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First Community Corp. (FCCO) Reports Strong Fourth Quarter Profit

First Community Corp. reported net income of $705,000, or $0.22 per share, for the fourth quarter of 2009. This was an improvement from the loss of $559,000, or $0.17 per share, in the same quarter of 2008. Full year operating income for 2009 was $1.9 million, compared to a loss of $6.9 million in 2008.

First Community Corporation reported strong asset quality despite the lingering effects of the recession, with non-performing assets at the end of 2009 of $8.3 million, or 1.38% of total assets. The bank also reported a Tier 1 Risk Based capital ratio of 12.09%, well above regulatory minimums.

Mike Crapps, the CEO of First Community Corporation said, “We are well positioned to serve our targeted market of local businesses and professionals and continue to grow core deposits and our loan portfolio. We are excited by our success in these areas in 2009 and see increasing opportunities in the marketplace in 2010.”

First Community Corporation is the holding company for First Community Bank, a community bank headquartered in Lexington, South Carolina. First Community Bank has 11 offices in South Carolina, and assets of $606 million as of 12/31/2009.

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