##### Table of Contents

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U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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FORM 10-QSB



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(Mark One)

|x | Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------



For the quarterly period ended March 31, 2005



| ̈ | Transition report under Section 13 or 15(d) of the Exchange Act
|- | ---------------------------------------------------------------



For the transition period from  to



Commission file number 000-50357



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FIRST COMMUNITY BANK CORPORATION OF AMERICA

(Exact Name of Small Business Issuer as Specified in Its Charter)



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|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Florida                                                        |  | 65-0623023                          
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)



9001 Belcher Road

Pinellas Park, Florida 33782

(Address of Principal Executive Offices)



(727) 520-0987

(Issuers Telephone Number, Including Area Code)





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



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Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 ̈



State the number of shares outstanding of each of the issuers classes
of common equity, as of the latest practicable date;



|                                       |  |                           
|-------------------------------------- |  | --------------------------
|Common stock, par value $.08 per share |  | 2,221,138 shares          
|(class)                                |  | Outstanding at May 6, 2005



Transitional Small Business Format
(Check One):    YES ̈NO  x



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##### Table of Contents

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



INDEX



|                              |  |                                                                   |  |                                                                                                                             |  |     
|----------------------------- |  | ----------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------- |  | ----
|                              |  | Page                                                             
|PART I. FINANCIAL INFORMATION |  |                                                                  
|                              |  |                                                                  
|                              |  | Item 1.
Financial Statements                                      |  |                                                                                                                            
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Condensed Consolidated Balance Sheets - At March 31, 2005 (unaudited) and At December 31, 2004                              |  | 2   
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Condensed Consolidated Statements of Earnings - Three Months ended March 31, 2005 and 2004 (unaudited)                      |  | 3   
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Condensed Consolidated Statements of Changes in Stockholders Equity Three Months Ended March 31, 2005 and 2004 (unaudited) |  | 4   
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2005 and 2004 (unaudited)                    |  | 5-6 
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Notes to Condensed Consolidated Financial Statements (unaudited)                                                            |  | 7-10
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Review by Independent Registered Public Accounting Firm                                                                     |  | 11  
|                              |  |                                                                   | 
|                              |  |                                                                   |  | Report of Independent Registered Public Accounting Firm                                                                     |  | 12  
|                              |  |                                                                  
|                              |  | Item 2.
Managements Discussion and Analysis or Plan of Operation |  | 13-18                                                                                                                      
|                              |  |                                                                  
|                              |  | Item 3.
Controls and Procedures                                   |  | 19                                                                                                                         
|                              | 
|PART II. OTHER INFORMATION    |  |                                                                  
|                              |  |                                                                  
|                              |  | Item 1.
Legal Proceedings                                         |  | 19                                                                                                                         
|                              |  |                                                                  
|                              |  | Item 6.
Exhibits                                                  |  | 20                                                                                                                         
|                              | 
|SIGNATURES                    |  | 21                                                               



1



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##### Table of Contents

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



PART I. FINANCIAL INFORMATION



Item 1. Financial Statements



Condensed Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)



|                                                                                                                                   |  |               |         |   |                  |         |  
|---------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | - | ---------------- | ------- | -
|                                                                                                                                   |  | March 31,2005 |         |   | December 31,2004 |        
|                                                                                                                                   |  | (Unaudited)   |         |   |                  |        
|Assets                                                                                                                             |  |               |         |   |                  |         |  
|                                                                                                                                   |  |              
|Cash and due from banks                                                                                                            |  | $             | 2,892   |   |                  | 2,513   |  
|Interest-bearing deposits with banks                                                                                               |  |               | 10,645  |   |                  | 7,225   |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|Cash and cash equivalents                                                                                                          |  |               | 13,537  |   |                  | 9,738   |  
|                                                                                                                                   |  |              
|Other interest-bearing deposits with banks                                                                                         |  |               | 810     |   |                  | 715     |  
|Securities available for sale                                                                                                      |  |               | 11,836  |   |                  | 13,032  |  
|Securities held to maturity                                                                                                        |  |               | 2,721   |   |                  | 1,775   |  
|Loans, net of allowance for loan losses of $2,785 in 2005 and $2,640 in 2004                                                       |  |               | 220,080 |   |                  | 205,789 |  
|Federal Home Loan Bank stock, at cost                                                                                              |  |               | 1,019   |   |                  | 898     |  
|Premises and equipment, net                                                                                                        |  |               | 6,950   |   |                  | 5,241   |  
|Goodwill                                                                                                                           |  |               | 428     |   |                  | 428     |  
|Foreclosed real estate                                                                                                             |  |               | 10      |   |                  | 49      |  
|Accrued interest receivable                                                                                                        |  |               | 855     |   |                  | 811     |  
|Deferred income taxes                                                                                                              |  |               | 849     |   |                  | 849     |  
|Bank owned life insurance                                                                                                          |  |               | 2,246   |   |                  | 2,224   |  
|Other assets                                                                                                                       |  |               | 1,697   |   |                  | 257     |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|                                                                                                                                   |  | $             | 263,038 |   |                  | 241,806 |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|Liabilities and Stockholders Equity                                                                                               |  |               |         |   |                  |         |  
|                                                                                                                                   |  |              
|Liabilities:                                                                                                                       |  |               |         |   |                  |         |  
|Noninterest-bearing demand deposits                                                                                                |  |               | 34,077  |   |                  | 37,255  |  
|Savings, NOW and money-market deposits                                                                                             |  |               | 89,907  |   |                  | 68,909  |  
|Time deposits                                                                                                                      |  |               | 97,684  |   |                  | 94,554  |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|Total deposits                                                                                                                     |  |               | 221,668 |   |                  | 200,718 |  
|                                                                                                                                   |  |              
|Federal Home Loan Bank advances                                                                                                    |  |               | 12,000  |   |                  | 12,000  |  
|Other borrowings                                                                                                                   |  |               | 793     |   |                  | 1,122   |  
|Accrued expenses and other liabilities                                                                                             |  |               | 4,374   |   |                  | 4,348   |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|Total liabilities                                                                                                                  |  |               | 238,835 |   |                  | 218,188 |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|Stockholders equity:                                                                                                              |  |               |         |   |                  |         |  
|Common stock, $0.08 par value, 6,250,000 shares authorized, 2,221,138 and 2,115,497 shares issued and outstanding in 2005 and
2004 |  |               | 178     |   |                  | 169     |  
|Additional paid-in capital                                                                                                         |  |               | 19,365  |   |                  | 19,374  |  
|Retained earnings                                                                                                                  |  |               | 4,762   |   |                  | 4,136   |  
|Accumulated other comprehensive income (loss)                                                                                      |  |               | (102    | ) |                  | (61     | )
|                                                                                                                                   |  |               |         |   |                  |         |  
|Total stockholders equity                                                                                                         |  |               | 24,203  |   |                  | 23,618  |  
|                                                                                                                                   |  |               |         |   |                  |         |  
|                                                                                                                                   |  | $             | 263,038 |   |                  | 241,806 |  
|                                                                                                                                   |  |               |         |   |                  |         |  



See Accompanying Notes to Condensed
Consolidated Financial Statements.



2



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##### Table of Contents

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Condensed Consolidated Statements of Earnings (Unaudited)

(In thousands, except per share amounts)



|                                                    |  |                             |       |      |      
|--------------------------------------------------- |  | --------------------------- | ----- | ---- | -----
|                                                    |  | Three Months EndedMarch 31,
|                                                    |  | 2005                        |       | 2004
|Interest income:                                    |  |                             |       |      |      
|Loans                                               |  | $                           | 3,414 |      | 2,528
|Securities                                          |  |                             | 95    |      | 46   
|Other interest earning assets                       |  |                             | 46    |      | 21   
|                                                    |  |                             |       |      |      
|Total interest income                               |  |                             | 3,555 |      | 2,595
|                                                    |  |                             |       |      |      
|Interest expense:                                   |  |                             |       |      |      
|Deposits                                            |  |                             | 838   |      | 593  
|Other borrowings                                    |  |                             | 104   |      | 137  
|                                                    |  |                             |       |      |      
|Total interest expense                              |  |                             | 942   |      | 730  
|                                                    |  |                             |       |      |      
|Net interest income                                 |  |                             | 2,613 |      | 1,865
|                                                    |  |                            
|Provision for loan losses                           |  |                             | 158   |      | 125  
|                                                    |  |                             |       |      |      
|Net interest income after provision for loan losses |  |                             | 2,455 |      | 1,740
|                                                    |  |                             |       |      |      
|Noninterest income:                                 |  |                             |       |      |      
|Service charges on deposit accounts                 |  |                             | 121   |      | 154  
|Other service charges and fees                      |  |                             | 23    |      | 38   
|Income from bank owned life insurance               |  |                             | 22    |      | 22   
|Gain on sale of loans held for sale                 |  |                             | 14    |      | 33   
|Other                                               |  |                             | 71    |      | 66   
|                                                    |  |                             |       |      |      
|Total noninterest income                            |  |                             | 251   |      | 313  
|                                                    |  |                             |       |      |      
|Noninterest expenses:                               |  |                             |       |      |      
|Employee compensation and benefits                  |  |                             | 1,072 |      | 836  
|Occupancy and equipment                             |  |                             | 171   |      | 148  
|Data processing                                     |  |                             | 168   |      | 145  
|Professional fees                                   |  |                             | 61    |      | 49   
|Office supplies                                     |  |                             | 43    |      | 22   
|Insurance                                           |  |                             | 38    |      | 30   
|Advertising                                         |  |                             | 8     |      | 8    
|Other                                               |  |                             | 146   |      | 98   
|                                                    |  |                             |       |      |      
|Total noninterest expenses                          |  |                             | 1,707 |      | 1,336
|                                                    |  |                             |       |      |      
|Earnings before income taxes                        |  |                             | 999   |      | 717  
|                                                    |  |                            
|Income taxes                                        |  |                             | 369   |      | 263  
|                                                    |  |                             |       |      |      
|Net earnings                                        |  | $                           | 630   |      | 454  
|                                                    |  |                             |       |      |      
|Earnings per share:                                 |  |                             |       |      |      
|Basic earnings per share                            |  | $                           | 0.28  |      | 0.22 
|                                                    |  |                             |       |      |      
|Diluted earnings per share                          |  | $                           | 0.25  |      | 0.19 
|                                                    |  |                             |       |      |      
|Dividends per share                                 |  | $                           |      |      |     
|                                                    |  |                             |       |      |      



See Accompanying Notes to Condensed
Consolidated Financial Statements.



3



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Condensed Consolidated Statements of Changes in Stockholders Equity



Three Months Ended March 31, 2005 and 2004

(In thousands, except share
amounts)



|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|----------------------------------------------------------------------------------------------- |  | ----------- | --- | ------------------------ | ------ | - | ---------------- | ----- | - | ------------------------------------------- | ---- | - | ----- | ------ | -
|                                                                                                |  | CommonStock |     | AdditionalPaid-inCapital |        |   | RetainedEarnings |       |   | AccumulatedOther ComprehensiveIncome (Loss) |      |   | Total |       
|Balance at December 31, 2003                                                                    |  | $           | 159 |                          | 17,911 |   |                  | 2,113 |   |                                             | 1    |   |       | 20,184 |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Comprehensive income:                                                                           |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Net earnings (unaudited)                                                                        |  |             |    |                          |       |   |                  | 454   |   |                                             |     |   |       | 454    |  
|                                                                                                |  |             |     |                          |       
|Net change in unrealized gain on securities available for sale, net of taxes of $9 (unaudited)  |  |             |    |                          |       |   |                  |      |   |                                             | 15   |   |       | 15     |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Comprehensive income (unaudited)                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       | 469    |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Exercise of stock warrants (3,511 shares) (unaudited)                                           |  |             | 1   |                          | 42     |   |                  |      |   |                                             |     |   |       | 43     |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Balance at March 31, 2004 (unaudited)                                                           |  | $           | 160 |                          | 17,953 |   |                  | 2,567 |   |                                             | 16   |   |       | 20,696 |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Balance at December 31, 2004                                                                    |  | $           | 169 |                          | 19,374 |   |                  | 4,136 |   |                                             | (61  | ) |       | 23,618 |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Comprehensive income:                                                                           |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Net earnings (unaudited)                                                                        |  |             |    |                          |       |   |                  | 630   |   |                                             |     |   |       | 630    |  
|                                                                                                |  |             |     |                          |       
|Net change in unrealized loss on securities available for sale, net of taxes of $25 (unaudited) |  |             |    |                          |       |   |                  |      |   |                                             | (41  | ) |       | (41    | )
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Comprehensive income (unaudited)                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       | 589    |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|5% stock dividend (105,641 shares), fractional shares paid in cash of $4 (unaudited)            |  |             | 9   |                          | (9     | ) |                  | (4    | ) |                                             |     |   |       | (4     | )
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  
|Balance at March 31, 2005 (unaudited)                                                           |  | $           | 178 |                          | 19,365 |   |                  | 4,762 |   |                                             | (102 | ) |       | 24,203 |  
|                                                                                                |  |             |     |                          |        |   |                  |       |   |                                             |      |   |       |        |  



See Accompanying Notes to Condensed
Consolidated Financial Statements.



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##### Table of Contents

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



|                                                                                              |  |                             |         |   |      |         |  
|--------------------------------------------------------------------------------------------- |  | --------------------------- | ------- | - | ---- | ------- | -
|                                                                                              |  | Three Months EndedMarch 31, |        
|                                                                                              |  | 2005                        |         |   | 2004 |        
|Cash flows from operating activities:                                                         |  |                             |         |   |      |         |  
|Net earnings                                                                                  |  | $                           | 630     |   |      | 454     |  
|Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: |  |                             |         |   |      |         |  
|Provision for loan losses                                                                     |  |                             | 158     |   |      | 125     |  
|Depreciation and amortization                                                                 |  |                             | 78      |   |      | 69      |  
|Net amortization of deferred loan fees and costs                                              |  |                             | 34      |   |      | 4       |  
|Income from bank owned life insurance                                                         |  |                             | (22     | ) |      | (22     | )
|Origination of loans held for sale                                                            |  |                             | (1,018  | ) |      | (700    | )
|Proceeds from sale of loans held for sale                                                     |  |                             | 964     |   |      | 1,131   |  
|Gain on sale of loans held for sale                                                           |  |                             | (14     | ) |      | (33     | )
|Loss on sale of foreclosed real estate                                                        |  |                             | 2       |   |      | 17      |  
|Increase in accrued interest receivable                                                       |  |                             | (44     | ) |      | (4      | )
|Increase in other assets                                                                      |  |                             | (1,440  | ) |      | (527    | )
|Increase in accrued expenses and other liabilities                                            |  |                             | 51      |   |      | 1,561   |  
|                                                                                              |  |                             |         |   |      |         |  
|Net cash (used in) provided by operating activities                                           |  |                             | (621    | ) |      | 2,075   |  
|                                                                                              |  |                             |         |   |      |         |  
|Cash flows from investing activities:                                                         |  |                             |         |   |      |         |  
|Net change in other interest-bearing deposits with banks                                      |  |                             | (95     | ) |      |        |  
|Purchase of securities available for sale                                                     |  |                             | (491    | ) |      | (2,994  | )
|Principal payments on securities available for sale                                           |  |                             | 121     |   |      | 106     |  
|Proceeds from calls and maturities of securities available for sale                           |  |                             | 1,500   |   |      |        |  
|Purchase of securities held to maturity                                                       |  |                             | (999    | ) |      |        |  
|Proceeds from calls of securities held to maturity                                            |  |                             |        |   |      | 1,500   |  
|Principal payments on securities held to maturity                                             |  |                             | 53      |   |      | 29      |  
|Net increase in loans                                                                         |  |                             | (14,415 | ) |      | (9,882  | )
|Purchase of premises and equipment, net                                                       |  |                             | (1,787  | ) |      | (7      | )
|(Purchase) redemption of Federal Home Loan Bank stock                                         |  |                             | (121    | ) |      | 300     |  
|Proceeds from sale of foreclosed real estate                                                  |  |                             | 37      |   |      | 18      |  
|                                                                                              |  |                             |         |   |      |         |  
|Net cash used in investing activities                                                         |  |                             | (16,197 | ) |      | (10,930 | )
|                                                                                              |  |                             |         |   |      |         |  
|Cash flows from financing activities:                                                         |  |                             |         |   |      |         |  
|Increase in deposits                                                                          |  |                             | 20,950  |   |      | 30,844  |  
|Repayment of Federal Home Loan Bank advances                                                  |  |                             |        |   |      | (6,000  | )
|Net decrease in other borrowings                                                              |  |                             | (329    | ) |      | (1,069  | )
|Proceeds from exercise of stock warrants                                                      |  |                             |        |   |      | 43      |  
|Fractional shares of stock dividend paid in cash                                              |  |                             | (4      | ) |      |        |  
|                                                                                              |  |                             |         |   |      |         |  
|Net cash provided by financing activities                                                     |  |                             | 20,617  |   |      | 23,818  |  
|                                                                                              |  |                             |         |   |      |         |  
|Net increase in cash and cash equivalents                                                     |  |                             | 3,799   |   |      | 14,963  |  
|                                                                                              |  |                            
|Cash and cash equivalents at beginning of period                                              |  |                             | 9,738   |   |      | 3,197   |  
|                                                                                              |  |                             |         |   |      |         |  
|Cash and cash equivalents at end of period                                                    |  | $                           | 13,537  |   |      | 18,160  |  
|                                                                                              |  |                             |         |   |      |         |  



(continued)



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Condensed Consolidated Statements of Cash Flows (Unaudited), Continued

(In thousands)



|                                                                                                                                          |  |                             |     |   |      |    
|----------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | --- | - | ---- | ---
|                                                                                                                                          |  | Three Months EndedMarch 31,
|                                                                                                                                          |  | 2005                        |     |   | 2004
|Supplemental disclosure of cash flow information:                                                                                         |  |                             |     |   |      |    
|Cash paid during the period for:                                                                                                          |  |                             |     |   |      |    
|Interest                                                                                                                                  |  | $                           | 944 |   |      | 737
|                                                                                                                                          |  |                             |     |   |      |    
|Income taxes                                                                                                                              |  | $                           | 580 |   |      | 115
|                                                                                                                                          |  |                             |     |   |      |    
|Noncash transactions:                                                                                                                     |  |                             |     |   |      |    
|Accumulated other comprehensive income (loss), net change in unrealized gain (loss) on securities available for sale, net of income
taxes |  | $                           | (41 | ) |      | 15 
|                                                                                                                                          |  |                             |     |   |      |    
|Stock dividend                                                                                                                            |  | $                           | 9   |   |      |   
|                                                                                                                                          |  |                             |     |   |      |    



See Accompanying Notes to Condensed
Consolidated Financial Statements.



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##### Table of Contents

FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Notes to Condensed Consolidated Financial Statements (Unaudited)



|1. | 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 operations of the Bank. The Bank is a federally-chartered stock
savings bank that provides a variety of banking services to small and middle market businesses and individuals through its three banking offices located in Pinellas County and one banking office located in Charlotte County and Hillsborough County,
Florida. FCLS had minimal activity during the three months ended March 31, 2005 and 2004.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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, 2005 and the results of operations and cash flows for the three-month periods ended March 31, 2005 and 2004. The results of operations and
other data for the three- month period ended March 31, 2005 are not necessarily indicative of results that may be expected for the year ending December 31, 2005.



|2. | Loan Impairment and Loan Losses.There were no loans identified as impaired during the three months ended March 31, 2005 or 2004.
|-- | --------------------------------------------------------------------------------------------------------------------------------



The activity in the allowance for loan losses is as follows (in thousands):



|                               |  |                             |       |   |      |       |  
|------------------------------ |  | --------------------------- | ----- | - | ---- | ----- | -
|                               |  | Three Months EndedMarch 31, |      
|                               |  | 2005                        |       |   | 2004 |      
|Balance at beginning of period |  | $                           | 2,640 |   |      | 2,041 |  
|Provision for loan losses      |  |                             | 158   |   |      | 125   |  
|Charge-offs                    |  |                             | (14   | ) |      | (17   | )
|Recoveries                     |  |                             | 1     |   |      | 24    |  
|                               |  |                             |       |   |      |       |  
|Balance at end of period       |  | $                           | 2,785 |   |      | 2,173 |  
|                               |  |                             |       |   |      |       |  



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



|                                             |  |              |    |      |    
|-------------------------------------------- |  | ------------ | -- | ---- | ---
|                                             |  | At March 31,
|                                             |  | 2005         |    | 2004
|Nonaccrual loans                             |  | $            | 21 |      | 188
|Past due ninety days or more, still accruing |  |              |   |      |   
|                                             |  |              |    |      |    
|                                             |  | $            | 21 |      | 188
|                                             |  |              |    |      |    



At March 31, 2005 and
December 31, 2004 loans held for sale were $231,000 and $163,000, respectively, and are included in net loans on the condensed consolidated balance sheets.



(continued)



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Notes to Condensed Consolidated Financial Statements (Unaudited),
Continued



|3. | Earnings Per Share (EPS).Earnings per share (EPS) of common stock has been computed on the basis of the weighted-average number of shares of
common stock outstanding. Outstanding stock options and warrants are considered dilutive securities for purposes of calculating diluted EPS which is computed using the treasury stock method. All per share amounts have been adjusted to reflect the 5%
stock dividend paid in March 2005. The following tables present the calculations of EPS (dollars in thousands, except per share amounts).
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                      |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|--------------------------------------------------------------------- |  | ---------------------------- | --- | ---------------------- | --------- | -------------- | - | -------- |  | ---------------------- | --- | --------------- | --------- |  | - | ----
|                                                                      |  | Three Months Ended March 31,
|                                                                      |  | 2005                         |     | 2004                  
|                                                                      |  | Earnings                     |     | Weighted-AverageShares |           | PerShareAmount |   | Earnings |  | Weighted-AverageShares |     | Per ShareAmount
|Basic EPS:                                                            |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|Net earnings available to common stockholders                         |  | $                            | 630 |                        | 2,221,138 |                | $ | 0.28     |  | $                      | 454 |                 | 2,093,054 |  | $ | 0.22
|                                                                      |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|Effect of dilutive securities-                                        |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|Incremental shares from assumed conversion of options and warrants    |  |                              |     |                        | 306,623   |                |   |          |  |                        |     |                 | 290,782   |  |   |     
|                                                                      |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|Diluted EPS:                                                          |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     
|Net earnings available to common stockholders and assumed conversions |  | $                            | 630 |                        | 2,527,761 |                | $ | 0.25     |  | $                      | 454 |                 | 2,383,836 |  | $ | 0.19
|                                                                      |  |                              |     |                        |           |                |   |          |  |                        |     |                 |           |  |   |     



The following options
were excluded from the calculation of EPS for the three months ended March 31, 2005 due to the exercise price being above the average market price:



|        |  |                   |  |               |       |        |          
|------- |  | ----------------- |  | ------------- | ----- | ------ | ---------
|        |  | NumberOutstanding |  | ExercisePrice |       | Expire
|Options |  | 10,500            |  | $             | 27.61 |        | 2011-2015



(continued)



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Notes to Condensed Consolidated Financial Statements (Unaudited),
Continued



|4. | Stock Option Plans.The Company has stock option plans for directors and employees of the Company. Under the plans, the total number of options which may be granted to
purchase common stock is 393,750 (amended) for directors and 328,125 (amended) for employees. At March 31, 2005, no options remain available for grant under the directors plan and 60,281 options remain available for grant under the
employees plan. The directors options vest immediately and have a life of five years. The employees options vest over a range from grant date to eight years and expire six years after vesting is complete, however no employee option
exceeds 10 years. All options and share prices have been adjusted to reflect the 5% stock dividend paid in March 2005 (dollars in thousands, except per share amounts).
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                         |  |                 |  |                               |             |                               |       |                      |      
|---------------------------------------- |  | --------------- |  | ----------------------------- | ----------- | ----------------------------- | ----- | -------------------- | -----
|                                         |  | Numberof Shares |  | Range ofPer ShareOption Price |             | WeightedAveragePer SharePrice |       | AggregateOptionPrice
|Options outstanding at December 31, 2004 |  | 605,810         |  | $                             | 7.62-21.31  |                               | 8.99  |                      | 5,446
|Options granted                          |  | 36,936          |  |                               | 24.00-27.61 |                               | 25.15 |                      | 929  
|                                         |  |                 |  |                               |             |                               |       |                      |      
|Options outstanding at March 31, 2005    |  | 642,746         |  | $                             | 7.62-27.61  |                               | 9.92  |                      | 6,375
|                                         |  |                 |  |                               |             |                               |       |                      |      



Statement of Financial
Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, as amended by SFAS 148, Accounting for Stock-Based Compensation Transition and Disclosure (collectively SFAS No. 123) encourages all entities to
adopt a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting
period. However, it also allows an entity to continue to measure compensation cost for those plans using the intrinsic value based method of accounting prescribed by Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees (APB No. 25), whereby compensation cost is the excess, if any, of the quoted market price of the stock at the grant date (or other measurement date) over the amount an employee must pay to acquire the stock.



(continued)



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Notes to Condensed Consolidated Financial Statements (Unaudited),
Continued



|4. | Stock Option Plans, Continued. The Company accounts for their stock option plans under the recognition and measurement principles of APB No. 25. No stock-based
employee compensation cost is reflected in net earnings, as all options granted under those plans had an exercise price equal to the market value of the underlying common stock on the date of grant. The following table illustrates the effect on net
earnings and earnings per share if the Company had applied the fair value recognition provisions of SFAS No. 123 to stock-based employee compensation. All per share information has been restated to reflect the 5% stock dividend paid in March, 2005
(in thousands, except per share amounts).
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                                                                                       |  |                             |      |   |      |      |  
|-------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | ---- | - | ---- | ---- | -
|                                                                                                                                       |  | Three Months EndedMarch 31, |     
|                                                                                                                                       |  | 2005                        |      |   | 2004 |     
|Net earnings, as reported                                                                                                              |  | $                           | 630  |   |      | 454  |  
|                                                                                                                                       |  |                            
|Deduct: Total stock-based employee compensation determined under the fair value based method for all awards, net of related tax
effect |  |                             | (81  | ) |      | (9   | )
|                                                                                                                                       |  |                             |      |   |      |      |  
|Proforma net earnings                                                                                                                  |  | $                           | 549  |   |      | 445  |  
|                                                                                                                                       |  |                             |      |   |      |      |  
|Earnings per share:                                                                                                                    |  |                             |      |   |      |      |  
|Basic, as reported                                                                                                                     |  | $                           | 0.28 |   |      | 0.22 |  
|                                                                                                                                       |  |                             |      |   |      |      |  
|Basic, proforma                                                                                                                        |  | $                           | 0.25 |   |      | 0.21 |  
|                                                                                                                                       |  |                             |      |   |      |      |  
|Diluted, as reported                                                                                                                   |  | $                           | 0.25 |   |      | 0.19 |  
|                                                                                                                                       |  |                             |      |   |      |      |  
|Diluted, proforma                                                                                                                      |  | $                           | 0.22 |   |      | 0.19 |  
|                                                                                                                                       |  |                             |      |   |      |      |  



The fair value of each
option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions, there were no options granted during the three months ended March 31, 2004 (in thousands, except per share amounts):



|                                                              |  |                                   |      |  
|------------------------------------------------------------- |  | --------------------------------- | ---- | -
|                                                              |  | Three Months Ended March 31, 2005 |     
|Risk-free interest rate                                       |  |                                   | 3.98 | %
|Dividend yield                                                |  |                                   |     |  
|Expected volatility                                           |  |                                   | 10   | %
|Expected life in years                                        |  |                                   | 4    |  
|                                                              | 
|Grant-date fair value of each option issued during the period |  | $                                 | 4.37 |  
|                                                              |  |                                   |      |  



|5. | Regulatory Capital. The Bank is required to maintain certain minimum regulatory capital requirements. At March 31, 2005, the Bank was in compliance with its regulatory
capital requirements.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Review by Independent Registered Public Accounting Firm



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, 2005, and for the three-month periods ended March 31, 2005 and 2004 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.



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##### Table of Contents

Report of Independent Registered Public Accounting Firm



First Community Bank Corporation of America

Pinellas Park, Florida:



We have reviewed the accompanying interim condensed consolidated balance sheet of First Community Bank Corporation of
America and Subsidiaries (the Company) as of March 31, 2005 and the related interim condensed consolidated statements of earnings, changes in stockholders equity and cash flows for the three-month periods ended March 31, 2005 and
2004. 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 interim 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, 2004, and the related consolidated statements of earnings, changes in stockholders equity and cash flows for the year then ended (not presented herein); and in our report dated March
14, 2005, 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, 2004, 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 11, 2005                  



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Item 2. Managements Discussion and Analysis

or Plan of Operation



Forward Looking Statements



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 operations of the Bank. The Bank is a federally-chartered stock savings bank that provides a variety of banking services to
small and middle market businesses and individuals through its three banking offices located in Pinellas County and one banking office located in Charlotte County and Hillsborough County, Florida. FCLS had minimal activity during the three months
ended March 31, 2005 and 2004.



Liquidity and Capital Resources



The Companys primary source of cash during the
three months ended March 31, 2005, was from net deposit inflows of approximately $21.0 million and principle repayments and calls of securities of approximately $1.7 million. Cash was used primarily to originate net loans of approximately $14.4
million, purchase securities of approximately $1.5 million and to purchase premises and equipment of $1.8 million. At March 31, 2005, the Bank exceeded its regulatory liquidity requirements.



Off-Balance Sheet Arrangements and Aggregate Contractual Obligations



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.



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



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, 2005, follows (in thousands):



|                             |  |                |       
|---------------------------- |  | -------------- | ------
|                             |  | ContractAmount
|Commitments to extend credit |  | $              | 16,167
|                             |  |                |       
|Unused lines of credit       |  | $              | 21,202
|                             |  |                |       
|Standby letters of credit    |  | $              | 823   
|                             |  |                |       



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.



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Selected Financial Information



The following rates are presented for the dates and periods indicated:



|                                                                      |  |                                   |   |  |                             |   |  |                                   |  
|--------------------------------------------------------------------- |  | --------------------------------- | - |  | --------------------------- | - |  | --------------------------------- | -
|                                                                      |  | Three Months Ended March 31, 2005 |   |  | Year Ended December 31,2004 |   |  | Three Months Ended March 31, 2004 |  
|Average equity as a percentage of average assets                      |  | 9.51                              | % |  | 10.32                       | % |  | 10.61                             | %
|Equity to total assets at end of period                               |  | 9.20                              | % |  | 9.77                        | % |  | 10.03                             | %
|Return on average assets (1)                                          |  | 1.00                              | % |  | 0.94                        | % |  | 94                                | %
|Return on average equity (1)                                          |  | 10.51                             | % |  | 9.15                        | % |  | 8.86                              | %
|Noninterest expenses to average assets (1)                            |  | 2.71                              | % |  | 2.62                        | % |  | 2.77                              | %
|Nonperforming assets as a percentage of total assets at end of period |  | .01                               | % |  | .04                         | % |  | .10                               | %

---

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



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Results of Operations



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, |        
|                                                                                 |  | 2005                         |         |                      | 2004 |                  
|                                                                                 |  | AverageBalance               |         | InterestandDividends |      | AverageYield/Rate |  |      | AverageBalance |  | InterestandDividends |         | AverageYield/Rate |  
|                                                                                 |  | (Dollars in thousands)       |        
|Interest-earning assets:                                                         |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Loans (1)                                                                        |  | $                            | 211,269 |                      |      | 3,414             |  | 6.46 | %              |  | $                    | 165,254 |                   |   | 2,528 |  | 6.12 | %
|Securities                                                                       |  |                              | 15,421  |                      |      | 95                |  | 2.46 |                |  |                      | 7,990   |                   |   | 46    |  | 2.30 |  
|Other interest-earning assets (2)                                                |  |                              | 11,326  |                      |      | 46                |  | 1.62 |                |  |                      | 9,482   |                   |   | 21    |  | .89  |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Total interest-earning assets                                                    |  |                              | 238,016 |                      |      | 3,555             |  | 5.97 |                |  |                      | 182,726 |                   |   | 2,595 |  | 5.68 |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Noninterest-earning assets                                                       |  |                              | 14,180  |                      |      |                   |  |      |                |  |                      | 10,497  |                   |   |       |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Total assets                                                                     |  | $                            | 252,196 |                      |      |                   |  |      |                |  | $                    | 193,223 |                   |   |       |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Interest-bearing liabilities:                                                    |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Savings, NOW, money-market deposit accounts                                      |  |                              | 79,680  |                      |      | 178               |  | .89  |                |  |                      | 51,841  |                   |   | 116   |  | .90  |  
|Time deposits                                                                    |  |                              | 97,724  |                      |      | 660               |  | 2.70 |                |  |                      | 76,165  |                   |   | 477   |  | 2.51 |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Total interest-bearing deposits                                                  |  |                              | 177,404 |                      |      | 838               |  | 1.89 |                |  |                      | 128,006 |                   |   | 593   |  | 1.85 |  
|                                                                                 |  |                              |         |                      |      |                  
|Other interest-bearing liabilities (3)                                           |  |                              | 13,048  |                      |      | 104               |  | 3.19 |                |  |                      | 19,405  |                   |   | 137   |  | 2.82 |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Total interest-bearing liabilities                                               |  |                              | 190,452 |                      |      | 942               |  | 1.98 |                |  |                      | 147,411 |                   |   | 730   |  | 1.98 |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Noninterest-bearing liabilities                                                  |  |                              | 37,759  |                      |      |                   |  |      |                |  |                      | 25,311  |                   |   |       |  |      |  
|Stockholders equity                                                             |  |                              | 23,985  |                      |      |                   |  |      |                |  |                      | 20,501  |                   |   |       |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Total liabilities and stockholders equity                                       |  | $                            | 252,196 |                      |      |                   |  |      |                |  | $                    | 193,223 |                   |   |       |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Net interest income                                                              |  |                              |         |                      | $    | 2,613             |  |      |                |  |                      |         |                   | $ | 1,865 |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Interest-rate spread (4)                                                         |  |                              |         |                      |      |                   |  | 3.99 | %              |  |                      |         |                   |   |       |  | 3.70 | %
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Net interest margin (5)                                                          |  |                              |         |                      |      |                   |  | 4.39 | %              |  |                      |         |                   |   |       |  | 4.08 | %
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  
|Ratio of average interest-earning assets to average interest-bearing liabilities |  |                              | 1.25    |                      |      |                   |  |      |                |  |                      | 1.24    |                   |   |       |  |      |  
|                                                                                 |  |                              |         |                      |      |                   |  |      |                |  |                      |         |                   |   |       |  |      |  

---

|(1) | Includes non-performing 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.
|--- | --------------------------------------------------------------------------------------



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Comparison of the Three-Month Periods Ended March 31, 2005 and 2004



General. Our net earnings for the three
months ended March 31, 2005, increased to $630,000 or $.28 earnings per basic share and $.25 earnings per diluted share compared to $454,000 or $.22 earnings per basic share and $.19 per diluted share for the three months ended March 31, 2004. Net
earnings increased primarily due to an increase in net interest income, which was partially offset by an increase in noninterest expenses.



Net Interest Income. Interest income increased to $3.6 million during the three months ended March 31, 2005, from $2.6 million in 2004.
Interest on loans for the three months ended March 31, 2005 increased to $3.4 million from $2.5 million for the three months ended March 31, 2004. The increase in interest on loans was primarily due to an increase in the average balance of loans to
$211.3 million, during the three months ended March 31, 2005 compared to $165.3 million, during the three months ended March 31, 2004. This increase was also due to an increase in the average yield earned to 6.46% for the three months ended March
31, 2005 from 6.12% for the three months ended March 31, 2004. Interest on securities increased to $95,000 during the three months ended March 31, 2005 from $46,000 for the three months ended March 31, 2004. The increase in interest income on
securities was due to a increase in average yield earned from 2.30% in 2004 to 2.46% in 2005, and an increase in the average balance to $15.4 million in 2005 from $8.0 million in 2004.



Interest expense on interest bearing deposit accounts increased to $838,000 during the three months ended March 31, 2005,
compared to $593,000 during the three months ended March 31, 2004. The increase was due to a increase in the rate paid to 1.89% during the three months ended March 31, 2005 from 1.85% during the three months ended March 31, 2004, and an increase in
the average balance of interest bearing deposits to $177.4 million in 2005 from $128.0 million in 2004. Interest expense on other borrowings decreased to $104,000 during the three months ended March 31, 2005, compared to $137,000 during the three
months ended March 31, 2004. The decrease was due to a decrease in the average balance of other borrowings to $13.0 million in 2005 from $19.4 million in 2004, partially offset by an increase in the average rate paid on other borrowings to 3.19%
during the three months ended March 31, 2005 compared to 2.82% during the three months ended March 31, 2004.



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FIRST COMMUNITY BANK CORPORATION OF AMERICA AND SUBSIDIARIES



Comparison of the Three-Month Periods Ended March 31, 2005 and 2004,
Continued



Provision for Loan Losses.
Calculating the allowance for loan losses is divided into two primary allocation groups: (1) specific allocation loans and (2) all other passing grade loans. For specific allocation loans, the Company has determined an allowance amount to set aside
which it believes is sufficient to cover any potential collateral shortfall. Problem loans are identified by the loan officer, loan review, loan committee or by the examiners. Those loans identified as problem loans are assigned a risk grade. Loans
graded special mention are multiplied by an inherent loss factor of 3% - 5% to determine the amount to be included in the allowance. Loans graded substandard are generally multiplied by a loss factor of 5% - 15%, loans graded doubtful are generally
multiplied by a loss factor of 50% and loans graded loss are multiplied by a loss factor of 100%. In addition to the 3% - 5% and 50% on substandard and doubtful loans, respectively, the loans are individually reviewed for any additional reserve that
may be necessary. All other loans, graded pass are multiplied by an historical experience factor to determine the appropriate level of the allowance for loan losses. In addition to historical experience factors, the Company also provides for losses
due to economic factors, concentration of credit risk and portfolio composition changes.

|
|



The provision
for loan losses was $158,000 for the three months ended March 31, 2005 compared to $125,000 for the three months ended March 31, 2004. While continued economic weakness, rapidly rising interest rates, or other factors could cause stress on the loan
portfolio and affect the levels of nonperforming assets and charge-offs, management believes that the levels of nonperforming assets and the charge-off ratio are stable under the current circumstances.



The allowance for loan losses is $2,785,000 at March 31, 2005. While
management believes that its allowance for loan losses is adequate as of March 31, 2005, future adjustments to the Companys allowance for loan losses may be necessary if economic conditions differ substantially from the assumptions used in
making the initial determination.



Noninterest
Income. Noninterest income decreased to $251,000 in 2005 from $313,000 for the three- months ended March 31, 2004. The decrease is primarily due to a decrease in service charges on deposit accounts and a decrease in gains recognized on the
sale of loans held for sale.



Noninterest
Expense. Total noninterest expense increased to $1.7 million for the three months ended March 31, 2005 from $1.3 million for the comparable period ended March 31, 2004, primarily due to an increase in employee compensation and benefits of
$236,000 due to the opening of a new banking office in the first quarter of 2005.



Income Taxes. Income taxes for the three months ended March 31, 2005, was $369,000 or 36.9% compared to $263,000 or 36.7% for the period ended March 31, 2004.



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Item 3. 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
adequate.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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.



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PART II. OTHER INFORMATION, CONTINUED



Item 6. Exhibits



Exhibits. The
following exhibits were filed with the Securities and Exchange Commission.



|            |  |                                                                                                                                              
|----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------
|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                                                                           
|            | 
|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.
|-- | ---------------------------------------------------------------------------------------------------------------------------------



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SIGNATURES



Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|                   |  |                                             |  |                                                                        
|------------------ |  | ------------------------------------------- |  | -----------------------------------------------------------------------
|                   |  | FIRST COMMUNITY BANK CORPORATION OF AMERICA
|                   |  | (Registrant)                               
|                   |  |                                            
|Date: May 13, 2005 |  | By:                                         |  | /s/ Kenneth P. Cherven                                                 
|                   |  |                                             |  | Kenneth P. Cherven, President and Chief Executive Officer              
|                   |  |                                            
|Date: May 13, 2005 |  | By:                                         |  | /s/ John A. Stewart, Jr.                                               
|                   |  |                                             |  | John A. Stewart, Jr., Senior Vice President and Chief Financial Officer



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