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

Exhibit 99.1

News Release

For Release January 16, 2008

10:30 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 42% Growth in EPS and Increase in Cash Dividend

Lexington, S.C. January 16, 2008 - Today First Community Corporation, the holding company for First Community Bank, reported net income for the fourth quarter and year ended 2007. Net income for the quarter was $1.2 million compared to the fourth quarter of 2006 net income of $861 thousand, an increase of 39.4%. Diluted earnings per share were $.37 for the fourth quarter of 2007, compared to the $.26 earnings per share in the fourth quarter of 2006, an increase of 42.3%. Shareholders' equity was $64.0 million at December 31, 2007, compared to the $63.2 million in shareholders' equity at December 31, 2006 an increase of 1.3%. For the year ended December 31, 2007, net income was $4.0 million compared to the $3.5 million earned during the same period in 2006 an increase of 13.3%. Diluted earnings per share for 2007 were $1.21 compared to $1.10 earned during 2006, which is a 10% growth in earnings per share. Total assets were $565.6 million at December 31, 2007, an increase of 3.2% over December 31, 2006 assets of $548.1 million.

Mike Crapps, president and chief executive officer commented on the Company's performance in 2007 by saying, "We are thrilled to be reporting record earnings for the second consecutive quarter led by a 42% increase in EPS. This is especially impressive against a backdrop of turbulence in the financial markets and uncertain economic direction. We are extremely pleased that the plan we developed and implemented has resulted in even better than expected results in the second half of 2007." Crapps continued, "The 42% growth in the fourth quarter EPS is the gratifying result of success in the execution of our plan for 2007. This includes the continued growth in our loan portfolio increasing our loan-to-deposit ratio from 66.3% to 76.3%. This accomplishment occurred while our long time commitment to credit quality and loan underwriting continued to pay off. The loan charge off ratio of 0.03% (excluding net overdraft charge-offs) and the non-performing asset ratio of 0.22% are excellent compared to industry standards and especially impressive given the current economic conditions. An additional component of our plan was the engagement of a consulting firm to lead an efficiency study. The study resulted in the identification of approximately $700 thousand in annual fee income enhancements and cost savings." Crapps remarked on his thoughts for 2008 by saying, "As we look into the coming year, we see a continued focus on changing the earning asset mix, more so than on balance sheet growth. This combined with continued expense discipline, with non-interest expenses expected to increase by only about 4% over 2007, will enable us to manage the headwinds of net interest margin pressures and economic uncertainties in 2008.

In addition to releasing year-end and fourth quarter earnings, the company also announced that the board of directors had approved an increase in its cash dividend for the fourth quarter of 2007. The company declared a $.08 per share dividend, payable February 15, 2008 to shareholders of record as of January 31, 2008.

The company has previously announced the approval of a Share Repurchase Plan. The plan allows for the repurchase, on the open market, of up to 200,000 shares of the issued and outstanding shares of First Community Corporation common stock. Through December 31, 2007, 189,813 shares have been repurchased with a total investment of $3.28 million. The board has recently approved the repurchase of an additional 50,000 shares under the plan bringing the total shares available for repurchase to 250,000.

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 eleven banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce - West Columbia, Chapin, Northeast Columbia, Newberry, Prosperity, Red Bank and Camden.

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

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

	At December 31,
	2007			2006
Total Assets	$	565,613		$	548,056
Investment Securities		175,258			176,523
Loans		310,028			275,189
Allowance for Loan Losses		3,530			3,215
Total Deposits		405,854			414,941
Other Borrowings		89,630			64,694
Shareholders' Equity		63,996			63,208
Book Value Per Share	$	19.93		$	19.36
Tangible Book Value Per Share	$	10.67		$	10.05
Equity to Assets		11.31	%		11.53	%
Loan to Deposit Ratio		76.39	%		66.32	%
Allowance for Loan Losses/Loans		1.14	%		1.17	%

Average Balances:	Three months ended						Year ended
	December 31,						December 31,
	2007			2006			2007			2006
Average Total Assets	$	572,472		$	537,448		$	553,614		$	511,824
Average Loans		307,414			269,817			296,991			249,209
Average Earning Assets		496,394			458,579			476,079			437,896
Average Deposits		405,633			400,415			404,361			384,426
Average Other Borrowings		96,679			70,310			80,656			65,815
Average Shareholders' Equity		64,536			61,809			63,584			57,205
Asset Quality
Nonperforming Assets:
Non-accrual loans	$	600		$	446		$	600		$	446
Other real estate owned		133			--			133			--
Accruing loans past due 90 days or more		501			21			501			21
Total nonperforming assets	$	1,234		$	467		$	1,234		$	467
Loans charged-off	$	231			159		$	483		$	292
Overdrafts charged-off		30			48			140			153
Loan recoveries		(124	)		(21	)		(382	)		(81	)
Overdraft recoveries		(9	)		(10	)		(64	)		(30	)
Net Charge-offs	$	128		$	176		$	177		$	334
Net Charge-offs to Average Loans		0.04	%		0.06	%		0.06	%		0.13	%

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

	Three months ended						Year ended
	December 31,						December 31,
	2007			2006			2007			2006
Interest Income	$	8,120		$	7,481		$	30,956		$	27,245
Interest Expense		4,115			3,706			15,666			12,922
Net Interest Income		4,005			3,775			15,290			14,323
Provision for Loan Losses		132			139			492			528
Net interest income after provision		3,873			3,636			14,798			13,795
Non-Interest Income:
Deposit service charges		750			615			2,722			2,390
Mortgage origination fees		149			71			407			450
Commissions on sale non deposit products		138			61			356			321
Securities Gains (loss)		(24	)		--			49			(69	)
Gain on early extinguishment of debt		--			--			--			159
Fair value adjustment gain (loss)		122			--			168
Other		276			299			1,315			1,149
Total non-interest income		1,411			1,046			5,017			4,400
Non-Interest Expense:
Salaries and employee benefits		1,853			1,741			7,301			6,886
Occupancy		248			257			1,160			946
Equipment		321			345			1,270			1,241
Marketing and public relations		83			80			459			329
Amortization of intangibles		167			167			670			636
Other		841			893			3,265			3,204
Total non-interest expense		3,513			3,483			14,125			13,242
Income Before Taxes		1,771			1,199			5,690			4,953
Income Tax Expense		573			338			1,725			1,452
Net Income	$	1,198		$	861		$	3,965		$	3,501
Primary Earnings Per Share	$	0.37		$	0.26		$	1.23		$	1.13
Diluted Earnings Per Share	$	0.37		$	0.26		$	1.21		$	1.10
Average shares outstanding - basic		3,215,447			3,260,779			3,234,309			3,096,866
Average shares outstanding - diluted		3,253,558			3,331,504			3,284,425			3,174,185
Return on Average Assets		0.83	%		0.64	%		0.72	%		0.68	%
Return on Average Equity		7.36	%		5.53	%		6.23	%		6.12	%
Return on Average Tangible Equity		13.69	%		11.04	%		11.83	%		12.69	%
Net Interest Margin		3.20	%		3.27	%		3.21	%		3.27	%
Net Interest Margin (Tax Equivalent)		3.28	%		3.35	%		3.29	%		3.36	%

Post Office Box 64 / Lexington, SC 29071