First Community (FCCO) 8-K First Community Corporation Announces Earnings and Cash Dividend

Exhibit 99.1

     News Release

     For Release July 18, 2007

     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 Announces Earnings and Cash Dividend

Lexington, S.C. July 18, 2007 – Today First Community Corporation (FCCO), the holding company for First Community Bank, reported net income for the second quarter and year-to-date 2007. Net income for the second quarter was $893 thousand. On a linked quarter basis this compares to the first quarter of 2007 net income of $725 thousand, an increase of 23.2%. Diluted earnings per share were $.27 for the second quarter of 2007 compared to $.22 in the first quarter of 2007, an increase of 22.7%.

Net income for the six months ended June 30, 2007 was $1.6 million compared to $1.7 million in 2006. Year-to-date diluted earnings per share for 2007 were $.49 compared to $.57 in 2006. Net income for the second quarter of 2007 was $893 thousand compared to $901 thousand in the second quarter of 2006. Diluted earnings per share were $.27 for the second quarter of 2007 compared to $.29 in the second quarter of 2006. The information for the year-to-date and second quarter 2007 earnings reflects the results of the June 2006 merger with DeKalb Bankshares, the holding company for The Bank of Camden.

Mike Crapps, president and chief executive officer commented on the Company’s performance in the second quarter of 2007 by saying, “The EPS improvement in the second quarter serves as evidence that our plan established for the year is working. As we have previously disclosed, we have made significant investments in our infrastructure, our personnel, and in the project to improve efficiencies, expense controls, and to enhance non-interest income. The expense of those investments are substantially behind us now, with the benefits largely ahead of us.” Crapps continued, “We continue to be pleased with our progress in reaching an increased loan-to-deposit ratio. We ended the second quarter of 2007 at 75.02% as compared to 64.11% at June 30, 2006. The rate of growth in our loan portfolio continued strong during the second quarter of 2007 at an annualized rate of 19.6%. In the last twelve months, the bank has experienced total loan growth of $40.1 million, a 15.3% increase.” Crapps noted, “We have previously stated that one of our primary strategic objectives is growth in our loan portfolio and we are extremely pleased with our results especially given that while growing loans at this pace, we have continued to maintain the quality in our loan portfolio. At June 30, 2007, our non-performing assets were only 0.19% of total assets.”

The growth in the loan portfolio, combined with a stabilization of deposit costs and an increased yield in the investment portfolio resulted in an increase in the net interest margin to 3.34%. This is a seven basis point expansion in the net interest margin from the first quarter of 2007 and a four basis point expansion from the second quarter of 2006.

Total revenues increased in the second quarter of 2007 as compared to the first quarter of the year by $185,000 an increase of 3.9%, which is an annualized growth rate of 15.6%. The core non-interest income component of total revenues remained basically flat; therefore the primary contributing factor to this revenue growth is the increase in net interest income.

Non-interest expense decreased by $111,000 or 3.1% in the second quarter of 2007 as compared to the first quarter of 2007. Declines in personnel and marketing expenses contributed to this decrease.

The corporation also announced that the Board of Directors has approved a cash dividend for the second quarter of 2007. The Company declared a $.07 per share dividend payable August 15, 2007 to shareholders of record as of July 31, 2007.

The company has a Share Repurchase Plan that authorizes the repurchase of up to 200,000 shares of the company’s common stock. As of June 30, 2007, 152,613 shares have been repurchased with a total investment of $2.7 million.

        First Community Corporation stock trades on the NASDAQ Capital Market under the symbol “FCCO” and is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. First Community Bank operates twelve banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce — West Columbia, Chapin, Northeast Columbia, Newberry (2), Prosperity, Red Bank and Camden. Total assets for the company were $554 million at June 30, 2007 and shareholders’ equity at June 30, 2007 was $63 million.

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.

FIRST COMMUNITY CORPORATION

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

	June 30,						December 31,
	2007			2006			2006
Total Assets	$	554,298		$	538,075		$	548,056
Investment Securities		165,555			192,132			172,315
Loans		302,152			262,079			275,189
Allowance for Loan Losses		3,425			3,128			3,215
Total Deposits		402,774			408,792			414,941
Securities Sold Under Agreements to Repurchase		24,963			17,772			19,472
Federal Home Loan Bank Advances		43,033			31,483			29,757
Junior Subordinated Debt		15,464			15,464			15,464
Shareholders' equity		62,972			60,241			63,208
Book Value Per Share	$	19.43		$	18.48		$	19.36
Tangible Book Value Per Share	$	10.15		$	8.49		$	10.05
Equity to Assets		11.36	%		11.20	%		11.53	%
Loan to Deposit Ratio		75.02	%		64.11	%		66.32	%
Allowance for Loan Losses/Loans		1.13	%		1.19	%		1.17	%

Average Balances:

	Three months ended						Six months ended
	June 30,						June 30,
	2007			2006			2007			2006
Average Total Assets	$	542,136		$	501,992		$	540,321		$	487,210
Average Loans		295,543			237,466			289,003			231,759
Average Earning Assets		464,195			432,491			461,880			418,972
Average Deposits		400,017			381,460			400,639			367,581
Average Other Borrowings		74,344			61,672			72,037			62,498
Average Shareholders' Equity		63,195			53,812			63,074			53,024
Asset Quality
Nonperforming Assets:
Non-accrual loans	$	661		$	22		$	661		$	22
Other real estate owned		66			50			66			50
Accruing loans past due 90 days or more		307			-			307			-
Total nonperforming assets	$	1,034		$	72		$	1,034			72
Net Charge-offs	$	29		$	127		$	15			141
Net Charge-offs to Average Loans		0.01	%		0.05	%		0.01	%		0.06	%

Post Office Box 64 / Lexington, SC 29071                                  

FIRST COMMUNITY CORPORATION

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

	Three months ended						Six months ended
	June 30,						June 30,
	2007			2006			2007			2006
Interest Income	$	7,541		$	6,538		$	14,839		$	12,474
Interest Expense		3,773			3,068			7,463			5,677
Net Interest Income		3,768			3,470			7,376			6,797
Provision for Loan Losses		112			129			226			248
Net Interest Income After Provision		3,656			3,341			7,150			6,549
Non-interest Income:
Deposit service charges		645			578			1,257			1,123
Mortgage origination fees		77			132			181			247
Commission on sale of non-deposit products		66			105			143			207
Gain (loss) on sale of securities		69			-			74			(69	)
Gain on early extinguishment of debt		-			-			-			159
Other		277			312			588			612
Total non-interest income		1,134			1,127			2,243			2,279
Non-interest Expense:
Salaries and employee benefits		1,778			1,686			3,610			3,380
Occupancy		288			204			571			412
Equipment		321			290			632			575
Marketing and public relations		105			75			279			147
Amortization of intangibles		167			153			335			302
Other		855			774			1,712			1,536
Total non-interest expense		3,514			3,182			7,139			6,352
Income Before Taxes		1,276			1,286			2,254			2,476
Income Tax Expense		383			385			635			738
Net Income	$	893		$	901		$	1,619		$	1,738
Primary Earnings Per Share	$	0.28		$	0.30		$	0.50		$	0.59
Diluted Earnings Per Share	$	0.27		$	0.29		$	0.49		$	0.57
Average number of shares outstanding -basic		3,232,892			2,982,406			3,242,435			2,926,953
Average number of shares outstanding -diluted		3,288,483			3,078,439			3,297,067			3,028,455
Return on Average Assets		0.66	%		0.72	%		0.60	%		0.66	%
Return on Average Equity		5.67	%		6.72	%		5.18	%		5.96	%
Return on Average Tangible Equity		10.85	%		14.02	%		10.25	%		13.3	%
Net Interest Margin (non taxable equivalent)		3.26	%		3.22	%		3.22	%		3.27	%
Net Interest Margin (taxable equivalent)		3.34	%		3.30	%		3.31	%		3.36	%

Post Office Box 64 / Lexington, SC 29071