UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

  X       Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2007

            Transition report pursuant to Section 13 or 15(d) of the Exchange Act for the transition period from ____ to _____

 

Commission File No. 000-28344

                                                                             

FIRST COMMUNITY CORPORATION

(Exact name of registrant as specified in its charter)

 

South Carolina                                                                     57-1010751

(State of Incorporation)                                                                     (I.R.S. Employer Identification)

 

 

5455 Sunset Boulevard, Lexington, South Carolina 29072

(Address of Principal Executive Offices)

 

 

(803) 951-2265

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

                Large accelerated filer                     Accelerated filer                                               Non-accelerated filer x

 

 

Indicate by check mark whether the registrant is shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:  On October 31, 2007, 3,222,923 shares of the issuer’s common stock, par value $1.00 per share, were issued and outstanding. 

 

 

                                   

 

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Shareholders’ Equity and Comprehensive Income (loss)

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations

Item 3.  Quantitative and Qualitative Disclosures About Market Risk 

Item 4.  Controls and Procedures

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6. Exhibits

INDEX TO EXHIBITS

SIGNATURES

EX-31.1 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

EX-31.2 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

EX-32 SECTION 1350 CERTIFICATIONS

 
 
 
 
 
 
 
 
 
 
 
 
PART I
FINANCIAL INFORMATION

Item 1.  Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                      

FIRST COMMUNITY CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

September 30,

 

 

 

 

2007

 

December 31, 

 

 

(Unaudited)

 

2006

ASSETS

 

 

 

 

Cash and due from banks

$

     10,492,919

$

      10,021,781

Interest-bearing bank balances

 

          166,384

 

             47,786

Federal funds sold and securities purchased under  agreements to resell

 

     10,239,079

 

      17,745,404

Investment securities - available for sale

 

   172,983,980

 

    165,826,684

Investment securities - held to maturity (market value of

 

 

 

 

  $6,334,359 and $6,509,148 at September 30, 2007 and 

 

  

 

  

  December 31, 2006, respectively)

 

       6,322,433

 

        6,488,796

Investment securities, at fair value

 

       2,978,441

 

                       -  

Other investments, at cost

 

       5,156,595

 

        4,207,794

Loans

 

   302,828,777

 

    275,188,567

Less,  allowance for loan losses

 

       3,525,495

 

        3,214,624

   Net loans

 

   299,303,282

 

    271,973,943

Property, furniture and equipment - net

 

     20,266,788