First Community Corporation (NASDAQ:FCCO), a South Carolina-based financial holding company with a market capitalization of $183.36 million, disclosed on Friday its plans for a stock repurchase program. The company’s Board of Directors has authorized the use of up to $7.5 million in capital to buy back shares of the company’s common stock. This amount represents roughly 5% of the total shareholders’ equity as of March 31, 2025. The announcement comes as the stock has delivered an impressive 51.54% return over the past year, according to InvestingPro data.
The repurchase program, which is set to run until May 8, 2026, will be conducted through open market purchases, as well as through solicited and unsolicited privately negotiated transactions. The specifics of the repurchase plan, including the timing, number of shares to be bought, and the prices paid for the shares, will be determined by the company’s management based on various market factors. These include the market price of First Community Corporation’s common stock, which currently trades at a P/E ratio of 11.88, general economic conditions, and legal and regulatory requirements.
The company’s management believes that the repurchase plan could provide opportunities for capital management, depending on market and business conditions. However, First Community Corporation is not obliged to repurchase any specific number of shares and may modify, suspend, or discontinue the plan at any time up to May 8, 2026.
The repurchase plan’s announcement is based on an SEC filing and does not constitute an obligation on the company’s part to proceed with any stock repurchases. The decision to go ahead with the buyback program will be influenced by market conditions and other factors deemed relevant by the management.
In other recent news, First Community Corporation reported its financial results for the first quarter of 2025, showcasing a net income of $3.997 million and a diluted earnings per share of $0.51. This marks an improvement from the previous year’s first quarter, where net income was $2.597 million and diluted EPS was $0.34. The company experienced significant growth, with customer deposits increasing by 12.1% on an annualized basis to $1.715 billion and total loan growth rising by 10.4% to $1.252 billion. Additionally, First Community announced a cash dividend of $0.15 per common share, marking the 93rd consecutive quarter of dividends paid. In other developments, the company corrected an oversight in its SEC filings by including a previously omitted Insider Trading Policy in a new Form 8-K filing. This corrective action underscores First Community’s commitment to regulatory compliance and transparency. The company clarified that this correction does not affect its financial statements or operations. Investors can now access the updated filing through the SEC’s EDGAR database.
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