First Community Corporation expands equity plan

First Community Corporation (NASDAQ:FCCO), a state commercial bank based in South Carolina with a market capitalization of $181 million, has announced the results of its annual shareholders meeting held on May 21, 2025. According to InvestingPro data, the company trades at an attractive P/E ratio of 11.7x and is currently trading near its Fair Value. The meeting, which took place at the company’s headquarters in Lexington, South Carolina, had a significant turnout with over 71% of the outstanding shares represented.

During the meeting, shareholders voted on several key matters. They elected four Class I members to the Board of Directors for a term expiring in 2028 and one Class II member for a term expiring in 2026. Additionally, shareholders approved a non-binding advisory resolution on the compensation of the company’s named executive officers and recommended an annual frequency for future advisory votes on executive compensation. The company’s strong governance approach is complemented by its solid financial performance, with revenue growing by 16.5% in the last twelve months.

A notable development was the approval of the Amended and Restated First Community Corporation 2021 Omnibus Equity Incentive Plan. This amendment increases the number of shares authorized for issuance under the plan by 450,000, raising the total from 225,000 to 675,000 shares.

Furthermore, the appointment of Elliott Davis, LLC as the company’s independent registered public accountants for the fiscal year ending December 31, 2025, was ratified.

These decisions reflect the shareholders’ support for the company’s governance and compensation strategies, as well as their trust in the external auditors. InvestingPro analysis reveals that First Community has maintained dividend payments for 24 consecutive years and currently offers a 2.5% dividend yield. Analysts are optimistic about the company’s prospects, with a consensus target price of $29-30 per share. For more detailed financial insights and additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.

The detailed voting results, including the number of votes for, against, withheld, and broker non-votes for each director nominee and proposal, are available in the company’s 8-K filing with the Securities and Exchange Commission.

This report is based on a press release statement.

In other recent news, First Community Corporation has reported a strong financial performance for the first quarter of 2025, with a net income of $3.997 million and a diluted earnings per share of $0.51. This represents an increase from the previous year’s first quarter, where the net income was $2.597 million and the diluted EPS was $0.34. The company also saw a 12.1% annualized growth in customer deposits and a 10.4% increase in total loan growth. Additionally, First Community Corporation announced a $7.5 million stock buyback program, authorized by its Board of Directors, which will run until May 2026. The buyback will be conducted through open market purchases and privately negotiated transactions. Furthermore, the company corrected an oversight in its SEC filings by including the missing Insider Trading Policy in its Current Report on Form 8-K. This corrective action underscores the company’s commitment to compliance and transparency. These developments reflect First Community Corporation’s ongoing efforts to manage capital and adhere to regulatory standards.

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