First Community Corp. Announces CEO Succession, Q2 Results, Dividend Increase

Second Quarter Results and Dividend Increase

First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, reported its second quarter 2026 results on July 22, 2026. The company also announced an increased cash dividend, reflecting its ongoing commitment to shareholder returns. Specific financial figures were not disclosed in the announcement.

Leadership Transition

J. Ted Nissen will retire as CEO and President of First Community Bank and as a director of the bank and its holding company, effective December 31, 2026. Nissen, a founding member of the bank's Executive Leadership Team, has over four decades in banking, including 31 years at First Community. He has served on several industry and community organizations, including the South Carolina Bankers Association and the Lexington Medical Center Foundation.

Effective January 1, 2027, the CEO and President roles will be split. Vaughan R. Dozier will become CEO of First Community Bank, responsible for overall bank operations, finance, credit, risk, and residential mortgage lending. Joseph A. "Drew" Painter will become President, overseeing commercial and retail banking, financial planning, investment advisory, and government guaranteed lending. Both Dozier and Painter have long tenures at First Community (18 and 23 years, respectively) and have served as Co-Commercial and Retail Banking Officers.

Also effective January 1, 2027, Michael Cromer and Trey Werner will become Regional Executives. Cromer will oversee the Midlands and CSRA regions of South Carolina and Georgia, while Werner will oversee the Upstate and Piedmont regions of South Carolina and the Atlanta/Sandy Springs, Georgia region. Cromer has 18 years with the bank, Werner 10 years.

Mike Crapps will continue as CEO and President of First Community Corporation, focusing on board governance, investor relations, strategy, and capital management.

Board Chairman Jimmy Chao noted that the leadership transition began in 2023 and has been implemented in stages. Nissen will remain in a consulting role through December 31, 2027 to ensure a smooth transition, having chosen to leave earlier than planned due to personal health reasons.

What it means for income investors

First Community Corporation increased its cash dividend, signaling confidence in its financial position. The leadership transition, with experienced internal successors, aims to maintain operational stability. Investors may monitor how the new team executes the bank's strategy in coming quarters.

Reporting based on: Morningstar. Figures verified against market data where available.