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First Community Q1 net income up 55%

First Community Corporation has reported a net income of $1.12 million for the first quarter of 2008, up 54.7% compared to net income of $726,000 for the corresponding quarter of 2007.

Diluted earnings per share was $0.35 for the quarter, up 59.1% compared to earnings per share of $0.22 in the same quarter of 2007. Total assets were $590.3 million at March 31, 2008, an increase of 7.3% over March 31, 2007 assets of $550.1 million.

Non-interest income contributed 26.3% of total revenues, which represents significant diversification of First Community’s revenue stream.

Mike Crapps, president and CEO of First Community, said: We are very encouraged by these results along with the trends that we see in new account openings. We attribute much of this to the combination of a successful multi-channel marketing campaign, a refocus on sales efforts in our banking offices and adjustments in incentive compensation plans.