8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2013

FIRST COMMUNITY FINANCIAL PARTNERS, INC.

(Exact name of registrant as specified in its charter)

	333-185041
	333-185043
Illinois	333-185044	20-4718752
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

2801 Black Road, Joliet, IL	60435
(Address of Principal Executive Offices)	(Zip Code)

(815) 725-0123

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 2, 2013, First Community Financial Partners, Inc. (the “Company”) issued a press release to report the Company’s earnings for the quarter ended March 31, 2013, which is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated May 2, 2013

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 hereunto duly authorized.

FIRST COMMUNITY FINANCIAL PARTNERS, INC.

Dated: May 2, 2013                    /s/ Roy C. Thygesen            

Roy C. Thygesen

Chief Executive Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated May 2, 2013

EX-99.1

Exhibit 99.1

News Release

Contact: Roy C. Thygesen, Chief Executive Officer

   (815) 725-0123

Source:   First Community Financial Partners, Inc.

First Community Financial Partners, Inc. Reports Improved Earnings in the First Quarter of 2013

Joliet, Illinois, May 2, 2013 -First Community Financial Partners, Inc. (OTCBB: FCMP, “First Community”), holding company for First Community Financial Bank, which provides full service banking and financial services from six locations in Chicago's south and southwest suburbs, today announced results for the quarter ended March 31, 2013.  First Community's results reflected improvement in earnings from the fourth quarter of 2012. For the quarter ended March 31, 2013, First Community's net income applicable to common shareholders was $1.1 million, or $0.08 per diluted share, compared with net income applicable to common shareholders of $490,000, or $0.04 per diluted share, for the quarter ended December 31, 2012.

FIRST QUARTER 2013 FINANCIAL HIGHLIGHTS

• Return on average assets (“ROAA”) was 0.49% for the first quarter of 2013, compared with 0.22% for the fourth quarter 2012.

• Return on average common equity for the first quarter of 2013 was 4.93%, compared with 2.25% for the fourth quarter of 2012.

• Book value per common share increased $0.16 to $4.30 per common share at March 31, 2013, compared to $4.14 at December 31, 2012.

• Non-performing loans to total loans increased to 4.85% at March 31, 2013, compared with 4.39% at December 31, 2012.

• The provision for loan losses decreased to $1.2 million for the first quarter 2013 from $1.5 million for the fourth quarter 2012.

• Total risk-based capital ratio increased to 15.33% at March 31, 2013, compared with 14.46% at December 31, 2012, reflecting a strengthened capital position.

• Loans grew by $6.2 million during the first quarter 2013.

First Community Chief Executive Officer, Roy Thygesen, stated, “in addition to our improved financial results this quarter, we completed several strategic initiatives started in 2012. The four bank charters were merged into one combined bank named First Community Financial Bank. Immediately following the merger, we consolidated and upgraded the multiple bank computer platform operating systems into one providing greater convenience and product capabilities for clients.”

About First Community Financial Partners, Inc.: The bank holding company was formed following the organization of First Community Bank of Joliet, the most successful launch of a de novo bank in Illinois history, to participate with local business leaders from other near west and southwest suburban communities to charter additional local banks focused on commitment to their community. Within five years, First Community Bank of Plainfield, First Community Bank of Homer Glen/Lockport, Burr Ridge Bank and Trust and new branches of First Community Bank of Joliet located in Channahon and Naperville had opened their doors, following the proven model consisting of local investors, board members and bankers. Over the years, the reception by local businesses and professional firms has proven that small and midsized businesses will respond to the personal approach of a bank that is owned and operated by experienced bankers who are invested in and concerned for the future of their community.

About First Community Financial Bank: With assets approaching $1 billion, First Community Financial Bank is a wholly owned banking subsidiary of First Community Financial Partners, Inc., with locations in Joliet, Plainfield, Homer Glen, Channahon, Naperville and Burr Ridge. The combined result of four recently merged subsidiary bank charters, the bank remains dedicated to its founding principles by being actively involved in the communities it serves and providing exceptional personal service through experienced local professionals.

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Special Note Concerning Forward-Looking Statements

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Any statements other than statements of historical facts, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as “estimate,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “target,” “project,” “should,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include the ability of the Company and its wholly owned bank subsidiary to realize the synergies from the recent acquisition of its non-wholly owned bank subsidiaries, as well as a number of other factors related to the businesses of the Company and its wholly owned bank subsidiary, including risks associated with the Company's possible pursuit of acquisitions; economic conditions in the Company’s, and its wholly owned bank subsidiary's service areas; system failures; losses of large customers; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing banking; high costs of regulatory compliance; the impact of legislation and regulatory changes on the banking industry; and liability and compliance costs regarding banking regulations. These and other risks and uncertainties are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K filed on March 15, 2013.

Many of these risks are beyond management's ability to control or predict. All forward-looking statements attributable to the Company, and its wholly owned bank subsidiary or persons acting on behalf of each of them are expressly qualified in their entirety by the cautionary statements and risk factors contained in this communication. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

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First Community Financial Partners, Inc.

Selected Financial Data

Unaudited

The following tables set forth selected consolidated financial and other data for First Community Financial Partners at the dates and for the periods indicated. The selected financial and other data have not been audited, but in the opinion of management of First Community reflect all necessary adjustments for a fair presentation of results as of the dates and for the periods covered.

Selected Financial Condition Data
	As of the Three Months Ended
	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012
	(dollars in thousands, except share data)
Total assets	$	867,520	$	902,600	$	886,662	$	870,097	$	884,709
Total securities (1)	105,270		109,928		109,108		111,473		99,066
Loans	643,354		637,114		654,328		655,376		665,758
Allowance for loan losses	21,931		22,878		25,490		26,291		28,322
Net loans	621,423		614,236		628,838		629,085		637,436
Non-performing loans (2)	31,218		27,941		33,706		35,343		38,985
Total deposits	747,846		780,662		757,665		752,105		768,658
Subordinated debt, convertible	4,060		4,060		4,060		4,060		4,060
Subordinated debt	9,723		—		—		—		—
Other borrowed funds	19,769		25,695		32,201		23,227		4,035
Shareholders' equity (3)	82,759		87,931		87,203		86,155		85,737
Common shares outstanding	16,175,938		12,175,401		12,052,402		12,060,402		12,036,402

Footnotes:

⁽¹⁾  Includes available for sale securities recorded at fair value and Federal Home Loan Bank stock at cost.

⁽²⁾  Non-performing loans include loans on nonaccrual status and those past due more than 90 days and still accruing interest.

⁽³⁾  Includes shareholders' equity attributable to outstanding shares of Series B, 5% cumulative perpetual preferred stock and Series C, 9% cumulative perpetual preferred stock.

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	As of and for the Three Months Ended
	March 31, 2013		December 31, 2012			September 30, 2012		June 30, 2012			March 31, 2012
Selected Operating Data	(dollars in thousands, except per share data)
Interest income	$	8,890	$	9,153		$	9,569	$	9,701		$	10,144
Interest expense	1,519		1,758			1,985		2,145			2,411
Net interest income	7,371		7,395			7,584		7,556			7,733
Provision for loan losses	1,232		1,511			1,118		2,048			2,385
Net interest income after provision for loan losses	6,139		5,884			6,466		5,508			5,348
Non-interest income	537		335			474		338			401
Non-interest expense	5,194		5,361			5,896		5,403			5,120
Income before income taxes	1,482		858			1,044		443			629
Income tax expense (benefit)	34		(172		)	170		172			171
Income before non-controlling interest	1,448		1,030			874		271			458
Net income attributable to non-controlling interests	54		185			311		343			271
Net income (loss) applicable to First Community Financial Partners, Inc.	1,394		845			563		(72		)	187
Dividends and accretion on preferred shares	314		355			355		355			354
Net income (loss) applicable to common shareholders	$	1,080	$	490		$	208	$	(427	)	$	(167	)

Per Share Data
Earnings (loss) per common share
Basic	$	0.08	$	0.04	$	(0.03	)	$	(0.04	)	$	(0.01	)
Diluted	0.08		0.04		(0.03		)	(0.04		)	(0.01		)
Book value per common share	$	4.30	$	4.14	$	4.15		$	4.10		$	4.11

Performance Ratios
Annualized return on average assets	0.49	%	0.22	%	0.10	%	(0.19	)%	(0.08	)%
Annualized return on average common equity	4.93	%	2.25	%	0.96	%	(1.98	)%	(0.78	)%
Net interest margin	3.44	%	3.48	%	3.59	%	3.55	%	3.60	%
Interest rate spread	3.26	%	3.28	%	3.36	%	3.32	%	3.35	%
Efficiency ratio(1)	65.68	%	69.35	%	73.17	%	68.44	%	62.95	%
Average interest-earning assets to average interest-bearing liabilities	126.13	%	124.85	%	124.44	%	123.41	%	122.14	%
Average loans to average deposits	83.30	%	85.15	%	87.32	%	85.56	%	87.89	%
Cost of interest-bearing liabilities	0.89	%	1.03	%	1.17	%	1.24	%	1.37	%

Footnotes:

⁽¹⁾  We calculate our efficiency ratio by dividing non-interest expense by the sum of net interest income and non-interest income.

No tax equivalent adjustments were made as the effect thereof was not material.

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	As of and for the Three Months Ended
Asset Quality Ratios	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012
Non-performing loans(2) to total loans	4.85	%	4.39	%	5.15	%	5.39	%	5.86	%
Non-performing assets(3) to total assets	3.99	%	3.10	%	4.23	%	4.51	%	5.02	%
Allowance for loan losses to non-performing loans	70.25	%	81.88	%	75.62	%	74.39	%	72.65	%
Allowance for loan losses to total loans	3.41	%	3.59	%	3.90	%	4.01	%	4.25	%

Capital Ratios
Average equity to average total assets	9.84	%	9.90	%	9.94	%	9.81	%	9.70	%
Tier 1 leverage	9.15	%	9.87	%	9.05	%	9.69	%	9.61	%
Tier 1 risk-based capital	12.02	%	12.60	%	11.22	%	11.97	%	11.90	%
Total risk-based capital	15.33	%	14.46	%	12.93	%	13.82	%	13.75	%

Footnotes:

⁽²⁾  Non-performing loans include loans on nonaccrual status and those past due more than 90 days and still accruing interest.

⁽³⁾ Non-performing assets consist of non-performing loans and other real estate owned.

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