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Earnings Per Common Share and Share based compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earning Per Common Share

The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation:

 

(In thousands except average market price and per share data)
Earnings Per Common Share and Share based compensation
         
   Three months ended 
   March 31, 
   2023   2022 
Numerator (Net income available to common shareholders)  $3,463   $3,489 
Denominator          
Weighted average common shares outstanding for:          
Basic shares   7,555    7,518 
Dilutive securities:          
Deferred compensation   32    33 
Restricted stock - Treasury stock method   57    44 
Diluted shares   7,644    7,595 
Earnings per common share:          
Basic  $0.46   $0.46 
Diluted  $0.45    0.46 
           
The average market price used in calculating assumed number of shares  $20.34   $20.99 
Schedule of Non-Employee Director Deferred Compensation Plan

The table below shows the following information related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan: accumulated share units and accrued liability at March 31, 2023 and December 31, 2022.

 

Schedule of Non-Employee Director Deferred Compensation Plan 

   March 31, 2023   December 31, 2022 
Non-employee director deferred compensation plan accumulated share units   97,126    93,488 
Accrued liability (dollars in thousands)1   1,331    1,260 

 

1 Recorded in “Nonvested restricted stock and stock units”

 

The table below shows related director compensation related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan for the three months ended March 31, 2023 and March 31, 2022

 
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails2Abstract]
   March 31, 2023   December 31, 2022 
Non-employee director deferred compensation plan accumulated share units   97,126    93,488 
Accrued liability (dollars in thousands)1   1,331    1,260 

 

1 Recorded in “Nonvested restricted stock and stock units”

 

The table below shows related director compensation related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan for the three months ended March 31, 2023 and March 31, 2022

 
Earnings Per Common Share and Share based compensation (Details 3)
   For the three months ended 
Dollars in thousands  March 31, 2023   March 31, 2022 
Related director compensation expense (dollars in thousands)   59    153 
Schedule of Fair Value of Stock Awards Granted

The table below shows stock awards granted during the three months ended March 31, 2023 and March 31, 2022.

         
(In shares/units)  Three Months ended March 31, 
Stock based awards  2023   2022 
Time-based restricted stock units – officer   11,738    11,738 
Performance-based restricted stock units – officer1    16,750    11,738 
Restricted stock – officer   —    — 
Restricted stock – director   7,590    7,359 

 

1 For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units.

 

The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022.

 

               
(Dollars in thousands)  Three months ended March 31, 
Fair value of stock awards on grant date  20231   2022 
Time-based restricted stock units – officer   255    246 
Performance-based restricted stock units – officer1    340    246 
Restricted stock – officer   —    — 
Restricted stock – director   154    154 

 

1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand.
Schedule of Fair Value of Stock Awards Granted
         
(In shares/units)  Three Months ended March 31, 
Stock based awards  2023   2022 
Time-based restricted stock units – officer   11,738    11,738 
Performance-based restricted stock units – officer1    16,750    11,738 
Restricted stock – officer   —    — 
Restricted stock – director   7,590    7,359 

 

1 For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units.

 

The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022.

 

               
(Dollars in thousands)  Three months ended March 31, 
Fair value of stock awards on grant date  20231   2022 
Time-based restricted stock units – officer   255    246 
Performance-based restricted stock units – officer1    340    246 
Restricted stock – officer   —    — 
Restricted stock – director   154    154 

 

1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand.
Schedule of Fair Value of Stock Awards Granted

The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022.

 

               
(Dollars in thousands)  Three months ended March 31, 
Fair value of stock awards on grant date  20231   2022 
Time-based restricted stock units – officer   255    246 
Performance-based restricted stock units – officer1    340    246 
Restricted stock – officer   —    — 
Restricted stock – director   154    154 

 

1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand.
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails5Abstract]
               
(Dollars in thousands)  Three months ended March 31, 
Fair value of stock awards on grant date  20231   2022 
Time-based restricted stock units – officer   255    246 
Performance-based restricted stock units – officer1    340    246 
Restricted stock – officer   —    — 
Restricted stock – director   154    154 

 

1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand.
Schedule of Compensation Expense Related to Stock Awards Granted Table TextBlock

The table below shows the compensation expense related to stock awards for the three months ended March 31, 2023 and March 31, 2022.
Earnings Per Common Share and Share based compensation (Details 6)
               
(Dollars in thousands)  Three months ended March 31, 
Compensation expense related to stock awards  2023   2022 
Restricted stock and stock units – officer1   150    107 
Restricted stock – director2   28    26 
stock awards granted under the 2021 Plan

The table below shows the 2021 Plan initial reserve at May 19, 2021; stock awards granted under the 2021 Plan from its inception through March 31, 2023; and the 2021 Plan remaining reserve at March 31, 2023.

     
(In shares / units)    
First Community Corporation 2021 Omnibus Equity Incentive Plan  2023 
Initial reserve – May 19, 2021   225,000 
Shares / units granted     
Time-based restricted stock units – officer   (24,300)
Performance-based restricted stock units – officer1   (51,108)
Restricted stock – officer   (2,201)
Restricted stock – director   (22,539)
Remaining Reserve-March 31, 2023   124,852 

 

1 Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels.
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails7Abstract]
     
(In shares / units)    
First Community Corporation 2021 Omnibus Equity Incentive Plan  2023 
Initial reserve – May 19, 2021   225,000 
Shares / units granted     
Time-based restricted stock units – officer   (24,300)
Performance-based restricted stock units – officer1   (51,108)
Restricted stock – officer   (2,201)
Restricted stock – director   (22,539)
Remaining Reserve-March 31, 2023   124,852 

 

1 Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels.