First Community (FCCO) 8-K Results of Operations and Financial Condition

Exhibit 99.1

News Release
For Release July 20, 2005
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 Second Quarter Earnings

Lexington, S.C. July 20, 2005 – Today First Community Corporation, the holding company for First Community Bank, reported net income for year-to-date 2005 and the second quarter of 2005. Net income for the six months ended June 30, 2005 was $1.5 million compared to $852 thousand in 2004, an increase of 74.5%. Year-to-date diluted earnings per share for 2005 were $.50 compared to $.51 in 2004. Total assets were $462.1 million at June 30, 2005 compared to $234.5 million at June 30, 2004 an increase of 97.1%. Shareholders’ equity at June 30, 2005 was $50.9 million compared to $19.8 million at June 30, 2004. Net income for the second quarter was $707 thousand compared to the second quarter of 2004 net income of $431 thousand, an increase of 64.0%. Diluted earnings per share were $.24 for the second quarter of 2005 compared to $.26 in the second quarter of 2004. The information during for the year-to-date 2005 and the second quarter of 2005 reflects the results of the merger with DutchFork Bancshares, the holding company of Newberry Federal Savings Bank, which was consummated on October 1, 2004.

In addition to releasing second quarter earnings, the company also announced that the board of directors had approved a cash dividend for the second quarter of 2005. The company declared a $.05 per share dividend, payable August 12, 2005 to shareholders of record as of August 1, 2005.

Mike Crapps, president and chief executive officer commented on the company’s recent performance by saying, “Second quarter financial results were led by net income of $707 thousand and diluted earnings per share of $.24 per share. We are pleased with the loan growth that was experienced in the second quarter as loans grew by approximately $12.5 million, which is an annualized growth rate of approximately 26.3%. Deposit growth has lagged behind where we had anticipated, and lower long term interest rates and the resulting flat yield curve has negatively impacted the net interest margin. Net interest margin should improve as we continue to shrink the investment portfolio as a percentage of our earning assets by growing the loan portfolio. Continued growth in net income and earnings per share will be accomplished through organic loan and deposit growth in all eleven locations as well as continued implementation of our overall growth strategy.” Mike Crapps also noted that in August of this year the bank celebrates its tenth anniversary, a significant milestone in the life of the company. In addition, the bank has recently begun construction on a three-story, 27,000 square foot administrative center to be located adjacent to the bank’s Lexington banking office.

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 eleven banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce — West Columbia, Chapin, Northeast, Prosperity, Newberry (2), and Red Bank. First Community Corporation stock trades on the NASDAQ Small Cap Market under the symbol “FCCO”.

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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FIRST COMMUNITY CORPORATION

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

	Three months ended						Six months ended
	June 30,						June 30,
	2005			2004			2005			2004
Interest Income	$	5,244		$	2,583		$	10,108		$	5,159
Interest Expense		1,985			577			3,679			1,129
Net Interest Income		3,259			2,006			6,429			4,030
Provision for Loan Losses		72			64			138			130
Net Interest Income After Provision		3,187			1,942			6,291			3,900
Non-interest Income:
Deposit service charges		304			207			586			396
Mortgage origination fees		92			75			171			132
Gain on sale of securities		7			-			188			-
Other		227			142			424			273
Total non-interest income		630			424			1,369			801
Non-interest Expense:
Salaries and employee benefits		1,521			898			3,030			1,799
Occupancy		187			107			372			208
Equipment		321			222			651			445
Marketing and public relations		83			82			171			181
Amortization of intangibles		149			44			297			89
Other		606			353			1,131			684
Total non-interest expense		2,867			1,706			5,652			3,406
Income Before Taxes		950			660			2,008			1,295
Income Tax Expense		243			229			521			443
Net Income	$	707		$	431		$	1,487		$	852
Primary Earnings Per Share	$	0.25		$	0.27		$	0.53		$	0.53
Diluted Earnings Per Share	$	0.24		$	0.26		$	0.50		$	0.51
Average number of shares outstanding		2,836,208			1,606,309			2,824,586			1,602,057
Return on Average Assets		0.60	%		0.80	%		0.66	%		0.80	%
Return on Average Equity		5.70	%		8.70	%		5.96	%		8.60	%
Net Interest Margin (non taxable equivalent)		3.37	%		3.89	%		3.35	%		4.04	%
Net Interest Margin (taxable equivalent)		3.51	%		3.90	%		3.50	%		4.10	%

FIRST COMMUNITY CORPORATION

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

	At June 30,						December 31,
	2005			2004			2004
Total Assets	$	462,101		$	234,479		$	455,706
Investment Securities		187,978			62,772			196,026
Loans		202,533			129,775			186,771
Allowance for Loan Losses		2,668			1,782			2,764
Total Deposits		336,040			201,178			337,064
Other Borrowings		72,578			12,412			65,466
Shareholders' Equity		50,854			19,836			50,463
Book Value Per Share	$	17.91		$	12.29		$	18.09
Tangible Book Value Per Share	$	8.29		$	11.87		$	8.19
Equity to Assets		11.0	%		8.5	%		11.1	%
Loan to Deposit Ratio		60.3	%		64.5	%		55.4	%
Allowance for Loan Losses/Loans		1.3	%		1.4	%		1.5	%

Average Balances:

	Three months ended						Six months ended
	June 30,						June 30,
	2005			2004			2005			2004
Average Total Assets	$	454,291		$	224,391		$	458,938		$	216,631
Average Loans		196,374			129,427			192,539			126,905
Average Earning Assets		388,286			207,330			387,170			200,453
Average Deposits		335,230			193,212			333,907			185,641
Average Other Borrowings		66,620			10,145			66,573			10,037
Average Shareholders' Equity		50,009			19,978			50,312			19,890
Asset Quality
Nonperforming Assets:
Non-accrual loans	$	428		$	191		$	428		$	191
Other real estate owned		404			-			404			-
Accruing loans past due 90 days or more		120			-			120			-
Total nonperforming assets	$	952		$	191		$	952		$	191
Net Charge-offs	$	259		$	74		$	234		$	54
Net Charge-offs to Average Loans		0.13	%		0.05	%		0.12	%		0.04	%

Post Office Box 64 / Lexington, SC 29071