<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange
--- Act of 1934 for the quarterly period ended March 31, 1999
Transition report under Section 13 or 15(d) of the Exchange Act for the
___ transition period from ___________________ to ________________
Commission File No. 33-86258
FIRST COMMUNITY CORPORATION
---------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
<TABLE>
<S> <C>
South Carolina 57-1010751
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(State of Incorporation) (I.R.S. Employer Identification)
</TABLE>
5455 Sunset Boulevard, Lexington, South Carolina 29072
------------------------------------------------------
(Address of Principal Executive Offices)
(803) 951-2265
--------------
(Issuer's Telephone Number, Including Area Code)
----------------------------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X No ___
---
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
1,207,177 shares of common stock, par value $1.00 per share, were
issued and outstanding as of April 30, 1999
Transitional Small Business Disclosure Format (check one): Yes___ No X
---
<PAGE> 2
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The financial statements of First Community Corporation (the "company")
are set forth in the following pages.
<PAGE> 3
FIRST COMMUNITY CORPORATION
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
1999 December 31,
(Unaudited) 1998
----------- -----------
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,330,656 $ 2,316,369
Federal funds sold and securities purchased under
agreements to resell 8,353,603 3,290,403
Investment securities - available for sale 27,375,264 19,899,891
Investment securities - held to maturity (market value of
$2,526,030 and $2,957,892 at March 31, 1999 and
December 31, 1998, respectively) 2,540,794 2,942,760
Loans 42,171,940 40,819,405
Less, allowance for loan losses 594,525 532,025
----------- -----------
Net loans 41,577,415 40,287,380
Property, furniture and equipment - net 4,186,191 3,667,097
Other assets 983,499 747,676
----------- -----------
Total assets $87,347,422 $73,151,576
=========== ===========
LIABILITIES
Deposits:
Non-interest bearing demand $11,687,890 $10,449,284
NOW and money market accounts 19,929,885 15,283,002
Savings 9,566,248 8,622,546
Time deposits less than $100,000 13,521,309 13,595,144
Time deposits $100,000 and over 15,718,357 8,055,794
----------- -----------
Total deposits 70,423,689 56,005,770
Securities sold under agreements to repurchase 2,567,300 2,737,700
Other borrowed money - demand note to US Treasury 75,088 32,413
Other liabilities 538,312 763,349
----------- -----------
Total liabilities 73,604,389 59,539,232
----------- -----------
SHAREHOLDERS' EQUITY
Common stock, par value $1.00 per share;
10,000,000 shares authorized; issued and outstanding
1,207,177 at March 31, 1999 and December
31, 1998, respectively 1,207,177 1,207,177
Additional paid in capital 12,248,087 12,248,087
Retained earnings 296,684 114,029
Accumulated other comprehensive income (8,915) 43,051
----------- -----------
Total shareholders' equity 13,743,033 13,612,344
----------- -----------
Total liabilities and shareholders' equity $87,347,422 $73,151,576
=========== ===========
</TABLE>
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FIRST COMMUNITY CORPORATION
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months ended March 31,
----------------------------
1999 1998
---------- ----------
<S> <C> <C>
Interest income:
Loans, including fees $ 900,441 $ 698,834
Investment securities 370,256 214,528
Federal funds sold and securities purchased
under resale agreements 74,494 69,111
---------- ----------
Total interest income 1,345,191 982,473
---------- ----------
Interest expense:
Deposits 488,797 399,513
Federal funds sold and securities sold under agreement
to repurchase 29,153 37,731
Other borrowed money 777 1,064
---------- ----------
Total interest expense 518,727 438,308
---------- ----------
Net interest income 826,464 544,165
Provision for loan losses 62,500 43,000
---------- ----------
Net interest income after provision for loan losses 763,964 501,165
---------- ----------
Non-interest income:
Deposit service charges 46,704 45,871
Mortgage origination fees 22,486 7,280
Other 48,645 29,723
---------- ----------
Total non-interest income 117,835 82,874
---------- ----------
Non-interest expense:
Salaries and employee benefits 312,442 247,311
Occupancy 29,773 27,587
Equipment 48,535 40,445
Marketing and public relations 54,296 35,311
Other 155,116 117,066
---------- ----------
Total non-interest expense 600,162 467,720
---------- ----------
Net income before tax 281,637 116,319
Income taxes 98,982 --
---------- ----------
Net income $ 182,655 $ 116,319
========== ==========
Basic earnings per common share $ 0.15 $ 0.17
========== ==========
Diluted earnings per common share $ 0.15 $ 0.16
========== ==========
</TABLE>
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FIRST COMMUNITY CORPORATION
STATEMENTS OF COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
Three months ended
March 31,
-------------------------
1999 1998
--------- ---------
<S> <C> <C>
Net income $ 182,655 $ 116,319
Other comprehensive income, net of tax:
Unrealized gains (losses) arising during the period, net of tax effect of
($28,195) and $2,645 for the three months ended March 31, 1999 and 1998,
respectively (51,966) 4,913
========= =========
Comprehensive income $ 130,689 $ 121,232
========= =========
</TABLE>
<PAGE> 6
FIRST COMMUNITY CORPORATION
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
Accumulated
Additional Other
Common Paid-in Retained Comprehensive
Stock Capital Earnings Income Total
---------- ----------- -------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Balance December 31, 1998 $1,207,177 $12,248,087 $114,029 $ 43,051 $13,612,344
Net income 182,655 182,655
-
Unrealized loss on
securities available-for-sale (51,966) (51,966)
---------- ----------- -------- -------- -----------
Balance March 31, 1999 $1,207,177 $12,248,087 $296,684 $ (8,915) $13,743,033
========== =========== ======== ======== ===========
</TABLE>
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FIRST COMMUNITY CORPORATION
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three months ended March 31,
-------------------------------
1999 1998
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<S> <C> <C>
Cash flows from operating activities:
Net income $ 182,655 $ 116,319
Adjustments to reconcile net income to
net cash used in operating activities:
Depreciation 41,602 32,630
Premium amortization (Discount accretion) (29,991) (26,087)
Provision for loan losses 62,500 43,000
(Increase) decrease in other assets (207,628) 31,552
Decrease in accounts payable (225,037) (55,408)
------------ ------------
Net cash provided (used) in operating activities (175,899) 142,006
------------ ------------
Cash flows form investing activities:
Purchase of investment securities available-for-sale (12,954,206) (4,682,794)
Maturity of investment securities available-for-sale 5,430,629 3,837,436
Purchase of investment securities held-to-maturity -- (1,498,125)
Maturity of investment securities held-to-maturity 400,000 500,000
Increase in loans (1,352,535) (2,626,565)
Purchase of property and equipment (560,696) (3,771)
------------ ------------
Net cash used in investing activities (9,036,808) (4,473,819)
------------ ------------
Cash flows from financing activities:
Increase in deposit accounts 14,417,919 4,452,886
Increase (decrease) in securities sold under agreements to repurchase (170,400) 2,830,100
Decrease in other borrowings 42,675 (36,173)
------------ ------------
Net cash provided from financing activities 14,290,194 7,246,813
------------ ------------
Net increase in cash and cash equivalents 5,077,487 2,915,000
Cash and cash equivalents at beginning
of period 5,606,772 5,489,065
------------ ------------
Cash and cash equivalents at end of period $ 10,684,259 $ 8,404,065
============ ============
Supplemental disclosure:
Cash paid during the period for:
Interest $ 537,417 $ 460,406
Taxes $ 221,096 --
Non-cash investing and financing activities:
Unrealized gain (loss) on securities available-for-sale $ (80,161) $ 7,492
</TABLE>
<PAGE> 8
FIRST COMMUNITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
Note 1 - Basis of Presentation
The consolidated financial statements include the accounts of First
Community Corporation and its wholly owned subsidiary First
Community Bank, N.A. All material inter-company transactions are
eliminated in consolidation. In the opinion of management,
the unaudited financial statements reflect all adjustments
necessary for a fair presentation of the balance sheet and results
of operations for the periods presented.
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
First Community Corporation (the company) is a one bank holding company
which was incorporated in South Carolina on November 2, 1994. First Community
bank N.A. (the bank), the company's only subsidiary, began operations on August
17, 1995 from it's first office located in Lexington, South Carolina. On
September 14, 1995 the company opened it's second office located in Forest
Acres, South Carolina. The company experienced its first quarterly profit in the
fourth quarter of 1996 and has been profitable each subsequent quarter through
the three months ended March 31, 1999.
During the first quarter of 1999 the bank opened it's third banking
office in Irmo, South Carolina (Irmo Office). The bank raised $6.6 million in
net proceeds from a secondary stock offering in July 1998. The proceeds of the
offering were to be used to fund the bank's continued growth through it's
existing offices and to open three additional branches within a period of six to
eighteen months. Since the offering the bank has opened the Irmo Office and has
purchased property in West Columbia, South Carolina to build it's fourth office.
The contract for the construction of this office has not been finalized but it
is anticipated that the office will open in November 1999.
The following discussion contains forward-looking statements that
involve risks and uncertainties. The company's actual results may differ
materially from the results discussed in the forward-looking statements, and the
company's operating performance each quarter is subject to various risks and
uncertainties that are discussed in detail in the company's filings with the
Securities and Exchange Commission, including the "Risk Factors" section in the
company's Registration Statement on Form S-2 (Registration Number 33-86258) as
filed with and declared effective by the Securities and Exchange Commission.
Comparison of Results of Operations for Three Months Ended March 31, 1999 to the
Three Months Ended March 31, 1998:
Net Income
The company's net income for the three months ended March 31, 1999 was
$183,000 or $.15 diluted earnings per share as compared to $116,000 or $.16
diluted earnings per share for the three months ended March 31, 1998. Income
before taxes during the three months ended March 31, 1999 was $282,000 or 143.1%
as compared to $116,000 for the three months ended March 31, 1998. During 1998
the company 's had no income tax expense as a result of reductions in a
previously established deferred tax asset valuation allowance. The diluted
earnings per share during the quarter ended March 31, 1999, as compared to the
quarter ended March 31, 1998, reflects the addition of 517,500 additional shares
issued in a secondary offering which closed on July 10, 1998. The improvement in
net income is primarily due to an increase in average earning assets of $24.8
million during the comparable periods. Average earning assets were $74.4 million
during the first quarter of 1999 as compared to $49.6 million during the first
quarter of 1998.
<PAGE> 10
ITEM 2. CONTINUED PAGE 2
The increase in average earning assets resulted in an increase in net interest
income of $282,000 in the first quarter of 1999 as compared to the first quarter
of 1999. In addition, non-interest income increased from $83,000 in first
quarter of 1998 to $118,000 in the first quarter of 1999. This increase results
from an increase in mortgage origination fees of $15,000 and a $19,000 increase
in commissions earned on sale of non-deposit investment products during the
first quarter of 1999 as compared to the first quarter of 1998. The increases in
net interest income and non-interest income were partially offset by an increase
of $132,000 in non-interest expense in the first quarter of 1999 as compared to
the first quarter of 1998. During the first three months of 1999 the company had
income tax expense of $99,000. During the first quarter of 1998 the ITEM 2.
company's expected tax expense was fully offset by reductions in a previously
established valuation allowance which had been set up to reduce deferred tax
assets attributable to net operating losses in the first two years of
operations.
Net Interest Income
The table on page 6 shows yield and rate data for interest-bearing
balance sheet components during the three month periods ended March 31, 1999 and
1998, along with average balances and the related interest income and interest
expense amounts.
Net interest income was $826,000 for the three months ended March 31,
1999 as compared to $544,000 for the three months ended March 31, 1998. The
yield on average earning assets decreased from 8.03% in the first quarter of
1998 to 7.33% in the first quarter of 1999. This decrease reflects an overall
reduction in market rates which occurred during the fourth quarter of 1998. In
addition this decrease reflects the fact that loans comprised 60.3% of earning
assets during the first quarter of 1998 as compared to only 55.2% percent during
the first quarter of 1999. The earning assets during the first three months of
1999 reflect proceeds of approximately $6.6 million from the secondary offering
which closed on July 10, 1998. The cost of interest bearing liabilities was
3.72% in the first quarter of 1999 as compared to 4.40% in the first quarter of
1998. This decrease also reflects the overall reduction in market interest rates
that occurred during the fourth quarter of 1998.. Net interest margin for the
three months ended March 31, 1999 was 4.51 % as compared to 4.45% for the three
months ended March 31, 1998.
Provision and Allowance for Loan Losses
At March 31, 1999 the allowance for loan losses amounted to $595,000,
or 1.41% as compared to $532,000 or 1.30% at December 31, 1998. The company's
provision for loan loss was $63,000 for the three months ended March 31, 1999 as
compared to $43,000 for the three months ended March 31, 1998. The provision was
made based on management's assessment of general loan loss risk and asset
quality. At March 31, 1999 the company had only one loan, in the principal
amount of $1,000, that was delinquent more than 30 days, and no loans that were
delinquent more than 60 days.
<PAGE> 11
ITEM 2. CONTINUED PAGE 3
Non-interest Income and Non-interest Expense
Total non-interest income increased by $35,000 during the first quarter
of 1999 as compared to the same period in 1998 reflecting increases in mortgage
loan origination fees of approximately $15,000 and commissions on non-deposit
investment products of approximately $19,000.
Total non-interest expense increased by $132,000 during the first
quarter of 1999 as compared to the same quarter of 1998 as a result of the
company's continued growth. This increase includes a $65,000 increase in salary
and benefits expense primarily due to the company employing an additional 6 full
time employees. This increase in staffing is a result of staffing a new branch
that opened in Irmo, South Carolina during March 1999 as well as increased
staffing resulting from growth in the bank between the two periods. A $19,000
increase in marketing expense and a $38,000 increase in other expenses resulted
in the additional increase in non interest expense during the two periods. The
increase in marketing expense is a result of planned increases in advertising
during 1999 over 1998. The increase in other expenses reflects increases in
computer service bureau expense of approximately $17,000 due primarily to an
adjustment in pricing as well as increased volumes of activity based charges
assessed by our data processing provider.
Financial Position
Assets totaled $87.3 million at March 31, 1999 as compared to $73.2
million at December 31, 1998 an increase of $14.1 million (19.3%). At March 31,
1999, loans accounted for 52.4% of earning assets, as compared to 60.9% at
December 31, 1998. Loans grew by $1.3 million during the three months ended
March 31, 1999 from $40.8 million to $42.2 million. The loan to deposit ratio at
March 31, 1999 was 59.7% as compared to 72.9% at December 31, 1998. It is
anticipated that this ratio will increase as management attempts to invest more
of its assets in the higher earning loan portfolio as compared to the investment
portfolio. Earning asset growth was funded by growth in deposits of $14.4
million (25.7%) from $56.0 million at December 31, 1998 to $70.4 at March 31,
1999.
Liquidity and Capital Resources
The company's liquidity remains adequate to meet operating and loan
funding requirements. Federal funds sold and investment securities available-for
sale represent 40.9% of total assets at March 31, 1999. Management believes that
its existing stable base of core deposits along with continued growth in this
deposit base will enable the company to meet its long term and short term
liquidity needs successfully. These needs include the ability to respond to
short-term demand for funds caused by the withdrawal of deposits, maturity of
repurchase agreements, extensions of credit and for the payment of operating
expenses. Sources of liquidity in addition to deposit gathering activities
include maturing loans and investments, purchase of federal funds from other
financial institutions and selling securities under agreements to repurchase.
The
<PAGE> 12
ITEM 2. CONTINUED PAGE 4
company monitors closely the level of large certificates of deposits in amounts
of $100,000 or more as they tend to be extremely sensitive to interest rate
levels, and thus less reliable sources of funding for liquidity purposes. At
March 31, 1999 the amount of certificates of deposits of $100,000 or more
represented 22.3% of total deposits. These deposits are issued to local
customers many of which have other product relationships with the bank and none
are brokered deposits. Management is not aware of any trends, events or
uncertainties that may result in a significant adverse effect on the company's
liquidity position.
The capital needs of the company have been primarily met to date
through the initial common stock offering which raised approximately $6.8
million and in July 1999 the company raised an additional $6.6 million in net
proceeds through a secondary offering.. This capital along with expected
continued retained earnings is sufficient to fund the operations of the bank as
well as fund an anticipated two additional branches within the next six to
eighteen months. The company management anticipates that the bank will remain a
"well capitalized" institution. Shareholders' equity was 15.7% of total assets
at March 31, 1999 as compared to 18.6% at December 31, 1998. The bank's
risked-based capital ratios of Tier 1, total capital and leverage ratio were
20.0%, 21.1% and 13.3%, respectively at March 31, 1999. This compares to
required OCC regulatory capital guidelines for Tier 1 capital, total capital and
leverage capital ratios of 4.0%, 8.0% and 3.0%, respectively. The company will
be required by the Federal Reserve to meet the same guidelines once its
consolidated total assets exceed $150 million.
Year 2000
The company has a program designed to ensure that its operational and
financial systems will not be adversely affected by year 2000 software failures,
due to processing errors arising from calculations using the year 2000 date. The
Board of Directors and management of the company have established year 2000
compliance as a strategic initiative. While the company believes that is has
available resources to assure year 2000 compliance, it is to some extent
dependent on its outside core data processing servicer.
To date the company has expended cost to upgrade and test systems of
approximately $60,000 all of which was expended in 1998. An additional $15,000
in cost has been budgeted to be incurred in 1999. Capitalized cost for
installing new item processing hardware and software and a frame relay
communications network have been approximately $130,000. The cost of the Year
2000 project and the dates scheduled by the company for being compliant are
based on managements best estimates at this time. Additional cost to be incurred
are not deemed to be material to the company's financial position.
The company continues to evaluate the readiness of its vendors and its
customers as a part of its Year 2000 project plan. Management is addressing with
its customers the possible consequences of not being prepared for Year 2000.
Should large borrowers not sufficiently address this issue, the company may
experience an increase in loan defaults although any such amount is not
quantifiable at this time. Management has instituted a program to educate its
<PAGE> 13
ITEM 2. CONTINUED PAGE 5
customers and instituted a credit review process that evaluates year 2000
exposure. At present, the company's review indicates exposure to credit risk
associated with year 2000 is considered to be low. The Company's credit review
procedures will continue to include an assessment of risk related to year 2000
throughout 1999.
The company has developed a comprehensive contingency and business
resumption plan which has been approved by the company's board of directors and
documents and outline options in the event any mission critical systems fail to
operate despite all of our Year 2000 efforts. In addition this plan addresses
liquidity issues and plans to prepare for higher than normal cash withdrawal
demands by customers as the millennium change draws closer. The contingency and
business resumption plan will be tested in the third quarter of 1999. In
addition the company has undertaken an extensive customer awareness program to
inform our customers of the progress that we have made in implementing our Year
2000 readiness plan. The company's primary regulator is the Office of the
Comptroller of the Currency and thus we are subject to supervisory review of our
Year 2000 preparedness and progress. Additionally the company's core processing
provider is also subject to examinations of their Year 2000 readiness by federal
banking regulatory agencies.
Management presently believes that with the modifications already made
to systems and continued testing to these systems, the effects of the Year 2000
problem will be minimized. There can be no assurance however, that all year 2000
problems affecting it have been identified or corrected or that the systems of
other vendors upon which the company rely's, including essential utilities and
telecommunications providers, will be Year 2000 compliant in a timely manner. If
the company's modifications and testing are ineffective, or if the company is
subject to failure of a critical vendor, the Year 2000 issue could have a
material impact on the company's financial condition and results of operations.
<PAGE> 14
ITEM 2. CONTINUED PAGE 6
FIRST COMMUNITY CORPORATION
YIELDS ON AVERAGE EARNING ASSETS AND RATES
ON AVERAGE INTEREST-BEARING LIABILITIES
<TABLE>
<CAPTION>
Three months ended March 31, 1999 Three months ended March 31, 1998
----------------------------------- ----------------------------------
Average Interest Yield/ Average Interest Yield/
Balance Earned/Paid Rate Balance Earned/Paid Rate
------- ----------- ------ ------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Earning assets
Loans $ 41,114,338 900,441 8.88% $ 29,914,590 $ 698,834 9.47%
Securities:
Taxable 27,009,964 370,256 5.56% 14,632,631 214,528 5.95%
Federal funds sold and securities purchased
under agreements to resell 6,257,781 74,494 4.83% 5,068,850 69,111 5.53%
----------------------------------- ----------------------------------
Total earning assets 74,382,083 1,345,191 7.33% 49,616,071 982,473 8.03%
---------------------- ---------------------
Cash and due from banks 2,656,141 1,660,106
Premises and equipment 3,868,050 2,973,509
Other assets 922,526 395,861
Allowance for loan losses (556,214) (393,021)
------------- -------------
Total assets $ 81,272,586 $ 54,252,526
============= =============
LIABILITIES
Interest-bearing liabilities
Interest-bearing transaction accounts $ 10,801,682 $ 25,395 0.95% $ 4,821,428 $ 14,614 1.23%
Money market accounts 8,253,214 82,212 4.04% 6,511,188 72,948 4.54%
Savings deposits 8,924,426 78,222 3.55% 6,091,125 56,780 3.78%
Time deposits 25,351,940 302,968 4.85% 19,553,432 255,171 5.29%
Other short term borrowings 3,162,744 29,930 3.84% 3,403,254 38,795 4.62%
----------------------------------- ----------------------------------
Total interest-bearing liabilities 56,494,006 518,727 3.72% 40,380,427 438,308 4.40%
------------------- -------------------
Demand deposits 10,379,229 7,303,940
Other liabilities 693,581 364,361
Shareholders' equity 13,705,770 6,203,798
------------- -------------
Total liabilities and shareholders' equity $ 81,272,586 $ 54,252,526
============= =============
Net interest spread 3.61% 3.63%
Net interest income/margin $ 826,464 4.51% $ 544,165 4.45%
========= ==========
</TABLE>
<PAGE> 15
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FIRST COMMUNITY CORPORATION
--------------------------------------------
(REGISTRANT)
Date: May 11, 1999 By: /s/ Michael C. Crapps
--------------- --------------------------------------------
Michael C. Crapps
President and Chief Executive Officer
By: /s/ Joseph G. Sawyer
-----------------------------------------
Joseph G. Sawyer
Senior Vice President,
Principal Financial Officer
<PAGE> 16
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no material pending legal proceedings to which the company or
any of its subsidiaries is a party or of which any of their property is the
subject.
ITEM 2. CHANGES IN SECURITIES.
(a) Not applicable
(b) Not applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no matters submitted to security holders for a vote during
the three months ended March 31, 1999.
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) The following documents are filed as part of this report:
<TABLE>
<S> <C>
3.1 Amended and Restated Articles of Incorporation
(incorporated by reference to Exhibit 3.1 to the
company's Registration Statement No. 33-86258 on Form
S-1).
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to
the company's Registration Statement No. 33-86258 on
Form S-1).
4.1 Provisions in the company's Articles of Incorporation
and Bylaws defining the rights of holders of the
company's Common Stock (incorporated by reference to
Exhibit 4.1 to the company's Registration Statement
No. 33-86258 on Form S-1).
10.1 Employment Agreement dated June 1, 1994, by and
between Michael C. Crapps and the company
(incorporated by reference to Exhibit 10.1 to the
company's Registration Statement no. 33-86258 on Form
S-1).*
</TABLE>
<PAGE> 17
<TABLE>
<S> <C>
10.2 Employment Agreement dated June 1, 1994, by and
between James C. Leventis and the company
(incorporated by reference to Exhibit 10.2 to the
company's Registration Statement No. 33-86258 on Form
S-1).*
10.3 Construction agreement dated January 11, 1996 by and
between the bank and Summerfield Associates, Inc. to
build permanent banking facility in Lexington, South
Carolina (incorporated by reference to Exhibit 10.3
to the company's Annual Report for fiscal year ended
December 31, 1995 on Form 10-KSB).
10.4 Contract of sale of real estate dated August 1, 1994
between First Community bank (In Organization) and
Three Seventy-Eight company, Inc. (Incorporated by
reference to the company's Registration Statement No.
33-86258 on Form S-1).
10.5 Contract of sale of real estate dated July 28, 1994,
between First Community bank (In Organization) and
the Crescent Partnership (Incorporated by reference
to the company's Registration Statement No. 33-86258
on Form S-1).
10.6 First Community Corporation 1996 Stock Option Plan
(Incorporated by reference to Exhibit 10.6 to the
company's Annual Report for fiscal year ended
December 31, 1995 on Form 10- KSB).
10.7 Construction Agreement dated November 7, 1996 by and
between the bank and Summerfield Associates, Inc. To
build a banking facility in Forest Acres, South
Carolina. (Incorporated by reference to the company's
1996 Annual Report on Form 10 KSB)
27.1 Financial Data Schedule (for SEC use only).
</TABLE>
*Denotes executive compensation contract or arrangement.
(b) Reports on Form 8-K.
There were no reports on Form 8-K filed by the company during
the quarter ended March 31, 1999.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST COMMUNITY CORPORATION/SC FOR THE THREE MONTHS
ENDED MARCH 31, 1999, CONTAINED IN FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FORM 10-QSB.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
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0
0
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