Business Context and Reporting Period
Company: First Community Corporation (South Carolina holding company for First Community Bank, N.A.)
Filing Type: Form 8-K (Current Report)
Report Date: June 30, 2006
Event Date: June 21, 2006 (Board Meeting)
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on a corporate action regarding share repurchases.
Material Changes
The Board of Directors approved a new stock repurchase plan on June 21, 2006, announced on June 30, 2006. Key details include:
- Authorization: Up to 150,000 shares of common stock.
- Percentage of Outstanding: Approximately 4.5% of issued and outstanding shares.
- Method: Purchases will be made on the open market.
- Flexibility: Timing, price, and quantity are at management's discretion. The plan may be discontinued, suspended, or restarted at any time.
Guidance, Outlook, and Management Commentary
Management stated that the repurchase plan is intended to provide capital management opportunities and build value for shareholders, contingent upon market and business conditions. No specific financial guidance or outlook regarding future earnings was provided in this filing.
Investor Verification Checklist
- Verify the total number of shares outstanding to confirm the 4.5% calculation.
- Monitor subsequent filings (e.g., 10-Q, 10-K) for actual execution of the repurchase plan.
- Review the attached press release (Exhibit 99.1) for any additional terms not summarized in the 8-K text.
- Check for any changes in the company's capital structure or liquidity position resulting from the repurchases in future reports.