First Community Bank Corp of America (FCFL) 10-Q 2011 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2011

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from            to            

Commission file number 000-50357

FIRST COMMUNITY BANK CORPORATION

OF AMERICA

(Exact name of registrant as specified in its charter)

Florida	65-0623023
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9001 Belcher Road Pinellas Park, Florida 33782
(Address of principal executive offices) (Zip Codes)

(727) 520-0987

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicated by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x     No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨* The registrant has not yet been phased into the interactive data requirements.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date;

Common stock, par value $.05 per share	8,592,143 shares
(class)	Outstanding at May 12, 2011

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

INDEX

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets - At March 31, 2011 (unaudited) and At December 31, 2010		2
Condensed Consolidated Statements of Operations - Three Months Ended March  31, 2011 and 2010 (unaudited)		3
Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March  31, 2011 and 2010 (unaudited)		4-5
Condensed Consolidated Statements of Cash Flows - Three Months Ended March  31, 2011 and 2010 (unaudited)		6-7
Notes to Condensed Consolidated Financial Statements (unaudited)		8-24
Review by Independent Registered Public Accounting Firm		25
Report of Independent Registered Public Accounting Firm		26
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		27-37
Item 3. Quantitative and Qualitative Disclosures About Market Risk		38
Item 4T. Controls and Procedures		38
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		38
Item 1A. Risk Factors		38
Item 6. Exhibits		39
SIGNATURES		40

1

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

Item  1. Financial Statements

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

	March 31,			December 31,
	2011			2010
	(Unaudited)
Assets
Cash and due from banks	$	5,234			3,513
Federal funds sold		98			—
Interest-bearing deposits with banks		35,902			44,802
Cash and cash equivalents		41,234			48,315
Other interest-bearing deposits with banks		1,765			1,765
Securities available for sale		44,170			45,761
Loans, net of allowance for loan losses of $11,461 and $11,717		323,363			332,779
Federal Home Loan Bank stock, at cost		3,606			3,606
Premises and equipment, net		12,317			12,424
Foreclosed real estate, net		11,241			11,385
Accrued interest receivable		1,282			1,378
Bank-owned life insurance		8,208			8,157
Prepaid deposit insurance assessment		3,225			3,627
Other assets		1,895			1,490
	$	452,306			470,687
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand deposits		39,166			34,500
Savings, NOW and money-market deposits		198,143			216,179
Time deposits		123,866			123,975
Total deposits		361,175			374,654
Federal Home Loan Bank advances		60,000			60,000
Other borrowings		505			1,764
Accrued expenses and other liabilities		5,040			5,511
Total liabilities		426,720			441,929
Stockholders’ equity:
Preferred stock, $0.01 par value, 2,000,000 shares authorized:
Series A, 10,685 shares designated, issued and outstanding		10,685			10,685
Series A preferred stock discount		(18	)		(20	)
Series B, 720,000 shares designated, 0 and 313,497 shares issued and outstanding		—			7,837
Common stock, $0.05 par value, 40,000,000 shares authorized, 8,592,143 and 5,457,173 shares issued and outstanding		430			273
Additional paid-in capital		40,071			32,390
Accumulated deficit		(25,420	)		(22,050	)
Accumulated other comprehensive loss		(162	)		(357	)
Total stockholders’ equity		25,586			28,758
	$	452,306			470,687

See Accompanying Notes to Condensed Consolidated Financial Statements.

2

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

	Three Months Ended March 31,
	2011			2010
Interest income:
Loans	$	4,285			5,410
Securities		348			557
Other interest earning assets		33			31
Total interest income		4,666			5,998
Interest expense:
Deposits		985			2,002
Other borrowings		288			342
Total interest expense		1,273			2,344
Net interest income		3,393			3,654
Provision for loan losses		3,060			3,941
Net interest income (loss) after provision for loan losses		333			(287	)
Noninterest income:
Service charges on deposit accounts		125			168
Other service charges and fees		72			48
Income from bank-owned life insurance		51			44
Net gain on sale of securities		—			159
Other		47			178
Total noninterest income		295			597
Noninterest expenses:
Employee compensation and benefits		1,261			1,604
Occupancy and equipment		384			421
Data processing		266			387
Professional fees		360			282
Office supplies		31			34
Insurance		464			314
Other		1,230			340
Total noninterest expenses		3,996			3,382
Loss before income taxes		(3,368	)		(3,072	)
Income tax benefit		—			(1,200	)
Net loss		(3,368	)		(1,872	)
Preferred stock dividend requirements and amortization of preferred stock discount		(135	)		(331	)
Net loss available for common stockholders	$	(3,503	)		(2,203	)
Loss per share:
Basic and diluted loss per share	$	(.64	)		(.42	)

See Accompanying Notes to Condensed Consolidated Financial Statements.

3

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders’ Equity

Three Months Ended March 31, 2011 and 2010

(In thousands, except share amounts)

																					Accumulated Other Compre- hensive Income		Total
	Preferred Stock															Additional Paid-In Capital
	Series A							Series B				Common Stock						Accumulated Deficit
	Shares		Amount		Discount			Shares		Amount		Shares		Amount
Balance at December 31, 2009		10,685	$	10,685		(27	)		189,018	$	4,725		4,938,692	$	247		32,154		(2,618	)		335		45,501
Comprehensive loss:
Net loss (unaudited)		—		—		—			—		—		—		—		—		(1,872	)		—		(1,872	)
Net change in unrealized gain on securities available for sale, net of taxes of $62 (unaudited)		—		—		—			—		—		—		—		—		—			103		103
Comprehensive loss (unaudited)																								(1,769	)
Issuance of convertible perpetual preferred stock, Series B, net of offering costs of $72 (unaudited)		—		—		—			124,479		3,112		—		—		542		—			—		3,654
Issuance of common stock, net of offering costs of $217 (unaudited)		—		—		—			—		—		518,481		26		180		—			—		206
Share-based compensation expense (unaudited)		—		—		—			—		—		—		—		9		—			—		9
Dividend on cumulative convertible perpetual preferred stock, Series B (unaudited)		—		—		—			—		—		—		—		—		(196	)		—		(196	)
Dividend on preferred stock to U.S. Treasury, Series A (unaudited)		—		—		—			—		—		—		—		—		(133	)		—		(133	)
Amortization of common stock warrants issued to U.S. Treasury (unaudited)		—		—		2			—		—		—		—		—		(2	)		—		—
Balance at March 31, 2010 (unaudited)		10,685	$	10,685		(25	)		313,497	$	7,837		5,457,173	$	273		32,885		(4,821	)		438		47,272

(continued)

4

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders’ Equity, Continued

Three Months Ended March 31, 2011 and 2010

(In thousands, except share amounts)

																							Accumulated Other Compre- hensive Loss
	Preferred Stock																	Additional Paid-In Capital
	Series A							Series B						Common Stock						Accumulated Deficit
	Shares		Amount		Discount			Shares			Amount			Shares		Amount										Total
Balance at December 31, 2010		10,685	$	10,685		(20	)		313,497		$	7,837			5,457,173	$	273		32,390		(22,050	)		(357	)		28,758
Comprehensive loss:
Net loss (unaudited)		—		—		—			—			—			—		—		—		(3,368	)		—			(3,368	)
Net change in unrealized gain on securities available for sale (unaudited)		—		—		—			—			—			—		—		—		—			195			195
Comprehensive loss (unaudited)																											(3,173	)
Conversion of convertible perpetual preferred stock, Series B to common stock (unaudited)		—		—		—			(313,497	)		(7,837	)		3,134,970		157		7,680		—			—			—
Share-based compensation expense (unaudited)		—		—		—			—			—			—		—		1		—			—			1
Amortization of common stock warrants issued to U.S. Treasury, Series A (unaudited)		—		—		2			—			—			—		—		—		(2	)		—			—
Balance at March 31, 2011 (unaudited)		10,685	$	10,685		(18	)		—		$	—			8,592,143	$	430		40,071		(25,420	)		(162	)		25,586

See Accompanying Notes to Condensed Consolidated Financial Statements.

5

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Three Months Ended
	March 31,
	2011			2010
Cash flows from operating activities:
Net loss	$	(3,368	)		(1,872	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for loan losses		3,060			3,941
Depreciation and amortization		112			141
Deferred income tax benefit		—			573
Share-based compensation		1			9
Net amortization of deferred loan fees and costs		(9	)		(61	)
Net amortization of premium and discounts on securities		90			103
Income from bank-owned life insurance		(51	)		(43	)
Decrease in accrued interest receivable		96			188
Increase in prepaid deposit insurance assessment and other assets		(3	)		(1,577	)
Decrease in accrued expenses and other liabilities		(471	)		(1,698	)
Net gain on sale of securities		—			(159	)
Provision for losses on foreclosed real estate		115			—
Net (gain) loss on sale of foreclosed real estate		(88	)		36
Net cash used in operating activities		(516	)		(419	)
Cash flows from investing activities:
Net change in other interest-bearing deposits with banks		—			220
Purchase of securities available for sale		—			(23,707	)
Principal payments on securities available for sale		1,696			1,581
Proceeds from calls and maturities of securities available for sale		—			7,270
Proceeds on the sale of securities available for sale		—			14,980
Principal payments on securities held to maturity		—			32
Proceeds on the sale of securities held to maturity		—			7,521
Net decrease in loans		5,546			1,969
Purchase of premises and equipment, net		(5	)		(12	)
Proceeds from the sale of foreclosed real estate		936			1,062
Net cash provided by investing activities		8,173			10,916
Cash flows from financing activities:
Net decrease in deposits		(13,479	)		(303	)
Net (decrease) increase in other borrowings		(1,259	)		2,188
Dividend on preferred stock to U.S. Treasury, Series A		—			(133	)
Dividend on cumulative convertible preferred perpetual stock, Series B		—			(196	)
Issuance of cumulative convertible preferred perpetual stock, Series B		—			3,654
Issuance of common stock		—			206
Net cash (used in) provided by financing activities		(14,738	)		5,416
Net (decrease) increase in cash and cash equivalents		(7,081	)		15,913
Cash and cash equivalents at beginning of period		48,315			50,697
Cash and cash equivalents at end of period	$	41,234			66,610

(continued)

6

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited), Continued

(In thousands)

	Three Months Ended
	March 31,
	2011		2010
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of capitalized interest	$	1,259		2,341
Noncash transactions:
Accumulated other comprehensive income, net change in unrealized gain on securities available for sale, net of income taxes	$	195		103
Transfer from loans to foreclosed real estate	$	819		632
Amortization of common stock warrants issued to U.S. Treasury	$	2		2

See Accompanying Notes to Condensed Consolidated Financial Statements.

7

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.General.First Community Bank Corporation of America (the “Holding Company” or “First Community”) owns all of the outstanding common stock of First Community Bank of America (the “Bank” or “First Community Bank”) and First Community Lender Services, Inc. (“FCLS”) (collectively, the “Company”). The Holding Company’s primary business activity is the operation of the Bank. The Bank is a federally-chartered stock savings bank providing a variety of banking services to small and middle market businesses and individuals through its four banking offices located in Pinellas County, two banking offices in Pasco County, three banking offices located in Charlotte County, and two offices located in Hillsborough County, Florida. FCLS had minimal activity during the three months ended March 31, 2011 and 2010.

In the opinion of the management of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2011 and the results of operations and cash flows for the three-month periods ended March 31, 2011 and 2010. The results of operations and other data for the three- month period ended March 31, 2011 are not necessarily indicative of results that may be expected for the year ending December 31, 2011.

Going Concern. The Company has experienced recent and continuing increases in nonperforming assets, increases in provisions for loan losses, declining net interest margin, continuing high levels of noninterest expenses related to the credit problems and eroding regulatory capital. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

On February 10, 2011, the Holding Company and the Bank entered into an Acquisition Agreement with CBM Florida Holding Company (“CBM Holdings”) and Community Bank & Company, under which the Bank will be merged with and into Community Bank & Company, and the Holding Company will transfer to CBM Holdings all of the shares of FCLS. Under the terms of the Acquisition Agreement, the Holding Company will receive $10 million in cash at closing.

Our Board of Directors, in connection with entering into the Acquisition Agreement, approved a Plan of Complete Liquidation and Dissolution for the Holding Company (the “Plan”). The Plan was approved by the holders of a majority of the outstanding shares of common stock of the Holding Company at a special shareholders meeting held for April 11, 2011. Final regulatory approvals were received on May 10, 2011. It is presently anticipated the transactions will be consummated on May 31, 2011. Following the consummation of the transactions, the Holding Company will be required to wind up of all of its business and distribute thereafter to its common stockholders all of its remaining cash, such distributions will take place towards the end of 2011.

(continued)

8

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.General, Continued.

The completion of the transactions contemplated by the Acquisition Agreement is subject to certain conditions in addition to shareholder approval, including, among others, (i) the receipt of all regulatory approvals; (ii) the absence of any material adverse change in the business of the Bank; (iii) the accuracy of the representations and warranties made by each of the parties, and (iv) the compliance by each of the parties with their respective obligations under the Acquisition Agreement. In the event all conditions are not met and the transaction contemplated by the Acquisition Agreement is not completed, there is no assurance that any other acceptable financing alternative or recapitalization plan would be successfully implemented, or receive regulatory approval.

2.Securities.Securities have been classified according to management’s intent. The carrying amounts of securities and their fair value were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available for Sale:
At March 31, 2011:
U.S. Government agency securities	$	7,758		—		(242	)		7,516
Mortgage-backed securities		36,574		265		(185	)		36,654
	$	44,332		265		(427	)		44,170
At December 31, 2010:
U.S. Government agency securities		7,758		—		(301	)		7,457
Mortgage-backed securities		38,360		246		(302	)		38,304
	$	46,118		246		(603	)		45,761

9

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

2.Securities, Continued.Available-for-sale securities at March 31, 2011 measured at fair value on a recurring basis are summarized below (in thousands):

			Quoted Prices
			In Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
At March 31, 2011:
U.S. Government agency securities	$	7,516		—		7,516		—
Mortgage-backed securities		36,654		—		36,654		—
Available-for-sale securities	$	44,170		—		44,170		—
At December 31, 2010:
U.S. Government agency securities		7,457		—		7,457		—
Mortgage-backed securities		38,304		—		38,304		—
Available-for-sale securities	$	45,761		—		45,761		—

There were no transfers of securities between levels of inputs for the three months ended March 31, 2011.

The scheduled maturities of securities at March 31, 2011 were as follows (in thousands):

	Available for Sale
	Amortized			Fair
	Cost			Value
After ten years	$	7,758	��		7,516
Mortgage-backed securities		36,574			36,654
	$	44,332			44,170

No securities were sold during the three months ended March 31, 2011. Securities sold during the three months ended March 31, 2010 are summarized as follows (in thousands):

Principal received from sales	$	22,501
Gross gains		293
Gross losses		(134	)
Net gain	$	159

Due to a change in the Company’s investment policy, in 2010, the Company sold securities with a book value of $7,552,000 from the held to maturity category resulting in gross gains of $72,000 and gross losses of $103,000. Due to this sale, the Company is prohibited from classifying securities as held to maturity for a period of two years.

(continued)

10

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

2.Securities, Continued.Securities with gross unrealized losses at March 31, 2011, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

	Less Than Twelve Months
	Gross
	Unrealized			Fair
	Losses			Value
Securities Available for Sale:
U.S. Government agency securities	$	(242	)		7,516
Mortgage-backed securities		(185	)		19,659
Total securities available for sale	$	(427	)		27,175

The unrealized losses on fifteen investment securities were caused by interest rate changes. It is expected that the securities would not be settled at a price less than the par value of the investments. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

As of March 31, 2011 and December 31, 2010, securities with a carrying value of $35,377,000 and $37,872,000, respectively, were pledged for repurchase agreements with customers and for various purposes.

3.Loans.The components of loans are summarized as follows (in thousands):

	March 31,			December 31,
	2011			2010
Commercial real estate loans	$	157,053			161,580
Residential mortgage loans		87,243			93,946
Commercial loans		17,754			17,706
Installment loans		73,307			71,846
Total loans		335,357			345,078
Deduct:
Allowance for loan losses		(11,461	)		(11,717	)
Net deferred loan fees		(533	)		(582	)
Loans, net	$	323,363			332,779

(continued)

11

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

3.Loans, Continued.An analysis of the change in the allowance for loan losses follows (in thousands):

	Three Months Ended March 31,
	2011
	Commercial Real Estate			Residential Real Estate			Commercial			Installment			Total			2010
Beginning balance	$	5,939			4,166			211			1,401			11,717			7,830
Provision for loan losses		1,836			(511	)		241			1,494			3,060			3,941
Charge-offs		(1,665	)		(836	)		(250	)		(680	)		(3,431	)		(3,755	)
Recoveries		31			44			—			40			115			8
Ending balance	$	6,141			2,863			202			2,255			11,461			8,024
Individually evaluated for impairment:
Recorded investment	$	30,296			16,322			1,825			2,823			51,266			54,087
Balance in allowance for loan losses	$	1,705			1,863			34			350			3,952			690
Collectively evaluated for impairment:
Recorded investment	$	126,757			70,921			15,929			70,484			284,091			347,758
Balance in allowance for loan losses	$	4,436			1,000			168			1,905			7,509			7,334

The following summarizes the loan credit quality (in thousands):

	Commercial Real Estate								Residential Real Estate		Commercial				Installment
	Construction		Non- Residential		Land		Multi- Family		1-4 Family		Secured		Unsecured		Home Equity		Consumer		Total
At March 31, 2011:
Credit Risk Profile by Internally Assigned Grade:
Grade:
Pass	$	268		96,288		15,925		10,325		75,231		15,359		427		33,567		37,270		284,660
Special mention		—		9,438		1,314		1,940		—		144		—		—		15		12,851
Substandard		—		11,559		8,569		1,418		12,012		1,812		12		2,071		384		37,837
Doubtful		—		—		—		9		—		—		—		—		—		9
Loss		—		—		—		—		—		—		—		—		—		—
Total	$	268		117,285		25,808		13,692		87,243		17,315		439		35,638		37,669		335,357
At December 31, 2010:
Credit Risk Profile by Internally Assigned Grade:
Grade:
Pass		189		96,056		17,882		10,562		84,087		14,790		439		30,030		38,977		293,012
Special mention		—		9,369		1,314		1,940		9		139		12		480		17		13,280
Substandard		—		14,765		8,510		984		9,850		2,326		—		2,250		92		38,777
Doubtful		—		—		—		9		—		—		—		—		—		9
Loss		—		—		—		—		—		—		—		—		—		—
Total	$	189		120,190		27,706		13,495		93,946		17,255		451		32,760		39,086		345,078

(continued)

12

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

3.Loans, Continued.Internally assigned loan grades are defined as follows:

Pass – A Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary.

Special Mention – A Special Mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

Substandard – A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – A loan classified Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss – A loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

The following summarizes the amount of impaired loans (in thousands):

	With No Related Allowance Recorded						With an Allowance Recorded						Total
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
At March 31, 2011:
Commercial real estate:
Nonresidential	$	12,752		13,615		—		6,254		6,368		312		19,006		19,983		312
Land		5,020		7,783		—		4,174		4,796		1,208		9,194		12,579		1,208
Multi-family		697		723		—		1,399		2,091		185		2,096		2,814		185
Residential real estate-
1-4 family		9,449		10,500		—		6,873		7,506		1,863		16,322		18,006		1,863
Commercial:
Secured		949		949		—		864		864		33		1,813		1,813		33
Unsecured		—		—		—		12		12		1		12		12		1
Installment:
Home Equity		1,183		1,183		—		1,253		1,253		302		2,436		2,436		302
Consumer		4		4		—		383		383		48		387		387		48
	$	30,054		34,757		—		21,212		23,273		3,952		51,266		58,030		3,952

(continued)

13

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

3.Loans, Continued.

	With No Related Allowance Recorded						With an Allowance Recorded						Total
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
At December 31, 2010:
Commercial real estate:
Nonresidential	$	14,214		15,479		—		7,649		8,342		538		21,863		23,821		538
Land		4,529		5,604		—		4,148		6,230		1,517		8,677		11,834		1,517
Multi-family		698		709		—		680		680		14		1,378		1,389		14
Residential real estate-
1-4 family		6,668		7,055		—		9,070		10,547		1,707		15,738		17,602		1,707
Commercial-
Secured		781		781		—		1,545		1,545		198		2,326		2,326		198
Consumer:
Home Equity		2,024		2,024		—		743		756		109		2,767		2,780		109
Installment		11		11		—		208		208		25		219		219		25
	$	28,925		31,663		—		24,043		28,308		4,108		52,968		59,971		4,108

	Average Recorded Investment		Interest Income Recognized		Interest Income Received
Three Months Ended March 31, 2011:
Commercial real estate:
Nonresidential	$	19,138		93		137
Land		9,382		24		32
Multi-family		1,188		6		6
Residential real estate-
1-4 family		15,343		68		83
Commercial:
Secured		1,843		—		2
Unsecured		12		—		—
Installment:
Home equity		2,426		9		15
Consumer		257		—		—
Total	$	49,589		200		275
Comparative totals for three months ended March 31, 2010	$	49,463		212		254

(continued)

14

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

3.Loans, Continued.Impaired collateral-dependent loans carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

	Fair Value		Level 1		Level 2		Level 3		Total Losses		Losses Recorded in Operations for the Three Months Ended March  31, 2011
At March 31, 2011:
Commercial real estate:
Nonresidential	$	8,392		—		—		8,392		1,289		116
Land		5,621		—		—		5,621		4,593		396
Multi-family		2,097		—		—		2,097		902		37
Residential real estate-
1-4 family		8,340		—		—		8,340		3,548		567
Commercial-
Secured		864		—		—		864		33		—
Unsecured		12		—		—		12		1		—
Installment:
Home equity		1,253		—		—		1,253		302		165
Consumer		383		—		—		383		48		—
	$	26,962		—		—		26,962		10,716		1,281

Loans with a carrying value of $24,304,000 at March 31, 2011, were measured for impairment using Level 3 inputs and had a fair value in excess of carrying value.

	Fair Value		Level 1		Level 2		Level 3		Total Losses		Losses Recorded in Operations During the Year
At December 31, 2010:
Commercial real estate:
Nonresidential	$	12,881		—		—		12,881		2,609		2,065
Land		5,666		—		—		5,666		4,737		3,688
Multi-family		1,378		—		—		1,378		63		57
Residential real estate-
1-4 family		12,398		—		—		12,398		3,727		2,935
Commercial-
Secured		1,545		—		—		1,545		198		198
Installment:
Home equity		743		—		—		743		122		122
Consumer		207		—		—		207		25		25
	$	34,818		—		—		34,818		11,481		9,090

Loans with a carrying value of $18,150,000 at December 31, 2010, were measured for impairment using Level 3 inputs and had a fair value in excess of carrying value.

(continued)

15

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

3.Loans, Continued.Age analysis of nonaccrual and past due loans were as follows (in thousands):

	Accruing Loans
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current		Nonaccrual Loans		Total Loans
At March 31, 2011:
Commercial real estate:
Construction	$	—		—		—		—		268		—		268
Nonresidential		3,578		83		—		3,661		102,452		11,172		117,285
Land		—		—		294		294		18,582		6,932		25,808
Multi-family		—		306		—		306		11,959		1,427		13,692
Residential real estate-
1-4 family		2,422		1,338		—		3,760		74,854		8,629		87,243
Commercial:
Secured		1,057		—		—		1,057		14,446		1,812		17,315
Unsecured		—		—		—		—		439		—		439
Installment:
Home equity		163		90		—		253		33,789		1,596		35,638
Consumer		802		22		—		824		36,461		384		37,669
Total	$	8,022		1,839		294		10,155		293,250		31,952		335,357
At December 31, 2010:
Commercial real estate:
Construction		—		—		—		—		189		—		189
Nonresidential		4,088		—		—		4,088		101,591		14,511		120,190
Land		1,977		599		—		2,576		18,487		6,643		27,706
Multi-family		423		—		—		423		12,365		707		13,495
Residential real estate-
1-4 family		1,316		2,583		—		3,899		82,938		7,109		93,946
Commercial:
Equipment		28		—		—		28		14,748		2,479		17,255
Unsecured		—		—		—		—		451		—		451
Consumer:
Home equity		145		400		—		545		29,405		2,810		32,760
Consumer		254		192		—		446		38,421		219		39,086
	��
Total	$	8,231		3,774		—		12,005		298,595		34,478		345,078

(continued)

16

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

4.Loss Per Share.Loss per share (“LPS”) of common stock has been computed on the basis of the weighted-average number of shares of common stock outstanding. Outstanding stock options and warrants are considered anti dilutive securities for purposes of calculating diluted LPS. There were 5,492,006 and 5,287,025 weighted-average shares outstanding for the three months ended March 31, 2011 and 2010, respectively.

5.Share-Based Compensation. The Company currently has one stock option plan for employees of the Company. Under the plan, the total number of options which may be granted to purchase common stock is 516,797 (amended). At March 31, 2011, 313,873 options have been granted, 190,344 options have been exercised and 202,924 options remain available for grant under the employees’ plan. The employees’ options vest over periods up to four years and have terms up to ten years.

A summary of the activity in the Company’s stock option plans is as follows (dollars in thousands, except per share amounts):

	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2010		172,157	$	8.31
Options forfeited and expired		48,628		9.18
Outstanding at March 31, 2011		123,529	$	7.98		3.32 years	$	—
Exercisable at March 31, 2011		120,529	$	7.93		3.22 years	$	—

At March 31, 2011, there was approximately $1,000 of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the plans. The cost is expected to be recognized over a weighted-average period of three months. The total fair value of shares vesting and recognized as compensation expense was approximately $1,000 and $9,000 for the three months ended March 31, 2011 and 2010, respectively. There was no associated tax benefit recognized for both the three months ended March 31, 2011 and 2010.

(continued)

17

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

6.Regulatory Capital.The Bank is required to maintain certain minimum regulatory capital requirements to be considered Well Capitalized. At March 31, 2011, the Bank was considered Adequately Capitalized. Regulatory capital ratios were as follows:

	March 31,		December 31,		Required to Be Well
	2011		2010		Capitalized
Total capital to risk weighted assets		8.90		9.65		10.00
Tier 1 capital to risk weighted assets		7.63		8.37		6.00
Tier 1 capital to total assets		5.38		5.81		5.00

7.Foreclosed Real Estate.Expenses applicable to foreclosed assets follow (in thousands):

	Three Months Ended March 31,
	2011			2010
Net (gain) loss on sales of foreclosed assets	$	(88	)		36
Provision for losses		115			—
Operating expenses		98			10
Total included in other noninterest expenses	$	125			46

Foreclosed assets are recorded at fair value less estimated selling costs. Foreclosed assets which are measured at fair value on a nonrecurring basis are as follows (in thousands):

	Total		Level 1		Level 2		Level 3		Total Losses		Losses Recorded During 2011
March 31, 2011-
Foreclosed real estate, net	$	11,241		—		—		11,241		533		115
December 31, 2010-
Foreclosed real estate, net	$	11,385		—		—		11,385		418		418

(continued)

18

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

8.Fair Value of Financial Instruments.The estimated fair values of the Company’s financial instruments were as follows (in thousands):

	At March 31, 2011				At December 31, 2010
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	41,234		41,234		48,315		48,315
Other interest-bearing deposits with banks		1,765		1,765		1,765		1,765
Securities		44,170		44,170		45,761		45,761
Loans		323,363		316,964		332,779		326,723
Federal Home Loan Bank stock		3,606		3,606		3,606		3,606
Accrued interest receivable		1,282		1,282		1,378		1,378
Financial liabilities:
Deposits		361,175		353,445		374,654		368,097
Federal Home Loan Bank advances		60,000		59,876		60,000		60,036
Other borrowings		505		505		1,764		1,764
Off-balance sheet financial instruments		—		—		—		—

9.Deferred Tax Asset.The Company established an allowance against its deferred tax asset as of June 30, 2010, as it became apparent that the extended deterioration of credit markets would result in the Company recording its fourth consecutive annual loss in 2010.

(continued)

19

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

10.Acquisitions and Winding Up of the Company

Acquisition Agreement with CBM Florida Holding Company and Community Bank & Company

As previously announced, on February 10, 2011, First Community and First Community Bank entered into an Acquisition Agreement (referred to in the Company’s December 31, 2010 Form 10-K as the “Acquisition Agreement”) with CBM Florida Holding Company (“CBM Holdings”) and Community Bank & Company (formerly, Community Bank of Manatee), under which First Community Bank will be merged with and into Community Bank & Company, and First Community will transfer to CBM Holdings all of the shares of First Community Lender (these two transactions are referred to in the Form 10-K as the “Disposition”). Under the terms of the Acquisition Agreement, First Community will receive $10 million in cash at the closing of the Disposition.

Our Board of Directors, in connection with entering into the Acquisition Agreement, approved a Plan of Complete Liquidation and Dissolution for First Community (the “Plan”). The Plan was approved by the holders of a majority of the outstanding shares of common stock of First Community at the special shareholders meeting held on April 11, 2011. Following the consummation of the Disposition, First Community will be required to wind up of all of its business and distribute thereafter to its common stockholders all of its remaining cash. It is presently anticipated that, if the Disposition is consummated in May or June 2011, such distributions will take place towards the end of 2011.

The completion of the transactions contemplated by the Acquisition Agreement is subject to certain conditions in addition to shareholder approval, including, among others, (i) the receipt of all regulatory approvals; (ii) the absence of any material adverse change in the business of First Community Bank; (iii) the accuracy of the representations and warranties made by each of the parties, and (iv) the compliance by each of the parties with their respective obligations under the Acquisition Agreement.

Agreement with the U.S. Department of the Treasury Regarding Repurchase of TARP Stock

First Community currently has outstanding 10,685 shares of Fixed-Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Stock”) that were issued to the U.S. Department of the Treasury under the TARP program on December 23, 2008. The liquidation value of the Series A Stock, including accrued but unpaid dividends, is approximately $11.15 million. While First Community was negotiating the Acquisition Agreement, it began negotiating with the Treasury to repurchase the Series A Stock at a discount. As previously announced, on March 11, 2011, First Community entered into a definitive Securities Purchase Agreement with the U.S. Department of the Treasury relating to the repurchase by First Community of the Series A Stock, as well as a Warrant to purchase 228,312 shares of First Community common stock (the “Warrant”), which was issued by First Community to the Treasury in connection with the issuance of the Series A Stock.

(continued)

20

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

10.Acquisitions and Winding Up of the Company, Continued

Subject to, and on the terms and conditions of, the Treasury agreement, effective at the closing of the Disposition, First Community will purchase from the Treasury all of the Series A Stock and the Warrant. The aggregate purchase price for the Series A Stock and the Warrant will be an amount in cash equal to (i) $7,200,000.00 (or 72% of the proceeds to be received from Community Bank & Company upon the closing of the Disposition) plus (ii) seventy-two percent (72%) of all cash assets of First Community at the closing of the Disposition after giving effect to (x) the payment by First Community of any expenses relating to the Disposition (the “Disposition Expenses”), (y) the payment of its debts and liabilities (the “Debt and Liabilities Payment”) and (z) a future distribution to (1) holders of First Community common stock outstanding as of the date of the Agreement plus (2) holders of the 3,132,970 shares of common stock to be issued upon the conversion of First Community’s 10% Cumulative Convertible Perpetual Preferred Stock, Series B, of up to Thirty-Five Cents ($0.35) per share of common stock (the “Distribution”), provided that the sum of the Disposition Expenses, the Debt and Liabilities Payment and the Distribution shall not exceed Three Million Five Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($3,527,250) in the aggregate.

11. Regulatory Matters

Cease and Desist Orders of the OTS

As previously announced, on February 24, 2011, First Community and First Community Bank each entered into a Stipulation and Consent to the Issuance of Order to Cease and Desist with the Office of Thrift Supervision (“OTS”), and the OTS issued Orders to Cease and Desist to each of First Community and First Community Bank.

Under the terms of the OTS Orders, First Community Bank and First Community are required to, among other things:

within sixty (60) days, submit a written plan for First Community Bank to achieve by June 30, 2011, and thereafter maintain, a Tier 1 Capital Ratio equal to or greater than eight percent (8%) and a Total Risk-Based Capital Ratio equal to or greater than thirteen percent (13%) (the “Bank Capital Plan”);

within sixty (60) days, submit for review and non-objection a written plan for First Community to achieve by June 30, 2011, and thereafter maintain, the capital requirements imposed by the OTS on First Community Bank;

within sixty (60) days, submit for review and non-objection a written business plan for First Community Bank for 2011 and 2012 that addresses all corrective actions in the 2010 OTS examination relating to First Community Bank’s business operations, including First Community Bank’s plans to improve its core earnings and achieve profitability on a consistent basis throughout the term of the Business Plan (the “Bank Business Plan”);

(continued)

21

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

11.Regulatory Matters, Continued

within sixty (60) days, submit for review and non-objection a written business plan for First Community for 2011 and 2012 that addresses, among other things, the capital needs and requirements of First Community Bank, the capital necessary to support operations and debt service at First Community, and plans to improve First Community’s core earnings, reduce expenses, and achieve profitability on a consistent basis throughout the term of the Business Plan;

within sixty (60) days, revise First Community Bank’s policies, procedures and methodology relating to the timely establishment and maintenance of an adequate allowance for loan and lease losses (ALLL) level (ALLL Policy) to address all corrective actions set forth in the 2010 OTS Examination relating to ALLL;

within sixty (60) days, submit an updated comprehensive written plan with specific strategies, targets and timeframes to reduce First Community Bank’s level of problem assets;

within sixty (60) days, develop, implement and adhere to a formal written Risk Management Function and Plan for First Community Bank that addresses all corrective actions discussed in the 2010 OTS Examination related to risk management at First Community Bank;

within sixty (60) days, develop, implement and adhere to a formal written Enterprise Risk Management Function and Plan for First Community that addresses all corrective actions discussed in the 2010 OTS Examination related to enterprise risk management;

within sixty (60) days, revise First Community Bank’s liquidity and funds management policies and procedures to address all corrective actions set forth in the 2010 OTS Examination relating to liquidity and funds management;

prepare and provide to the OTS various reports, including progress reports; and

ensure First Community Bank’s compliance with applicable laws, rules, regulations and agency guidelines, including the terms of the Orders.

(continued)

22

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

11.Regulatory Matters, Continued

Under the terms of the OTS Orders, First Community Bank and First Community may not:

increase First Community Bank’s total assets during any quarter in excess of an amount equal to net interest credited on deposit liabilities during the prior quarter without the prior written notice of non-objection by the OTS;

incur, issue, renew, or rollover any debt, increase any current lines of credit, or otherwise incur any additional debt without receiving the prior written non-objection of the OTS;

originate or purchase any new nonresidential real estate loans until the OTS approves First Community Bank Capital Plan notifies First Community Bank that it does not object to First Community Bank Business Plan;

appoint any new director or senior executive officer or change the responsibilities of any current senior executive officers without prior notice to the OTS;

enter into, renew, extend or revise any compensation or benefit agreements for directors or senior executive officers without prior notice to the OTS;

pay dividends or make any capital distributions without the prior approval of the OTS;

make any golden parachute payments or prohibited indemnification payments unless they comply with applicable regulations; or

make any incentive compensation payments to any senior executive officers who are directors of First Community Bank without prior approval of the OTS.

All requirements of the OTS orders were met by First Community Bank and First Community as of April 25, 2011. The OTS orders will remain in effect until modified or terminated by the OTS.

All customer deposits remain fully insured to the fullest extent permitted by the FDIC. The Bank expects to continue to serve its customers in all areas including making loans (other than nonresidential real estate loans), establishing lines of credit, accepting deposits and processing banking transactions. Neither First Community nor First Community Bank admitted any wrongdoing in entering into the respective Stipulation and Consent to the Issuance of a Cease and Desist Order. The OTS did not impose or recommend any monetary penalties.

(continued)

23

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued

12.Suspension of Preferred Stock Dividends.The Board of Directors has suspended dividend payments on both the Preferred Stock Series A (TARP) and the Preferred Stock Series B shares.

The Office of Thrift Supervision, the Bank’s primary regulator, under the Cease and Desist Order, must approve quarterly dividends.

13.Conversion of Series B Preferred Stock into Common Stock.On March 31, 2011, each outstanding share of 10% Cumulative Convertible Perpetual Preferred Stock, Series B (the “Series B Stock”), of First Community was mandatorily converted into ten (10) shares of common stock, pursuant to the terms of Section 4 of the Company’s Amended and Restated Articles of Incorporation designating and governing the Series B Stock (which Amended and Restated Articles were filed with the Secretary of State of Florida on December 39, 2009), as a result of First Community’s inability to declare and pay dividends on the Series B Stock for the four (4) consecutive quarters ending March 31, 2011. Following the conversion, there are 8,592,143 shares outstanding of First Community’s common stock.

24

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Review by Independent Registered Public Accounting Firm

Hacker, Johnson & Smith PA, the Company’s independent registered public accounting firm, have made a limited review of the financial data as of March 31, 2011, and for the three-month periods ended March 31, 2011 and 2010 presented in this document, in accordance with standards established by the Public Company Accounting Oversight Board.

Their report furnished pursuant to Article 10 of Regulation S-X is included herein.

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

First Community Bank Corporation of America

Pinellas Park, Florida:

We have reviewed the accompanying condensed consolidated balance sheet of First Community Bank Corporation of America and Subsidiaries (the “Company”) as of March 31, 2011 and the related condensed consolidated statements of operations, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2011 and 2010. These interim financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board, the consolidated balance sheet of the Company as of December 31, 2010, and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the year then ended (not presented herein); and in our report dated March 30, 2011, we expressed a qualified opinion on those consolidated financial statements. Those consolidated financial statements had been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company’s recent and continuing increases in nonperforming assets, increases in provisions for loan losses, declining net interest margin, continuing high levels of noninterest expenses related to the credit problems and eroding regulatory capital raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2010, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ Hacker, Johnson & Smith PA

HACKER, JOHNSON & SMITH PA

Tampa, Florida

May 12, 2011

26

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of

Financial Condition and Results of Operations

Forward Looking Statements

This document contains forward-looking statements as defined by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve substantial risks and uncertainties. When used in this document, or in the documents incorporated by reference, the words “anticipate,” “believe,” “estimate,” “may,” “intend” and “expect” and similar expressions are some of the forward-looking statements used in these documents. Actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. Factors which may cause results to change materially include competition, inflation, general economic conditions, changes in interest rates, and changes in the value of collateral securing loans First Community Bank Corporation of America has made, among other things.

General

First Community Bank Corporation of America (the “Holding Company”) owns all of the outstanding common stock of First Community Bank of America (the “Bank”) and First Community Lender Services, Inc. (“FCLS”) (collectively, the “Company”). The Holding Company’s primary business activity is the operation of the Bank. The Bank is a federally-chartered stock savings bank providing a variety of banking services to small and middle market businesses and individuals through its four banking offices located in Pinellas County, two banking offices located in Pasco County, three banking offices located in Charlotte County and two offices located in Hillsborough County, Florida. FCLS had minimal activity during the three months ended March 31, 2011 and 2010.

Liquidity and Capital Resources

The Company’s primary source of cash during the three months ended March 31, 2011 was core deposits. The Bank considers savings, NOW, money-market, and noninterest-bearing demand deposits as core deposits. There was a $13 million decrease in deposits resulting from the implementation of the Dodd-Frank Act and the Bank’s strategy of lowering levels of brokered and high costs certificates of deposit. The Bank maintained a $24.6 million balance deposited at the Federal Reserve Bank on March 31, 2011.

Off-Balance Sheet Arrangements

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amounts recognized in the condensed consolidated balance sheet. The contract amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, unused lines of credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total committed amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter party.

Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party and to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters-of-credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting these commitments.

Unused lines of credit and commitments to extend credit typically result in loans with a market interest rate.

A summary of the amounts of the Company’s financial instruments, with off-balance sheet risk at March 31, 2011, follows (in thousands):

	Contract Amount
Commitments to extend credit	$	823
Unused lines of credit	$	19,675
Standby letters of credit	$	548

Management believes that the Company has adequate resources to fund all of its commitments and that substantially all its existing commitments will be funded within the next twelve months.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Selected Financial Information

The following rates are presented for the dates and periods indicated:

	Three Months Ended March 31, 2011			Year Ended December 31, 2010			Three Months Ended March 31, 2010
Average equity as a percentage of average assets		5.85	%		7.43	%		8.55	%
Equity to total assets at end of period		5.66	%		6.11	%		8.60	%
Return on average assets (1)		(2.98	)%		(3.62	)%		(1.62	)%
Return on common average equity (1)		(124.02	)%		(92.20	)%		(30.47	)%
Noninterest expenses to average assets		3.62	%		2.65	%		2.48	%
Nonperforming assets as a percentage of total assets at end of period		9.55	%		9.74	%		6.11	%

(1) Annualized for the three months ended March 31.

Local Economic Conditions

The Bank operates in two distinct geographic markets on the West Coast of Florida, the Tampa Bay region in West Central Florida and the Port Charlotte Region in southwest Florida. Three of the Bank’s markets are located around Tampa Bay (Pinellas County, Pasco County and Hillsborough County). The fourth market is located in Charlotte County. The economy in Florida has been hard hit by the decline in real estate values resulting from an over supply of residential housing units, a significant reduction in development activity and reductions in sales activity. The lack of absorption of vacant land, lots and certain single family and condominium product has continued to feed the decline in values. The Tampa Bay region is more diversified with other service and manufacturing industry than the Port Charlotte region which had been primarily dependent on residential real estate development and the retiree industry. Although the Tampa Market has shown decreased values in single family homes and condominiums it has not suffered as severely as the Port Charlotte market. Housing values have dropped approximately 40-50% from the height of activity in 2005 – 2006.Similarly vacant land and lot values have fallen 60-70%. The drop in values continues to contribute to the delinquency or default of borrowers in that market. Correspondently the Tampa market has seen a drop in values for single family of 25-35%, however condominiums and luxury homes have experienced larger decreases. Land and lot values have diminished by 30-40%. The Bank has experienced continued losses in vacant residential lot loans and single family homes. A predominant portion of these losses are in the Port Charlotte market. Unemployment in Port Charlotte is purported to be in the 10-15% range, thus many borrowers struggle to maintain a positive payment history.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

The commercial real estate market in the Tampa Bay area is showing signs of weakness especially in the multifamily, office rental and retail rental market. The Bank does not have a large concentration in these areas, however, is experiencing increased delinquency trends in that market. Commercial real estate in Port Charlotte is also experiencing significant weakness, however, the Bank has minimal holdings in that product type.

In light of these real estate trends the Bank has experienced an increase in its problem assets specifically in vacant residential lots and single family which has comprised 70% of charge-off activity. Commercial related charge-off’s to date are 26% of total charge-offs. The remaining charge-offs have been consumer loans.

Determining Loan Losses

A loan is classified impaired when, based on current information and events; it is probable the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means both the contractual interest payments and contractual principal payments will be collected as scheduled in the loan agreement. Once a loan is considered impaired and is collateral dependent, an analysis of the loan will be performed to determine a fair value estimate. Fair value will be determined by a current appraisal or using a reasonable discount of the appraisal using comparable data given the existing economic conditions. If the loan is collateral dependent, the loss will be determined by deducting selling costs from the fair value of the collateral. The difference between the loan balance and the fair value less selling cost is the loss. The loss will be charged-off when it has been determined. A loan that is impaired and non-collateral dependent will be treated in accordance with regulatory guidelines for retail loans. Closed end retail loans will be charged off when delinquent 120 days and open end loans will be charged off when 180 days delinquent. Commercial loans that are noncollateral dependent will be charged off between 90 and 120 days delinquent. If the loan is considered impaired as a Troubled Debt Restructure, it is treated as required under FASB 114. The discounted cash flow of revised payment stream is discounted at the original loan rate and the difference is determined to be the loss.

The Bank obtains external appraisals on commercial real estate loans considered collateral dependent and on commercial foreclosed real estate on an annual basis. Once the appraisal is in hand, the Bank will evaluate and if required will write-down the loan. The Bank obtains a brokers price opinion or other valuation service estimate every six months on any impaired collateral dependent single family, residential or vacant lot loans, and foreclosed real estate and a write-down is made as required. A formal appraisal is ordered to evaluate the fair value when the foreclosure process is completed and the property title is being transferred to the Bank as foreclosed real estate. The foreclosed real estate is initially valued at the appraised value less estimated selling costs. Once the property is in foreclosed real estate, after six months a broker’s price opinion or valuation service model will be used to evaluate the current value. An allowance is established for any additional losses. In addition, management continuously evaluates its impaired loan portfolio.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

The chart below summarizes the 30+ days delinquency by loan category for the dates indicated ($ in thousands):

	$		%
March 31, 2010:
Residential mortgages	$	13,966		3.48
Commercial real estate		21,459		5.34
Land and lots		8,455		2.10
Commercial loans		1,326		0.33
Installments		605		0.15
Total	$	45,811
June 30, 2010:
Residential mortgages	$	13,719		3.71
Commercial real estate		17,621		4.76
Land and lots		9,024		2.44
Commercial loans		796		0.22
Installments		212		0.06
Total	$	41,372
September 30, 2010:
Residential mortgages	$	12,187		3.44
Commercial real estate		16,651		4.70
Land and lots		7,594		2.14
Commercial loans		1,702		0.48
Installments		433		0.12
Total	$	38,567
December 31, 2010:
Residential mortgages	$	13,118		3.79
Commercial real estate		16,351		4.73
Land and lots		8,438		2.44
Commercial loans		2,466		0.71
Installments		659		0.19
Total	$	41,032
March 31, 2011:
Residential mortgages	$	12,111		3.61
Commercial real estate		15,451		4.61
Land and lots		6,659		1.99
Commercial loans		2,675		0.80
Installments		2,601		0.78
Total	$	39,497

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

The Bank’s nonaccrual loans and Foreclosed Real Estate (“REO”) is comprised of the following ($ in thousands):

	Nonaccrual				REO
	#		$		#		$
March 31, 2010:
Residential mortgages		42		9,208		7		875
Commercial real estate		20		13,599		3		535
Land and lots		29		7,653		10		942
Commercial loans		5		584		—		—
Installments		5		128		2		74
Total		101		31,172		22		2,426
June 30, 2010:
Residential mortgages		48		10,528		10		1,356
Commercial real estate		19		11,283		10		4,619
Land and lots		26		5,226		14		1,610
Commercial loans		5		495		—		—
Installments		5		112		3		105
Total		103		27,644		37		7,690
September 30, 2010:
Residential mortgages		44		10,857		19		1,749
Commercial real estate		20		11,846		9		4,374
Land and lots		24		6,250		20		1,710
Commercial loans		8		814		—		—
Installments		4		144		2		92
Total		100		29,911		50		7,925
December 31, 2010:
Residential mortgages		44		9,919		24		3,793
Commercial real estate		29		15,218		13		5,140
Land and lots		26		6,643		23		2,282
Commercial loans		9		2,479		—		—
Installments		4		219		4		170
Total		112		34,478		64		11,385
March 31, 2011:
Residential mortgages		40		8,629		21		3,640
Commercial real estate		27		12,599		14		5,322
Land and lots		28		6,932		23		2,051
Commercial loans		6		1,812		—		—
Installments		15		1,980		5		228
Total		116		31,952		63		11,241

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

The following chart illustrates the combination of allowance and charge-off compared to related loans at March 31, 2011 and for the three months then ended (in thousands):

	Nonimpaired Loans			Impaired Loans			Total
Allowance for loan losses:
Beginning balance	$	7,609			4,108			11,717
Provision		1,250			1,810			3,060
Charge-offs		(1,465	)		(1,966	)		(3,431	)
Recoveries		115			—			115
Ending balance	$	7,509			3,952			11,461
Loss allowance		7,509			3,952			11,461
Partial charge-offs of loans currently in portfolio		—			6,764			6,764
Total	$	7,509			10,716			18,225
Total loans	$	284,091			51,266			335,357
Allowance for loss and charge-offs as a percentage of total loans at March 31, 2011		2.64	%		20.90	%		5.43	%
Allowance for loss and charge-offs as a percentage of total loans at December 31, 2010		2.60	%		20.98	%		5.43	%

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

	At March 31,
	2011
Collateral dependent impaired loans with partial charge-offs or specific reserves:
Fair value of collateral	$	26,226
Estimated selling costs		(3,216	)
Fair value less selling costs		23,010
Gross impaired loans prior to charge-offs		33,726
Partial charge-offs of impaired loans		(6,764	)
Loss allowance		(3,952	)
Book value of impaired loans with partial charge-offs		23,010
Fair value less selling costs in excess of book value	$	—
Collateral dependent impaired loans without partial charge-offs or specific reserves:
Fair value of collateral		32,486
Estimated selling costs		(3,249	)
Fair value less selling costs		29,237
Impaired loans		24,288
Loss allowance		—
Book value of impaired loans		24,288
Fair value less selling costs in excess of book value	$	4,949

The increase in nonperforming assets correlates with the real estate related delinquencies being experienced by the Bank in the Port Charlotte market, and the Tampa Bay market. Predominantly the nonperforming assets are vacant residential lots, single family homes, multifamily and small office properties.

Retail credit is the primary reason for the build up in impaired loans. The subsequent move to charge-off is rapid and is not reflected as a specific reserve. The Bank recognizes these losses as they become apparent.

The Bank initially will try and work with any borrower with an impaired loan. Should negotiations fail, then legal action occurs. The foreclosure process in Florida has continued to lengthen given the large number of cases in process. This delay has inhibited the Bank’s ability to get back real estate in a timely manner; the average is now between twelve and eighteen months. The Bank currently has two special assets officers, one devoted to retail and one devoted to commercial. In addition, we have a person who assists in handling other real estate owned by the Bank.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Results of Operations

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest and dividend income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average cost; (iii) net interest income; (iv) interest-rate spread; and (v) net interest margin.

	Three Months Ended March 31,
	2011							2010
	Interest Average Balance		Average and Dividends		Yield/ Rate			Interest Average Balance		Average and Dividends		Yield/ Rate
	(Dollars in thousands)
Interest-earning assets:
Loans (1)	$	328,744		4,285		5.21	%	$	397,711		5,410		5.44	%
Securities		44,826		348		3.11			62,265		557		3.58
Other interest-earning assets (2)		39,199		33		0.34			46,006		31		0.27
Total interest-earning assets		412,769		4,666		4.52			505,982		5,998		4.74
Noninterest-earning assets		45,692							47,039
Total assets	$	458,461						$	553,021
Interest-bearing liabilities:
Savings, NOW, money-market deposit accounts		202,380		395		0.78			217,807		736		1.35
Time deposits		126,857		590		1.86			208,748		1,266		2.43
Total interest-bearing deposits		329,237		985		1.20			426,555		2,002		1.88
Other interest-bearing liabilities (3)		61,027		288		1.89			40,066		342		3.41
Total interest-bearing liabilities		390,264		1,273		1.30			466,621		2,344		2.01
Noninterest-bearing liabilities		41,379							39,130
Stockholders’ common equity		26,818							47,270
Total liabilities and stockholders’ equity	$	458,461						$	553,021
Net interest income			$	3,393						$	3,654
Interest-rate spread (4)						3.22	%						2.73	%
Net interest margin (5)						3.29	%						2.89	%
Ratio of average interest-earning assets to average interest-bearing liabilities		1.06							1.08

(1) Includes nonperforming loans.

(2) Includes Federal Home Loan Bank stock and interest-bearing deposits with banks.

(3) Includes Federal Home Loan Bank advances and other borrowings.

(4) Interest-rate spread represents the difference between the average yield on interest-earning assets and the average rate of interest-bearing liabilities.

(5) Net interest margin is net interest income divided by average interest-earning assets.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Comparison of the Three-Month Periods Ended March 31, 2011 and 2010

General.First Community Bank Corporation of America recorded a net loss for the first quarter ended March 31, 2011 of $3.4 million compared to a net loss of $1.9 million for the same period in 2010. The increase in losses was due to a decrease in net interest income to increased expenses related to problem assets.

The company recorded a net loss available to common stockholders, after preferred stock dividends requirements and amortization of preferred discount, for the three-months ended March 31, 2011 of $3.5 million or $(0.64) per basic share compared to a net loss of $2.2 million or $(0.42) per basic share for the three-months ended march 31, 2010.

The first quarter 2011 reflected a $984,000 increase in other non-interest expenses related to problem assets.

Net Interest Income.Interest income decreased to $4.7 million during the three-months ended March 31, 2011 compared to $6.0 million during the three-months ended March 31, 2010. Interest on loans for the three-months ended March 31, 2011 decreased to $4.3 million from $5.4 million for the three-months ended March 31, 2010. The decrease in interest income on loans was attributable to a decline in the average balance on loans to $329 million for the three-months ended March 31, 2011 from $398 million for the three-months ended March 31, 2010 combined with a decrease in the rate earned on the loan portfolio. Interest on securities decreased to $348,000 for the three-months ended March 31, 2011 from $557,000 for the three-months ended March 31, 2010. The decrease in interest income on securities was due to a decrease in the average balance to $44.8 million for the three-months ended March 31, 2011 from $62.3 for the three-months ended March 31, 2010 along with a decrease in the rate earned on the portfolio.

Interest expense on interest-bearing deposit accounts decreased to $1.0 million for the three-months ended March 31, 2011, compared to $2.0 million for the three-months ended March 31, 2010. The decrease was due to a decrease in the rate paid to 1.20% for the three-months ended March 31, 2011, from 1.88% for the three-months ended March 31, 2010 along with a decrease in the average deposit balance. Interest expense on other borrowings decreased to $288,000 for the three-months ended March 31, 2011, compared to $342,000 for the three-months ended March 31, 2010. The decrease in interest expenses on other borrowings was due to a decrease in the average yield to 1.89% for the three-months ended March 31, 2011 from 3.41% for the three-months ended March 31, 2010.

Provision for Loan Losses.Provisions for loan losses are based on our review of the historical loan loss experience and such factors which, in management’s judgment, deserve consideration under existing economic conditions in estimating probable credit losses. The allowance is based on ongoing assessments of the estimated losses inherent in the loan portfolio. Our methodology for assessing the appropriate allowance level consists of several key elements described below.

Our methodology incorporated the calculation of loans considered impaired and allocations for performing portfolio categories based on applying historical charge off data for loans categorized by similar risk characteristics based on our experience. The methodology includes an unallocated portion (qualitative factors) justified by current general market conditions, trends in performance (delinquency), economic and political trends.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Comparison of the Three-Month Periods Ended March 31, 2011 and 2010, Continued

Larger commercial loans that exhibit probable or observed credit weaknesses are subject to individual review. Where appropriate, the allowance is allocated to individual loans based on our estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows and available legal options. Included in the review of individual loans are those that are impaired. Any specific reserves for impaired loans are measured based on the fair value of the underlying collateral. The collectability of both principal and interest is evaluated when assessing the allowance. Historical loss rates are applied to other commercial loans not subject to specific allocations.

Homogenous loans, such as installment and residential mortgage loans, are not individually reviewed by management. The allowance is established for each pool of loans based on the expected net charge-offs. Loss rates are based on the average net charge-off history by loan category.

Historical loss rates for commercial and consumer loans may be adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Factors which management considers in the analysis include the effects of the local economy, trends in the nature and volume of loans (delinquencies, charge-offs, nonaccrual and problem loans), changes in the internal lending policies and credit standards, collection practices, and examination results from bank regulatory agencies and our internal credit review function. The allowance relating to individual loans and historical loss rates are reviewed throughout the year and adjusted as necessary based on changing borrower and collateral conditions and actual collection and charge-off experience.

The provision for loan losses was $3.1 million for the three-months ended March 31, 2011, compared to $3.9 million for the three-months ended March 31, 2010. Economic weakness has continued to stress the loan portfolio which has attributed to the augmented level of nonperforming loans which has continued to result in declining home values and higher unemployment rates in the four markets that the Company serves.

The allowance for loan losses was $11.5 million at March 31, 2011. While management believes that its allowance for loan losses is adequate as of March 31, 2011, future adjustments to the allowance for loan losses may be necessary as economic conditions dictate.

Noninterest Income.Noninterest income decreased to $389,000 for the three-months ended March 31, 2011, from $597,000 for the three-months ended March 31, 2010. The decrease was primarily due to $159,000 in security gains recorded for the three-months ended March 31, 2010 with no corresponding amount in 2011.

Noninterest Expenses.Total noninterest expenses for the three-months ended March 31, 2011 were $4.0 million compared to $3.4 million for the three-months ended March 31, 2010. The increase was primarily due to expenses related to impaired loans and foreclosed real estate.

Income Taxes (Benefit).Income taxes for the three-months ended March 31, 2011, were $0.0 compared to a benefit of $(1.2) million for the three-months ended March 31, 2010.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss from adverse changes in market prices and rates. The Company’s market risk arises primarily from interest-rate risk inherent in its lending, investment and deposit taking activities. The Company has little or no risk related to trading accounts, commodities or foreign exchange.

Management actively monitors and manages its interest-rate risk exposure. The primary objective in managing interest-rate risk is to limit, within established guidelines, the adverse impact of changes in interest rates on the Company’s net interest income and capital, while adjusting the Company’s asset-liability structure to obtain the maximum yield-cost spread on that structure. Management relies primarily on its asset-liability structure to control interest rate risk. However, a sudden and substantial increase in interest rates could adversely impact the Company’s earnings, to the extent that the interest rates borne by assets and liabilities do not change at the same speed, to the same extent, or on the same basis. The Company is managing through the impact of recent declining interest rates and the subsequent pressure on spreads.

Item 4T. Controls and Procedures

a. Evaluation of disclosure controls and procedures. The Company maintains controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures performed within 90 days of the filing date of this report, the Chief Executive and Principal Financial officers of the Company concluded that the Company’s disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms.

b. Changes in internal controls. The Company made no significant changes in its internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation of those controls by the Chief Executive and Principal Financial officers.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There are no materials pending legal proceeding to which First Community Bank Corporation of America and Subsidiaries, is a party or to which any of their property is subject.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

PART II. OTHER INFORMATION, CONTINUED

Item 6. Exhibits

Exhibits. The following exhibits were filed with the Securities and Exchange Commission.

Exhibit No.	Description of Exhibit
*****3.1	Amended and Restated Articles of Incorporation
*        3.2	Bylaws
*        4.1	Specimen Common Stock Certificate
*        4.3	Warrant Certificate
**    10.1	Employment Agreement of Kenneth P. Cherven dated June 16, 2002
*      10.2	First Amended and Restated Non-Employee Director Stock Option Plan
*      10.3	Long-Term Incentive Plan
*      10.4	Incentive Compensation Plan
***  10.5	Employment Agreement of Kenneth P. Cherven dated November 29, 2004
****10.6	Deferred Compensation Plan of Kenneth P. Cherven dated January 1, 2005.
31.1	Certification of Chief Executive Officer required by Rule 13a- 14(a)/15d-14(a) under the Exchange Act
31.2	Certification of Chief Financial Officer required by Rule 13a- 14(a)/15d-14(a) under the Exchange Act
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002
**    99.5	Audit Committee Charter

* Exhibits marked with an asterisk were submitted with the Company’s original filing of Form SB-2 on April 7, 2003.

** Exhibits marked with a double asterisk were submitted with the Company’s filing of its Amendment One to Form SB-2 on May 8, 2003.

*** Exhibits marked with triple asterisk were submitted with the Company’s filing of Form 10-QSB on May 13, 2005.

**** Exhibits marked with quadruple asterisk were submitted with the Company’s filing of Form 10-QSB on August 12, 2005.

***** Exhibits marked with quintuple asterisk are filed with the Company’s filing Form 10-Q on August 12, 2010.

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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		FIRST COMMUNITY BANK CORPORATION OFAMERICA
		(Registrant)
Date:	May 12, 2011	By:	/s/ Kenneth P. Cherven
			Kenneth P. Cherven, President and Chief
			Executive Officer
Date:	May 12, 2011	By:	/s/ Cheryl R. Bryan
			Cheryl R. Bryan, Principal Financial and
			Principal Accounting Officer

40