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STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of stock unit reclassified

The table below shows the balance as of June 30, 2022 for each type of stock unit reclassified.

 

 

STOCK OPTIONS, RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED COMPENSATION
(Dollars in thousands)    
Type of stock unit  Balance 
Nonemployee Director deferred compensation stock units   1,201 
Time-Based Restricted Stock Units   79 
Performance-Based Restricted Stock Units   138 
Total stock units reclassified   1,418 
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, 2022, 2021, and 2020.

             
(Dollars in thousands)  Year ended December 31, 
Nonvested restricted stock and stock units  2022   2021   2020 
Non-employee director deferred compensation stock plan deferred stock units   1,260    1   1
Time-based restricted stock units - officer   129    2   2
Performance-based restricted stock units - officer   218         
Restricted stock – officer and director   (146)   (294)   (283)
Total nonvested restricted stock and stock units   1,461    (294)   (283)

 

1In June 2022, all of the Company’s stock units were reclassified from “Other liabilities”. At December 31, 2021 and December 31, 2020, $1.107 million was $1.056 million, respectively, were included in “Other liabilities”.
2In June 2022, all of the Company’s stock units were reclassified from “Other liabilities”. At December 31, 2021 and December 31, 2020, $144 thousand was $107 thousand, respectively, were included in “Other liabilities”.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails2Abstract]
             
(Dollars in thousands)  Year ended December 31, 
Nonvested restricted stock and stock units  2022   2021   2020 
Non-employee director deferred compensation stock plan deferred stock units   1,260    1   1
Time-based restricted stock units - officer   129    2   2
Performance-based restricted stock units - officer   218         
Restricted stock – officer and director   (146)   (294)   (283)
Total nonvested restricted stock and stock units   1,461    (294)   (283)

 

1In June 2022, all of the Company’s stock units were reclassified from “Other liabilities”. At December 31, 2021 and December 31, 2020, $1.107 million was $1.056 million, respectively, were included in “Other liabilities”.
2In June 2022, all of the Company’s stock units were reclassified from “Other liabilities”. At December 31, 2021 and December 31, 2020, $144 thousand was $107 thousand, respectively, were included in “Other liabilities”.
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, 2022, 2021, and 2020; and the related director compensation expense for the twelve months ended 2022, 2021, and 2020.

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, 2022, 2021, and 2020; and the related director compensation expense for the twelve months ended 2022, 2021, and 2020.

             
   Year ended December 31, 
  2022   2021   2020 
Non-employee director deferred compensation plan accumulated share units   93,488    85,764    88,411 
Accrued liability (dollars in thousands)1   1,260    1,107    1,056 
Related director compensation expense (dollars in thousands)   153    140    148 

 

1Recorded in “Nonvested restricted stock and stock units” effective June 2022; recorded in “Other liabilities” prior to June 2022.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails3Abstract]
             
   Year ended December 31, 
  2022   2021   2020 
Non-employee director deferred compensation plan accumulated share units   93,488    85,764    88,411 
Accrued liability (dollars in thousands)1   1,260    1,107    1,056 
Related director compensation expense (dollars in thousands)   153    140    148 

 

1Recorded in “Nonvested restricted stock and stock units” effective June 2022; recorded in “Other liabilities” prior to June 2022.
Schedule of Stock Awards Granted

The table below shows stock awards granted during the twelve months ended December 31, 2022, 2021, and 2020.

             
(In shares/units)     Twelve Months ended December 31,  
Stock awards   20221     20212     20202  
Time-based restricted stock units - officer     11,738              
Performance-based restricted stock units – officer3     11,738       13,301        
Restricted stock – officer     2,201       13,301       13,267  
Restricted stock – director     7,359       7,960       2,662  

 

1Stock awards in 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
2Stock awards in 2021 and 2020 were granted under the First Community Corporation 2011 Stock Incentive Plan.
311,738 units represent the target payout with a maximum payout of 17,608 units.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails4Abstract]
             
(In shares/units)     Twelve Months ended December 31,  
Stock awards   20221     20212     20202  
Time-based restricted stock units - officer     11,738              
Performance-based restricted stock units – officer3     11,738       13,301        
Restricted stock – officer     2,201       13,301       13,267  
Restricted stock – director     7,359       7,960       2,662  

 

1Stock awards in 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
2Stock awards in 2021 and 2020 were granted under the First Community Corporation 2011 Stock Incentive Plan.
311,738 units represent the target payout with a maximum payout of 17,608 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, 2022, 2021, and 2020.

             
(Dollars in thousands)     Twelve months ended December 31,  
Fair value of stock awards on grant date   20221     20212     20202  
Time-based restricted stock units - officer     246              
Performance-based restricted stock units – officer3     246       234        
Restricted stock – officer     46       234       261  
Restricted stock – director     154       140       55  

 

1Stock awards in 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
2Stock awards in 2021 and 2020 were granted under the First Community Corporation 2011 Stock Incentive Plan.
3$246 thousand represents the target payout with a maximum payout of $369 thousand.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails5Abstract]
             
(Dollars in thousands)     Twelve months ended December 31,  
Fair value of stock awards on grant date   20221     20212     20202  
Time-based restricted stock units - officer     246              
Performance-based restricted stock units – officer3     246       234        
Restricted stock – officer     46       234       261  
Restricted stock – director     154       140       55  

 

1Stock awards in 2022 were granted under the First Community Corporation 2021 Omnibus Equity Incentive Plan.
2Stock awards in 2021 and 2020 were granted under the First Community Corporation 2011 Stock Incentive Plan.
3$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 granted during the twelve months ended December 31, 2022, 2021, and 2020.

                   
(Dollars in thousands)     Year ended December 31,  
Compensation expense related to stock awards   2022     2021     2020  
Time-based restricted stock units – officer1     94       19       16  
Performance-based restricted stock units – officer2     153       65        
Restricted stock – officer3     206       223       197  
Restricted stock – director4     141       140       55  

 

1Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
2Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
3Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
4Expense in 2022 was related to stock awards granted under the Community Corporation 2021 Omnibus Equity Incentive Plan. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails6Abstract]
                   
(Dollars in thousands)     Year ended December 31,  
Compensation expense related to stock awards   2022     2021     2020  
Time-based restricted stock units – officer1     94       19       16  
Performance-based restricted stock units – officer2     153       65        
Restricted stock – officer3     206       223       197  
Restricted stock – director4     141       140       55  

 

1Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
2Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
3Expense 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. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
4Expense in 2022 was related to stock awards granted under the Community Corporation 2021 Omnibus Equity Incentive Plan. Expenses in 2021 and 2020 were related to stock awards granted under the First Community Corporation 2011 Stock Incentive Plan.
stock awards granted under the 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, 2022; and the 2021 Incentive Plan remaining reserve at December 31, 2022.

     
(In shares / units)    
First Community Corporation 2021 Omnibus Equity Incentive Plan  2022 
Initial reserve – May 19, 2021   225,000 
Shares  / units granted     
Time-based restricted stock units - officer   (11,738)
Performance-based restricted stock units – officer1   (17,608)
Restricted stock – officer   (2,201)
Restricted stock – director   (7,359)
Total nonvested restricted stock and stock units   186,094 

 

1Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels.
[custom:DisclosureStockOptionsRestrictedStockRestrictedStockUnitsAndDeferredCompensationDetails7Abstract]
     
(In shares / units)    
First Community Corporation 2021 Omnibus Equity Incentive Plan  2022 
Initial reserve – May 19, 2021   225,000 
Shares  / units granted     
Time-based restricted stock units - officer   (11,738)
Performance-based restricted stock units – officer1   (17,608)
Restricted stock – officer   (2,201)
Restricted stock – director   (7,359)
Total nonvested restricted stock and stock units   186,094 

 

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