UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 11-K

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

PURCHASE, SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019

 

OR

 

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 000-28344  

 
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

First Community Bank 401(k) Plan

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

First Community Corporation

5455 Sunset Blvd

Lexington, South Carolina 29072

 
 

REQUIRED INFORMATION

 

The following financial statements and supplemental schedule for the First Community Bank 401(k) Plan are being filed herewith:

 

Audited Financial Statements:

 

Report of Independent Registered Public Accounting Firm – Elliott Davis, LLC

 

Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018

 

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2019

 

Notes to Financial Statements for the Year Ended December 31, 2019

 

Supplemental Schedule:

 

Schedule of Assets Held – December 31, 2019

 

The following exhibit is being filed herewith:

 

Exhibit No.   Description
     
23.1   Consent of Independent Registered Public Accounting Firm – Elliott Davis, LLC
 
 

First Community Bank

401(k) Plan

 

Report on Financial Statements

 

For the year ended December 31, 2019

 
 

First Community Bank 401(k) Plan

Contents

 

Page
   
Report of Independent Registered Public Accounting Firm 1-2
   
Financial Statements  
   
Statements of Net Assets Available for Benefits 3
   
Statement of Changes in Net Assets Available for Benefits 4
   
Notes to Financial Statements 5-11
   
Supplemental Schedule  
   
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 12
 
 

(LOGO)

 

Report of Independent Registered Public Accounting Firm

 

To the Trustees of

First Community Bank 401(k) Plan

Lexington, South Carolina

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of First Community Bank 401(k) Plan (the “Plan”) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes to the financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

 

elliottdavis.com

 
 

Report on Supplementary Information

 

The supplemental information in the accompanying Schedule H, Line 4i, Schedule of Assets (Held at End of Year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the basic financial statements as a whole.

 

/s/ Elliott Davis, LLC

 

We have served as the Plan’s auditor since 2006.

 

Columbia, South Carolina

June 23, 2020

2
 

First Community Bank 401(k) Plan

Statements of Net Assets Available for Benefits

December 31, 2019 and 2018

 

   2019   2018 
Assets        
Investments at fair value (see Note 4)  $18,912,802   $15,923,933 
Receivables          
Employer contributions   336,456    311,160 
Notes receivable from participants   300,530    380,863 
Total receivables   636,986    692,023 
           
Total assets   19,549,788    16,615,956 
           
Liabilities          
Fees payable       5,247 
Net assets available for benefits  $19,549,788   $16,610,709 

 

See Notes to Financial Statements

3
 

First Community Bank 401(k) Plan

Statement of Changes in Net Assets Available for Benefits

For the year ended December 31, 2019

 

Additions:     
Investment income     
Net appreciation in fair value of investments  $3,117,893 
Interest and dividends   553,897 
Total investment income   3,671,790 
      
Contributions     
Employer contributions   864,473 
Employee contributions   1,063,394 
Total contributions   1,927,867 
      
Interest income on notes receivable from participants   18,982 
Total additions   5,618,639 
      
Deductions:     
Administrative expenses   54,736 
Distributions paid to participants   2,624,824 
Total deductions   2,679,560 
      
Net increase   2,939,079 
      
Net assets available for benefits, beginning of year   16,610,709 
Net assets available for benefits, end of year  $19,549,788 

 

See Notes to Financial Statements

4
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 1. Description of the Plan

 

The following description of First Community Bank (the “Bank”) 401(k) Plan (the “Plan”) provides only general information. The Bank is a subsidiary of First Community Corporation (the “Company”). The Plan is currently sponsored and maintained by the Bank. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

 

General:

 

The Plan is a defined contribution plan covering all employees of the Bank who have completed at least three months of service and are age eighteen or older. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

Contributions:

 

Each year, participants may elect to defer a portion of their eligible compensation, as defined by the Plan. Participants who have attained the age of fifty before the end of the plan year are eligible to make catch up contributions. Participants may also contribute amounts representing distributions from other qualified benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Bank makes a matching contribution equal to 100% of employee contributions which do not exceed 3% of compensation, plus 50% of employee contributions which exceed 3% but do not exceed 5% of compensation. Additional profit-sharing amounts may be contributed at the option of the Bank’s board of directors to each eligible participant equal to a uniform percentage of each participant’s compensation. Eligible participants are defined as those having one year of service and employed as of year-end. The exact percentage, if any, will be determined by the Bank. During the year ended December 31, 2019, the Bank made $336,456 in additional profit-sharing contributions. Contributions are subject to certain Internal Revenue Service (“IRS”) limitations.

 

Participant accounts:

 

Each participant’s account is credited with the participant’s contributions, Bank contributions and Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Vesting:

 

Participants are immediately vested in their contributions and in the employer safe harbor matching contributions, plus actual earnings thereon. Vesting in the Bank’s discretionary contribution portion of their accounts is based on years of continuous service. A participant is 100% vested after six years of credited service.

5
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 1.      Description of the Plan, Continued

 

Notes receivable from participants:

 

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The $50,000 maximum amount will be reduced by the participant’s highest outstanding note balance in the previous 12 months, even if amounts have been repaid. The notes are secured by the balance in the participant’s account. The interest rate is the prime interest rate as set by the Wall Street Journal plus 1%, or such other rate as determined by the Plan Administrator on the basis of relevant factors including but not limited to the rates charged by local banks for notes of similar duration and security level. The rate of interest will be constant throughout the term of the note. All notes are required to be repaid within five years of the note. If a participant notifies the Plan Administrator in writing that the entire proceeds of the note was used to acquire a dwelling unit that will, within a reasonable time, be used as the principal residence of the participant, the note will be required to be repaid within 15 years of the original date of the note. Notes are to be repaid on the basis of substantially level amortization over the term of the note with payments made through salary reduction each pay period, if available. All or any part of the outstanding balance of a note can be repaid at any time without penalty.

 

Payment of benefits:

 

Upon termination of service, a participant may elect to receive a lump-sum amount equal to the value of the participant’s vested interest in his or her account, less any notes receivable outstanding. Hardship distributions are permitted upon demonstration of financial hardship. All fully vested balances are available for distribution after the participant reaches the age of 59½.

 

Forfeited accounts:

 

At December 31, 2019 and 2018, forfeited nonvested accounts totaled $0 and $159, respectively. Forfeitures may be used to reduce the Bank’s future contributions to the Plan as well as payment of administrative expenses. In 2019, administrative expenses were reduced by $4,637 from forfeited nonvested accounts.

 

Note 2.      Summary of Significant Accounting Policies and Activities

 

Basis of accounting:

 

The financial statements of the Plan are prepared on the accrual basis of accounting.

 

Investment valuation and income recognition:

 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan Administrative Committee determines the Plan’s valuation policies utilizing information provided by the investment advisors. See Note 4 for discussion of fair value measurements.

6
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 2.      Summary of Significant Accounting Policies and Activities, Continued

 

Investment valuation and income recognition, continued:

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Use of estimates:

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

Concentration of credit risk:

 

At December 31, 2019 and 2018, investments in First Community Corporation Unitized Stock Fund comprised 15% and 16% of the Plan’s assets, respectively. At December 31, 2019 and 2018, the unitized common stock fund was valued at $2,835,163 and $2,450,273, respectively. At December 31, 2019 and 2018, the actual number of shares of the Company’s common stock in the unitized stock fund held by the Plan was 124,194 and 119,426 shares, respectively.

 

Notes receivable from participants:

 

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2019 or 2018. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan balance is reduced, and a benefit payment is recorded.

 

Payment of benefits:

 

Benefits are recorded when paid.

 

Expenses:

 

Certain expenses of maintaining the Plan are paid directly by the Bank and are excluded from these financial statements. Fees related to the administration of notes receivable from participants and other distributions to participants are charged directly to the participant’s account and are included in administrative expenses. Investment related expenses are included in net appreciation in fair value of investments.

7
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 2.      Summary of Significant Accounting Policies and Activities, Continued

 

Recently issued accounting pronouncements:

 

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU 2018-13 did not have a material impact on the financial statements.

 

Note 3.      Plan Termination

 

Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their employer contributions.

 

Note 4.      Fair Value Measurements

 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:

 

Level 1:Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
   
Level 2:Inputs to the valuation methodology include:
   
·Quoted prices for similar assets or liabilities in active markets;
·Quoted prices for identical or similar assets or liabilities in inactive markets;
·Inputs other than quoted prices that are observable for the asset or liability;
·Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3:Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
8
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 4.      Fair Value Measurements, Continued

 

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

 

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily Net Asset Value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

Common collective trust fund: Valued at NAV. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

 

First Community Corporation Unitized Stock Fund: Valued at the closing price of First Community Corporation’s common stock reported on the active market on which the individual securities are traded plus the carrying value of the cash component of the fund, which approximates fair value.

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s fair value measurements as of December 31, 2019 and 2018:

      
   December 31, 2019 
   Level 1   Level 2   Level 3   Total 
Mutual funds  $15,648,589   $   $   $15,648,589 
First Community Corporation                    
Unitized Stock Fund   2,835,163            2,835,163 
Total assets in the fair value hierarchy  $18,483,752   $   $    18,483,752 
Investments measured at NAV(a)                 429,050 
Investments at fair value                $18,912,802 

 

   December 31, 2018 
   Level 1   Level 2   Level 3   Total 
Mutual funds  $13,153,560   $   $   $13,153,560 
First Community Corporation                    
Unitized Stock Fund   2,450,273            2,450,273 
Total assets in the fair value hierarchy  $15,603,833   $   $    15,603,833 
Investments measured at NAV(a)                 320,100 
Investments at fair value                $15,923,933 

 

(a)Certain investments that were measured at NAV per share or its equivalent have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
9
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 4.      Fair Value Measurements, Continued

 

The following table for December 31, 2019 and 2018 sets forth a summary of the Plan’s assets reported at NAV as a practical expedient to estimate fair value:

 

   December 31, 2019 
Investment  Fair value   Unfunded
commitment
   Redemption
frequency
   Redemption
notice period
 
                     
Common collective trust fund  $429,050   $    Daily    (a) 

 

   December 31, 2018 
Investment  Fair value   Unfunded
commitment
   Redemption
frequency
   Redemption
notice period
 
                     
Common collective trust fund  $320,100   $    Daily    (a) 

 

(a)Participants may redeem units of the Fund for the purpose of funding a bona fide benefit payment, making a participant loan, honoring an employee-directed transfer of the employee’s interest in the plan to another investment election that is a noncompeting investment, or paying Trustee fees. Participants may make withdrawals from the Fund for other purposes generally only upon 12 months’ advance written notice to the Trustee.

 

Note 5.      Tax Status

 

The Bank has adopted the Plan based on a prototype plan document sponsored by Ascensus, Inc. Ascensus, Inc. has received an opinion letter from the IRS dated March 31, 2014 that states that the form of the prototype plan is acceptable under Section 401 of the Internal Revenue Code (“IRC”). The Plan has been amended since the date of the IRS opinion letter on the prototype plan. The Bank and the Plan Administrator believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

 

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

Note 6.      Related-Party and Party in Interest Transactions

 

Certain Plan assets are invested in a fund that includes the Company’s common stock as described in Note 2. These investments are considered party in interest transactions. Fees incurred by the Plan for investment management services are included in net appreciation in fair value of investments, as they are paid through revenue sharing, rather than a direct payment. As described in Note 2, the Plan made direct payments to the third-party administrator of $54,736 which were not covered by revenue sharing. The Bank pays directly any other fees related to the Plan’s operations.

10
 

First Community Bank 401(k) Plan

Notes to Financial Statements

December 31, 2019 and 2018

 

Note 7.      Risks and Uncertainties

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the 2019 Statement of Net Assets Available for Benefits.

 

Note 8.      Reconciliation of Financial Statements to Form 5500

 

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

 

   2019   2018 
Net assets available for benefits per the financial statements  $19,549,788   $16,610,709 
Fees payable       5,247 
Net assets available for benefits per the Form 5500  $19,549,788   $16,615,956 

 

The following is a reconciliation of the changes in net assets per the financial statements to the Form 5500 for the year ended December 31, 2019:

 

Net increase per the financial statements  $2,939,079 
Fees payable as of December 31, 2018   (5,247)
Net income per the Form 5500  $2,933,832 

 

Note 9.      Subsequent Events

 

The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance, June 23, 2020, and has determined that, except for the matters noted below, no significant events occurred after December 31, 2019, but prior to the issuance of these financial statements, that would have a material impact on its financial statements.

 

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has negatively impacted the U.S. and global economies, disrupted supply chains, lowered equity market valuations, created significant volatility and disruption in the capital markets, and dramatically increased unemployment levels. There has been significant volatility in the investment markets both nationally and globally since December 31, 2019 resulting in an overall market decline which has resulted in substantial decline in the value of the Plan’s investment portfolio.

 

Depending on the duration and severity of the pandemic, we foresee the potential for adverse impacts related to, among other things: (i) net investment income and (ii) the valuation of investments held by the Plan. The full extent to which the COVID-19 pandemic will impact the Plan and the Plan’s participant’s account balances remains uncertain. 

11
 

First Community Bank 401(k) Plan

EIN 57-1030051, Plan No. 001

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

As of December 31, 2019

 

             
(a) (b) (c)        
Identity Identity of issuer, Description of investment including     (e)  
of party borrower, lessor, maturity date, rate of interest, (d)   Current  
involved or similar party collateral, par or maturity value Cost   value  
             
Investments:          
  American Beacon Large Cap Value Inst Mutual Fund ** $ 242,791  
  American Funds EuroPacific Growth Class R-5 Mutual Fund **   145,861  
  JPMorgan Mid Cap Growth Class R-6 Mutual Fund **   438,796  
  Metropolitan West Total Return Bond I Mutual Fund **   74,217  
  T Rowe Price New America Growth Mutual Fund **   2,940,942  
  T Rowe Price Small-Cap Value Fund Mutual Fund **   630,295  
  Templeton Global Bond Adv Mutual Fund **   29,694  
  Vanguard 500 Index Fund - Admiral Mutual Fund **   1,112,458  
  Vanguard Mid Cap Index Fund - Admiral Mutual Fund **   643,374  
  Vanguard Small Cap Index - Admiral Mutual Fund **   562,410  
  Vanguard Developed Mkts Index Adm Mutual Fund **   78,249  
  Vanguard Target Retirement 2015 Mutual Fund **   378,070  
  Vanguard Target Retirement 2020 Mutual Fund **   418,251  
  Vanguard Target Retirement 2025 Mutual Fund **   2,656,073  
  Vanguard Target Retirement 2030 Mutual Fund **   989,965  
  Vanguard Target Retirement 2035 Mutual Fund **   1,879,141  
  Vanguard Target Retirement 2040 Mutual Fund **   252,673  
  Vanguard Target Retirement 2045 Mutual Fund **   722,600  
  Vanguard Target Retirement 2050 Mutual Fund **   127,899  
  Vanguard Target Retirement 2055 Mutual Fund **   365,654  
  Vanguard Target Retirement 2060 Mutual Fund **   86,483  
  Vanguard Target Retirement 2065 Mutual Fund **   8,390  
  Vanguard Target Retirement Income Mutual Fund **   83,242  
  Vanguard REIT Index Admiral Mutual Fund **   20,563  
  Vanguard Shrt-Term Infl-Prot Sec Idx Admiral Mutual Fund **   24,647  
  Vanguard Total Bond Market Index - Admiral Mutual Fund **   48,552  
  Vanguard Wellesley Income Admiral Mutual Fund **   76,175  
  Vanguard Wellington Admiral Mutual Fund **   611,124  
  Federated Capital Preservation Fund Common collective trust Fund **   429,050  
* First Community Corporation Unitized Stock fund **   2,835,163  
             
Notes Receivable:          
* Notes Receivable from participants Notes (4.25% - 6.50%) **   300,530  
             
        $ 19,213,332  

 

* Indicates a party in interest

** Cost information omitted due to participant-directed plan

12
 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  FIRST COMMUNITY BANK 401(k) PLAN
  By FIRST COMMUNITY BANK, Trustee
       
Date: June 23, 2020 By:  /s/ D. Shawn Jordan  
  Printed Name: D. Shawn Jordan
  Title: Chief Financial Officer
13

 

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the Registration Statement (No. 333-170647) on Form S-8 of First Community Bank of our report dated June 23, 2020, relating to our audit of the financial statements and supplemental schedule of First Community Bank 401(k) Plan which appears in this Annual Report on Form 11-K of First Community Bank 401(k) Plan for the year ended December 31, 2019.

 

 

/s/ Elliott Davis, LLC

 

Elliott Davis, LLC

Columbia, South Carolina

June 23, 2020