- Quarterly Report (10-Q)

Indicated 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):


Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a 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 registrant’s classes of common stock, as of the latest practicable date;


Common stock, par value $.05 per share		5,457,173 shares
(class)		Outstanding at May 14, 2010


		Page
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets - At March 31, 2010 (unaudited) and At December 31, 2009		2

Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2010 and 2009 (unaudited)		3

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2010 and 2009 (unaudited)		4-5

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2010 and 2009 (unaudited)		6-7

Notes to Condensed Consolidated Financial Statements (unaudited)		8-16

Review by Independent Registered Public Accounting Firm		17

Report of Independent Registered Public Accounting Firm		18

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		19-29

Item 3. Quantitative and Qualitative Disclosures About Market Risk		30

Item 4T. Controls and Procedures		30

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		30

Item 1A. Risk Factors		30

Item 6. Exhibits		31

SIGNATURES		32

1


	March 31, 2010			December 31, 2009
	(Unaudited)
Assets

Cash and due from banks	$	5,981		5,623
Interest-bearing deposits with banks		60,629		45,074

Cash and cash equivalents		66,610		50,697

Other interest-bearing deposits with banks		271		491
Securities available for sale		50,977		50,850
Securities held to maturity (market value of $0 and $7,554)		—		7,583
Loans, net of allowance for loan losses of $8,024 in 2010 and $7,830 in 2009		392,784		399,265
Federal Home Loan Bank stock, at cost		2,549		2,549
Premises and equipment, net		12,705		12,834
Foreclosed real estate		2,426		2,892
Accrued interest receivable		1,828		2,016
Deferred income taxes		4,277		4,912
Bank-owned life insurance		7,983		7,940
Prepaid FDIC assessment		4,383		4,661
Other assets		3,083		1,228

	$	549,876		547,918


Liabilities and Stockholders’ Equity

Liabilities:
Noninterest-bearing demand deposits		36,703		36,293
Savings, NOW and money-market deposits		227,392		205,553
Time deposits		194,119		216,671


Total deposits		458,214		458,517

Federal Home Loan Bank advances		36,000		36,000
Other borrowings		4,955		2,767
Accrued expenses and other liabilities		3,435		5,133


Total liabilities		502,604		502,417


Stockholders’ equity:
Preferred stock, $0.01 par value, 2,000,000 shares authorized:
Series A, 10,685 shares designated, issued and outstanding		10,685		10,685
Series A preferred stock discount		(25	)	(27	)
Series B, 720,000 shares designated, 313,497 and 189,018 shares issued and outstanding		7,837		4,725
Common stock, $0.05 par value, 20,000,000 shares authorized, 5,457,173 and 4,938,692 shares issued and outstanding		273		247
Additional paid-in capital		32,885		32,154
Accumulated deficit		(4,821	)	(2,618	)
Accumulated other comprehensive income		438		335


Total stockholders’ equity		47,272		45,501

	$	549,876		547,918

See Accompanying Notes to Condensed Consolidated Financial Statements.

2


	Three Months Ended March 31,
	2010			2009
Interest income:
Loans	$	5,410		6,033
Securities		557		480
Other interest earning assets		31		9


Total interest income		5,998		6,522


Interest expense:
Deposits		2,002		2,626
Other borrowings		342		362


Total interest expense		2,344		2,988


Net interest income		3,654		3,534

Provision for loan losses		3,941		695


Net interest (loss) income after provision for loan losses		(287	)	2,839


Noninterest income:
Service charges on deposit accounts		168		206
Other service charges and fees		48		50
Income from bank-owned life insurance		44		40
Gain on sale of loans held for sale		—		2
Net gain on sale of securities		159		—
Other		178		80


Total noninterest income		597		378


Noninterest expenses:
Employee compensation and benefits		1,604		1,759
Occupancy and equipment		421		420
Data processing		387		352
Professional fees		282		153
Office supplies		34		45
Insurance		314		118
Other		340		307


Total noninterest expenses		3,382		3,154


(Loss) earnings before income tax (benefit) expense		(3,072	)	63

Income tax benefit		(1,200	)	(6	)


Net (loss) income		(1,872	)	69

Preferred stock dividend requirements and amortization of preferred stock discount		(331	)	(149	)


Net loss available for common stockholders	$	(2,203	)	(80	)


Loss per share:
Basic and diluted loss per share	$	(.42	)	(.02	)

See Accompanying Notes to Condensed Consolidated Financial Statements.

3


	Preferred Stock – Series A					Common Stock			Additional Paid-In Capital	Retained Earnings		Accumulated Other Comprehensive Income	Total
	Shares	Amount		Discount		Shares	Amount		Additional Paid-In Capital	Retained Earnings		Accumulated Other Comprehensive Income	Total

Balance at December 31, 2008	10,685	$	10,685	(33	)	4,111,121	$	205	30,388	2,843		386	44,474


Comprehensive income:
Net income (unaudited)	—		—	—		—		—	—	69		—	69

Net change in unrealized gain on securities available for sale, net of taxes of $102 (unaudited)	—		—	—		—		—	—	—		170	170


Comprehensive income (unaudited)													239


Exercise of stock options (unaudited)	—		—	—		40,310		3	192	—		—	195

Share-based compensation expense (unaudited)	—		—	—		—		—	10	—		—	10

Dividend on preferred stock to U.S. Treasury, Series A (unaudited)	—		—	—		—		—	—	(146	)	—	(146	)

Amortization of common stock warrants issued to U.S. Treasury (unaudited)	—		—	3		—		—	—	(3	)	—	—


Balance at March 31, 2009 (unaudited)	10,685	$	10,685	(30	)	4,151,431	$	208	30,590	2,763		556	44,772

(continued)

4


	Preferred Stock								Common Stock			Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)	Total
	Series A					Series B			Common Stock
	Shares	Amount		Discount		Shares	Amount		Shares	Amount

Balance at December 31, 2009	10,685	$	10,685	(27	)	189,018	$	4,725	4,938,692	$	247	32,154	(2,618	)	335	45,501


Comprehensive loss:
Net loss (unaudited)	—		—	—		—		—	—		—	—	(1,872	)	—	(1,872	)

Net change in unrealized gain on securities available for sale, net of taxes of $62 (unaudited)	—		—	—		—		—	—		—	—	—		103	103


Comprehensive loss (unaudited)																(1,769	)


Issuance of convertible perpetual preferred stock, Series B, net of offering costs of $72 (unaudited)	—		—	—		124,479		3,112	—		—	542	—		—	3,654

Issuance of common stock, net of offering costs of $217 (unaudited)	—		—	—		—		—	518,481		26	180	—		—	206

Share-based compensation expense (unaudited)	—		—	—		—		—	—		—	9	—		—	9

Dividend on cumulative convertible perpetual preferred stock, Series B (unaudited)	—		—	—		—		—	—		—	—	(196	)	—	(196	)

Dividend on preferred stock to U.S. Treasury, Series A (unaudited)	—		—	—		—		—	—		—	—	(133	)	—	(133	)

Amortization of common stock warrants issued to U.S. Treasury (unaudited)	—		—	2		—		—	—		—	—	(2	)	—	—


Balance at March 31, 2010 (unaudited)	10,685	$	10,685	(25	)	313,497	$	7,837	5,457,173	$	273	32,885	(4,821	)	438	47,272

See Accompanying Notes to Condensed Consolidated Financial Statements.

5


	Three Months Ended March 31,
	2010			2009
Cash flows from operating activities:
Net (loss) earnings	$	(1,872	)	69
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities:
Provision for loan losses		3,941		695
Depreciation and amortization		141		148
Deferred income tax benefit		573		—
Share-based compensation		9		10
Net amortization of deferred loan fees and costs		(61	)	(64	)
Net amortization of premium and discounts on securities		103		5
Income from bank-owned life insurance		(43	)	(40	)
Decrease (increase) in accrued interest receivable		188		(99	)
(Increase) decrease in prepaid FDIC assessment and other assets		(1,577	)	142
Decrease in accrued expenses and other liabilities		(1,698	)	(741	)
Net gain on sale of securities		(159	)	—
Net loss (gain) on sale of foreclosed assets		36		(17	)


Net cash (used in) provided by operating activities		(419	)	108


Cash flows from investing activities:
Net change in other interest-bearing deposits with banks		220		(80	)
Purchase of securities available for sale		(23,707	)	(19,627	)
Principal payments on securities available for sale		1,581		1,181
Proceeds from calls and maturities of securities available for sale		7,270		1,500
Proceeds on the sale of securities available for sale		14,980		—
Proceeds from maturities of securities held to maturity		—		500
Principal payments on securities held to maturity		32		50
Proceeds on the sale of securities held to maturity		7,521		—
Net decrease (increase) in loans		1,969		(13,590	)
Purchase of premises and equipment, net		(12	)	(458	)
Proceeds from the sale of foreclosed real estate		1,062		91
Purchase of Federal Home Loan Bank stock		—		(16	)


Net cash provided by (used in) investing activities		10,916		(30,449	)


Cash flows from financing activities:
(Decrease) increase in deposits		(303	)	33,309
Repayment of Federal Home Loan Bank advances		—		(2,000	)
Net increase (decrease) in other borrowings		2,188		(3,910	)
Proceeds from exercise of stock options		—		195
Dividend on preferred stock to U.S. Treasury, Series A		(133	)	(146	)
Dividend on cumulative convertible preferred perpetual stock, Series B		(196	)	—
Issuance of cumulative convertible preferred perpetual stock, Series B		3,654		—
Issuance of common stock		206		—


Net cash provided by financing activities		5,416		27,448


Net increase (decrease) in cash and cash equivalents		15,913		(2,893	)

Cash and cash equivalents at beginning of period		50,697		32,458


Cash and cash equivalents at end of period	$	66,610		29,565

(continued)

6


	Three Months Ended March 31,
	2010		2009
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of capitalized interest	$	2,341	2,968


Income taxes	$	—	—


Noncash transactions:
Accumulated other comprehensive income, net change in unrealized gain on securities available for sale, net of income taxes	$	103	170


Transfer from loans to foreclosed real estate	$	632	1,549


Preferred dividend requirements and amortization of common stock warrants	$	331	72

See Accompanying Notes to Condensed Consolidated Financial Statements.

7

General. First Community Bank Corporation of America (the “Holding Company”) owns all of the outstanding common stock of First Community Bank of America (the “Bank”) and First Community Lender Services, Inc. (“FCLS”) (collectively, the “Company”). The Holding Company’s primary business activity is the operation of the Bank. The Bank is a federally-chartered stock savings bank providing a variety of banking services to small and middle market businesses and individuals through its four banking offices located in Pinellas County, two banking offices in Pasco County, three banking offices located in Charlotte County, and two offices located in Hillsborough County, Florida. FCLS had minimal activity during the three months ended March 31, 2010 and 2009.

In the opinion of the management of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2010 and the results of operations and cash flows for the three-month periods ended March 31, 2010 and 2009. The results of operations and other data for the three-month period ended March 31, 2010 are not necessarily indicative of results that may be expected for the year ending December 31, 2010.

2.	*Securities.* Securities have been classified according to management’s intent. The carrying amounts of securities and their fair value were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value


Available for Sale:
*At March 31, 2010:*
U.S. Government agency securities	$	16,151	68	(48	)	16,171
Mortgage-backed securities		32,116	506	(48	)	32,574
Municipal securities		2,009	223	—		2,232


	$	50,276	797	(96	)	50,977


*At December 31, 2009:*
U.S. Government agency securities		17,451	21	(260	)	17,212
Mortgage-backed securities		26,413	561	(38	)	26,936
Municipal securities		6,450	306	(54	)	6,702


	$	50,314	888	(352	)	50,850


Held to Maturity:
*At December 31, 2009:*
Mortgage-backed securities		568	8	—		576
Municipal securities		7,015	88	(125	)	6,978


	$	7,583	96	(125	)	7,554

(continued)

8

The unrealized losses on seven investment securities were caused by interest rate changes. It is expected that the securities would not be settled at a price less than the par value of the investments. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

As of March 31, 2010 and December 31, 2009, securities with a carrying value of $45,544,000 and $42,715,000, respectively, were pledged for repurchase agreements with customers and for various purposes required or permitted by law.

(continued)

10


	March 31, 2010			December 31, 2009
Collateral dependent loans identified as impaired:
Gross loans with no related allowance for losses ⁽¹⁾	$	35,114		23,938


Gross loans with related allowance for losses		3,468		2,172
Less allowances on these loans		(422	)	(547	)


Net investment in collateral dependent impaired loans		38,160		25,563


Noncollateral dependent loans identified as impaired:
Gross loans with no related allowance for losses ⁽²⁾		1,387		3,781


Gross loans with related allowance for losses recorded ⁽³⁾		14,230		16,252
Less allowance on these loans		(268	)	(291	)


Net investment in noncollateral dependent impaired loans		15,349		19,742


Net investment in impaired loans	$	53,509		45,305

⁽¹⁾	Charge-offs related to these loans were $2,849 and $6,349, respectively.

⁽²⁾	Troubled debt restructure balances with no allowance for losses were $1,274 and $3,720, respectively.

⁽³⁾	Troubled debt restructure balances with allowance for losses were $14,230 and $16,252, respectively.


	March 31, 2010		December 31, 2009

Average investment in impaired loans	$	49,463	32,963

Interest income recognized on impaired loans	$	212	665

Interest income received on impaired loans	$	254	842

(continued)

11

Loan Impairment and Loan Losses, Continued. Impaired collateral-dependent loans carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

Losses
Recorded in
Operations
For the
Period Ended
March 31,
2010

At March 31, 2010

Fair
Value

Level 1

Level 2

Level 3

Total
Losses

Impaired loans

$

13,454

⁽¹⁾

—

13,454

9,321

3,271

⁽¹⁾	Loans with a carrying value of $24,706 at March 31, 2010 were measured for impairment using Level 3 inputs and had a fair value in excess of carrying value.

Nonaccrual and past due loans were as follows (in thousands):


	At March 31,
	2010		2009

Nonaccrual loans	$	31,172	13,619
Past due ninety days or more, still accruing		—	—

	$	31,172	13,619

4.

Loss Per Share (“EPS”). Loss per share (“EPS”) of common stock has been computed on the basis of the weighted-average number of shares of common stock outstanding for the three months ended March 31, 2010 and 2009. For the three months ended March 31, 2010 and 2009, outstanding stock options and warrants are not considered dilutive securities due to the net loss available to common shareholders. The following table presents the calculations of EPS (dollars in thousands, except per share amounts).


	Three Months Ended March 31,
	2010							2009
	Loss			Weighted- Average Shares	Per Share Amount			Loss			Weighted- Average Shares	Per Share Amount


Basic EPS:
Net loss available to common stockholders	$	(2,203	)	5,287,025	$	(.42	)	$	(80	)	4,150,170	$	(.02	)

Effect of dilutive securities - Incremental shares from assumed conversion of options				—							—


Diluted EPS:
Net loss available to common stockholders and assumed conversions	$	(2,203	)	5,287,025	$	(.42	)	$	(80	)	4,150,170	$	(.02	)

(continued)

12

Share-Based Compensation . The Company currently has one stock option plan for employees of the Company. Under the plan, the total number of options which may be granted to purchase common stock is 516,797 (amended). At March 31, 2010, 121,265 options remain available for grant under the employees’ plan. The employees’ options vest over periods up to four years and have terms up to ten years.

The Nonemployee Director Stock Option Plan approved by shareholders in April 2000 expired in May 2009. Outstanding Director options covering 103,358 shares expired unexercised on January 1, 2010. At March 31, 2010, there are no outstanding options under the Nonemployee Director Stock Option Plan.

A summary of the activity in the Company’s stock option plans is as follows (dollars in thousands, except per share amounts):


	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value




Outstanding at December 31, 2009	355,148		$	7.92
Options exercised	—			—
Options forfeited	(149,961	)		5.71
Options terminated	—			—


Outstanding at March 31, 2010	205,187		$	9.54	3.6 years	$	—


Exercisable at March 31, 2010	195,987		$	9.31	3.4 years	$	—

At March 31, 2010, there was approximately $25,000 of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the plans. The cost is expected to be recognized over a weighted-average period of nine months. The total fair value of shares vesting and recognized as compensation expense was approximately $9,000 and $10,000 for the three months ended March 31, 2010 and 2009, respectively. There was no associated tax benefit recognized for both the three months ended March 31, 2010 and 2009.

(continued)

13


	At March 31, 2010			At December 31, 2009
	Carrying Amount		Fair Value	Carrying Amount	Fair Value
	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial assets:
Cash and cash equivalents	$	66,610	66,610	50,697	50,697
Other interest-bearing deposits with banks		271	271	491	491
Securities available for sale		50,977	50,977	58,433	58,404
Loans		392,784	387,301	399,265	399,723
Federal Home Loan Bank stock		2,549	2,549	2,549	2,549
Accrued interest receivable		1,828	1,828	2,016	2,016

Financial liabilities:
Deposits		458,214	454,509	458,517	452,280
Federal Home Loan Bank advances		36,000	36,360	36,000	37,828
Other borrowings		4,955	4,955	2,767	2,767
Off-Balance Sheet Financial Instruments		—	—	—	—

9.

Deferred Tax Asset. The Company believes it is more likely than not that it will realize the deferred tax asset and that no allowance is necessary at March 31, 2010. The Company has available $1.8 million Federal taxes paid in 2007 which it expects to recover in 2010. The Company expects to realize an additional $3.4 million based on forecast taxable income by 2012. This forecast is supported by a strong earnings history exclusive of the loan losses incurred in 2008 and 2009 which created the future deductible amount. Management believes the magnitude of these loan losses occurred because of the current economic downturn and the situation is unusual and infrequent and an aberration rather than a continuing condition.

(continued)

15

Regulatory Matters. As a result of an examination by the Office of Thrift Supervision (the “OTS”), the Bank and the Holding Company entered into separate memorandums of understanding (the “Memorandums”) with the OTS in October 2009 with the intent to protect the interests of the Company’s depositors, customers and shareholders. The Memorandums provided, among other things, that the Boards of Directors will or will cause the Company to 1) Prepare and monitor comprehensive business plans, 2) Adopt detailed capital plans, 3) Not negotiate, purchase or commit to any land acquisition, development or construction loans until the comprehensive business plan has been approved by the OTS, 4) Take steps to identify, evaluate and reduce the level of problem assets, 5) Limit asset growth until it obtains OTS approval of the Bank’s comprehensive business plan, 6) Not pay or declare dividends without OTS approval, 7) Not continue to roll or accept brokered deposits without OTS approval and must submit plan to OTS to reduce brokered deposits, 8) Prepare and adopt a written plan detailing the Company’s obligations with receipt of funds under Troubled Asset Relief Program, and 9) Submit variance reports on the Company’s compliance with various plans required by the Memorandums.

Management plans to vigorously seek compliance with the Memorandums. At this time, the financial impact, if any, of regulatory sanctions that may result if the Company fails to comply with the Memorandums requirements described above is not known. Management feels that the terms of the agreement will not have a material impact on the strategy of the Bank. The OTS has provided a temporary extension of the Bank’s use of customer driven CDARs deposits which technically fall under the brokered deposit classification.

11 .

Equity Offering. Pursuant to a prospectus dated December 30, 2009, the Company offered to sell a maximum of 600,000 units at a price of $33.33 per unit. Each unit consisted of 4.165 shares of common stock, par value $.05 per share, and one share of 10% Cumulative Convertible Perpetual Preferred Stock, Series B, with an initial liquidation preference of $25.00. The Series B preferred stock has parity with the Series A preferred stock issued to the Treasury. Each of the shares of Series B preferred stock is currently convertible into ten shares of common stock. At December 31, 2009, the Company had issued 189,018 shares of Series B preferred stock and 787,261 shares of common stock, for net proceeds of $6,300,000. During 2010, an additional 518,481 shares of common stock and 124,479 shares of Series B preferred stock were issued, for net proceeds of $3,860,000. The offering terminated on February 12, 2010.

16

Hacker, Johnson & Smith PA, the Company’s independent registered public accounting firm, have made a limited review of the financial data as of March 31, 2010, and for the three-month periods ended March 31, 2010 and 2009 presented in this document, in accordance with standards established by the Public Company Accounting Oversight Board.

Their report furnished pursuant to Article 10 of Regulation S-X is included herein.

17

We have reviewed the accompanying condensed consolidated balance sheet of First Community Bank Corporation of America and Subsidiaries (the “Company”) as of March 31, 2010 and the related condensed consolidated statements of operations, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2010 and 2009. These interim financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board, the consolidated balance sheet of the Company as of December 31, 2009, and the related consolidated statements of operations, changes in stockholders’ equity and cash flow for the year then ended (not presented herein); and in our report dated March 31, 2010, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2009, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ Hacker, Johnson & Smith PA

HACKER, JOHNSON & SMITH PA

Tampa, Florida

May 13, 2010

18

This document contains forward-looking statements as defined by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve substantial risks and uncertainties. When used in this document, or in the documents incorporated by reference, the words “anticipate,” “believe,” “estimate,” “may,” “intend” and “expect” and similar expressions are some of the forward-looking statements used in these documents. Actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. Factors which may cause results to change materially include competition, inflation, general economic conditions, changes in interest rates, and changes in the value of collateral securing loans First Community Bank Corporation of America has made, among other things.

General

First Community Bank Corporation of America (the “Holding Company”) owns all of the outstanding common stock of First Community Bank of America (the “Bank”) and First Community Lender Services, Inc. (“FCLS”) (collectively, the “Company”). The Holding Company’s primary business activity is the operation of the Bank. The Bank is a federally-chartered stock savings bank providing a variety of banking services to small and middle market businesses and individuals through its four banking offices located in Pinellas County, two banking offices located in Pasco County, three banking offices located in Charlotte County and two offices located in Hillsborough County, Florida. FCLS had minimal activity during the three months ended March 31, 2010 and 2009.

Liquidity and Capital Resources

The Company’s primary source of cash during the three months ended March 31, 2010, was an increase in core deposits of $22.2 million. The Bank considers savings, NOW, money-market and noninterest-bearing demand deposits as core deposits. This inflow was offset by a $22.6 million decrease in time deposits resulting from a Bank strategy of lowering levels of brokered and high costs certificates of deposit. The Company netted $3.7 million in preferred capital and $.2 million in common capital as it completed its stock offering. The Bank maintained a $60.4 million balance deposited at the Federal Reserve Bank on March 31, 2010.

Off-Balance Sheet Arrangements

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amounts recognized in the condensed consolidated balance sheet. The contract amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments.

19

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, unused lines of credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total committed amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter party.

Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party and to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters-of-credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting these commitments.

Unused lines of credit and commitments to extend credit typically result in loans with a market interest rate.

A summary of the amounts of the Company’s financial instruments, with off-balance sheet risk at March 31, 2010, follows (in thousands):


	Contract Amount

Commitments to extend credit	$	4,946


Unused lines of credit	$	29,958


Standby letters of credit	$	8,875

Management believes that the Company has adequate resources to fund all of its commitments and that substantially all its existing commitments will be funded within the next twelve months.

20


	Three Months Ended March 31, 2010		Year Ended December 31, 2009		Three Months Ended March 31, 2009

Average equity as a percentage of average assets	8.55	%	8.08	%	8.65	%

Equity to total assets at end of period	8.60	%	8.30	%	8.48	%

Return on average assets (1)	(1.62	)%	(.90	)%	0.05	%

Return on common average equity (1)	(30.47	)%	(14.70	)%	0.82	%

Noninterest expenses to average assets	2.48	%	2.46	%	2.47	%

Nonperforming assets as a percentage of total assets at end of period	6.11	%	5.47	%	3.14	%

(1)	Annualized for the three months ended March 31.

Local Economic Conditions

The Bank operates in two distinct geographic markets on the West Coast of Florida, the Tampa Bay region in West Central Florida and the Port Charlotte Region in southwest Florida. Three of the Bank’s markets are located around Tampa Bay (Pinellas County, Pasco County and Hillsborough County). The fourth market is located in Charlotte County. The economy in Florida has been hard hit by the decline in real estate values resulting from an over supply of residential housing units, a significant reduction in development activity and reductions in sales activity. The lack of absorption of vacant land, lots and certain single family and condominium product has continued to feed the decline in values. The Tampa Bay region is more diversified with other service and manufacturing industry than the Port Charlotte region which had been primarily dependent on residential real estate development and the retiree industry. Although the Tampa Market has shown decreased values in single family homes and condominiums it has not suffered as severely as the Port Charlotte market. Housing values have dropped approximately 40-50% from the height of activity in 2005 – 2006. Similarly vacant land and lot values have fallen 60-70%. The drop in values continues to contribute to the delinquency or default of borrowers in that market. Correspondently the Tampa market has seen a drop in values for single family of 25-35%, however condominiums and luxury homes have experienced larger decreases. Land and lot values have diminished by 30-40%. The Bank has experienced continued losses in vacant residential lot loans and single family homes. A predominant portion of these losses are in the Port Charlotte market. Unemployment in Port Charlotte is purported to be in the 10-15% range, thus many borrowers struggle to maintain a positive payment history.

21

The commercial real estate market in the Tampa Bay area is showing signs of weakness especially in the multifamily, office rental and retail rental market. The Bank does not have a large concentration in these areas, however, is experiencing increased delinquency trends in that market. Commercial real estate in Port Charlotte is also experiencing significant weakness, however, the Bank has minimal holdings in that product type.

In light of these real estate trends the Bank has experienced an increase in its problem assets specifically in vacant residential lots and single family which has comprised 85% of charge-off activity. Commercial related charge-off’s to date are 14% of total charge-offs. The remaining charge-offs have been consumer loans.

Determining Loan Losses

A loan is classified impaired when, based on current information and events; it is probable the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means both the contractual interest payments and contractual principal payments will be collected as scheduled in the loan agreement. Once a loan is considered impaired and is collateral dependent, an analysis of the loan will be performed to determine a fair value estimate. Fair value will be determined by a current appraisal or using a reasonable discount of the appraisal using comparable data given the existing economic conditions. If the loan is collateral dependent, the loss will be determined by deducting selling costs from the fair value of the collateral. The difference between the loan balance and the fair value less selling cost is the loss. The loss will be charged-off when it has been determined. A loan that is impaired and non-collateral dependent will be treated in accordance with regulatory guidelines for retail loans. Closed end retail loans will be charged off when delinquent 120 days and open end loans will be charged off when 180 days delinquent. Commercial loans that are non-collateral dependent will be charged off between 90 and 120 days delinquent. If the loan is considered impaired as a Troubled Debt Restructure, it is treated as required under FASB 114. The discounted cash flow of revised payment stream is discounted at the original loan rate and the difference is determined to be the loss.

The Bank obtains external appraisals on commercial real estate loans considered collateral dependent and on commercial foreclosed real estate on an annual basis. Once the appraisal is in hand, the Bank will evaluate and if required will write-down the loan. The Bank obtains a brokers price opinion or other valuation service estimate every six months on any impaired collateral dependent single family, residential or vacant lot loans, and foreclosed real estate and a write-down is made as required. A formal appraisal is ordered to evaluate the fair value when the foreclosure process is completed and the property title is being transferred to the Bank as foreclosed real estate. The foreclosed real estate is initially valued at the appraised value less estimated selling costs. Once the property is in foreclosed real estate, after six months a broker’s price opinion or valuation service model will be used to evaluate the current value. An allowance is established for any additional losses. In addition, management continuously evaluates its impaired loan portfolio.

22


	$		%
*March 31, 2009:*
Residential mortgages	$	6,466	1.53
Commercial real estate		6,473	1.53
Land and lots		4,945	1.17
Commercial loans		4,293	1.01
Installments		95	0.02


Total	$	22,272


*June 30, 2009:*
Residential mortgages	$	7,961	1.88
Commercial real estate		15,081	3.56
Land and lots		8,319	1.96
Commercial loans		407	0.10
Installments		150	0.04


Total	$	31,918


*September 30, 2009:*
Residential mortgages	$	15,654	3.73
Commercial real estate		15,452	3.69
Land and lots		6,295	1.50
Commercial loans		698	0.17
Installments		412	0.10


Total	$	38,511


*December 31, 2009:*
Residential mortgages	$	12,138	2.97
Commercial real estate		17,158	4.20
Land and lots		7,989	1.96
Commercial loans		740	0.18
Installments		555	0.14


Total	$	38,580


*March 31, 2010:*
Residential mortgages	$	13,966	3.48
Commercial real estate		21,459	5.34
Land and lots		8,455	2.10
Commercial loans		1,326	0.33
Installments		605	0.15


Total	$	45,811

23


	Nonaccrual		REO
	#	$	#	$
*March 31, 2009:*
Residential mortgages	13	2,762	10	1,784
Commercial real estate	9	6,077	1	391
Land and lots	20	4,762	9	629
Commercial loans	—	—	—	—
Installments	2	18	3	194


Total	44	13,619	23	2,998


*June 30, 2009:*
Residential mortgages	26	5,378	3	1,481
Commercial real estate	12	10,935	1	391
Land and lots	33	7,663	14	822
Commercial loans	2	700	—	—
Installments	2	12	3	194


Total	75	24,688	21	2,888


*September 30, 2009:*
Residential mortgages	32	7,724	2	1,283
Commercial real estate	17	14,193	—	—
Land and lots	29	6,926	19	877
Commercial loans	3	408	—	—
Installments	2	11	2	80


Total	83	29,262	23	2,240


*December 31, 2009:*
Residential mortgages	35	8,863	8	1,434
Commercial real estate	18	12,610	2	447
Land and lots	29	4,899	11	931
Commercial loans	5	623	—	—
Installments	3	109	2	80


Total	90	27,104	23	2,892


*March 31, 2010:*
Residential mortgages	42	9,208	7	875
Commercial real estate	20	13,599	3	535
Land and lots	29	7,653	10	942
Commercial loans	5	584	—	—
Installments	5	128	2	74


Total	101	31,172	22	2,426

24

At fiscal year end December 2009 the loan loss provision was increased to build up the loan loss allowance. A number of loans were charged-off in the fourth quarter of 2008 and the first quarter of 2009. The following chart illustrates the combination of allowance and charge-off compared to related loans at March 31, 2010 (in thousands):


	Nonimpaired Loans			Impaired Loans		Total
Allowance for loan losses:
Beginning balance	$	7,283		547		7,830
Provision		1,036		2,905		3,941
Charge-offs		(993	)	(2,762	)	(3,755	)
Recoveries		8		—		8


Ending balance	$	7,334		690		8,024


Loss allowance		7,334		690		8,024
Partial charge-offs of loans currently in portfolio		—		8,888		8,888


Total	$	7,334		9,578		16,912

Total loans	$	349,760		51,048		400,808


Allowance for loss and charge-offs as a percentage of total loans at March 31, 2010		2.10	%	18.76	%	4.22	%


Allowance for loss and charge-offs as a percentage of total loans at December 31, 2009		2.07	%	17.03	%	3.61	%


	At March 31, 2010
*Impaired loans with partial charge-offs:*
Fair value of collateral	$	15,364
Estimated selling costs		(1,488	)

Fair value less selling costs		13,876


Gross impaired loans prior to charge-offs		22,764
Partial charge-offs of impaired loans		(8,888	)

Book value of impaired loans with partial charge-offs		13,876


Fair value less selling costs in excess of book value	$	—


*Impaired loans without partial charge-offs:*
Fair value of collateral		64,853
Estimated selling costs		(6,485	)

Fair value less selling costs		58,368


Impaired loans		40,211
Loss allowance		(690	)

Book value of impaired loans		39,521


Fair value less selling costs in excess of book value	$	18,847

25

The increase in nonperforming assets correlates with the real estate related delinquencies being experienced by the Bank in the Port Charlotte market, and the Tampa Bay market. Predominantly the nonperforming assets are vacant residential lots, single family homes, multifamily and small office properties.

Retail credit is the primary reason for the build up in impaired loans. The subsequent move to charge-off is rapid and is not reflected as a specific reserve. The Bank recognizes these losses as they become apparent.

The Bank initially will try and work with any borrower with an impaired loan. Should negotiations fail, then legal action occurs. The foreclosure process in Florida has continued to lengthen given the large number of cases in process. This delay has inhibited the Bank’s ability to get back real estate in a timely manner; the average is now between twelve and eighteen months. The Bank currently has two special assets officers, one devoted to retail and one devoted to commercial. In addition, we have a person who assists in handling other real estate owned by the Bank.

26

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest and dividend income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average cost; (iii) net interest income; (iv) interest-rate spread; and (v) net interest margin.


	Three Months Ended March 31,
	2010						2009
	Average Balance		Interest and Dividends		Average Yield/ Rate		Average Balance		Interest and Dividends		Average Yield/ Rate
	(Dollars in thousands)
Interest-earning assets:
Loans (1)	$	397,711		5,410	5.44	%	$	411,042		6,033	5.87	%
Securities		62,265		557	3.58			42,852		480	4.48
Other interest-earning assets (2)		46,006		31	0.27			16,339		9	0.22


Total interest-earning assets		505,982		5,998	4.74			470,233		6,522	5.55


Noninterest-earning assets		47,039						47,487


Total assets	$	553,021					$	517,720


Interest-bearing liabilities:
Savings, NOW, money-market deposit accounts		217,807		736	1.35			137,265		591	1.72
Time deposits		208,748		1,266	2.43			251,558		2,035	3.24


Total interest-bearing deposits		426,555		2,002	1.88			388,823		2,626	2.70

Other interest-bearing liabilities (3)		40,066		342	3.41			45,410		362	3.19


Total interest-bearing liabilities		466,621		2,344	2.01			434,233		2,988	2.75


Noninterest-bearing liabilities		39,130						38,723
U.S. Treasury preferred stock, Series A		10,659						10,653
Cumulative convertible preferred perpetual stock, Series B		7,293
Stockholders’ common equity		29,318						34,111


Total liabilities and stockholders’ equity	$	553,021					$	517,720


Net interest income			$	3,654					$	3,534


Interest-rate spread (4)					2.73	%					2.80	%


Net interest margin (5)					2.89	%					3.01	%


Ratio of average interest-earning assets to average interest-bearing liabilities		1.08						1.08

(1)	Includes nonperforming loans.

(2)	Includes Federal Home Loan Bank stock and interest-bearing deposits with banks.

(3)	Includes Federal Home Loan Bank advances and other borrowings.

(4)	Interest-rate spread represents the difference between the average yield on interest-earning assets and the average rate of interest-bearing liabilities.

(5)	Net interest margin is net interest income divided by average interest-earning assets.

27

General. First Community Bank Corporation of America recorded a net loss for the first quarter ended March 31, 2010 of $(1,872,000) compared to net earnings of $69,000 for the same period in 2009. The decline in earnings was due to increased credit losses, FDIC insurance assessments and expenses related to problem assets.

The Company recorded a net loss available to common stockholders, after preferred stock dividends and amortization of preferred discount, for the three-months ended March 31, 2010 of $(2,203,000) or $(.42) per basic share and $(.42) earnings per diluted share compared to $(80,000) or $(.02) earnings per basic share and $(.02) earnings per diluted share for the three-months ended March 31, 2009.

The first quarter 2010 reflected a $3,246,000 increase in provision for loan losses and a $228,000 increase in noninterest expense reflecting a $196,000 increase in insurance premiums, a $156,000 increase in legal expenses and a $39,000 increase in other loan related expenses.

Net Interest Income . Interest income decreased to $6.0 million during the three months ended March 31, 2010 compared to $6.5 million during the three months ended March 31, 2009. Interest on loans for the three months ended March 31, 2010 decreased to $5.4 million from $6.0 million for the three months ended March 31, 2009. The decrease in interest income on loans was attributable to a decline in the average yield on loans from 5.87% for the three months ended March 31, 2009 to 5.44% for the three months ended March 31, 2010. The declining loan yield reflected a full year impact of the lower interest rate environment and the impact of the loss of income on increasing balances of nonaccrual loans. Interest on securities increased to $557,000 for the three months ended March 31, 2010 from $480,000 for the three months ended March 31, 2009. The increase in interest income on securities was due to an increase in the average balance of securities to $62.3 million for the three months ended March 31, 2010 compared to $42.9 million for the three months ended March 31, 2009.

Interest expense on interest-bearing deposit accounts decreased to $2.0 million for the three months ended March 31, 2010, compared to $2.6 million for the three months ended March 31, 2009. The decrease was due to a decrease in the rate paid to 1.88% for the three months ended March 31, 2010 from 2.70% for the three months ended March 31, 2009. Interest expense on other borrowings decreased to $342,000 for the three months ended March 31, 2010, compared to $362,000 for the three months ended March 31, 2009. The decrease was due to a decrease in the average balance of other borrowings to $40.1 million for the three months ended March 31, 2010 from $45.4 million for the three months ended March 31, 2009.

Provision for Loan Losses. Provisions for loan losses are based on our review of the historical loan loss experience and such factors which, in management’s judgment, deserve consideration under existing economic conditions in estimating probable credit losses. The allowance is based on ongoing assessments of the estimated losses inherent in the loan portfolio. Our methodology for assessing the appropriate allowance level consists of several key elements described below.

Our methodology incorporated the calculation of loans considered impaired and allocations for performing portfolio categories based on applying historical charge off data for loans categorized by similar risk characteristics based on our experience. The methodology includes an unallocated portion (qualitative factors) justified by current general market conditions, trends in performance (delinquency), economic and political trends.

28

Provision for Loan Losses, Continued. Larger commercial loans that exhibit probable or observed credit weaknesses are subject to individual review. Where appropriate, the allowance is allocated to individual loans based on our estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows and available legal options. Included in the review of individual loans are those that are impaired. Any specific reserves for impaired loans are measured based on the fair value of the underlying collateral. The collectability of both principal and interest is evaluated when assessing the allowance. Historical loss rates are applied to other commercial loans not subject to specific allocations.

Homogenous loans, such as installment and residential mortgage loans are not individually reviewed by management. The allowance is established for each pool of loans based on the expected net charge-offs. Loss rates are based on the average net charge-off history by loan category.

Historical loss rates for commercial and consumer loans may be adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Factors which management considers in the analysis include the effects of the local economy, trends in the nature and volume of loans (delinquencies, charge-offs, nonaccrual and problem loans), changes in the internal lending policies and credit standards, collection practices, and examination results from bank regulatory agencies and our internal credit review function. The allowance relating to individual loans and historical loss rates are reviewed throughout the year and adjusted as necessary based on changing borrower and collateral conditions and actual collection and charge off experience.

The provision for loan losses was $3,941,000 for the three months ended March 31, 2010 compared to $695,000 for the three months ended March 31, 2009. Economic weakness has continued to stress the loan portfolio and has affected the levels of nonperforming assets and charge-offs. Management believes that it is judicious in recognizing problem assets and recorded an appropriate allowance for loan loss reflecting the current circumstances.

The allowance for loan losses is $8.0 million for the three months ended March 31, 2010. While management believes that its allowance for loan losses is adequate as of March 31, 2010, future adjustments to the allowance for loan losses may be necessary as economic conditions could dictate. We believe that our conservative underwriting policies somewhat mitigates our exposure in the troubled Florida real estate market.

Noninterest Income. Noninterest income increased to $597,000 for the three months ended March 31, 2010 from $378,000 for the three months ended March 31, 2009. The increase was primarily due to a $99,000 increase in other income combined with $158,000 in security gains recorded for the three months ended March 31, 2010. The Bank executed a strategy to sell off the entire “securities held to maturity” portfolio, which consisted primarily of tax exempt municipals, at a $55,000 loss. This strategy reduced credit risk and shortened the average maturities in the investment portfolio.

Noninterest Expenses. Total noninterest expenses increased to $3.4 million for the three months ended March 31, 2010 from $3.2 million for the three months ended March 31, 2009. The increase was primarily due to a $196,000 increase in insurance premiums, a $156,000 increase in legal expenses and a $39,000 increase in other loan related expenses.

Income Taxes (Benefit). Income taxes benefit for the three months ended March 31, 2010, were $1.2 million compared to $6,000 for the three months ended March 31, 2009.

29

Market risk is the risk of loss from adverse changes in market prices and rates. The Company’s market risk arises primarily from interest-rate risk inherent in its lending, investment and deposit taking activities. The Company has little or no risk related to trading accounts, commodities or foreign exchange.

Management actively monitors and manages its interest-rate risk exposure. The primary objective in managing interest-rate risk is to limit, within established guidelines, the adverse impact of changes in interest rates on the Company’s net interest income and capital, while adjusting the Company’s asset-liability structure to obtain the maximum yield-cost spread on that structure. Management relies primarily on its asset-liability structure to control interest rate risk. However, a sudden and substantial increase in interest rates could adversely impact the Company’s earnings, to the extent that the interest rates borne by assets and liabilities do not change at the same speed, to the same extent, or on the same basis. The Company is managing through the impact of recent declining interest rates and the subsequent pressure on spreads.

Item 4T. Controls and Procedures

a.

Evaluation of disclosure controls and procedures. The Company maintains controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures performed within 90 days of the filing date of this report, the Chief Executive and Chief Financial officers of the Company concluded that the Company’s disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms.

b.	Changes in internal controls. The Company made no significant changes in its internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation of those controls by the Chief Executive and Chief Financial officers.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There are no material pending legal proceeding to which First Community Bank Corporation of America and Subsidiaries, is a party or to which any of their property is subject.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2009.

30


Exhibit No.		Description of Exhibit

*3.1		Amended and Restated Articles of Incorporation
*3.2		Bylaws
*4.1		Specimen Common Stock Certificate
*4.3		Warrant Certificate
**10.1		Employment Agreement of Kenneth P. Cherven dated June 16, 2002
*10.2		First Amended and Restated Non-Employee Director Stock Option Plan
*10.3		Long-Term Incentive Plan
*10.4		Incentive Compensation Plan
***10.5		Employment Agreement of Kenneth P. Cherven dated November 29,
		2004
****10.6		Deferred Compensation Plan of Kenneth P. Cherven dated January 1,
		2005.
31.1		Certification of Chief Executive Officer required by Rule 13a-
		14(a)/15d-14(a) under the Exchange Act
31.2		Certification of Chief Financial Officer required by Rule 13a-
		14(a)/15d-14(a) under the Exchange Act
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section
		1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of
		2002
32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section
		1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of
		2002
**99.5		Audit Committee Charter

*	Exhibits marked with an asterisk were submitted with the Company’s original filing of Form SB-2 on April 7, 2003.

**	Exhibits marked with a double asterisk were submitted with the Company’s filing of its Amendment One to Form SB-2 on May 8, 2003.

***	Exhibits marked with triple asterisk were submitted with the Company’s filing of Form 10-QSB on May 13, 2005.

****	Exhibits marked with quadruple asterisk were submitted with the Company’s filing of Form 10-QSB on August 12, 2005.

31


	FIRST COMMUNITY BANK CORPORATION OF
	AMERICA
	(Registrant)

Date: May 18, 2010	By:	/s/ Kenneth P. Cherven
		Kenneth P. Cherven, President and Chief Executive Officer
		Kenneth P. Cherven, President and Chief Executive Officer

Date: May 18, 2010	By:	/s/ Stan B. McClelland
		Stan B. McClelland, Chief Financial Officer

32

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Florida		65-0623023
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
		(I.R.S. Employer Identification No.)


	Three Months Ended March 31, 2010



Principal received from sales	$	22,501


Gross gains		293
Gross losses		(134	)


Net gain	$	159


	March 31, 2010	December 31, 2009

Total capital to risk weighted assets	11.30	11.24
Tier 1 capital to risk weighted assets	10.04	9.99
Tier 1 capital to total assets	6.95	7.30


	Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)






Available-for-sale securities	$	50,977	—	50,977	—


	Available for Sale
	Amortized Cost		Fair Value
	Amortized Cost		Fair Value

Five to ten years	$	2,000	2,013
After ten years		16,160	16,390
Mortgage-backed securities		32,116	32,574


	$	50,276	50,977


	Less Than Twelve Months
	Gross Unrealized Losses			Fair Value


*Securities Available for Sale:*
U.S. Government agency securities	$	—		—
Mortgage-backed securities		(48	)	5,023
Municipal securities		(48	)	5,051


Total securities available for sale	$	(96	)	10,074

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