average grant-date fair value of awards granted in 2025 was $XX.XX per share.
The table below shows the compensation expense related to stock awards granted during the twelve months ended December 31, 2025, 2024 and 2023.
| (Dollars in thousands) | Year ended December 31, | |||||||||||
| Compensation expense related to stock awards | 2025 | 2024 | 2023 | |||||||||
| Time-based restricted stock units – officer1 | $ | 290 | $ | 246 | $ | 163 | ||||||
| Performance-based restricted stock units – officer2 | 605 | 314 | 264 | |||||||||
| Restricted stock – officer3 | 90 | 6 | 120 | |||||||||
| Restricted stock – director4 | $ | 220 | $ | 242 | $ | 167 | ||||||
| 1 | Expense in 2025 and 2024 was related to stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan. Expense in 2023 consists of $159.8 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $3.2 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. |
| 2 | Expense in 2025 was related to stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan. Expense in 2024 consists of $300.7 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $13 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. Expense in 2023 consists of $186.0 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $78.0 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. |
| 3 | Expense in 2025 was related to stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan. Expense in 2024 consists of $3.4 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $2.5 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. Expense in 2023 consists of $17.2 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $102.8 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. |
| 4 | Expense in 2025, 2024, and 2023 was related to stock awards granted under the Community Corporation 2021 Omnibus Equity Incentive Plan. |
The table below shows the First Community Corporation 2021 Omnibus Equity Incentive Plan (“2021 Incentive Plan”) initial reserve at May 19, 2021; stock awards granted under the 2021 Incentive Plan from its inception through December 31, 2025; and the remaining reserve under such plan at December 31, 2025.
| (In shares / units) | ||||
| First Community Corporation 2021 Omnibus Equity Incentive Plan | 2025 | |||
| Initial reserve – May 19, 2021 | 225,000 | |||
| Additional reserve – May 20, 2025 | 450,000 | |||
| Shares / units granted | ||||
| Time-based restricted stock units - officer | (53,521 | ) | ||
| Performance-based restricted stock units – officer1 | (67,447 | ) | ||
| Restricted stock – officer | (13,355 | ) | ||
| Restricted stock – director | (36,813 | ) | ||
| Remaining reserve – December 31, 2025 | 503,864 | |||
| 1 | Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels. The maximum level for 2025 was 37,668. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 21, 2024 | |
| 2022 | Mar 22, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 13, 2020 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.