Last10K.com

First Community Financial Partners, Inc. (FCFP) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

First Community Financial Partners, Inc.

CIK: 1469134 Ticker: FCFP


Exhibit 99.1
News Release
Contact: Glen L. Stiteley, Chief Financial Officer
   (815) 725-1885
Source:   First Community Financial Partners, Inc.

First Community Financial Partners, Inc. Reports Net Income Applicable to Common Shareholders of $5.4 million for the Year Ended December 31, 2014

Joliet, Illinois, January 21, 2015 - First Community Financial Partners, Inc. (OTCQB: FCMP, “First Community”), the parent company of First Community Financial Bank (the “Bank”), today reported that its net income applicable to common shareholders for the three months ended December 31, 2014, was $1.8 million, or $0.11 per diluted share, which was flat when compared with the results of $1.9 million, or $0.11 per diluted share, for the three months ended September 30, 2014. Net income applicable to common shareholders for the year ended December 31, 2014, was $5.4 million, or $0.32 per diluted share, compared with $20.6 million, or $1.29 per diluted share, for the year ended December 31, 2013. The results for 2013 included an income tax benefit of $14.6 million primarily related to the reversal of a previously established deferred tax valuation allowance and $4.9 million related to gains on redemption of preferred stock. Income before income taxes was $8.6 million for the year ended December 31, 2014, as compared to $2.1 million for the year ended December 31, 2013.

2014 Highlights
Loans increased $37.1 million, or 5.69%, from $652.1 million at December 31, 2013 to $689.2 million at December 31, 2014.
Noninterest bearing deposit accounts increased $46.4 million, or 41.42%, from $112.0 million at December 31, 2013 to $158.3 million at December 31, 2014.
Pre-tax pre-provision income was $11.6 million for the year ended December 31, 2014, compared to $10.1 million for the year ended December 31, 2013. In addition, pre-tax pre-provision income was $3.0 million for the three months ended December 31, 2014, compared to $2.8 million for the same period in 2013.
Book value per common share increased 5.34% from $5.24 at December 31, 2013 to $5.52 at December 31, 2014, and increased $0.10 per common share since September 30, 2014.
Nonperforming assets were 1.03% of total assets at December 31, 2014, compared to 3.18% at December 31, 2013.
The Company repurchased all of its remaining outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), and Fixed Rate Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”).

“We are very pleased with the progress our Company made in 2014,” said Roy C. Thygesen, CEO. “Core earnings reflected a greatly improved and growing balance sheet,” he added, “and the work done this past year has positioned the Company for continued performance improvement in the years ahead.”

2014 Financial Performance

Balance sheet
In 2014, commercial loans increased $12.0 million and residential 1-4 family loans increased by $14.0 million. Additionally, commercial real estate loans increased by $11.7 million while construction and land development loan balances decreased by $2.0 million. In the fourth quarter of 2014, loans stayed fairly flat as new loan fundings during the quarter were substantially offset with approximately $30.0 million in normal course of business loan payoffs. As a result, total loans at September 30, 2014 of $689.1 million were about even with the $689.2 million total loan balance at December 31, 2014.
Noninterest bearing deposit accounts increased $46.4 million, or 41.42%, year over year, and $18.1 million, or 12.90%, during the quarter ended December 31, 2014. The Company’s increased focus on commercial business depositors, a mix of new businesses and increases in the balances of existing depositors has led to the improvement in noninterest bearing deposits. NOW and money market accounts increased $29.4 million year over year, and $4.6 million during the quarter ended December 31, 2014. This growth has reduced First Community’s overall reliance on time deposits for funding its asset growth. Time deposits decreased $37.6 million year over year and $14.0 million during the quarter ended December 31, 2014.



The following information was filed by First Community Financial Partners, Inc. (FCFP) on Wednesday, January 21, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate First Community Financial Partners, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by First Community Financial Partners, Inc..

Continue

Assess how First Community Financial Partners, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

First Community Financial Partners, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Benefit Plan
Benefit Plan (details)
Capital And Regulatory Matters
Capital And Regulatory Matters (details)
Capital And Regulatory Matters (tables)
Concentrations, Commitments And Contingencies
Concentrations, Commitments And Contingencies (details)
Concentrations, Commitments And Contingencies (tables)
Deposits
Deposits (composition Of Interest-bearing Deposits) (details)
Deposits (narrative) (details)
Deposits (tables)
Deposits Maturities Of Certificates Of Deposits) (details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (details)
Fair Value Measurements
Fair Value Measurements (additional Quantitative Information) (details)
Fair Value Measurements (assets And Liabilities Utilizing Level 3 Inputs) (details)
Fair Value Measurements (assets Measured At Fair Value On A Nonrecurring) (details)
Fair Value Measurements (fair Values Of Financial Instruments) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Fair Value Measurements (valuation Inputs Recurring Basis) (details)
Foreclosed Assets
Foreclosed Assets (expenses Applicable To Foreclosed Assets) (details)
Foreclosed Assets (foreclosed Assets And Provision For Losses) (details)
Foreclosed Assets (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (expense (benefit) Recognized) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation) (details)
Income Taxes (tables)
Loans
Loans (activity In The Allowance For Loan Losses, By Portfolio Segment) (details)
Loans (activity Of Troubled Debt Restructuring) (details)
Loans (additional Detail Of Impaired Loans) (details)
Loans (allowance For Loan Losses And The Unpaid Principal Balances) (details)
Loans (balances) (details)
Loans (contractual Aging In Past Due And Nonaccrual Loans) (details)
Loans (loans To Related Parties) (details)
Loans (modifications, Troubled Debt Restructuring) (details)
Loans (risk Category Of Loans By Asset Classification) (details)
Loans (tables)
Loans (troubled Debt Restructuring) (details)
Other Borrowed Funds
Other Borrowed Funds (composition) (details)
Other Borrowed Funds (future Principal Payments) (details)
Other Borrowed Funds (narrative) (details)
Other Borrowed Funds (repurchase Agreements) (details)
Other Borrowed Funds (tables)
Preferred Stock
Preferred Stock (details)
Premises And Equipment
Premises And Equipment (future Minimum Annual Rental Commitments) (details)
Premises And Equipment (narrative) (details)
Premises And Equipment (summary) (details)
Premises And Equipment (tables)
Securities Available For Sale
Securities Available For Sale (amortized Cost And Fair Value, Securities Available For Sale) (details)
Securities Available For Sale (securities By Maturity Dates) (details)
Securities Available For Sale (tables)
Stock Compensation Plans
Stock Compensation Plans (narrative) (details)
Stock Compensation Plans (non-vested Restricted Shares) (details)
Stock Compensation Plans (options Outstanding) (details)
Stock Compensation Plans (stock Options) (details)
Stock Compensation Plans (tables)
Subordinated Debt
Subordinated Debt (details)
Subordinated Debt (narrative) (details)
Subordinated Debt (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: FCFP
CIK: 1469134
Form Type: 10-K Annual Report
Accession Number: 0001469134-15-000007
Submitted to the SEC: Fri Mar 13 2015 4:11:43 PM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fcfp/0001469134-15-000007.htm