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STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of nonvested restricted stock and stock units

The table below shows the components of “nonvested restricted stock and stock units” as of the years ended December 31, 2023 and 2022.

         
(Dollars in thousands)  Year ended December 31, 
Nonvested restricted stock and stock units  2023   2022 
Non-employee director deferred compensation stock plan deferred stock units   1,439    1,260 
Time-based restricted stock units - officer   235    129 
Performance-based restricted stock units - officer   521    218 
Restricted stock – officer and director   (14)   (146)
Total nonvested restricted stock and stock units   2,181    1,461 
Schedule of Non-Employee Director Deferred Compensation

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 as of the years ended December 31 2023, 2022 and 2021; and the related director compensation expense for the twelve months ended 2023, 2022, and 2021.

             
   Year ended December 31, 
   2023   2022   2021 
Non-employee director deferred compensation plan accumulated share units   93,488    93,488    85,764 
Accrued liability (dollars in thousands)1   1,439    1,260    1,107 
Related director compensation expense (dollars in thousands)   180    153    140 

 

1 Recorded in “Nonvested restricted stock and stock units” effective June 2022; recorded in “Other liabilities” prior to June 2022.
The table below shows stock awards granted during the twelve months ended December 31, 2023, 2022, and 2021.

The table below shows stock awards granted during the twelve months ended December 31, 2023, 2022, and 2021.

             
(In shares/units)  Twelve Months ended December 31, 
   20231   20221   20212 
Time-based restricted stock units - officer   12,562    11,738    — 
Performance-based restricted stock units – officer3    16,750    11,738    13,301 
Restricted stock – officer   —    2,201    13,301 
Restricted stock – director   7,590    7,359    7,960 

 

  1 Stock awards in 2023 and 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
  2 Stock awards in 2021 were granted under the First Community Corporation 2011 Stock Incentive Plan.
  3 16,750 units represent the target payout with a maximum payout of 33,500 units.
Schedule of Fair Value of Stock Awards Granted

The table below shows the fair value of stock awards granted during the twelve months ended December 31 2023, 2022 and 2021.

             
(Dollars in thousands)  Twelve months ended December 31, 
   20231   20221   20212 
Time-based restricted stock units - officer   255    246    — 
Performance-based restricted stock units – officer3    340    246    234 
Restricted stock – officer   —    46    234 
Restricted stock – director   154    154    140 

 

1 Stock awards in 2023 and 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
2 Stock awards in 2021 were granted under the First Community Corporation 2011 Stock Incentive Plan.
3 $340 thousand represents the target payout with a maximum payout of $680 thousand.
Schedule of Compensation Expense Related to Stock Awards Granted

The table below shows the compensation expense related to stock awards granted during the twelve months ended December 31 2023, 2022 and 2021.

             
(Dollars in thousands)  Year ended December 31, 
Compensation expense related to stock awards  2023   2022   2021 
Time-based restricted stock units – officer1   163    94    19 
Performance-based restricted stock units – officer2   264    153    65 
Restricted stock – officer3   120    206    223 
Restricted stock – director4   167    141    140 

 

1 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. Expense in 2022 consists of $75.1 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $19.1 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. Expense in 2021 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
2 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. Expense in 2022 consists of $75.1 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. Expense in 2021 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
3 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. Expense in 2022 consists of $23.8 thousand related stock awards granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan and $182.1 thousand related stock awards granted under the First Community Corporation 2011 Stock Incentive Plan. Expense in 2021 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
4 Expense in 2023 and 2022 was related to stock awards granted under the Community Corporation 2021 Omnibus Equity Incentive Plan. Expense in 2021 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
Schedule of Stock Awards Granted Under 2021 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, 2023; and the remaining reserve under such plan at December 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   (34,358)
Restricted stock – officer   (2,201)
Restricted stock – director   (14,949)
Remaining reserve – December 31, 2023   149,192 

 

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