ITEM 2.02. Results of Operations and Financial Condition

On April 27, 2009, First Community Corporation, holding company for First Community Bank, N.A., furnished a Current Report on Form 8-K that included a press release announcing its financial results for the period ended March 31, 2009 under Item 2.02.

As result of the closure on May 1, 2009 of Silverton Bank by the Office of the Comptroller of the Currency and the FDIC being named as receiver of Silverton Bank, First Community Corporation, which we refer to as the company, is revising its results for the first quarter of 2009. For the first quarter of 2009, net income available to common shareholders as revised is $408,000 or $0.13 per diluted share, as compared to net income available to common shareholders previously reported of $744,000 or $0.23 per diluted share. The company had an original exposure to Silverton Bank in the form of a $511,000 investment in Silverton Bank's common stock. The company had previously reflected a write down of $176,000 to its investment in Silverton in the first quarter 2009. As a result of the FDIC's actions, the company has written down the balance of the exposure to Silverton.

The company has no additional exposure to Silverton in the form of debt or equity investments. This additional charge does not have a material impact on the company's regulatory capital ratios. The company's regulatory capital ratios continue to meet and exceed the regulatory capital definitions of "well-capitalized". As of March 31, 2009, the Tier I capital ratio, Total Capital and Leverage Capital ratios as revised were approximately 12.3% 13.2% and 8.0% respectively. This compares to the regulatory guideline of 6%, 10% and 5% respectively to be considered "well-capitalized."

Certain statements in this report 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. The words "may," "would," "could," "will," "expect," "anticipate," "believe," "intend," "plan," and "estimate," as well as similar expressions, are meant to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors, such as a downturn in the economy, greater than expected non-interest expenses, excessive loan losses and other matters, which could cause actual results to differ materially from results expressed or implied by such forward-looking statements. For a more detailed description of factors that could cause or contribute to such differences, please see the disclosures set forth under Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2008 and our other filings with the Securities and Exchange Commission.

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 our 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.

# # #