Exhibit 99.1

News Release

For Release January 18, 2012

11:00 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 Fourth Quarter and Annual Earnings and Cash Dividend

Highlights

·                  $2,654,000 in 2011 net income available to common shareholders; or $0.81 per share

·                  $903,000 in fourth quarter net income available to common shareholders; or $.27 per share

·                  Continued payment of cash dividend

·                  Capital ratios of 9.40% (Tier 1 Leverage) and 17.25% (Total Capital)

·                  Loan portfolio quality better than peer with NPA ratio of 2.15%

·                  Organic pure deposit growth of 10.4% ($27 million) in 2011

·                  Revenue growth driven by residential mortgage banking and financial planning / investment advisory lines of business

Lexington, SC — January 18, 2012  Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported for the year of 2011 net income available to common shareholders was $2.7 million compared to $1.2 million during 2010, an increase of 123.0%.  Diluted earnings per share for 2011 were $.81, an increase of 125.0% over 2010, which produced diluted earnings per share of $0.36.  Mike Crapps, President and CEO of First Community, commented, “I am especially pleased to report that this increase in earnings is driven by year over year revenue growth of 11.9% ($2.6 million), with significant contributions from our residential mortgage banking and our financial planning / investment advisory lines of business.”  He also commented that “Core earnings (net income available to shareholders excluding net securities gains and expense associated with early extinguishment of debt) in 2011 were $2.4 million or $0.73 per share, as compared to $652 thousand or $0.20 per share in 2010.  This reflects the core earnings strength of this organization and the momentum that we carry into 2012.”

Net income available to common shareholders for the fourth quarter of 2011 was $903 thousand, which is a 14.3% increase, as compared to $790 thousand in the preceding quarter and a 292.6% increase as compared to $230 thousand in the fourth quarter of 2010.  Diluted earnings per common

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share were $0.27 for the fourth quarter of 2011 as compared to $.24 for the third quarter of 2011, and $.07 in the fourth quarter of 2010.

Cash Dividend and Capital

The company announced that the Board of Directors has approved a cash dividend for the fourth quarter of 2011.  The company will pay a $.04 per share dividend to holders of the company’s common stock.  This dividend is payable February 15, 2012, to shareholders of record as of February 1, 2012.

During the fourth 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 expectations are 8.00%, 10.00% and 12.00%, 4respectively.  At December 31, 2011, the company’s regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk Based) were 9.40%, 15.33% and 17.25%, respectively.  This compares to the same ratios as of December 31, 2010, of 8.79%, 13.73% and 14.99%, respectively.  Additionally, the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, were 9.27%, 15.12% and 16.38%, respectively, as of December 31, 2011.  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.

Additionally, as previously announced, the company, on December 16, 2011, executed the issuance of $2.5 million in subordinated notes to certain accredited investors, including directors and executive officers of the company.  The proceeds of this offering will be retained by the company and are intended to be used to pay dividends on the company’s common and preferred stock and for general corporate and banking purposes.

Also, as previously announced, the company’s Memorandum of Understanding (MOU) with the Federal Reserve Bank of Richmond, dated June 15, 2010, has been terminated and replaced with a new MOU, which eliminates the requirement that the company receive prior approval from the Federal Reserve before declaring or paying any dividends.

Mr. Crapps commented, “The combination of the company’s additional liquidity, created by the subordinated note offering; along with the revised MOU removing the requirement for prior approval from the Federal Reserve before we could declare or pay any dividends, serves to provide increased clarity to the sustainability of our dividend payments.”

Further, the company’s ratio of tangible common equity to tangible assets showed growth increasing to 6.07% as of December 31, 2011; as compared to 5.00% as of December 31, 2010.  Tangible book value also increased to $10.89 per share as of December 31, 2011; as compared to $9.14 as of December 31, 2010.

Asset Quality

Loan Portfolio

Non-performing assets at 2.15% continue to outperform the peer, which the company believes to be in excess of 4.00%.  This ratio did increase on a linked quarter basis from its September 30, 2011 level of 1.92%.  This increase is attributable to a single loan in the amount of $2.0 million being placed in non-accrual.  This loan had previously been identified as a classified asset and a trouble

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debt restructure (TDR).  It should also be noted that the balance of this loan was written down during the fourth quarter to reflect the current market value of the collateral.  This increase in non-performing assets was partially mitigated by a decrease of $917 thousand in Other Real Estate Owned (OREO), through the sales of various properties.

Trouble debt restructurings, that are still accruing interest, decreased during the quarter to $4.0 million from $6.1 million primarily due to the above mentioned event.  Loans past due 30-89 days increased to $3.3 million (1.02% of loans) from $3.1 million (0.95% of loans) on a linked quarter basis.

Net charge-offs for the quarter were $319 thousand (0.40% annualized ratio), which is a decrease as compared to the third quarter of 2011 total of $388 thousand (0.44% annualized ratio).  For the year of 2011, net loan charge offs were $1.6 million (0.50% annualized ratio) which is a decrease from the prior year amount of $1.8 million (0.54% annualized ratio).  The company believes that its charge-off ratios for these periods compares very favorably to its peer group.

It is also noteworthy that classified loans ended the quarter at $17.8 million.  This compares to the December 31, 2010 amount of $21.9 million.  The ratio of classified loans plus OREO continues to decrease and is at 42.43% of total bank regulatory risk-based capital as of December 31, 2011.

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 and Federal Home Loan Bank advances; 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 38.3% of the total deposits.  As a result of this success, the cost of funds, including non-interest bearing demand deposits, has declined to 1.17% from 1.55% in the fourth quarter of 2010 and 1.27% in the third quarter of 2011.”  Mr. Crapps continued, “While we are

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pleased with the success on the liability side of the balance sheet, we remain disappointed in the weak demand in the market for loans.  For the fourth quarter, our loan portfolio was unchanged and for the year of 2011, we experienced a decline of $5.7 million or 1.7%.  Our bankers continue to work hard to identify, underwrite, and appropriately price sound loan opportunities.”

Net Interest Income/Net Interest Margin

Net interest income of $4.6 million for the third quarter of 2011 was relatively unchanged from the prior quarter.  The net interest margin did decline to 3.32% in the fourth quarter from the third quarter level of 3.37%.  This is primarily due to a decline in loan and investment portfolio yields of slightly more than the reduction in the cost of funds.

Non-Interest Income

The company experienced a record quarter in non-interest income increasing to $1.9 million from $1.7 million (an 11.8% increase) in the prior quarter and $1.2 million (a 61.9% increase) in the fourth 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 revenues totaled $821 thousand for the fourth quarter of 2011, as compared to $698 thousand in the third quarter of 2011 and $343 thousand in the fourth quarter of 2010.  For the year of 2011, this line of business produced $1.97 million in revenue as compared to $1.03 million in 2010.  Total mortgage loans originated for sale in 2011 were approximately $81 million.

The financial planning / investment advisory unit also enjoyed another record quarter with revenues of $236 thousand, as compared to $218 thousand (an 8.3% increase) in the third quarter of 2011 and $85 thousand (a 177.7% increase) in the fourth quarter of 2010.  During 2011, assets under management increased to $89.1 million from $73.4 million as of December 31, 2010 which is an increase of 21.4%.

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 our continued success.”

Non-Interest Expense

Non-interest expense increased slightly in the fourth quarter of 2011 to $4.64 million from $4.56 million in the prior period of 2011.  This increase is driven by a combination of factors including higher variable compensation costs related to the success of the mortgage units, increased OREO expenses due to property taxes, offset by decrease amortization of intangibles expense.

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

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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 purchased 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