Item 2.02. Results of Operations and Financial Condition.
On April 19, 2023, First Community Corporation (the “Company”),
holding company for First Community Bank, issued a press release announcing its financial results for the period ended March 31, 2023.
The Company announced that the Board of Directors has approved a cash dividend for the first quarter of 2023. The Company will pay a $0.14
per share dividend to holders of the Company’s common stock. This dividend is payable on May 16, 2023 to shareholders of record
as of May 2, 2023.
A copy of the press release is attached hereto as Exhibit 99.1.
FORWARD-LOOKING STATEMENTS
Certain statements in this report may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, goals, projections
and expectations, and are thus prospective. Forward looking statements can be identified by words such as “anticipate”, “expects”,
“intends”, “believes”, “may”, “likely”, “will”, “plans” or other
statements that indicate future periods. Such forward-looking statements are subject to risks, uncertainties, and other factors which
could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such risks,
uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial
institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength
of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected;
(3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes
in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation,
regulation, policies or administrative practices, whether by judicial, governmental, or legislative action; (5) adverse conditions in
the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could continue to
have a negative impact on the company; (6) changes in interest rates, which may affect our deposit and funding costs, net income, prepayment
penalty income, mortgage banking income, and other future cash flows, or the market value of our assets, including our investment securities;
(7) technology and cybersecurity risks, including potential business disruptions, reputational risks, and financial losses, associated
with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; (8) elevated
inflation which causes adverse risk to the overall economy, and could indirectly pose challenges to our customers and to our business;
(9) any increases in FDIC assessment which will increase our cost of doing business; (10) the adverse effects of events beyond our control
that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics, war or terrorist activities,
essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions in our customers’
supply chains or disruption in transportation; and (11) risks, uncertainties and other factors disclosed in our most recent Annual Report
on Form 10-K filed with the SEC, or in any of our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed with the SEC since
the end of the fiscal year covered by our most recently filed Annual Report on Form 10-K, which are available at the SEC’s Internet
site (http://www.sec.gov).
Although we believe that the assumptions underlying the forward-looking
statements are reasonable, any of the assumptions could prove to be inaccurate. 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,
except as required by law.