First Community (FCCO) 8-K First Community Corporation Releases First Quarter Earnings

Exhibit 99.1

News Release

For Release April 21, 2004

10:00 A.M.

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

First Community Corporation Releases First Quarter Earnings

Lexington, S.C. April 21, 2004 – Today First Community Corporation (Nasdaq Small Cap, FCCO), the holding company for First Community Bank, reported financial results for the first quarter of 2004. Net income for the quarter was $422 thousand, a decrease of 6.2% as compared to the first quarter of 2003 net income of $450 thousand. Diluted earnings per share were $.25 for the first quarter of 2004 compared to $.27 in the first quarter of 2003, a decrease of 7.4%. Return on average assets was .8% for the first quarter of 2004 compared to .9% for the first quarter of 2003. Return on average equity was 8.6% for the first quarter of 2004 compared to 9.8% for the first quarter of 2003. Total assets were $220.2 million at the end of the first quarter of 2004, an increase of 3.1% over the first quarter of 2003 assets of $213.7 million. Shareholders’ equity at the end of the first quarter of 2004 was $20.1 million, an increase of 7.7% over the same period in 2003, which ended with shareholders’ equity of $18.6 million.

In addition to releasing first quarter earnings, the company also announced that the board of directors had approved a quarterly cash dividend. The company declared a $.05 per share dividend, payable May 17, 2004 to shareholders of record as of May 3, 2004.

Mike Crapps, president and chief executive officer commented on the company’s recent performance by saying, “Although first quarter 2004 earnings decreased slightly from first quarter 2003, this decrease was expected as a result of the bank’s continued investment in the costs associated with building the infrastructure to support our planned growth and continued branch expansion. This includes the addition of our Northeast banking office that opened last week and continues with the announcement of plans for a new banking office in the Red Bank area. The company continues to look for other opportunities for de novo branch expansion as the bank continues its focus to become the premier community bank in the Midlands.” Crapps continued, “Two significant events during the year thus far are our recently announced merger with DutchFork Bancshares and the continued quality growth in our loan portfolio at an annualized rate of 20%.”

First Community Corporation is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. Last week First Community Corporation and DutchFork Bancshares announced a definitive agreement to merge First Community Bank and Newberry Federal Savings Bank, which is anticipated to be completed in the third quarter of this year. First Community operates seven banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce – West Columbia, Chapin and Northeast. 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.

###

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

	Three months ended,
	March 31,
	2004			2003
Interest Income	$	2,575		$	2,510
Interest Expense		552			656
Net Interest Income		2,023			1,854
Provision for Loan Losses		66			52
Net Interest Income After Provision		1,957			1,802
Non Interest Income		378			309
Non Interest Expense		1,699			1,421
Income Before Taxes		636			690
Income Tax Expense		214			240
Net Income	$	422		$	450
Primary Earnings Per Share	$	0.26		$	0.28
Dilute Earnings Per Share	$	0.25		$	0.27
Average Number of Shares Outstanding		1,597,806			1,587,970
Return on Average Assets		0.8	%		0.9	%
Return on Average Equity		8.6	%		9.8	%
Net Interest Margin		4.2	%		4.0	%

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

	At March 31,						December 31,
	2004			2003			2003
Total Assets	$	220,213		$	213,650		$	215,029
Investment Securities		53,889			65,620			58,954
Loans		127,009			107,767			121,009
Allowance for Loan Losses		1,790			1,662			1,705
Total Deposits		187,405			187,306			185,258
Other borrowings		11,547			6,351			9,101
Shareholders' equity		20,054			18,622			19,509
Book Value Per Share	$	12.55		$	11.72		$	12.21
Tangible Book Value Per Share	$	12.10		$	11.15		$	11.74
Equity to Assets		9.1	%		8.7	%		9.1	%
Loan to Deposit Ratio		67.8	%		57.5	%		65.3	%
Allowance for Loan Losses/Loans		1.4	%		1.5	%		1.4	%

	Three months ended
Average Balances:	March 31,
	2004			2003
Average Total Assets	$	208,871		$	202,196
Average Loans		124,383			103,995
Average Earning Assets		193,575			188,577
Average Deposits		178,070			175,294
Average Other Short Term Borrowings		9,930			7,132
Average Shareholders' Equity		19,803			18,601
Asset Quality
Nonperforming Loans	$	80		$	156
Net Charge-offs (recoveries)	$	(18	)	$	(85	)
Net Charge-offs to Average Loans		N/A			N/A

First Community Corporation, Post Office Box 64/ Lexington, SC 29071