Exhibit 99.1

News Release

For Release January 16, 2013

9:00 A.M.

First Community Corporation Announces Increased Cash Dividend, Annual and Fourth Quarter Results

Highlights

·                  $3,292,000 in 2012 net income available to common shareholders; or $0.79 diluted per share

·                  $1,021,000 in fourth quarter net income available to common shareholders; or $0.19 diluted per share

·                  Increased cash dividend to $0.05 per common share

·                  Regulatory capital ratios of 10.63% (Tier 1 Leverage) and 18.64% (Total Capital); along with Tangible Common Equity/Tangible Assets (TCE/TA) ratio of 8.88%

·                  Non-Performing Assets (NPAs) decreased by 31.4% in 2012 to $8.8 million (1.46% of Total Assets)

·                  Organic pure deposit growth of 11.4% ($32.7 million) in 2012

·                  Diversified revenue model shows strength as core non-interest income represents 32% of core revenue

Lexington, SC — January 16, 2013  Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported for the year of 2012 net income available to common shareholders was $3.29 million compared to $2.65 million during 2011, an increase of 24.0%.  Diluted earnings per share for 2012 were $0.79.  With the successful equity offering completed in the third quarter of 2012, and the increased shares outstanding, diluted earnings per share decreased by 2.50% from the prior year level of $0.81 per share.

Net income available to common shareholders for the fourth quarter of 2012 was $1.02 million, which is a 13.1% increase, as compared to $903 thousand in the fourth quarter of 2011.  Diluted earnings per common share were $0.19 for the fourth quarter of 2012 as compared to $0.27 for the fourth quarter of 2011.

Mike Crapps, President and CEO of First Community commented, “The strength of our diversified revenue model was evident this year.  As our bank, and most of the industry, faced the headwind of net interest margin compression, we were still able to grow revenue during the year.  Customer driven sources of non-interest income accounted for 32% of our revenue and was led by our mortgage banking line of business, which had $142 million in total loan production, and $4.2 million in revenue for the year.

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Cash Dividend and Capital

As a result of the success of the year and the Company’s strong capital position, the Board of Directors is pleased to announce its approval of an increase in its cash dividend for the fourth quarter of 2012.  The company will pay a $0.05 per share dividend to holders of the company’s common stock.  This dividend is payable February 15, 2013, to shareholders of record as of February 1, 2013.

As previously announced, on July 27, 2012, the Company closed on its public offering of common stock.  This offering resulted in the issuance of a total of 1,875,000 shares of common stock at $8.00 per share, resulting in gross proceeds of $15.0 million.  The proceeds of this offering were used to repurchase preferred stock issued to the U.S. Treasury in the TARP-CPP program ($11.3 million), redeem the related warrant issued to the U.S. Treasury ($292,500), and to repurchase subordinated notes ($2.5 million).

Mr. Crapps commented, “The year of 2012 has been active for us and we enter 2013 with a high quality capital structure at robust levels.  We are particularly pleased to announce the increase in our cash dividend.  We recognize the importance of this to our shareholders.”

Each of these regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk Based) exceed the well capitalized minimum levels currently required by regulatory statute.  At December 31, 2012, the company’s regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk Based) were 10.63%, 17.39% and 18.64%, respectively.  This compares to the same ratios as of December 31, 2011, of 9.40%, 15.33% and 17.25%, respectively.  Additionally, the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, were 10.34%, 16.94% and 18.19%, respectively, as of December 31, 2012.  The strength of these capital ratios is a result of the company’s continued earnings, its success in executing its previously announced strategy of controlling the overall size of its balance sheet, and the residual capital retained from the events noted above.

Further, the company’s ratio of tangible common equity to tangible assets showed growth increasing to 8.88% as of December 31, 2012; as compared to 6.07% as of December 31, 2011.  Tangible book value is $10.23 per share as of December 31, 2012; as compared to $10.89 as of December 31, 2011.

Asset Quality

Non-performing assets (NPAs) decreased by 31.4% in 2012 to $8.8 million, which is a ratio of 1.46% of Total Assets.  This compares to NPAs of $12.8 million or 2.16% as of December 31, 2011.  It is noteworthy that the Company had Other Real Estate Owned (OREO) sales of $5.7 million during the year, with only a modest loss on these sales of $89 thousand.

Trouble debt restructurings (TDRs), that are still accruing interest, decreased during the year to $1.0 million from $4.0 million.  Based on a recent review of all loans classified as TDR, it has been determined that one loan, in the amount of $3.1 million, did not merit TDR status.  Loans past due 30-89 days decreased to $2.6 million (0.78% of loans).

Net charge-offs for the quarter were $154 thousand (0.18% annualized ratio), which is a decrease as compared to the fourth quarter of 2011 total of $319 thousand (0.40% annualized ratio).  For the year of 2012, net loan charge offs were $574 thousand (0.17% annualized ratio) which is a decrease from the prior year amount of $1.6 million (0.50% annualized ratio).  The company believes that its charge-off ratios for these periods compares very favorably to its peer group.  Provision expense in

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2012 in the amount of $496 thousand also showed a significant decline from the 2011 amount of $1.4 million.

It is also noteworthy that classified loans ended the year at $17.6 million.  This compares to the December 31, 2011 amount of $17.8 million.  The ratio of classified loans plus OREO continues to decrease and is at 32.68% of total bank regulatory risk-based capital as of December 31, 2012.

Mr. Crapps commented, “Our credit quality continues to be a strength of this organization.  Net charge-offs were relatively benign during this year at 17 basis points and thus allowed us to fund less into the allowance for loan losses than in the prior year.  The decrease in NPAs positions us well for 2013 as we endeavor to minimize our overall credit costs.”

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 continued 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.  Additionally, the Company achieved growth in the loan portfolio, with an increase of $7.8 million (2.4%) during 2012.

(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 32.7% of the total deposits.  As a result of this success, the cost of funds, including non-interest bearing demand deposits, has declined to .86% in the fourth quarter of 2012.”

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Mr. Crapps continued, “We were particularly pleased to see growth in the loan portfolio this year driven primarily by success in the fourth quarter.”

Net Interest Income/Net Interest Margin

Net interest income decreased by 4.1% in 2012 as compared to 2011.  On a linked quarter basis, the Company experienced a slight decrease of 1.0%.  The net interest margin declined from 3.33% in 2011 to 3.22% in 2012.  This is primarily due to a decline in loan and investment portfolio yields of more than the reduction in the cost of funds, noted above.  On a linked quarter basis the net interest margin was unchanged at 3.12%

Non-Interest Income

Non-interest income increased significantly by 26.6% to $7.96 million in 2012 as compared to $6.29 million in 2011.  This increase was led by the success in the mortgage banking line of business with revenue increasing from $1.97 million in 2011 to $4.24 million this year.  Mr. Crapps commented, “The acquisition of Palmetto South Mortgage Corporation in July of 2011 continues to be beneficial and, in combination with the legacy mortgage unit, is a real story of success.  The combined units had total loan production of $142 million during the year.

We believe that this diversification of revenue demonstrates a real strength of our model, in that, in a year of decreasing net-interest income and margin compression, we were still able to increase overall revenues.  The additional strength of our model is that if mortgage refinance production slows due to rising interest rates, we believe that this will be the result of a stronger economy driving increased purchase activity in the mortgage banking line of business and expanding margins in the commercial and retail line of business.”

Non-Interest Expense

Non-interest expense increased during the year by 5.70%.  This increase is attributed to salary and benefit costs associated with the increased mortgage production and the full year impact of Palmetto South, as compared to only five months in 2011.  Additionally, increased accruals for incentive compensation plans contributed to the increase.  Partially offsetting these increases was reduced FDIC insurance costs and reduced amortization of intangibles expense.

Summary

Mr. Crapps summarized the year with the following, “It is an understatement to say that this was a significant year for our company, our shareholders, and our employees.  First Community is now well positioned to play offense from a position of strength with strong capital, no TARP-CPP funds, excellent credit quality, a diversified revenue model that is working to produce revenue growth and core earnings, and the proven ability to execute a strategic and disciplined growth strategy.  We look forward to a bright future.

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 thousands, 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