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STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION

Note 18—STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION

The table below shows the components of “nonvested restricted stock and stock units” as of the years ended December 31, 2024 and 2023.

 

(Dollars in thousands)  Year ended December 31, 
Nonvested restricted stock and stock units  2024   2023 
Non-employee director deferred compensation stock plan deferred stock units  $1,600   $1,439 
Time-based restricted stock units - officer   481    235 
Performance-based restricted stock units - officer   561    521 
Restricted stock – officer and director   (3)   (14)
Total nonvested restricted stock and stock units  $2,639   $2,181 

 

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.

The table below shows the following information related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan: accumulated share units and accrued amounts as of the years ended December 31, 2024, 2023 and 2022; and the related director compensation expense for the twelve months ended 2024, 2023, and 2022.

 

   Twelve Months ended December 31, 
   2024   2023   2022 
Non-employee director deferred compensation plan accumulated share units   111,166    103,133    93,488 
Accrued amounts (dollars in thousands)1  $1,600   $1,439   $1,260 
Related director compensation expense (dollars in thousands)  $90   $125   $106 

  

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 2024, 2023, and 2022 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, 2024, 2023, and 2022.

             
(In shares/units)  Twelve Months ended December 31, 
   2024   2023   2022 
Time-based restricted stock units - officer   15,095    12,562    11,738 
Performance-based restricted stock units – officer   20,126 1   16,749 2   11,738 3
Restricted stock – officer   206    259    2,201 
Restricted stock – director   13,464    7,590    7,359 

 

120,126 units represent the target payout with a maximum payout of 40,253 units.
216,749 units represent the target payout with a maximum payout of 33,500 units.
311,738 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 periods.

 

(Dollars in thousands)  Twelve months ended December 31, 
   2024   2023   2022 
Time-based restricted stock units - officer  $271   $255   $246 
Performance-based restricted stock units – officer   362 1   340 2   246 3
Restricted stock – officer   3    5    46 
Restricted stock – director  $242   $154   $154 

 

1$362 thousand represents the target payout with a maximum payout of $723 thousand.
2$340 thousand represents the target payout with a maximum payout of $680 thousand.
3$246 thousand represents the target payout with a maximum payout of $369 thousand.

 

The table below shows the compensation expense related to stock awards granted during the twelve months ended December 31 2024, 2023 and 2022.

 

(Dollars in thousands)  Year ended December 31, 
Compensation expense related to stock awards  2024   2023   2022 
Time-based restricted stock units – officer1  $246   $163   $94 
Performance-based restricted stock units – officer2   314    264    153 
Restricted stock – officer3   6    120    206 
Restricted stock – director4  $242   $167   $141 

 

1 Expense in 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. 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.
2 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. 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.
3 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. 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.
4 Expense in 2024, 2023, and 2022 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, 2024; and the remaining reserve under such plan at December 31, 2024.

 

(In shares / units)    
First Community Corporation 2021 Omnibus Equity Incentive Plan  2024 
Initial reserve – May 19, 2021   225,000 
Shares / units granted     
Time-based restricted stock units - officer   (39,395)
Performance-based restricted stock units – officer1   (48,613)
Restricted stock – officer   (2,666)
Restricted stock – director   (28,413)
Remaining reserve – December 31, 2024   105,913 

 

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 2024 was 91,361.