First Community Financial Partners, Inc. (FCFP) 10-Q Quarterly Report May 2016


•	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

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

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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