<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, 2000
[ ] 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)
South Carolina 57-1010751
-------------- ----------
(State of Incorporation) (I.R.S. Employer Identification)
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, 2000
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,
2000 December 31,
(Unaudited) 1999
------------- -------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,025,833 $ 3,397,667
Federal funds sold and securities purchased under
agreements to resell 9,810,234 2,795,877
Investment securities - available for sale 24,817,527 27,685,091
Investment securities - held to maturity (market value of
$2,910,251 and $2,904,200 at March 31, 2000 and
December 31, 1999, respectively) 3,034,827 3,036,993
Loans 55,714,482 52,297,124
Less, allowance for loan losses 753,803 703,993
------------- -------------
Net loans 54,960,679 51,593,131
Property, furniture and equipment - net 5,637,176 5,362,994
Other assets 1,016,334 1,017,146
------------- -------------
Total assets $ 101,302,610 $ 94,888,899
============= =============
LIABILITIES
Deposits:
Non-interest bearing demand $ 13,955,287 $ 12,231,819
NOW and money market accounts 22,990,855 24,273,370
Savings 9,053,946 8,029,741
Time deposits less than $100,000 16,387,804 15,084,459
Time deposits $100,000 and over 20,947,843 17,351,835
------------- -------------
Total deposits 83,335,735 76,971,224
Securities sold under agreements to repurchase 3,142,600 1,657,500
Other borrowed money 104,693 1,771,956
Other liabilities 511,551 447,497
------------- -------------
Total liabilities 87,094,579 80,848,177
------------- -------------
SHAREHOLDERS' EQUITY
Common stock, par value $1.00 per share;
10,000,000 shares authorized; issued and outstanding
1,207,177 at March 31, 2000 and December
31, 1999, respectively 1,207,177 1,207,177
Additional paid in capital 12,248,087 12,248,087
Retained earnings 1,121,407 932,192
Accumulated other comprehensive income (368,640) (346,734)
------------- -------------
Total shareholders' equity 14,208,031 14,040,722
------------- -------------
Total liabilities and shareholders' equity $ 101,302,610 $ 94,888,899
============= =============
</TABLE>
<PAGE> 4
FIRST COMMUNITY CORPORATION
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months ended March 31,
-----------------------------------
2000 1999
------------- -------------
<S> <C> <C>
Interest income:
Loans, including fees $ 1,209,405 $ 900,441
Investment securities 414,239 370,256
Federal funds sold and securities purchased
under resale agreements 79,903 74,494
Other 6,583 --
------------- -------------
Total interest income 1,710,130 1,345,191
------------- -------------
Interest expense:
Deposits 663,052 488,797
Federal funds sold and securities sold under agreement
to repurchase 39,279 29,153
Other borrowed money 1,505 777
------------- -------------
Total interest expense 703,836 518,727
------------- -------------
Net interest income 1,006,294 826,464
Provision for loan losses 49,000 62,500
------------- -------------
Net interest income after provision for loan losses 957,294 763,964
------------- -------------
Non-interest income:
Deposit service charges 67,330 46,704
Mortgage origination fees 23,508 22,486
Other 35,461 48,645
------------- -------------
Total non-interest income 126,299 117,835
------------- -------------
Non-interest expense:
Salaries and employee benefits 396,973 312,442
Occupancy 53,173 29,773
Equipment 70,624 48,535
Marketing and public relations 83,564 54,296
Other 194,298 155,116
------------- -------------
Total non-interest expense 798,632 600,162
------------- -------------
Net income before tax 284,961 281,637
Income taxes 95,746 98,982
------------- -------------
Net income $ 189,215 $ 182,655
============= =============
Basic earnings per common share $ 0.16 $ 0.15
============= =============
Diluted earnings per common share $ 0.15 $ 0.15
============= =============
</TABLE>
<PAGE> 5
FIRST COMMUNITY CORPORATION
STATEMENTS OF COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
Three months ended
March 31,
-----------------------------------
2000 1999
------------- -------------
<S> <C> <C>
Net income $ 189,215 $ 182,655
Other comprehensive income, net
of tax:
Unrealized gains (losses) arising
during the period, net of tax
effect of ($11,795) and $($28,195)
for the three months ended
March 31, 2000 and 1999,
respectively (21,906) (51,966)
============= =============
Comprehensive income $ 167,309 $ 130,689
============= =============
</TABLE>
<PAGE> 6
FIRST COMMUNITY CORPORATION
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Accumulated
Additional Other
Common Paid-in Accumulated Comprehensive
Stock Capital Deficit Income (Loss) Total
----------- ------------ ----------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Balance December 31, 1999 $ 1,207,177 $ 12,248,087 $ 932,192 $(346,734) $14,040,722
Net income 189,215 189,215
--
Accumulated other
comprehensive income (loss) (21,906) (21,906)
----------- ------------ ---------- ---------- -----------
Balance March 31, 2000 $ 1,207,177 $ 12,248,087 $1,121,407 $(368,640) $14,208,031
=========== ============ ========== ========== ===========
</TABLE>
<PAGE> 7
FIRST COMMUNITY CORPORATION
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three months ended March 31,
-----------------------------------
2000 1999
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 189,215 $ 182,655
Adjustments to reconcile net income to
net cash used in operating activities:
Depreciation 58,892 41,602
Premium amortization (Discount accretion) (37,240) (29,991)
Provision for loan losses 49,000 62,500
(Increase) decrease in other assets 13,608 (207,628)
Increase (decrease) in accounts payable 64,055 (225,037)
------------- -------------
Net cash provided (used) in operating activities 337,530 (175,899)
------------- -------------
Cash flows form investing activities:
Purchase of investment securities available-for-sale (4,025,644) (12,954,206)
Maturity of investment securities available-for-sale 6,897,911 5,430,629
Purchase of investment securities held-to-maturity -- --
Maturity of investment securities held-to-maturity -- 400,000
Increase in loans (3,416,548) (1,352,535)
Purchase of property and equipment (333,074) (560,696)
------------- -------------
Net cash used in investing activities (877,355) (9,036,808)
------------- -------------
Cash flows from financing activities:
Increase in deposit accounts 6,364,511 14,417,919
Increase (decrease) in securities sold under agreements to repurchase 1,485,100 (170,400)
(Increase) decrease in other borrowings (1,667,263) 42,675
------------- -------------
Net cash provided from financing activities 6,182,348 14,290,194
------------- -------------
Net increase in cash and cash equivalents 5,642,523 5,077,487
Cash and cash equivalents at beginning
of period 6,193,544 5,606,772
------------- -------------
Cash and cash equivalents at end of period $ 11,836,067 $ 10,684,259
============= =============
Supplemental disclosure:
Cash paid during the period for:
Interest $ 510,353 $ 537,417
Taxes $ -- $ 221,096
Non-cash investing and financing activities:
Unrealized gain (loss) on securities available-for-sale $ (34,702) $ (80,161)
</TABLE>
<PAGE> 8
FIRST COMMUNITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
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 1999 the bank opened it's third and fourth banking offices in
Irmo, and Cayce/West Columbia South Carolina, respectively. During the first
quarter of 2000 the bank opened it's fifth banking office in Gilbert, South
Carolina. 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 the three
additional branches.
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, 2000 to the
Three Months Ended March 31, 1999:
Net Income
The company's net income for the three months ended March 31, 2000 was
$189,000 or $.15 diluted earnings per share as compared to $183,000 or $.15
diluted earnings per share for the three months ended March 31, 1999. The
improvement in net income is primarily due to an increase in average earning
assets of $13.6 million during the comparable periods. Average earning assets
were $88.0 million during the first quarter of 2000 as compared to $74.4 million
during the first quarter of 1999.
The increase in average earning assets resulted in an increase in net interest
income of $180,000 in the first quarter of 2000 as compared to the first quarter
of 1999. In addition, non-interest income increased from $118,000 in first
quarter of 1999 to $126,000 in the first quarter of 2000. This increase results
from an increased in deposit account service fees $21,000 offset
<PAGE> 10
ITEM 2. CONTINUED PAGE 2
by a decrease of approximately $9,000 in commissions earned on sale of
non-deposit investment products during the first quarter of 2000 as compared to
the first quarter of 1999. The increases in net interest income and non-interest
income were offset by an increase of $198,000 in non-interest expense in the
first quarter of 2000 as compared to the first quarter of 1999. During the first
three months of 2000 the company had income tax expense of $96,000. During the
first quarter of 1999 the company had income tax expense of $99,000.
The table on page 5 shows yield and rate data for interest-bearing
balance sheet components during the three month periods ended March 31, 2000 and
1999, along with average balances and the related interest income and interest
expense amounts.
Net interest income was $1.0 million for the three months ended March
31, 2000 as compared to $826,000 for the three months ended March 31, 1999. The
yield on average earning assets increased to 7.79% in the first quarter of 2000
as compared to 7.33% in the first quarter of 1999. This increase reflects an
overall increase in market rates which occurred during the fourth quarter of
1999 and the first quarter of 2000. In addition this increase reflects the fact
that loans comprised 60.9% of earning assets during the first quarter of 2000 as
compared to only 55.2% percent during the first quarter of 1999. The cost of
interest bearing liabilities was 3.72% in the first quarter of 1999 as compared
to 4.05% in the first quarter of 2000. This increase also reflects the overall
increase in market interest rates that occurred during the fourth quarter of
1999 and first quarter of 2000. Net interest margin for the three months ended
March 31, 1999 was 4.51 % as compared to 4.59% for the three months ended March
31, 2000.
Provision and Allowance for Loan Losses
At March 31, 2000 the allowance for loan losses amounted to $754,000,
or 1.35% as compared to $704,000 or 1.35% at December 31, 1999. The company's
provision for loan loss was $49,000 for the three months ended March 31, 2000 as
compared to $63,000 for the three months ended March 31, 1999. The provision was
made based on management's assessment of general loan loss risk and asset
quality. At March 31, 2000 the company had three loans, in the principal amount
of $70,000, that were 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 $8,000 during the first quarter
of 2000 as compared to the same period in 1999 reflecting an increase in deposit
service charges of $21,000 offset by a decrease in other income of $13,000. The
decrease in other income was a result of a decrease of commissions on
non-deposit investment products of approximately $17,000.
Total non-interest expense increased by $198,000 during the first
quarter of 2000 as compared to the same quarter of 1999 primarily as a result of
the company's strategic growth plans during 1999 and the first quarter of 2000.
The bank expanded its branch locations from two to five during this period. The
three new de-novo branch locations are the primary factor in the increases in
all expense categories in the first quarter of 2000 as compared to the first
quarter of 1999. Salaries and employee benefits increased $85,000 in the first
quarter of 2000 as compared to the same period in 1999. The bank had eight more
full time equivalent employees during the first quarter of 2000 as compared to
the same period in 1999. The increase in staffing is a result of staffing the
new branches opened during the year. Occupancy expense increased to $53,000 in
the first quarter of 2000 as compared to $30,000 during the comparable period in
1999. Equipment expense increased to $71,000 in the first quarter of 2000 as
compared to $49,000 in the first quarter of 1999. Both the increase in occupancy
and equipment expense are directly a result of additional cost of operating
three additional branches during the first quarter of 2000 as compared to the
first quarter of 1999. A $29,000 increase in marketing expense is a result of
planned increases in 2000 as compared to 1999. The additional marketing expense
is primarily related to introducing advertising on television media during the
latter part of 1999 and the first quarter of 2000. There was a $39,000 increase
in other expenses in the first quarter of 2000 as compared to the same period in
1999. The increase in other expenses is primarily attributable to increases in
computer service bureau expense of approximately $19,000 due to an adjustment in
pricing as well as increased volumes of activity based charges assessed by our
data processing provider. In addition the bank has decided to move it's core
data processing from the service bureau to in-house processing in the second
quarter of 2000 and has incurred expenses related to deconversion of
approximately $11,000 during the first quarter of 2000.
Financial Position
Assets totaled $101.3 million at March 31, 2000 as compared to $94.9
million at December 31, 1999 an increase of $6.4 million (6.7%). At March 31,
2000, loans accounted for 59.7% of earning assets, as compared to 60.9% at
December 31, 1999. Loans grew by $3.4 million during the three months ended
March 31, 2000 from $52.3 million to $55.7 million. The loan to deposit ratio at
March 31, 2000 was 66.9% as compared to 67.9% at December 31, 1999. 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 $6.3 million
(8.3%) from $77.0 million at December 31, 1999 to $83.3 at March 31, 2000.
<PAGE> 12
ITEM 2. CONTINUED PAGE 4
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 34.2% of total assets at March 31, 2000. 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 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, 2000 the amount of certificates of deposits of $100,000 or more
represented 25.1% 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 1998 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 the operating losses incurred by the three new branches until such
time as there earning assets produce revenue that exceeds their fixed cost. The
company management anticipates that the bank will remain a "well capitalized"
institution. Shareholders' equity was 14.0% of total assets at March 31, 2000 as
compared to 14.8% at December 31, 1999. The bank's risked-based capital ratios
of Tier 1, total capital and leverage ratio were 16.7%, 17.8% and 11.9%,
respectively at March 31, 2000. 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.
<PAGE> 13
FIRST COMMUNITY CORPORATION
YIELDS ON AVERAGE EARNING ASSETS AND RATES
ON AVERAGE INTEREST-BEARING LIABILITIES
<TABLE>
<CAPTION>
Three months ended March 31, 2000 Three months ended March 31, 1999
----------------------------------- -----------------------------------
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 $ 53,597,262 $1,209,405 9.05% $ 41,114,338 $ 900,441 8.88%
Securities: 28,291,013 414,239 5.87% 27,009,964 370,256 5.56%
Federal funds sold and securities purchased
under agreements to resell 6,111,876 86,486 5.68% 6,257,781 74,494 4.83%
------------------------------------ ------------------------------------
Total earning assets 88,000,151 1,710,130 7.79% 74,382,083 1,345,191 7.33%
--------------------- ----------------------
Cash and due from banks 2,960,884 2,656,141
Premises and equipment 5,493,208 3,868,050
Other assets 985,525 922,526
Allowance for loan losses (722,491) (556,214)
------------ ------------
Total assets $ 96,717,277 $ 81,272,586
============ =============
LIABILITIES
Interest-bearing liabilities
Interest-bearing transaction accounts $ 9,945,044 18,480 0.75% $ 10,801,682 25,395 0.95%
Money market accounts 14,415,035 150,581 4.19% 8,253,214 82,212 4.04%
Savings deposits 8,418,831 71,542 3.41% 8,924,426 78,222 3.55%
Time deposits 33,687,130 422,448 5.03% 25,351,940 302,968 4.85%
Other short term borrowings 3,212,308 40,785 5.09% 3,162,744 29,930 3.84%
------------------------------------ ------------------------------------
Total interest-bearing liabilities 69,678,348 703,836 4.05% 56,494,006 518,727 3.72%
--------------------- ----------------------
Demand deposits 12,450,936 10,379,229
Other liabilities 460,357 693,581
Shareholders' equity 14,127,636 13,705,770
------------ ------------
Total liabilities and shareholders' equity $ 96,717,277 $ 81,272,586
============ ============
Net interest spread 3.74% 3.61%
Net interest income/margin $1,006,294 4.59% $ 826,464 4.51%
========== =========
</TABLE>
<PAGE> 14
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, 2000.
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:
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).*
<PAGE> 15
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)
10.8 First Community Corporation 1999 Stock Incentive
Plan (Incorporated by reference to the company's
1998 Annual Report on form 10KSB)
27.1 Financial Data Schedule (for SEC use only)
99 Independent Accountants' Report
*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, 2000.
<PAGE> 16
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, 2000 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
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2000, 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
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,025,833
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 9,810,234
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 24,817,527
<INVESTMENTS-CARRYING> 3,034,827
<INVESTMENTS-MARKET> 2,910,251
<LOANS> 55,714,482
<ALLOWANCE> 753,803
<TOTAL-ASSETS> 101,302,610
<DEPOSITS> 83,335,735
<SHORT-TERM> 3,247,293
<LIABILITIES-OTHER> 511,551
<LONG-TERM> 0
0
0
<COMMON> 1,207,177
<OTHER-SE> 13,000,854
<TOTAL-LIABILITIES-AND-EQUITY> 101,302,610
<INTEREST-LOAN> 1,209,405
<INTEREST-INVEST> 414,239
<INTEREST-OTHER> 86,486
<INTEREST-TOTAL> 1,710,130
<INTEREST-DEPOSIT> 663,052
<INTEREST-EXPENSE> 703,836
<INTEREST-INCOME-NET> 1,006,294
<LOAN-LOSSES> 49,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 798,632
<INCOME-PRETAX> 284,961
<INCOME-PRE-EXTRAORDINARY> 284,961
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 189,215
<EPS-BASIC> .16
<EPS-DILUTED> .15
<YIELD-ACTUAL> 4.59
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 703,993
<CHARGE-OFFS> 0
<RECOVERIES> 810
<ALLOWANCE-CLOSE> 753,803
<ALLOWANCE-DOMESTIC> 753,803
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 753,803
</TABLE>
<PAGE> 1
EXHIBIT 99
The Board of Directors
First Community Corporation
I have reviewed the accompanying balance sheet of First Community
Corporation as of March 31, 2000, and the related statements of income,
comprehensive income, changes in shareholders' equity and cash flows for the
three months ended March 31, 2000 and 1999, in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute
of Certified Public Accountants. All information included in these financial
statements is the representation of the management of First Community
Corporation.
A review consists principally of inquiries of company personnel and
analytical procedures applied to financial data. It is substantially less in
scope than an audit in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an opinion.
Based on my review, I am not aware of any material modifications that
should be made to the accompanying financial statements in order for them to be
in conformity with generally accepted accounting principles.
I have previously audited, in accordance with generally accepted
auditing standards, the balance sheet as of December 31, 1999, and the related
statements of income, comprehensive income, changes in shareholders' equity and
cash flows for the year then ended (not presented herein); and in my report
dated January 14, 2000, I expressed an unqualified opinion on those financial
statements. In my opinion, the information set forth in the accompanying
balance sheet as of December 31, 1999, is fairly stated, in all material
respects, in relation to the consolidated balance sheet from which it has been
derived.
/s/ Clifton D. Bodiford
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Clifton D. Bodiford
Certified Public Accountant
Columbia, South Carolina
May 12, 2000
