Exhibit 99.1

For Release October 19, 2011

9:00 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 Substantial Increase in Earnings and Cash Dividend Highlights

·                  $790,000 in net income available to common shareholders; or $.24 per share

·                  Continued payment of cash dividend

·                  Capital ratios exceed regulatory expectations and continue to increase

·                  Loan portfolio quality better than peer and trends are positive with NPA ratio now at 1.92%

·                  Pure deposit growth momentum continues to be strong

·                  Record quarter for non-interest income driven by residential mortgage banking and financial planning / investment advisory lines of business

Lexington, SC — October 19, 2011  Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the third quarter of 2011.  Net income available to common shareholders for the third quarter of 2011 was $790 thousand, which is a 41.6% increase, as compared to $ 558 thousand in the preceding quarter and a 246.5% increase as compared to $228 thousand in the third quarter of 2010.  Diluted earnings per common share were $0.24 for the third quarter of 2011 as compared to $.17 for the second quarter of 2011, and as compared to $.07 in the third quarter of 2010.

Year-to-date 2011 net income available to common shareholders was $1.75 million compared to $960 thousand during the first nine months of 2010, an increase of 82.3%.  Diluted earnings per share for the first nine months of 2011 were $.53, an increase of 82.8% over the same period in 2010, which produced diluted earnings per share of $0.29.  Mike Crapps, President and CEO of First Community, commented, “I am especially pleased to report that this increase in earnings is driven by strong revenue growth, with significant contributions from our residential mortgage banking and our financial planning / investment advisory lines of business.”

Cash Dividend and Capital

The company announced that the Board of Directors has approved a cash dividend for the third quarter of 2011.  The company will pay a $.04 per share dividend to holders of the company’s common stock.  This dividend is payable November 15, 2011, to shareholders of record as of November 1, 2011.

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During the third quarter of 2011, all of the company’s regulatory capital ratios continued to increase as compared to the prior year.  Each of these ratios (Leverage, Tier I Risk Based, and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute and the previously communicated higher capital ratios expected by the Bank’s primary regulator, the Office of the Comptroller of the Currency.  These new expectations are 8.00%, 10.00% and 12.00%, respectively.  At September 30, 2011, the company’s regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk Based) were 9.10%, 14.82% and 16.07%, respectively.  This compares to the same ratios as of September 30, 2010, of 8.77%, 13.43% and 14.66%, respectively.  Additionally, the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, were 8.90%, 14.61% and 15.76%, respectively, as of September 30, 2011.  The company has previously noted that capital planning will continue to be a focus for the company.  The improvement in the capital ratios is a result of the company’s continued earnings and its success in executing its previously announced strategy of controlling the overall size of its balance sheet.

Further, the company’s ratio of tangible common equity to tangible assets showed growth increasing to 5.74% as of September 30, 2011; as compared to 5.00% as of December 31, 2010.  Tangible book value also increased to $10.53 per share as of September 30, 2011; as compared to $9.14 as of December 31, 2010.

Asset Quality

Loan Portfolio

Non-performing assets continued to improve, decreasing to $11.7 million (1.92% of total assets) at the end of the quarter, as compared to $13.2 million (2.20%) as of December 31, 2010.  This ratio compares favorably with the bank’s peer group non-performing assets ratio which the company believes to be in excess of 4.50%.  During the third quarter, non-accrual loans increased slightly from $3.3 million to $3.4 million, while other real estate owned (OREO) decreased from $9.0 million to $8.3 million.

Trouble debt restructurings, that are still accruing interest, increased during the quarter to $6.1 million from $3.0 million due to the temporary modifications made to one loan.  It is believed that this loan will return to its previous repayment structure.  Loans past due 30-89 days increased to $3.1 million (0.95% of loans) from $2.1 million (0.63% of loans) on a linked quarter basis.

Net loan charge-offs for the quarter were $368 thousand (0.44% annualized ratio), which is a slight increase as compared to the second quarter of 2011 total of $329 thousand (0.40% annualized ratio).  The company believes that this compares very favorably to its peer group average.  For the nine month period ending September 30, 2011, net loan charge offs remained relatively flat at $1.31 million (0.53% annualized ratio) which compares to the prior year same period net charge off amount of $1.38 million (0.54% annualized ratio).

It is also noteworthy that classified loans ended the quarter at $17.9 million.  This compares to the December 31, 2010 amount of $21.9 million and the June 30, 2011 level of $17.3 million.  The ratio of classified loans plus OREO continues to decrease and is below 50% at 45.05% of total bank regulatory risk-based capital as of September 30, 2011.

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Balance Sheet

The company continued to move forward with its previously announced strategy of controlling the overall size of its balance sheet while improving the mix of both assets and liabilities.  As seen below, the company reported great success in growing pure deposits (deposits other than certificates of deposit), while reducing the balances of certificates of deposit; thereby achieving an even lower cost of funding.

(Numbers in millions)

Mr. Crapps commented, “Our success in serving our target market of local businesses and professionals is evidenced by the tremendous momentum we have built in the growth of pure deposits.  This success has enabled us to continue to reduce our cost of funds and control our balance sheet size by reducing certificates of deposit and Federal Home Loan Bank advances.  Certificates of deposit now represent only 38.6% of the total deposits.  As a result of this success, the cost of funds, including non-interest bearing demand deposits, has declined to 1.27% from 1.55% in the fourth quarter of 2010 and 1.33% in the second quarter of 2011.”  Mr. Crapps continued, “While we are pleased with the success on the liability side of the balance sheet, we remain disappointed in the weak demand in the market for loans.  The result of this is a decline in our loan portfolio and the residual cash flow invested in lower yielding investment securities.  Our bankers continue to aggressively seek sound loan opportunities.”

Net Interest Income/Net Interest Margin

Net interest income of $4.6 million for the second quarter of 2011 and the net interest margin of 3.37% remained unchanged from the prior quarter.  This is primarily due to the before mentioned reduction in cost of funding while holding loan yields relatively flat.  This has served to offset the reduction in investment portfolio yields.

Non-Interest Income

The company experienced a record quarter in non-interest income increasing to $1.7 million from $1.2 million (a 38.6% increase) in the prior quarter and $922 thousand (an 83.1% increase) in the

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third quarter of 2010.  This success was driven largely by the residential mortgage banking and the financial planning / investment advisory lines of business.

As previously disclosed, the bank expanded its residential mortgage banking business on July 29, 2011 with the addition of Palmetto South Mortgage, a division of First Community Bank.  Combined with the legacy mortgage unit, mortgage origination fees totaled $698 thousand for the third quarter of 2011, as compared to $263 thousand (a 165.4% increase) in the second quarter of 2011 and $342 thousand (a 104.1 % increase) in the third quarter of 2010.

The financial planning / investment advisory unit also enjoyed a record quarter with revenues of $218 thousand, as compared to $138 thousand (a 58.0% increase) in the second quarter of 2011 and $82 thousand (a 165.9% increase) in the third quarter of 2010.

Mr. Crapps commented, “We have been focused on serving our customers from our three primary lines of business, which are commercial and retail banking; residential mortgage banking; and financial planning / investment advisory services.  We have really worked hard to increase the non-interest income revenue contribution from these units and are pleased with the success this quarter.”

Non-Interest Expense

Non-interest expense increased in the third quarter of 2011 to $4.6 million from $4.4 million in the prior period of 2011.  The primary reason for this increase is the addition of Palmetto South Mortgage on July 29, 2011 and the variable compensation costs related to the success of the residential mortgage banking and the financial planning / investment advisory lines of business.

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, Richland, Newberry and Kershaw counties in addition to First Community Financial Consultants, a financial planning/investment advisory division and Palmetto South Mortgage, a separate mortgage division.

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 thousand, except per share data)

(1) Includes federal funds sold, securities sold under agreements to resell and interest-bearing deposits

Average Balances:

Asset Quality:

FIRST COMMUNITY CORPORATION

INCOME STATEMENT DATA

(Dollars in thousands, except per share data)

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates on Average Interest-Bearing Liabilities

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates on Average Interest-Bearing Liabilities