First Community (FCCO) 8-K Financial statements and exhibits

Exhibit 99.1

News Release/ For Release October 22, 2003/ 10:00 A.M.          

Contact:   Joseph G. Sawyer, Senior Vice President & Chief Financial Officer or
                  Robin D. Brown, Vice President & Director of Marketing
                  (803) 951- 2265

Lexington, S.C. October 22, 2003 – Today First Community Corporation, the holding company for First Community Bank, reported net income for year-to-date 2003 and the third quarter of 2003. Net income for the nine months ended September 30, 2003 was $1.358 million compared to $1.032 million and in 2002, an increase of 31.6%. Year-to-date diluted earnings per share for 2003 were $.82 compared to $.63 in 2002 an increase of 30.2%. Total assets were $205.0 million at September 30, 2003 compared to $192.7 million at September 30, 2002 an increase of 6.4%. Shareholders’ equity at September30, 2003 was $19.1 million compared to $18.0 million at September30, 2002, an increase of 6.1%.

Net income for the third quarter was $449 thousand compared to the third quarter of 2002 net income of $375 thousand an increase of 19.7%. Diluted earnings per share were $.27 for the third quarter of 2003 compared to $.23 in the third quarter of 2002, an increase of 17.4%.

In addition to releasing third quarter earnings, the company also announced that the board of directors had approved a cash dividend for the third quarter of 2003. The company declared a $.05 per share dividend, payable November 14, 2003 to shareholders of record as of October 31, 2003.

First Community Corporation also announced that beginning with this dividend declaration, shareholders have the option to reinvest their dividends through the Company’s recently adopted dividend reinvestment plan (DRIP). This plan provides shareholders with a convenient and inexpensive procedure for investing cash dividends in the common stock of the company.

Mike Crapps, president and chief executive officer commented on the company’s recent performance by saying, “We are very pleased with the Company’s performance during the first nine months of 2003 led by a 31.6% increase in earnings over the same period in 2002. We continue to make progress toward our vision to be the premier community bank in the markets we serve.”

First Community Corporation is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. First Community operates six banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce — West Columbia, and Chapin and recently announced plans for a Northeast Columbia banking office. First Community Corporation stock trades on the NASDAQ Small Cap Market under the symbol “FCCO”.

Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company’s prospects in general include, but are not limited to, changes in general economic and business conditions and such other factors as are described in the company’s filings with the Securities and Exchange Commission.

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FIRST COMMUNITY CORPORATION
BALANCE SHEET DATA
(Dollars in thousands, except per share data)

	At September 30,						December 31,
	2003			2002			2002
Total assets	$	205,015		$	192,741		$	195,201
Investment securities		55,336			65,374			69,785
Loans		117,378			95,711			99,991
Allowance for Loan Losses		1,881			1,438			1,525
Total Deposits		175,440			168,823			168,062
Other Borrowings		9,503			4,781			7,470
Shareholders' Equity		19,088			18,034			18,439
Book Value Per Share	$	12.00		$	11.36		$	11.61
Tangible Book Value Per Share	$	11.48		$	10.74		$	11.02
Equity to Assets		9.3	%		9.4	%		9.5	%
Loan to Deposit Ratio		66.9	%		56.7	%		59.5	%
Allowance for Loan Losses/Loans		1.6	%		1.5	%		1.5	%

	Three months ended					Nine months ended
Average Balances:	September 30,					September 30,
	2003		2002			2003			2002
Average Total Assets	$	201,051	$	186,320		$	202,822		$	175,538
Average Loans		115,340		95,210			109,961			92,945
Average Earning Assets		185,948		172,591			188,477			160,633
Average Deposits		173,331		162,474			175,832			150,331
Average Other Borrowings		7,408		5,253			6,913			5,068
Average Shareholders' Equity		19,017		17,770			18,824			17,219
Asset Quality
Nonperforming Assets	$	211	$	470		$	211		$	470
Net Charge-offs (recoveries)	$	5	$	(4	)	$	(223	)	$	135
Net Charge-offs to Average Loans		-		-			-			0.14	%

FIRST COMMUNITY CORPORATION
INCOME STATEMENT DATA
(Dollars in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2003			2002			2003			2002
Interest Income	$	2,490		$	2,500		$	7,519		$	7,275
Interest Expense		549			691			1,820			2,103
Net Interest Income		1,941			1,809			5,699			5,172
Provision for Loan Losses		35			135			132			572
Net interest income after provision
for possible loan losses		1,906			1,674			5,567			4,600
Non-Interest Income:
Deposit service charges		181			156			508			430
Mortgage origination fees		94			79			287			183
Securities Gains		-			-			-			61
Other		96			50			283			223
Total non-interest income		371			285			1,078			897
Non-Interest Expense:
Salaries and employee benefits		828			699			2,438			1,990
Occupancy		101			83			286			233
Equipment		209			164			562			463
Marketing and public relations		70			67			225			180
Amortization of intangibles		45			46			134			139
Other		331			327			911			912
Total non-interest expense		1,584			1,386			4,556			3,917
Income Before Taxes		693			573			2,089			1,580
Income Tax Expense		244			198			731			548
Net Income	$	449		$	375		$	1,358		$	1,032
Primary Earnings Per Share	$	0.28		$	0.24		$	0.85		$	0.65
Diluted Earnings Per Share	$	0.27		$	0.23		$	0.82		$	0.63
Average number of shares outstanding		1,589,623			1,587,970			1,589,023			1,587,970
Return on Average Assets		0.9	%		0.8	%		0.9	%		0.8	%
Return on Average Equity		9.4	%		8.4	%		9.6	%		8.0	%
Net Interest Margin		4.1	%		4.2	%		4.0	%		4.3	%

Post Office Box 64/ Lexington, SC 29071