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First Community Financial Partners, Inc. (FCFP) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2016

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. Announces First Quarter 2016 Financial Results
Investments for future: Announcement of strategic acquisition and addition of commercial lending team
First Quarter Highlights:
Announced the signing of a definitive agreement to acquire Mazon State Bank, a neighboring bank with $85 million in total assets, $33 million in total loans, $48 million in residential mortgage loan serviced, and $74 million in deposits as of March 31, 2016, 99.59% of which are core deposits
Announced the addition of six seasoned commercial bankers
Asset growth of $20.2 million, or 1.94%, from the fourth quarter
Loan growth of $2.0 million, or 0.25%, from the fourth quarter
Deposit growth of $13.0 million, or 1.50%, from the fourth quarter
Noninterest bearing deposit growth of $8.4 million, or 4.26%, from the fourth quarter
Diluted earnings per share (“EPS”) of $0.12 for the first quarter of 2016; $0.03 or 33.33% per diluted share increase over prior year
Pre-tax, pre-provision core income grew by $562,000, or 22.27%, compared to first quarter of 2015
Net interest income growth of $1.1 million, or 15.49%, compared to the first quarter of 2015
No loan loss provision in first quarter of 2016 or 2015, reflecting continued overall improvement in asset quality
Noninterest expense increased by $779,000, or 15.11%, year-over-year primarily due to the addition of six commercial bankers in the first quarter of 2016
Shareholders’ equity increased $3.7 million or 3.64% to $106.8 million million year-over-year; tangible equity ratio of 10.07% as of March 31, 2016

JOLIET, IL, April 27, 2016 -- First Community Financial Partners, Inc. (NASDAQ:FCFP) (“First Community” or the “Company”), the parent company of First Community Financial Bank (the “Bank”), today reported financial results as of and for the three months ended March 31, 2016.
Net income applicable to shareholders for the quarter ended March 31, 2016 was $2.0 million, or $0.12 per diluted share, compared with $1.6 million, or $0.09 per diluted share, for the quarter ended March 31, 2015. Earnings in the first quarter of 2016 reflected year-over-year growth in net interest income offset by growth in expenses primarily related to the addition of six commercial bankers and one leasing officer. During the first quarter of 2016, the Company also incurred $100,000 of professional fees related to the acquisition of Mazon State Bank.
From the Mazon State Bank merger, First Community anticipates it will be able to achieve an earnback of less than one year on the estimated dilution to tangible book value and expects accretion to its earnings per share in 2016 and beyond. Subject to regulatory approval, the closing of the transaction is expected to occur during the third quarter of 2016.
Roy Thygesen, CEO said, “We have made some key investments in the first quarter which we expect will facilitate a transformative year for First Community in 2016. The Mazon State Bank organization is a strong cultural and geographic fit for First Community. Additionally, we invested in acquiring a group of talented commercial bankers

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The following information was filed by First Community Financial Partners, Inc. (FCFP) on Wednesday, April 27, 2016 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (supplemental Information)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Basis Of Presentation
Basis Of Presentation (policies)
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 Brokered Deposits) (details)
Deposits (composition Of Interest-bearing Deposits) (details)
Deposits (tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (additional Information Of Assets And Liabilities For Which The Company Has Utilized Level 3 Inputs To Determine Fair Value) (details)
Fair Value Measurements (additional Quantitative Information) (details)
Fair Value Measurements (assets Measured At Fair Value On A Nonrecurring Basis) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (segregated By The Level Of The Valuation Inputs Within The Fair Value Hierarchy Utilized To Measure Fair Value) (details)
Fair Value Measurements (tables)
Fair Value Measurements (the Estimated Fair Values Of The Company's Financial Instruments) (details)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (income Tax Expense 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 (additional Detail Of Impaired Loans, Segregated By Class) (details)
Loans (balance In The Allowance For Loan Losses And The Unpaid Principal Balance Of Loans By Portfolio Segment) (details)
Loans (balances) (details)
Loans (contractual Aging Of The Recorded Investment In Past Due And Nonaccrual Loans) (details)
Loans (risk Category Of Loans Evaluated By Internal Asset Classification) (details)
Loans (rollforward Activity Of Troubled Debt Restructurings) (details)
Loans (tables)
Loans (unpaid Principal Balance Of Loans Modified In A Troubled Debt Restructuring) (details)
Other Borrowed Funds
Other Borrowed Funds (composition Of Other Borrowed Funds) (details)
Other Borrowed Funds (narrative) (details)
Other Borrowed Funds (tables)
Pending Merger Transaction
Pending Merger Transaction (details)
Securities Available For Sale
Securities Available For Sale (amortized Cost And Fair Value) (details)
Securities Available For Sale (narrative) (details)
Securities Available For Sale (securities Segregated By Maturity Dates) (details)
Securities Available For Sale (tables)
Securities Available For Sale (unrealized Losses And Fair Value Aggregated By Investment Category) (details)
Stock Compensation Plans
Stock Compensation Plans (information Pertaining To Options Outstanding) (details)
Stock Compensation Plans (narrative) (details)
Stock Compensation Plans (stock Options) (details)
Stock Compensation Plans (summary Of Nonvested Restricted Shares) (details)
Stock Compensation Plans (tables)

Material Contracts, Statements, Certifications & more

First Community Financial Partners, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FCFP
CIK: 1469134
Form Type: 10-Q Quarterly Report
Accession Number: 0001469134-16-000180
Submitted to the SEC: Tue May 10 2016 3:57:24 PM EST
Accepted by the SEC: Tue May 10 2016
Period: Thursday, March 31, 2016
Industry: State Commercial Banks

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