x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
333-185041 |
333-185043 |
333-185044 |
Illinois | 20-4718752 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
2801 Black Road, Joliet, IL | 60435 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company x |
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First Community Financial Partners, Inc. and Subsidiaries | ||||||
Consolidated Balance Sheets | ||||||
June 30, 2013 | December 31, 2012 | |||||
Assets | (in thousands, except share data)(Unaudited) | |||||
Cash and due from banks | $ | 13,731 | $ | 14,933 | ||
Interest-bearing deposits in banks | 49,583 | 132,152 | ||||
Securities available for sale | 115,303 | 108,961 | ||||
Nonmarketable equity securities | 967 | 967 | ||||
Loans, net of allowance for loan losses of $20,634 in 2013; $22,878 in 2012 | 627,447 | 614,236 | ||||
Premises and equipment, net | 16,865 | 16,990 | ||||
Foreclosed assets | 2,585 | 3,419 | ||||
Cash surrender value of life insurance | 4,440 | 4,366 | ||||
Accrued interest receivable and other assets | 6,187 | 6,576 | ||||
Total assets | $ | 837,108 | $ | 902,600 | ||
Liabilities and Shareholders’ Equity | ||||||
Liabilities | ||||||
Deposits | ||||||
Noninterest-bearing | $ | 108,815 | $ | 114,116 | ||
Interest-bearing | 599,597 | 666,546 | ||||
Total deposits | 708,412 | 780,662 | ||||
Other borrowed funds | 28,536 | 25,695 | ||||
Subordinated debt | 13,791 | 4,060 | ||||
Accrued interest payable and other liabilities | 3,613 | 4,252 | ||||
Total liabilities | 754,352 | 814,669 | ||||
Commitments and Contingencies (Note 10) | ||||||
First Community Financial Partners, Inc. Shareholders’ Equity | ||||||
Preferred stock, Series A, non-cumulative convertible, $1.00 par value; 5,000 shares authorized; no shares issued and outstanding at June 30, 2013 and at December 31, 2012 | — | — | ||||
Preferred stock, Series B, 5% cumulative perpetual, $1.00 par value; 22,000 shares authorized; 12,500 shares issued and outstanding at June 30, 2013 and 22,000 shares issued and outstanding at December 30, 2012 | 12,500 | 22,000 | ||||
Preferred stock, Series C, 9% cumulative perpetual, $1.00 par value; 1,100 shares authorized; 1,100 issued and outstanding at June 30, 2013 and at December 31, 2012 | 781 | 672 | ||||
Common stock, $1.00 par value; 60,000,000 shares authorized; 16,175,938 issued and 16,155,938 outstanding at June 30, 2013 and 12,175,401 issued and outstanding at December 31, 2012 | 16,176 | 12,175 | ||||
Additional paid-in capital | 81,148 | 70,113 | ||||
Accumulated deficit | (28,428 | ) | (33,019 | ) | ||
Accumulated other comprehensive income | 639 | 1,198 | ||||
Treasury stock, at cost; 20,000 shares | (60 | ) | — | |||
Total First Community Financial Partners, Inc. shareholders' equity | 82,756 | 73,139 | ||||
Non-controlling interest | — | 14,792 | ||||
Total shareholders' equity | 82,756 | 87,931 | ||||
Total liabilities and shareholders' equity | $ | 837,108 | $ | 902,600 | ||
See Notes to Unaudited Consolidated Financial Statements. |
First Community Financial Partners, Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Interest income: | (in thousands, except share data)(Unaudited) | |||||||||||
Loans, including fees | $ | 8,099 | $ | 9,212 | $ | 16,487 | $ | 18,933 | ||||
Securities | 444 | 421 | 870 | 778 | ||||||||
Federal funds sold and other | 52 | 68 | 128 | 134 | ||||||||
Total interest income | 8,595 | 9,701 | 17,485 | 19,845 | ||||||||
Interest expense: | ||||||||||||
Deposits | 1,241 | 2,040 | 2,611 | 4,359 | ||||||||
Federal funds purchased, other borrowed funds and subordinated debt | 334 | 105 | 483 | 198 | ||||||||
Total interest expense | 1,575 | 2,145 | 3,094 | 4,557 | ||||||||
Net interest income | 7,020 | 7,556 | 14,391 | 15,288 | ||||||||
Provision for loan losses | 1,468 | 2,048 | 2,700 | 4,433 | ||||||||
Net interest income after provision for loan losses | 5,552 | 5,508 | 11,691 | 10,855 | ||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 95 | 113 | 177 | 210 | ||||||||
Gain on sale of loans | — | 15 | 265 | 200 | ||||||||
Loss on foreclosed assets, net | (196 | ) | (78 | ) | (196 | ) | (112 | ) | ||||
Mortgage fee income | 107 | 75 | 214 | 128 | ||||||||
Other | (33 | ) | 196 | 50 | 335 | |||||||
(27 | ) | 321 | 510 | 761 | ||||||||
Noninterest expenses: | ||||||||||||
Salaries and employee benefits | 2,701 | 2,515 | 5,188 | 5,067 | ||||||||
Occupancy and equipment expense | 520 | 585 | 1,091 | 1,176 | ||||||||
Data processing | 221 | 299 | 527 | 604 | ||||||||
Professional fees | 350 | 545 | 704 | 848 | ||||||||
Advertising and business development | 128 | 117 | 281 | 220 | ||||||||
Loan workout | 37 | 38 | 44 | 95 | ||||||||
Foreclosed assets, net of rental income | 62 | 171 | 141 | 476 | ||||||||
Other expense | 703 | 1,116 | 1,940 | 2,058 | ||||||||
4,722 | 5,386 | 9,916 | 10,544 | |||||||||
Income before income taxes and non-controlling interest | 803 | 443 | 2,285 | 1,072 | ||||||||
Income taxes | — | 172 | 34 | 343 | ||||||||
Income before non-controlling interest | 803 | 271 | 2,251 | 729 | ||||||||
Net income attributable to non-controlling interest | — | 343 | 54 | 614 | ||||||||
Net income (loss) applicable to First Community Financial Partners, Inc. | 803 | (72 | ) | 2,197 | 115 | |||||||
Dividends and accretion on preferred shares | 236 | 355 | 551 | 709 | ||||||||
Net income (loss) applicable to common shareholders | $ | 567 | $ | (427 | ) | $ | 1,646 | $ | (594 | ) | ||
Common share data | ||||||||||||
Basic earnings (loss) per common share | $ | 0.04 | $ | (0.04 | ) | $ | 0.11 | $ | (0.05 | ) | ||
Diluted earnings (loss) per common share | 0.03 | (0.04 | ) | 0.11 | (0.05 | ) | ||||||
Weighted average common shares outstanding for basic earnings per common share | 16,155,938 | 12,036,754 | 14,586,664 | 12,036,578 | ||||||||
Weighted average common shares outstanding for diluted earnings per common share | 16,299,591 | 12,036,754 | 14,707,890 | 12,036,578 | ||||||||
See Notes to Unaudited Consolidated Financial Statements. |
First Community Financial Partners, Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||
(Amounts in thousands) | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net income (loss) | $ | 803 | $ | (72 | ) | $ | 2,197 | $ | 115 | |||
Unrealized holding gains on investment securities | (1,146 | ) | 284 | (1,154 | ) | 506 | ||||||
Tax effect of unrealized holding gains and losses on investment securities | 447 | (80 | ) | 447 | (162 | ) | ||||||
Reclassification adjustments for gains included in net income, net of tax | — | — | — | — | ||||||||
Other comprehensive (loss) income, net of tax | (699 | ) | 204 | (707 | ) | 344 | ||||||
Comprehensive income | $ | 104 | $ | 132 | $ | 1,490 | $ | 459 | ||||
See Notes to Unaudited Consolidated Financial Statements. |
First Community Financial Partners, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||
Consolidated Statements of Changes in Shareholders’ Equity | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 and 2012 | ||||||||||||||||||||||||||||||
Series A Preferred Stock | Series B Preferred Stock | Series C Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interest | Total | |||||||||||||||||||||
(in thousands, except share data) | ||||||||||||||||||||||||||||||
Balance, December 31, 2011 | — | $ | 22,000 | $ | 452 | $ | 12,036 | $ | 69,728 | $ | (33,123 | ) | $ | 673 | $ | — | $ | 13,468 | $ | 85,234 | ||||||||||
Net income | — | — | — | — | — | 115 | — | — | 614 | 729 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 344 | — | 20 | 364 | ||||||||||||||||||||
Issuance of 16,000 shares of common stock for restricted stock awards and amortization | — | — | — | 16 | 8 | — | — | — | — | 24 | ||||||||||||||||||||
Discount accretion on preferred shares | — | — | 109 | — | — | (109 | ) | — | — | — | — | |||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (600 | ) | — | — | — | (600 | ) | ||||||||||||||||||
Stock based compensation expense | — | — | — | — | 310 | — | — | — | 92 | 402 | ||||||||||||||||||||
Balance, June 30, 2012 | — | 22,000 | 561 | 12,052 | 70,046 | (33,717 | ) | 1,017 | — | 14,194 | 86,153 | |||||||||||||||||||
Balance, December 31, 2012 | — | 22,000 | 672 | 12,175 | 70,113 | (33,019 | ) | 1,198 | — | 14,792 | 87,931 | |||||||||||||||||||
Net income | — | — | — | — | — | 2,197 | — | — | 54 | 2,251 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | (707 | ) | — | (1 | ) | (708 | ) | |||||||||||||||||
Repurchase of preferred shares | — | (9,500 | ) | — | — | — | 2,945 | — | — | — | (6,555 | ) | ||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | — | — | (60 | ) | — | (60 | ) | ||||||||||||||||||
Issuance of 4,000,537 shares of common stock and repurchase of minority interest | — | — | 4,001 | 10,190 | — | 148 | — | (14,836 | ) | (497 | ) | |||||||||||||||||||
Issuance of 250,000 warrants | — | — | — | — | 277 | — | — | — | — | 277 | ||||||||||||||||||||
Discount accretion on preferred shares | — | — | 109 | — | — | (109 | ) | — | — | — | — | |||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (442 | ) | — | — | — | (442 | ) | ||||||||||||||||||
Stock based compensation expense | — | — | — | — | 568 | — | — | — | (9 | ) | 559 | |||||||||||||||||||
Balance, June 30, 2013 | — | $ | 12,500 | $ | 781 | $ | 16,176 | $ | 81,148 | $ | (28,428 | ) | $ | 639 | $ | (60 | ) | $ | — | $ | 82,756 | |||||||||
See Notes to Unaudited Consolidated Financial Statements. |
First Community Financial Partners, Inc. and Subsidiaries | ||||||
Consolidated Statements of Cash Flows | ||||||
Six months ended June 30, | ||||||
2013 | 2012 | |||||
(in thousands)(Unaudited) | ||||||
Cash Flows From Operating Activities | ||||||
Net income applicable to First Community Financial Partners, Inc. | $ | 2,197 | $ | 115 | ||
Net income attributable to non-controlling interest | 54 | 614 | ||||
Net income before non-controlling interest | 2,251 | 729 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Net amortization of securities | 321 | 392 | ||||
Provision for loan losses | 2,700 | 4,433 | ||||
Loss on sale of foreclosed assets, net | 57 | 83 | ||||
Writedown of foreclosed assets | 139 | 29 | ||||
Net amortization of deferred loan costs | (97 | ) | 28 | |||
Depreciation and amortization of premises and equipment | 588 | 511 | ||||
Warrant accretion | 8 | — | ||||
Increase in cash surrender value of life insurance | (74 | ) | (73 | ) | ||
Deferred income taxes | (131 | ) | 261 | |||
Proceeds of sale of loans | 7,396 | 4,075 | ||||
Gain on sale of loans | (265 | ) | (200 | ) | ||
Increase in accrued interest receivable and other assets | 966 | 618 | ||||
(Increase) decrease in accrued interest payable and other liabilities | (639 | ) | 79 | |||
Restricted stock compensation expense | 565 | 260 | ||||
Stock option compensation expense | 5 | 166 | ||||
Net cash provided by operating activities | 13,790 | 11,391 | ||||
Cash Flows From Investing Activities: | ||||||
Net change in federal funds sold | — | 3,862 | ||||
Net change in interest-bearing deposits in banks | 82,569 | 4,994 | ||||
Activity in available for sale securities: | ||||||
Purchases | (16,913 | ) | (36,049 | ) | ||
Maturities, prepayments and calls | 9,096 | 6,027 | ||||
Net decrease (increase) in loans | (23,410 | ) | 24,414 | |||
Purchases of premises and equipment | (463 | ) | (7,399 | ) | ||
Proceeds from sale of foreclosed assets | 1,043 | 2,298 | ||||
Net cash provided by (used in) investing activities | 51,922 | (1,862 | ) | |||
Cash Flows From Financing Activities: | ||||||
Net (decrease) in deposits | (72,250 | ) | (19,602 | ) | ||
Proceeds from issuance of subordinated debt | 10,000 | — | ||||
Cash paid on cancellation of restricted shares | (508 | ) | — | |||
Net increase in other borrowings | 2,841 | 4,949 | ||||
Dividends paid on preferred shares | (442 | ) | (600 | ) | ||
Repayment of preferred shares | (6,555 | ) | — | |||
Net cash (used in) financing activities | (66,914 | ) | (15,253 | ) | ||
Net change in cash and due from banks | (1,202 | ) | (5,724 | ) | ||
Cash and due from banks: | ||||||
Beginning | 14,933 | 24,144 | ||||
Ending | $ | 13,731 | $ | 18,420 |
Supplemental Disclosures of Cash Flow Information | ||||||
Cash payments for interest | $ | 3,170 | $ | 4,633 | ||
Cash payments for income taxes | 131 | 379 | ||||
Supplemental Schedule of Noncash Investing and Financing Activities | ||||||
Transfer of loans to foreclosed assets | 405 | 2,808 | ||||
Issuance of warrants | 277 | — | ||||
Acquisition of treasury in partial settlement of loans | 60 | — | ||||
See Notes to Unaudited Consolidated Financial Statements. |
Note 1. | Basis of Presentation |
Note 2. | Consolidation |
• | The issuance of 4,000,537 shares of Company common stock to the minority stockholders of FCB Plainfield, FCB Homer Glen and Burr Ridge, each of which was merged into a bank wholly owned by First Community, |
• | The cash payment of $508,000 to the restricted stock holders of FCB Plainfield, and |
• | The issuance of the $10.0 million of subordinated indebtedness referenced below in Note 7. |
Pro Forma | Pro Forma | |||||||||||
(in thousands, except share data) | Three months ended June 30, 2013 | Three months ended June 30, 2012 | Six months ended June 30, 2013 | Six months ended June 30, 2012 | ||||||||
Summary Results of Operations | ||||||||||||
Interest income | $ | 8,595 | $ | 9,701 | $ | 17,485 | $ | 19,845 | ||||
Interest expense | 1,575 | 2,296 | 3,277 | 5,021 | ||||||||
Net interest income | 7,020 | 7,405 | 14,208 | 14,824 | ||||||||
Provision for loan losses | 1,468 | 2,048 | 2,700 | 4,433 | ||||||||
Net interest income after provision for loan losses | 5,552 | 5,357 | 11,508 | 10,391 | ||||||||
Noninterest income | (27 | ) | 321 | 510 | 761 | |||||||
Noninterest expense | 4,722 | 5,386 | 9,916 | 10,544 | ||||||||
Income before income taxes | 803 | 292 | 2,102 | 608 | ||||||||
Income taxes | — | 172 | 34 | 343 | ||||||||
Net income | 803 | 120 | 2,068 | 265 | ||||||||
Dividends and accretion on preferred shares | 236 | 355 | 551 | 709 | ||||||||
Net income (loss) available to common shareholders | $ | 567 | $ | (235 | ) | $ | 1,517 | $ | (444 | ) | ||
Common Share Data | ||||||||||||
Earnings | ||||||||||||
Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.09 | $ | (0.03 | ) | ||
Diluted | $ | 0.03 | $ | (0.01 | ) | $ | 0.09 | $ | (0.03 | ) | ||
Weighted average shares outstanding | ||||||||||||
Basic | 16,155,938 | 16,037,263 | 16,133,822 | 16,015,106 | ||||||||
Diluted | 16,256,366 | 16,037,263 | 16,234,250 | 16,015,106 |
Note 3. | Earnings Per Share |
Three months ended June 30, | Six months ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Undistributed earnings (loss) allocated to common stock | $ | 803 | $ | (72 | ) | $ | 2,197 | $ | 115 | |||
Less: preferred stock dividends and discount accretion | 236 | 355 | 551 | 709 | ||||||||
Net income (loss) allocated to common stock | $ | 567 | $ | (427 | ) | $ | 1,646 | $ | (594 | ) | ||
Weighted average shares outstanding for basic earnings per common share | 16,155,938 | 12,036,754 | 14,586,664 | 12,036,578 | ||||||||
Dilutive effect of stock-based compensation | 143,653 | — | 121,226 | — | ||||||||
Weighted average shares outstanding for diluted earnings per common share | 16,299,591 | 12,036,754 | 14,707,890 | 12,036,578 | ||||||||
Basic income (loss) per common share | $ | 0.04 | $ | (0.04 | ) | $ | 0.11 | $ | (0.05 | ) | ||
Diluted income (loss) per common share | 0.03 | (0.04 | ) | 0.11 | (0.05 | ) |
Note 4. | Securities Available for Sale |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
June 30, 2013 | ||||||||||||
Government sponsored enterprises | $ | 27,470 | $ | 162 | $ | — | $ | 27,632 | ||||
Residential collateralized mortgage obligations | 18,939 | 199 | 35 | 19,103 | ||||||||
Residential mortgage backed securities | 6,502 | 89 | 20 | 6,571 | ||||||||
Corporate securities | 23,701 | 69 | 149 | 23,621 | ||||||||
State and political subdivisions | 37,643 | 851 | 118 | 38,376 | ||||||||
$ | 114,255 | $ | 1,370 | $ | 322 | $ | 115,303 | |||||
December 31, 2012 | ||||||||||||
U.S. government federal agency | $ | 1,001 | $ | 1 | — | $ | 1,002 | |||||
Government sponsored enterprises | 25,544 | 246 | — | 25,790 | ||||||||
Residential collateralized mortgage obligations | 20,018 | 326 | — | 20,344 | ||||||||
Residential mortgage backed securities | 7,486 | 230 | — | 7,716 | ||||||||
Corporate securities | 12,520 | 204 | 3 | 12,721 | ||||||||
State and political subdivisions | 40,190 | 1,260 | 62 | 41,388 | ||||||||
$ | 106,759 | $ | 2,267 | $ | 65 | $ | 108,961 |
Amortized | Fair | |||||
Cost | Value | |||||
Within 1 year | $ | 19,575 | $ | 19,644 | ||
Over 1 year through 5 years | 58,118 | 58,618 | ||||
5 years through 10 years | 7,670 | 7,652 | ||||
Over 10 years | 3,451 | 3,715 | ||||
Residential collateralized mortgage obligations and mortgage backed securities | 25,441 | 25,674 | ||||
$ | 114,255 | $ | 115,303 |
Note 5. | Loans |
June 30, 2013 | December 31, 2012 | |||||
Construction and Land Development | $ | 22,207 | $ | 30,494 | ||
Farmland and Agricultural Production | 7,474 | 7,211 | ||||
Residential 1-4 Family | 78,294 | 77,567 | ||||
Commercial Real Estate | 375,010 | 366,901 | ||||
Commercial | 155,096 | 140,895 | ||||
Consumer and other | 10,320 | 14,361 | ||||
648,401 | 637,429 | |||||
Net deferred loan (fees) costs | (320 | ) | (315 | ) | ||
Allowance for loan losses | (20,634 | ) | (22,878 | ) | ||
$ | 627,447 | $ | 614,236 |
June 30, 2013 | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due and Still Accruing | Total Accruing Loans | Nonaccrual Loans | Total Loans | |||||||||||||
Construction and Land Development | $ | 20,981 | $ | 274 | $ | — | — | $ | 21,255 | $ | 952 | $ | 22,207 | |||||||
Farmland and Agricultural Production | 7,474 | — | — | — | 7,474 | — | 7,474 | |||||||||||||
Residential 1-4 Family | 75,743 | 20 | 173 | 30 | 75,966 | 2,328 | 78,294 | |||||||||||||
Commercial Real Estate | ||||||||||||||||||||
Multifamily | 21,911 | — | — | — | 21,911 | — | 21,911 | |||||||||||||
Retail | 103,416 | — | 4,142 | — | 107,558 | 1,761 | 109,319 | |||||||||||||
Office | 38,224 | 228 | — | — | 38,452 | 3,090 | 41,542 | |||||||||||||
Industrial and Warehouse | 52,544 | — | — | — | 52,544 | — | 52,544 | |||||||||||||
Health Care | 30,186 | — | — | — | 30,186 | — | 30,186 | |||||||||||||
Other | 107,863 | 2,403 | — | — | 110,266 | 9,242 | 119,508 | |||||||||||||
Commercial | 145,495 | 277 | 518 | 29 | 146,319 | 8,777 | 155,096 | |||||||||||||
Consumer and other | 10,037 | 30 | 33 | — | 10,100 | 220 | 10,320 | |||||||||||||
Total | $ | 613,874 | $ | 3,232 | $ | 4,866 | 59 | $ | 622,031 | $ | 26,370 | $ | 648,401 |
December 31, 2012 | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due and Still Accruing | Total Accruing Loans | Nonaccrual Loans | Total Loans | ||||||||||||||
Construction and Land Development | $ | 27,097 | $ | — | $ | — | $ | — | $ | 27,097 | $ | 3,397 | $ | 30,494 | |||||||
Farmland and Agricultural Production | 7,211 | — | — | — | 7,211 | — | 7,211 | ||||||||||||||
Residential 1-4 Family | 74,834 | 352 | 68 | — | 75,254 | 2,313 | 77,567 | ||||||||||||||
Commercial Real Estate | — | — | |||||||||||||||||||
Multifamily | 17,632 | — | — | — | 17,632 | — | 17,632 | ||||||||||||||
Retail | 100,646 | — | — | — | 100,646 | 2,000 | 102,646 | ||||||||||||||
Office | 45,602 | — | — | — | 45,602 | 4,309 | 49,911 | ||||||||||||||
Industrial and Warehouse | 47,941 | — | — | — | 47,941 | 2,621 | 50,562 | ||||||||||||||
Health Care | 22,215 | — | — | — | 22,215 | — | 22,215 | ||||||||||||||
Other | 112,270 | 299 | 2,024 | — | 114,593 | 9,342 | 123,935 | ||||||||||||||
Commercial | 136,636 | 1,062 | — | — | 137,698 | 3,197 | 140,895 | ||||||||||||||
Consumer and other | 13,577 | 18 | 4 | — | 13,599 | 762 | 14,361 | ||||||||||||||
Total | $ | 605,661 | $ | 1,731 | $ | 2,096 | $ | — | $ | 609,488 | $ | 27,941 | $ | 637,429 |
June 30, 2013 | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||
Construction and Land Development | $ | 10,144 | $ | 11,111 | $ | 573 | $ | 379 | $ | 22,207 | |||||
Farmland and Agricultural Production | 7,474 | — | — | — | 7,474 | ||||||||||
Commercial Real Estate | |||||||||||||||
Multifamily | 21,038 | 873 | — | — | 21,911 | ||||||||||
Retail | 85,905 | 15,610 | 6,043 | 1,761 | 109,319 | ||||||||||
Office | 33,438 | 5,014 | 2,850 | 240 | 41,542 | ||||||||||
Industrial and Warehouse | 51,887 | 657 | — | — | 52,544 | ||||||||||
Health Care | 28,854 | 1,332 | — | — | 30,186 | ||||||||||
Other | 105,133 | 2,611 | 5,076 | 6,688 | 119,508 | ||||||||||
Commercial | 139,480 | 6,501 | 8,713 | 402 | 155,096 | ||||||||||
Total | $ | 483,353 | $ | 43,709 | $ | 23,255 | $ | 9,470 | $ | 559,787 |
June 30, 2013 | Performing | Non-performing | Total | ||||||
Residential 1-4 Family | $ | 75,966 | $ | 2,328 | $ | 78,294 | |||
Consumer and other | 10,100 | 220 | 10,320 | ||||||
Total | $ | 86,066 | $ | 2,548 | $ | 88,614 |
December 31, 2012 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||
Construction and Land Development | $ | 12,556 | $ | 14,541 | $ | 2,227 | 1,170 | $ | 30,494 | |||||
Farmland and Agricultural Production | 7,211 | — | — | — | 7,211 | |||||||||
Commercial Real Estate | ||||||||||||||
Multifamily | 16,904 | 728 | — | — | 17,632 | |||||||||
Retail | 78,065 | 16,463 | 8,118 | — | 102,646 | |||||||||
Office | 39,553 | 6,049 | 2,844 | 1,465 | 49,911 | |||||||||
Industrial and Warehouse | 41,795 | 6,146 | — | 2,621 | 50,562 | |||||||||
Health Care | 20,875 | 1,340 | — | — | 22,215 | |||||||||
Other | 106,202 | 6,923 | 5,712 | 5,098 | 123,935 | |||||||||
Commercial | 123,848 | 7,556 | 9,376 | 115 | 140,895 | |||||||||
Total | $ | 447,009 | $ | 59,746 | $ | 28,277 | 10,469 | $ | 545,501 |
December 31, 2012 | Performing | Non-performing | Total | ||||||
Residential 1-4 Family | $ | 75,254 | $ | 2,313 | $ | 77,567 | |||
Consumer and other | 13,599 | 762 | 14,361 | ||||||
Total | $ | 88,853 | $ | 3,075 | $ | 91,928 |
June 30, 2013 | Construction and Land Development | Farmland and Agricultural Production | Residential 1-4 Family | Commercial Real Estate | Commercial | Consumer and other | Unallocated | Total | ||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance | $ | 3,206 | $ | 355 | $ | 2,223 | $ | 12,163 | $ | 3,826 | $ | 158 | $ | — | $ | 21,931 | ||||||||
Provision for loan losses | (566 | ) | 24 | (26 | ) | 229 | 1,460 | 347 | — | 1,468 | ||||||||||||||
Loans charged-off | (109 | ) | — | (189 | ) | (686 | ) | (1,785 | ) | (374 | ) | — | (3,143 | ) | ||||||||||
Recoveries of loans previously charged-off | 198 | — | 16 | 136 | 28 | — | — | 378 | ||||||||||||||||
Ending balance | $ | 2,729 | $ | 379 | $ | 2,024 | $ | 11,842 | $ | 3,529 | $ | 131 | $ | — | $ | 20,634 | ||||||||
June 30, 2012 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance | $ | 6,754 | $ | 1,723 | $ | 2,443 | $ | 13,105 | $ | 3,950 | $ | 348 | $ | — | $ | 28,323 | ||||||||
Provision for loan losses | (222 | ) | 401 | 600 | 1,287 | 103 | (121 | ) | — | 2,048 | ||||||||||||||
Loans charged-off | (730 | ) | (1,353 | ) | (624 | ) | (1,997 | ) | (288 | ) | — | — | (4,992 | ) | ||||||||||
Recoveries of loans previously charged-off | 550 | — | 8 | 293 | 59 | 2 | — | 912 | ||||||||||||||||
Ending balance | $ | 6,352 | $ | 771 | $ | 2,427 | $ | 12,688 | $ | 3,824 | $ | 229 | $ | — | $ | 26,291 |
June 30, 2013 | Construction and Land Development | Farmland and Agricultural Production | Residential 1-4 Family | Commercial Real Estate | Commercial | Consumer and other | Unallocated | Total | ||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance | $ | 4,755 | $ | 472 | $ | 2,562 | $ | 11,864 | $ | 3,075 | $ | 150 | $ | — | $ | 22,878 | ||||||||
Provision for loan losses | (1,617 | ) | (93 | ) | (176 | ) | 1,221 | 2,799 | 566 | — | 2,700 | |||||||||||||
Loans charged-off | (1,288 | ) | — | (411 | ) | (1,397 | ) | (2,475 | ) | (593 | ) | — | (6,164 | ) | ||||||||||
Recoveries of loans previously charged-off | 879 | — | 49 | 154 | 130 | 8 | — | 1,220 | ||||||||||||||||
Ending balance | $ | 2,729 | $ | 379 | $ | 2,024 | $ | 11,842 | $ | 3,529 | $ | 131 | $ | — | $ | 20,634 | ||||||||
June 30, 2012 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance | $ | 6,252 | $ | 1,595 | $ | 2,408 | $ | 11,438 | $ | 4,337 | $ | 280 | $ | 681 | $ | 26,991 | ||||||||
Provision for loan losses | 280 | 529 | 790 | 3,260 | 310 | (55 | ) | (681 | ) | 4,433 | ||||||||||||||
Loans charged-off | (733 | ) | (1,353 | ) | (789 | ) | (2,310 | ) | (998 | ) | — | — | (6,183 | ) | ||||||||||
Recoveries of loans previously charged-off | 553 | — | 18 | 300 | 175 | 4 | — | 1,050 | ||||||||||||||||
Ending balance | $ | 6,352 | $ | 771 | $ | 2,427 | $ | 12,688 | $ | 3,824 | $ | 229 | $ | — | $ | 26,291 |
June 30, 2013 | Construction and Land Development | Farmland and Agricultural Production | Residential 1-4 Family | Commercial Real Estate | Commercial | Consumer and other | Total | ||||||||||||||
Period-ended amount allocated to: | |||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 227 | $ | 325 | $ | 344 | $ | — | $ | 896 | |||||||
Collectively evaluated for impairment | 2,729 | 379 | 1,797 | 11,517 | 3,185 | 131 | 19,738 | ||||||||||||||
Ending balance | $ | 2,729 | $ | 379 | $ | 2,024 | $ | 11,842 | $ | 3,529 | $ | 131 | $ | 20,634 | |||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 1,127 | $ | — | $ | 5,908 | $ | 20,188 | $ | 11,532 | $ | 220 | $ | 38,975 | |||||||
Collectively evaluated for impairment | 21,080 | 7,474 | 72,386 | 354,822 | 143,564 | 10,100 | 609,426 | ||||||||||||||
Ending balance | $ | 22,207 | $ | 7,474 | $ | 78,294 | $ | 375,010 | $ | 155,096 | $ | 10,320 | $ | 648,401 | |||||||
December 31, 2012 | |||||||||||||||||||||
Period-ended amount allocated to: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 1,173 | — | $ | 45 | $ | 10 | $ | 59 | $ | — | $ | 1,287 | ||||||||
Collectively evaluated for impairment | 3,582 | 472 | 2,517 | 11,854 | 3,016 | 150 | 21,591 | ||||||||||||||
Ending balance | $ | 4,755 | $ | 472 | $ | 2,562 | $ | 11,864 | $ | 3,075 | $ | 150 | $ | 22,878 | |||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 3,398 | — | $ | 5,770 | $ | 24,280 | $ | 5,983 | $ | 762 | $ | 40,193 | ||||||||
Collectively evaluated for impairment | 27,096 | 7,211 | 71,797 | 342,621 | 134,912 | 13,599 | 597,236 | ||||||||||||||
Ending balance | $ | 30,494 | $ | 7,211 | $ | 77,567 | $ | 366,901 | $ | 140,895 | $ | 14,361 | $ | 637,429 |
June 30, 2013 | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction and Land Development | $ | 4,160 | $ | 1,127 | $ | — | $ | 1,666 | $ | 2 | $ | 1,845 | $ | 6 | |||||||
Farmland and Agricultural Production | — | — | — | — | — | — | — | ||||||||||||||
Residential 1-4 Family | 4,351 | 3,676 | — | 4,767 | 19 | 4,286 | 30 | ||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Multifamily | 153 | 153 | — | 76 | 1 | 51 | 2 | ||||||||||||||
Retail | 4,885 | 1,761 | — | 1,730 | — | 1,820 | — | ||||||||||||||
Office | 4,259 | 3,090 | — | 3,091 | — | 3,497 | — | ||||||||||||||
Industrial and Warehouse | 4,259 | 2,513 | — | 3,797 | 35 | 4,253 | 227 | ||||||||||||||
Health Care | — | — | — | — | — | — | |||||||||||||||
Other | 14,284 | 9,505 | — | 10,810 | 22 | 11,052 | 34 | ||||||||||||||
Commercial | 12,150 | 10,233 | — | 10,264 | 30 | 8,817 | 73 | ||||||||||||||
Consumer and other | 762 | 220 | — | 382 | — | 509 | — | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Construction and Land Development | — | — | — | — | — | 399 | — | ||||||||||||||
Farmland and Agricultural Production | — | — | — | — | — | — | — | ||||||||||||||
Residential 1-4 Family | 2,232 | 2,232 | 227 | 1,116 | 33 | 1,559 | 54 | ||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Multifamily | — | — | — | — | — | — | — | ||||||||||||||
Retail | — | — | — | — | — | — | — | ||||||||||||||
Office | — | — | — | — | — | — | — | ||||||||||||||
Industrial and Warehouse | — | — | — | — | — | — | — | ||||||||||||||
Health Care | — | — | — | — | — | — | — | ||||||||||||||
Other | 3,166 | 3,166 | 325 | 1,583 | 21 | 1,478 | 30 | ||||||||||||||
Commercial | 1,319 | 1,299 | 344 | 1,512 | — | 1,028 | — | ||||||||||||||
Consumer and other | — | — | — | — | — | — | — | ||||||||||||||
Total | $ | 55,980 | $ | 38,975 | $ | 896 | $ | 40,794 | $ | 163 | $ | 40,594 | $ | 456 |
December 31, 2012 | |||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | |||||||||||
With no related allowance recorded: | |||||||||||||||
Construction and Land Development | $ | 7,979 | $ | 2,201 | $ | — | $ | 2,015 | $ | — | |||||
Farmland and Agricultural Production | — | — | — | — | — | ||||||||||
Residential 1-4 Family | 3,773 | 3,324 | — | 3,531 | 65 | ||||||||||
Commercial Real Estate | |||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||
Retail | 3,404 | 2,000 | — | 5,241 | 23 | ||||||||||
Office | 5,354 | 4,309 | — | 2,768 | — | ||||||||||
Industrial and Warehouse | 6,384 | 5,166 | — | 1,919 | 15 | ||||||||||
Health Care | — | — | — | — | — | ||||||||||
Other | 15,767 | 11,537 | — | 4,172 | — | ||||||||||
Commercial | 6,003 | 5,924 | — | 5,966 | 340 | ||||||||||
Consumer and other | 762 | 762 | — | 387 | — | ||||||||||
With an allowance recorded: | |||||||||||||||
Construction and Land Development | 1,244 | 1,197 | 1,173 | 3,009 | — | ||||||||||
Farmland and Agricultural Production | — | — | — | 338 | — | ||||||||||
Residential 1-4 Family | 2,625 | 2,446 | 45 | 2,484 | 91 | ||||||||||
Commercial Real Estate | |||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||
Retail | — | — | — | 1,519 | — | ||||||||||
Office | — | — | — | 1,739 | — | ||||||||||
Industrial and Warehouse | — | — | — | 736 | — | ||||||||||
Health Care | — | — | — | — | — | ||||||||||
Other | 1,268 | 1,268 | 10 | 3,902 | 52 | ||||||||||
Commercial | 59 | 59 | 59 | 1,335 | — | ||||||||||
Consumer and other | — | — | — | 31 | — | ||||||||||
Total | $ | 54,622 | $ | 40,193 | $ | 1,287 | $ | 41,092 | $ | 586 |
Three months ended June 30, 2013 | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Charge-offs and Specific Reserves | |||||||
Construction and Land Development | — | $ | — | $ | — | $ | — | ||||
Farmland and Agricultural Production | — | — | — | — | |||||||
Residential 1-4 Family | — | — | — | — | |||||||
Commercial Real Estate | |||||||||||
Multifamily | — | — | — | — | |||||||
Retail | — | — | — | — | |||||||
Office | — | — | — | — | |||||||
Industrial and Warehouse | 1 | 2,567 | 2,567 | — | |||||||
Health Care | — | — | — | — | |||||||
Other | — | — | — | — | |||||||
Commercial | — | — | — | — | |||||||
Consumer and other | — | — | — | — | |||||||
1 | $ | 2,567 | $ | 2,567 | $ | — | |||||
Three months ended June 30, 2012 | |||||||||||
Construction and Land Development | — | $ | — | $ | — | $ | — | ||||
Farmland and Agricultural Production | — | — | — | — | |||||||
Residential 1-4 Family | — | — | — | — | |||||||
Commercial Real Estate | |||||||||||
Multifamily | — | — | — | — | |||||||
Retail | 1 | 1,468 | 1,453 | 19 | |||||||
Office | — | — | — | — | |||||||
Industrial and Warehouse | — | — | — | — | |||||||
Health Care | — | — | — | — | |||||||
Other | 2 | 1,147 | 1,137 | 11 | |||||||
Commercial | 1 | 2,341 | 2,341 | — | |||||||
Consumer and other | — | — | — | — | |||||||
4 | $ | 4,956 | $ | 4,931 | $ | 30 |
Six months ended June 30, 2013 | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Charge-offs and Specific Reserves | |||||||
Construction and Land Development | — | $ | — | $ | — | $ | — | ||||
Farmland and Agricultural Production | — | — | — | — | |||||||
Residential 1-4 Family | 1 | 211 | 211 | — | |||||||
Commercial Real Estate | |||||||||||
Multifamily | — | — | — | — | |||||||
Retail | — | — | — | — | |||||||
Office | — | — | — | — | |||||||
Industrial and Warehouse | 1 | 2,567 | 2,567 | — | |||||||
Health Care | — | — | — | — | |||||||
Other | — | — | — | — | |||||||
Commercial | — | — | — | — | |||||||
Consumer and other | — | — | — | — | |||||||
2 | $ | 2,778 | $ | 2,778 | $ | — | |||||
Six months ended June 30, 2012 | |||||||||||
Construction and Land Development | — | $ | — | $ | — | $ | — | ||||
Farmland and Agricultural Production | — | — | — | — | |||||||
Residential 1-4 Family | 10 | 3,907 | 3,907 | — | |||||||
Commercial Real Estate | |||||||||||
Multifamily | — | — | — | — | |||||||
Retail | 1 | 1,468 | 1,453 | 19 | |||||||
Office | — | — | — | — | |||||||
Industrial and Warehouse | — | — | — | — | |||||||
Health Care | — | — | — | — | |||||||
Other | 7 | 4,822 | 4,812 | 11 | |||||||
Commercial | 1 | 142 | 142 | — | |||||||
Consumer and other | — | — | — | — | |||||||
19 | $ | 10,339 | $ | 10,314 | $ | 30 |
Three months ended June 30, 2013 | ||||||||||||||||||
Interest Rate Reduction | ||||||||||||||||||
Payment of Real Estate Taxes | To Below Market Rate | To Interest Only | Payment Concession | Debt Concession | Total | |||||||||||||
Construction and Land Development | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Farmland and Agricultural Production | — | — | — | — | — | — | ||||||||||||
Residential 1-4 Family | — | — | — | — | — | — | ||||||||||||
Commercial Real Estate | — | — | 2,567 | — | — | 2,567 | ||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||
$ | — | $ | — | $ | 2,567 | $ | — | $ | — | $ | 2,567 |
Six months ended June 30, 2013 | ||||||||||||||||||
Interest Rate Reduction | ||||||||||||||||||
Payment of Real Estate Taxes | To Below Market Rate | To Interest Only | Payment Concession | Debt Concession | Total | |||||||||||||
Construction and Land Development | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Farmland and Agricultural Production | — | — | — | — | — | — | ||||||||||||
Residential 1-4 Family | — | — | 211 | — | — | 211 | ||||||||||||
Commercial Real Estate | — | — | 2,567 | — | — | 2,567 | ||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||
$ | — | $ | — | $ | 2,778 | $ | — | $ | — | $ | 2,778 |
Three months ended June 30, 2012 | ||||||||||||||||||
Interest Rate Reduction | ||||||||||||||||||
Payment of Real Estate Taxes | To Below Market Rate | To Interest Only | Payment Concession | Debt Concession | Total | |||||||||||||
Construction and Land Development | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Farmland and Agricultural Production | — | — | — | — | — | — | ||||||||||||
Residential 1-4 Family | — | — | — | — | — | — | ||||||||||||
Commercial Real Estate | 188 | 2,427 | — | — | — | 2,615 | ||||||||||||
Commercial | — | — | 2,341 | — | — | 2,341 | ||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||
$ | 188 | $ | 2,427 | $ | 2,341 | $ | — | $ | — | $ | 4,956 |
Six months ended June 30, 2012 | ||||||||||||||||||
Interest Rate Reduction | ||||||||||||||||||
Payment of Real Estate Taxes | To Below Market Rate | To Interest Only | Payment Concession | Debt Concession | Total | |||||||||||||
Construction and Land Development | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Farmland and Agricultural Production | — | — | — | — | — | — | ||||||||||||
Residential 1-4 Family | — | 2,271 | — | — | 1,636 | 3,907 | ||||||||||||
Commercial Real Estate | 246 | 3,703 | — | — | — | 3,949 | ||||||||||||
Commercial | — | — | 2,341 | 142 | — | 2,483 | ||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||
$ | 246 | $ | 5,974 | $ | 2,341 | $ | 142 | $ | 1,636 | $ | 10,339 |
Six months ended | |||||
June 30, 2013 | |||||
Recorded Investment | Number of Loans | ||||
Balance, beginning | $ | 32,594 | 49 | ||
Additions to troubled debt restructurings | 2,778 | 2 | |||
Removal of troubled debt restructurings | — | — | |||
Charge-off related to troubled debt restructurings | (922 | ) | — | ||
Transfers to other real estate owned | (253 | ) | (1 | ) | |
Repayments and other reductions | (7,163 | ) | (9 | ) | |
Balance, ending | $ | 27,034 | 41 |
Note 6. | Deposits |
June 30, 2013 | December 31, 2012 | |||||
NOW and money market accounts | $ | 216,443 | $ | 244,441 | ||
Savings | 24,680 | 25,411 | ||||
Time deposit certificates, $100,000 or more | 228,850 | 254,268 | ||||
Other time deposit certificates | 129,624 | 142,426 | ||||
$ | 599,597 | $ | 666,546 |
Note 7. | Subordinated Debt |
Note 8. | Other Borrowed Funds |
June 30, 2013 | December 31, 2012 | |||||
Securities sold under agreements to repurchase | $ | 27,774 | $ | 24,842 | ||
Mortgage note payable | 762 | 853 | ||||
$ | 28,536 | $ | 25,695 |
2013 | $ | 95 | |
2014 | 197 | ||
2015 | 210 | ||
2016 | 222 | ||
2017 | 38 | ||
$ | 762 |
Note 9. | Stock Compensation Plans |
June 30, 2013 | ||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||
Outstanding at beginning of year | 1,870,487 | $ | 7.83 | $ | 681 | |||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Canceled | (736,583 | ) | 9.12 | |||||
Expired | (15,800 | ) | 6.26 | |||||
Forfeited | — | — | ||||||
Outstanding at end of period | 1,118,104 | $ | 7.00 | $ | — | |||
Exercisable at end of period | 1,118,104 | $ | 7.00 | $ | — |
Options Outstanding | Options Exercisable | ||||
Exercise Prices | Number Outstanding | Weighted Average Remaining Life (yrs) | Number Exercisable | ||
First Community Financial Partners, Inc. | |||||
$5.00 | 370,876 | 1.0 | 370,876 | ||
$5.53 | 6,400 | 1.8 | 6,400 | ||
$6.25 | 31,400 | 4.7 | 31,400 | ||
$6.38 | 10,000 | 2.8 | 10,000 | ||
$7.50 | 452,400 | 3.9 | 452,400 | ||
$8.00 | 4,000 | 6.2 | 4,000 | ||
$9.25 | 243,028 | 4.9 | 243,028 | ||
1,118,104 | 1,118,104 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||
Outstanding at beginning of year | 270,314 | $ | 1.84 | ||
Granted | — | — | |||
Vested | (5,394 | ) | 1.76 | ||
Canceled | (264,920 | ) | 1.84 | ||
Forfeited | — | — | |||
Non-vested shares, end of period | — | $ | — |
June 30, 2013 | |||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||
Outstanding at beginning of year | 301,701 | $ | 1.50 | ||
Granted | 408,262 | 3.97 | |||
Vested | — | — | |||
Canceled | (55,700 | ) | 7.03 | ||
Forfeited | — | — | |||
Non-vested shares, end of period | 654,263 | $ | 3.04 |
Note 10. | Concentrations, Commitments and Contingencies |
June 30, 2013 | December 31, 2012 | |||||
Commitments to extend credit | $ | 84,634 | $ | 90,368 | ||
Standby letters of credit | 10,509 | 12,600 | ||||
$ | 95,143 | $ | 102,968 |
Note 11. | Capital and Regulatory Matters |
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
June 30, 2013 | |||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||
Consolidated | $ | 102,331 | 14.80 | % | $ | 55,318 | 8.00 | % | N/A | N/A | |||||
First Community Financial Bank | 98,994 | 14.34 | % | 55,236 | 8.00 | % | $ | 69,044 | 10.00 | % | |||||
Tier I Capital (to risk-weighted assets) | |||||||||||||||
Consolidated | 79,755 | 11.53 | % | 27,659 | 4.00 | % | N/A | N/A | |||||||
First Community Financial Bank | 90,209 | 13.07 | % | 27,618 | 4.00 | % | 41,427 | 6.00 | % | ||||||
Tier I Capital (to average assets) | |||||||||||||||
Consolidated | 79,755 | 9.41 | % | 33,896 | 4.00 | % | N/A | N/A | |||||||
First Community Financial Bank | 90,209 | 10.65 | % | 33,896 | 4.00 | % | 42,370 | 5.00 | % | ||||||
December 31, 2012 | |||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||
Consolidated | $ | 99,579 | 14.46 | % | 55,079 | 8.00 | % | N/A | N/A | ||||||
FCB Joliet | 47,428 | 13.46 | % | 28,181 | 8.00 | % | $ | 35,226 | 10.00 | % | |||||
FCB Plainfield | 18,630 | 16.40 | % | 9,090 | 8.00 | % | 11,363 | 10.00 | % | ||||||
FCB Homer Glen | 9,878 | 16.57 | % | 4,769 | 8.00 | % | 5,961 | 10.00 | % | ||||||
Burr Ridge | 22,684 | 13.90 | % | 13,059 | 8.00 | % | 16,324 | 10.00 | % | ||||||
Tier I Capital (to risk-weighted assets) | |||||||||||||||
Consolidated | 86,733 | 12.60 | % | 27,539 | 4.00 | % | N/A | N/A | |||||||
FCB Joliet | 42,905 | 12.18 | % | 14,090 | 4.00 | % | 21,135 | 6.00 | % | ||||||
FCB Plainfield | 17,185 | 15.12 | % | 4,545 | 4.00 | % | 6,818 | 6.00 | % | ||||||
FCB Homer Glen | 9,112 | 15.29 | % | 2,385 | 4.00 | % | 3,577 | 6.00 | % | ||||||
Burr Ridge | 20,632 | 12.64 | % | 6,530 | 4.00 | % | 9,795 | 6.00 | % | ||||||
Tier I Capital (to average assets) | |||||||||||||||
Consolidated | 86,733 | 9.87 | % | 35,143 | 4.00 | % | N/A | N/A | |||||||
FCB Joliet | 42,905 | 9.04 | % | 18,982 | 4.00 | % | 23,727 | 5.00 | % | ||||||
FCB Plainfield | 17,185 | 12.06 | % | 5,698 | 4.00 | % | 7,123 | 5.00 | % | ||||||
FCB Homer Glen | 9,112 | 11.97 | % | 3,044 | 4.00 | % | 3,805 | 5.00 | % | ||||||
Burr Ridge | 20,632 | 11.12 | % | 7,418 | 4.00 | % | 9,273 | 5.00 | % |
Note 12. | Fair Value Measurements |
June 30, 2013 | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Financial Assets | ||||||||||||
Securities Available for Sale: | ||||||||||||
Government sponsored enterprises | $ | 27,632 | $ | — | $ | 27,632 | $ | — | ||||
Residential collateralized mortgage obligations | 19,103 | — | 19,103 | — | ||||||||
Residential mortgage backed securities | 6,571 | — | 6,571 | — | ||||||||
Corporate securities | 23,621 | — | 23,621 | — | ||||||||
State and political subdivisions | 38,376 | — | 35,640 | 2,736 | ||||||||
Derivative financial instruments | 424 | — | 424 | — | ||||||||
Financial Liabilities | ||||||||||||
Derivative financial instruments | 424 | — | 424 | — | ||||||||
December 31, 2012 | ||||||||||||
Financial Assets | ||||||||||||
Securities Available for Sale: | ||||||||||||
U.S. government federal agency | $ | 1,002 | $ | — | $ | 1,002 | $ | — | ||||
Government sponsored enterprises | 25,790 | — | 25,790 | — | ||||||||
Residential collateralized mortgage obligations | 20,344 | — | 20,344 | — | ||||||||
Residential mortgage backed securities | 7,716 | — | 7,716 | — | ||||||||
Corporate securities | 12,721 | — | 12,721 | — | ||||||||
State and political subdivisions | 41,388 | 700 | 36,406 | 4,282 | ||||||||
Derivative financial instruments | 658 | — | 658 | — | ||||||||
Financial Liabilities | ||||||||||||
Derivative financial instruments | 658 | — | 658 | — | ||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||
State and political subdivisions | |||
Beginning balance, December 31, 2012 | $ | 4,282 | |
Total gains or losses (realized/unrealized) included in other comprehensive income | 33 | ||
Included in earnings | — | ||
Purchases | — | ||
Paydowns and maturities | (1,579 | ) | |
Transfers in and/or out of Level 3 | — | ||
Ending balance, June 30, 2013 | $ | 2,736 | |
Beginning balance, December 31, 2011 | $ | 3,060 | |
Total gains or losses (realized/unrealized) included in other comprehensive income | (2 | ) | |
Included in earnings | — | ||
Purchases | |||
Paydowns and maturities | — | ||
Transfers in and/or out of Level 3 | — | ||
Ending balance, June 30, 2012 | $ | 3,058 |
June 30, 2013 | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Financial Assets | ||||||||||
Impaired loans | $ | 38,079 | — | — | $ | 38,079 | ||||
Foreclosed assets | 2,585 | — | — | 2,585 | ||||||
December 31, 2012 | ||||||||||
Financial Assets | ||||||||||
Impaired loans | $ | 38,906 | — | — | $ | 38,906 | ||||
Foreclosed assets | 3,419 | — | — | 3,419 |
Quantitative Information about Level 3 Fair Value Measurements | ||||||
June 30, 2013 | Fair Value Estimate | Valuation Techniques | Unobservable Input | Discount Range | ||
Assets | ||||||
Impaired loans | $ | 38,975 | Appraisal of Collateral | Appraisal adjustments Selling costs | 10% to 25% | |
Foreclosed assets | 2,585 | Appraisal of Collateral | Selling costs | 10.00% |
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Financial assets: | |||||||||||||||
Cash and due from banks | $ | 13,731 | $ | 13,731 | $ | 13,731 | $ | — | $ | — | |||||
Interest-bearing deposits in banks | 49,583 | 49,583 | 49,583 | — | — | ||||||||||
Securities available for sale | 115,303 | 115,303 | — | 112,567 | 2,736 | ||||||||||
Nonmarketable equity securities | 967 | 967 | — | — | 967 | ||||||||||
Loans, net | 627,447 | 633,781 | — | — | 633,781 | ||||||||||
Accrued interest receivable | 2,143 | 2,143 | 2,143 | — | — | ||||||||||
Derivative financial instruments | 424 | 424 | — | 424 | — | ||||||||||
Financial liabilities: | |||||||||||||||
Non-interest bearing deposits | 108,815 | 108,815 | 108,815 | — | — | ||||||||||
Interest-bearing deposits | 599,597 | 599,901 | 241,123 | — | 358,778 | ||||||||||
Subordinated debt | 13,791 | 13,700 | — | — | 13,700 | ||||||||||
Other borrowed funds | 28,536 | 28,536 | 28,536 | — | — | ||||||||||
Accrued interest payable | 868 | 868 | 868 | — | — | ||||||||||
Derivative financial instruments | 424 | 424 | — | 424 | — |
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Financial assets: | |||||||||||||||
Cash and due from banks | $ | 14,933 | $ | 14,933 | $ | 14,933 | $ | — | $ | — | |||||
Interest-bearing deposits in banks | 132,152 | 132,152 | 132,152 | — | — | ||||||||||
Securities available for sale | 108,961 | 108,961 | 700 | 103,979 | 4,282 | ||||||||||
Nonmarketable equity securities | 967 | 967 | — | — | 967 | ||||||||||
Loans, net | 614,236 | 620,085 | — | — | 620,085 | ||||||||||
Accrued interest receivable | 2,303 | 2,303 | 2,303 | — | — | ||||||||||
Derivative financial instruments | 658 | 658 | — | 658 | — | ||||||||||
Financial liabilities: | |||||||||||||||
Non-interest bearing deposits | 114,116 | 114,116 | 114,116 | — | — | ||||||||||
Interest-bearing deposits | 666,546 | 667,809 | 269,852 | — | 397,957 | ||||||||||
Subordinated debt | 4,060 | 3,951 | — | — | 3,951 | ||||||||||
Other borrowed funds | 25,695 | 25,695 | 25,695 | — | — | ||||||||||
Accrued interest payable | 944 | 944 | 944 | — | — | ||||||||||
Derivative financial instruments | 658 | 658 | — | 658 | — |
Note 13. | Derivatives and Hedging Activities |
Note 14. | Preferred Stock |
• | Net income increased $994,000 to $567,000 for the second quarter of 2013 as compared to the same period in 2012 which had a net loss of $427,000. Net income increased from a loss of $594,000 for the six months ended June 30, 2012 to net income of $1.6 million for the six months ended June 30, 2013. The difference in net income for both periods is the result of a number of factors, including lower loan loss provisions, reductions in expenses, and reductions in dividends paid on preferred shares as a result of the repurchase of $9.5 million of the Series B Preferred Stock. |
• | Book value per common share remained the same at $4.30 per common share at June 30, 2013, and March 31, 2013. This was a result of decreases in unrealized gains on available for sale securities of $639,000 from $1.3 million at March 31, 2013, which offset earnings for the period. In addition, book value per common share of $4.30 increased $.15 from December 31, 2012, as a result of current earnings and the gain on repurchase of the Series B Preferred Stock, which reduced the accumulated deficit during this period. |
• | Loans increased by $11.0 million during the first half of 2013 and $4.7 million during the second quarter of 2013. |
• | Deposits decreased by $39.4 million to $708.4 million from $747.8 million at March 31, 2013 and by $72.3 million from December 31, 2012, primarily due to runoff of non-core time deposits. |
• | Non-performing loans decreased $4.8 million to $26.4 million or 4.08% of total loans at June 30, 2013, compared with $31.2 million or 4.85% of total loans at March 31, 2013. In addition, foreclosed assets decreased $834,000 to $2.6 million at June 30, 2013. The decreases in non-performing loans and foreclosed assets was in part a result of an asset sale during the second quarter of approximately $4.6 million in non-performing assets. Non-performing loans decreased $1.6 million to $26.4 million at June 30, 2013 compared with $27.9 million at December 31, 2012, as the large second quarter asset sale and net charge-offs were partially offset by loans added to non-accrual status during the first six months of 2013. |
• | Loans rated special mention or worse decreased $22.1 million from $98.5 million at December 31, 2012 to $76.4 million at June 30, 2013. |
• | Net interest margin decreased 0.05% to 3.39% from 3.44% for the first quarter of 2013 and decreased 0.16% from 3.55% at the year-ended December 31, 2013. Decreases during the periods relate to loan repricing at lower market rates along with new loans being booked in the lower rate environment. |
• | The provision for loan losses increased to $1.5 million for the second quarter of 2013 from $1.2 million for the first quarter of 2013 which was in part a result of continued loan growth during the second quarter of 2013. Loan loss provisions for the first six months of 2013 were $2.7 million which was lower than the $4.4 million provision in the same period in 2012, and is the result of improving asset quality. |
• | Non-interest income decreased $564,000 to $(27,000) for the second quarter of 2013 from $537,000 for the first quarter of 2013 due to write downs and sales of foreclosed assets as a result of an asset sale. In addition, while the first quarter of 2013 included gains on sales of loans of $265,000, there were no similar sales in the second quarter. |
• | Non-interest expense decreased $472,000 to $4.7 million for the second quarter of 2013 from $5.2 million for the first quarter of 2013 due primarily to the $488,000 one-time expense recorded in the first quarter of 2013 related to the cash payment for restricted stock units as a part of the consolidation of First Community’s subsidiary banks. |
Three months ended June 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | |||||||||||
Assets | |||||||||||||||||
Loans (1) | $ | 644,618 | $ | 8,099 | 5.03 | % | $ | 655,308 | $ | 9,212 | 5.62 | % | |||||
Investment securities (2) | 111,744 | 444 | 1.59 | % | 105,064 | 421 | 1.60 | % | |||||||||
Federal funds sold | 264 | — | — | % | 21,979 | 17 | 0.31 | % | |||||||||
Interest-bearing deposits with other banks | 71,242 | 52 | 0.29 | % | 68,421 | 51 | 0.30 | % | |||||||||
Total earning assets | $ | 827,868 | $ | 8,595 | 4.15 | % | $ | 850,772 | $ | 9,701 | 4.56 | % | |||||
Other assets | 26,525 | 27,789 | |||||||||||||||
Total assets | $ | 854,393 | $ | 878,561 | |||||||||||||
Liabilities | |||||||||||||||||
NOW accounts | $ | 75,379 | $ | 41 | 0.22 | % | $ | 63,384 | $ | 60 | 0.38 | % | |||||
Money market accounts | 143,452 | 112 | 0.31 | % | 159,868 | 151 | 0.38 | % | |||||||||
Savings accounts | 24,947 | 13 | 0.21 | % | 23,414 | 17 | 0.29 | % | |||||||||
Time deposits | 370,486 | 1,075 | 1.16 | % | 415,480 | 1,812 | 1.74 | % | |||||||||
Total Interest Bearing Deposits | 614,264 | 1,241 | 0.81 | % | 662,146 | 2,040 | 1.23 | % | |||||||||
Securities sold under agreements to repurchase | 27,872 | 8 | 0.11 | % | 22,196 | 9 | 0.16 | % | |||||||||
Mortgage payable | 781 | 12 | 6.15 | % | 961 | 15 | 6.24 | % | |||||||||
Subordinated debentures | 13,785 | 314 | 9.11 | % | 4,060 | 81 | 7.98 | % | |||||||||
Total Interest Bearing Liabilities | 656,702 | 1,575 | 0.96 | % | 689,363 | 2,145 | 1.24 | % | |||||||||
Noninterest bearing deposits | 110,547 | 98,706 | |||||||||||||||
Other liabilities | 3,656 | 4,241 | |||||||||||||||
Total Liabilities | $ | 770,905 | $ | 792,310 | |||||||||||||
Total Shareholders' Equity | $ | 83,488 | $ | 86,251 | |||||||||||||
Total Liabilities and Equity | $ | 854,393 | $ | 878,561 | |||||||||||||
Interest Rate Spread | 3.19 | % | 3.32 | % | |||||||||||||
Net Interest Income | $ | 7,020 | $ | 7,556 | |||||||||||||
Net Interest Margin | 3.39 | % | 3.55 | % |
(1) | Average loans include non-performing loans. |
Six months ended June 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in thousands) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | ||||||||||
Assets | ||||||||||||||||
Loans (1) | $ | 641,705 | $ | 16,487 | 5.14 | % | $ | 667,016 | $ | 18,933 | 5.68 | % | ||||
Investment securities (2) | 109,350 | 870 | 1.59 | % | 97,847 | 778 | 1.59 | % | ||||||||
Federal funds sold | 8,544 | 11 | 0.26 | % | 20,102 | 33 | 0.33 | % | ||||||||
Interest-bearing deposits with other banks | 82,900 | 117 | 0.28 | % | 69,982 | 101 | 0.29 | % | ||||||||
Total Earning Assets | $ | 842,499 | $ | 17,485 | 4.15 | % | $ | 854,947 | $ | 19,845 | 4.64 | % | ||||
Other assets | 41,911 | 26,317 | ||||||||||||||
Total assets | $ | 884,410 | $ | 881,264 | ||||||||||||
Liabilities | ||||||||||||||||
NOW accounts | $ | 72,482 | $ | 88 | 0.24 | % | $ | 62,975 | $ | 120 | 0.38 | % | ||||
Money market accounts | 152,667 | 250 | 0.33 | % | 160,443 | 307 | 0.38 | % | ||||||||
Savings accounts | 25,235 | 28 | 0.22 | % | 23,055 | 35 | 0.30 | % | ||||||||
Time deposits | 381,347 | 2,245 | 1.18 | % | 423,159 | 3,897 | 1.84 | % | ||||||||
Total Interest Bearing Deposits | 631,731 | 2,611 | 0.83 | % | 669,632 | 4,359 | 1.30 | % | ||||||||
Securities sold under agreements to repurchase | 25,547 | 15 | 0.12 | % | 22,015 | 16 | 0.15 | % | ||||||||
Mortgage payable | 804 | 25 | 6.22 | % | 659 | 20 | 6.07 | % | ||||||||
Subordinated debentures | 10,048 | 443 | 8.82 | % | 4,060 | 162 | 7.98 | % | ||||||||
Total Interest Bearing Liabilities | 668,130 | 3,094 | 0.93 | % | 696,366 | 4,557 | 1.31 | % | ||||||||
Noninterest bearing deposits | 113,984 | 95,363 | ||||||||||||||
Other liabilities | 3,858 | 4,201 | ||||||||||||||
Total Liabilities | $ | 785,972 | $ | 795,930 | ||||||||||||
Total Shareholders' Equity | $ | 98,438 | $ | 85,334 | ||||||||||||
Total Liabilities and Equity | $ | 884,410 | $ | 881,264 | ||||||||||||
Interest Rate Spread | 3.22 | % | 3.09 | % | ||||||||||||
Net Interest Income | $ | 14,391 | $ | 15,288 | ||||||||||||
Net Interest Margin | 3.42 | % | 3.58 | % |
(1) | Average loans include non-performing loans. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
2013 Compared to 2012 | 2013 Compared to 2012 | ||||||||||||||||||||||||
Average Volume | Average Rate | Mix | Net Increase (Decrease) | Average Volume | Average Rate | Mix | Net Increase (Decrease) | ||||||||||||||||||
Interest Income | |||||||||||||||||||||||||
Loans | $ | (150 | ) | $ | (979 | ) | $ | 16 | $ | (1,113 | ) | $ | (713 | ) | $ | (1,801 | ) | $ | 68 | $ | (2,446 | ) | |||
Investment securities | 26 | (3 | ) | — | 23 | 92 | — | — | 92 | ||||||||||||||||
Federal funds sold | (17 | ) | (17 | ) | 17 | (17 | ) | (19 | ) | (7 | ) | 4 | (22 | ) | |||||||||||
Interest-bearing deposits with other banks | 3 | (2 | ) | — | 1 | 20 | (3 | ) | (1 | ) | 16 | ||||||||||||||
Total interest income | (138 | ) | (1,001 | ) | 33 | (1,106 | ) | (620 | ) | (1,811 | ) | 71 | (2,360 | ) | |||||||||||
Interest expense | |||||||||||||||||||||||||
NOW accounts | $ | 11 | $ | (25 | ) | $ | (5 | ) | $ | (19 | ) | $ | 18 | $ | (43 | ) | $ | (7 | ) | $ | (32 | ) | |||
Money market accounts | (15 | ) | (27 | ) | 3 | (39 | ) | (17 | ) | (42 | ) | 2 | (57 | ) | |||||||||||
Savings accounts | 1 | (5 | ) | — | (4 | ) | 3 | (9 | ) | (1 | ) | (7 | ) | ||||||||||||
Time deposits | (197 | ) | (603 | ) | 63 | (737 | ) | (382 | ) | (1,407 | ) | 137 | (1,652 | ) | |||||||||||
Securities sold under agreements to repurchase | 2 | (2 | ) | (1 | ) | (1 | ) | 3 | (3 | ) | (1 | ) | (1 | ) | |||||||||||
Federal Home Loan Bank advances | (3 | ) | — | — | (3 | ) | 5 | — | — | 5 | |||||||||||||||
Subordinated debentures | 194 | 12 | 27 | 233 | 239 | 17 | 25 | 281 | |||||||||||||||||
Total interest expense | $ | (7 | ) | $ | (650 | ) | $ | 87 | $ | (570 | ) | $ | (131 | ) | $ | (1,487 | ) | $ | 155 | $ | (1,463 | ) | |||
Change in net interest income | $ | (131 | ) | $ | (351 | ) | $ | (54 | ) | $ | (536 | ) | $ | (489 | ) | $ | (324 | ) | $ | (84 | ) | $ | (897 | ) |
Three months ended June 30, | Six months ended June 30, | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||
Service charges on deposit accounts | $ | 95 | $ | 113 | $ | 177 | $ | 210 | ||||
Gain on sale of loans | — | 15 | 265 | 200 | ||||||||
(Loss) on foreclosed assets, net | (196 | ) | (78 | ) | (196 | ) | (112 | ) | ||||
Mortgage fee income | 107 | 75 | 214 | 128 | ||||||||
Other | (33 | ) | 196 | 50 | 335 | |||||||
Total non-interest income | $ | (27 | ) | $ | 321 | $ | 510 | $ | 761 |
Three months ended June 30, | Six months ended June 30, | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||
Salaries and employee benefits | $ | 2,701 | $ | 2,515 | 5,188 | 5,067 | ||||||
Occupancy and equipment expense | 520 | 585 | 1,091 | 1,176 | ||||||||
Data processing | 221 | 299 | 527 | 604 | ||||||||
Professional fees | 350 | 545 | 704 | 848 | ||||||||
Advertising and business development | 128 | 117 | 281 | 220 | ||||||||
Loan workout | 37 | 38 | 44 | 95 | ||||||||
Foreclosed assets, net of rental income | 62 | 171 | 141 | 476 | ||||||||
Other expense | 703 | 1,116 | 1,940 | 2,058 | ||||||||
Total non-interest expense | $ | 4,722 | $ | 5,386 | $ | 9,916 | $ | 10,544 |
June 30, 2013 | December 31, 2012 | June 30, 2012 | |||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||
Construction and Land Development | $ | 22,207 | 3 | % | $ | 30,494 | 5 | % | $ | 42,610 | 7 | % | |||||
Farmland and Agricultural Production | 7,474 | 1 | % | 7,211 | 1 | % | 8,301 | 1 | % | ||||||||
Residential 1-4 Family | 78,294 | 12 | % | 77,567 | 12 | % | 79,513 | 12 | % | ||||||||
Commercial Real Estate | 375,010 | 58 | % | 366,901 | 58 | % | 361,907 | 55 | % | ||||||||
Commercial | 155,096 | 24 | % | 140,895 | 22 | % | 142,129 | 22 | % | ||||||||
Consumer and other | 10,320 | 2 | % | 14,361 | 2 | % | 21,055 | 3 | % | ||||||||
Total Loans | $ | 648,401 | 100 | % | $ | 637,429 | 100 | % | $ | 655,515 | 100 | % |
Three Months Ended | Six Months Ended | |||||||||||
(Dollars in thousands) | June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
Balance at beginning of period | $ | 21,931 | $ | 28,323 | $ | 22,878 | $ | 26,991 | ||||
Charge-offs: | ||||||||||||
Construction and Land Development | 109 | 730 | 1,288 | 733 | ||||||||
Farmland and Agricultural Production | — | 1,353 | — | 1,353 | ||||||||
Residential 1-4 Family | 189 | 624 | 411 | 789 | ||||||||
Commercial Real Estate | 686 | 1,997 | 1,397 | 2,310 | ||||||||
Commercial | 1,785 | 288 | 2,475 | 998 | ||||||||
Consumer and other | 374 | — | 593 | — | ||||||||
Total charge-offs | $ | 3,143 | $ | 4,992 | $ | 6,164 | $ | 6,183 | ||||
Recoveries: | ||||||||||||
Construction and Land Development | 198 | 550 | 879 | 553 | ||||||||
Farmland and Agricultural Production | — | — | — | — | ||||||||
Residential 1-4 Family | 16 | 8 | 49 | 18 | ||||||||
Commercial Real Estate | 136 | 293 | 154 | 300 | ||||||||
Commercial | 28 | 59 | 130 | 175 | ||||||||
Consumer and other | — | 2 | 8 | 4 | ||||||||
Total recoveries | $ | 378 | $ | 912 | $ | 1,220 | $ | 1,050 | ||||
Net charge-offs | 2,765 | 4,080 | 4,944 | 5,133 | ||||||||
Provision for loan losses | 1,468 | 2,048 | 2,700 | 4,433 | ||||||||
Allowance for loan losses at end of period | $ | 20,634 | $ | 26,291 | $ | 20,634 | $ | 26,291 | ||||
Selected loan quality ratios: | ||||||||||||
Net charge-offs to average loans | 1.72 | % | 2.49 | % | 1.53 | % | 1.57 | % | ||||
Allowance to total loans | 3.18 | % | 4.01 | % | 3.18 | % | 4.01 | % | ||||
Allowance to nonperforming loans | 78.07 | % | 74.39 | % | 78.07 | % | 74.39 | % |
Six months ended June 30, | |||||||||||
2013 | 2012 | ||||||||||
Balance at end of period applicable to: | Amount | % of Total Loans | Amount | % of Total Loans | |||||||
Construction and Land Development | $ | 2,729 | 13 | % | $ | 6,352 | 24 | % | |||
Farmland and Agricultural Production | 379 | 2 | % | 771 | 3 | % | |||||
Residential 1-4 Family | 2,024 | 10 | % | 2,427 | 9 | % | |||||
Commercial Real Estate | 11,842 | 57 | % | 12,688 | 48 | % | |||||
Commercial | 3,529 | 17 | % | 3,824 | 15 | % | |||||
Consumer and other | 131 | 1 | % | 229 | 1 | % | |||||
Total | $ | 20,634 | 100 | % | $ | 26,291 | 100 | % |
June 30, 2013 | December 31, 2012 | June 30, 2012 | |||||||
Total non-accrual loans | $ | 26,370 | $ | 27,941 | $ | 32,475 | |||
Accruing loans delinquent 90 days or more | 59 | — | 2,868 | ||||||
Total non-performing loans | 26,429 | 27,941 | 35,343 | ||||||
Troubled debt restructures accruing | 12,453 | 12,817 | 7,186 |
June 30, 2013 | December 31, 2012 | ||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
U.S. government federal agency | $ | — | $ | — | $ | 1,001 | $ | 1,002 | |||||
Government sponsored enterprises | 27,470 | 27,632 | 25,544 | 25,790 | |||||||||
Residential collateralized mortgage obligations | 18,939 | 19,103 | 20,018 | 20,344 | |||||||||
Residential mortgage backed securities | 6,502 | 6,571 | 7,486 | 7,716 | |||||||||
Corporate securities | 23,701 | 23,621 | 12,520 | 12,721 | |||||||||
State and political subdivisions | 37,643 | 38,376 | 40,190 | 41,388 | |||||||||
$ | 114,255 | $ | 115,303 | $ | 106,759 | $ | 108,961 |
June 30, 2013 | December 31, 2012 | |||||||||
Amount | Percent | Amount | Percent | |||||||
Noninterest-bearing demand deposits | $ | 108,815 | 15.36 | % | $ | 114,116 | 14.62 | % | ||
NOW and money market accounts | 216,443 | 30.55 | % | 244,441 | 31.31 | % | ||||
Savings | 24,680 | 3.48 | % | 25,411 | 3.26 | % | ||||
Time deposit certificates, $100,000 or more | 228,850 | 32.31 | % | 254,268 | 32.57 | % | ||||
Other time deposit certificates | 129,624 | 18.30 | % | 142,426 | 18.24 | % | ||||
Total | $ | 708,412 | 100.00 | % | $ | 780,662 | 100.00 | % |
June 30, 2013 | December 31, 2012 | |||||
(Dollars in thousands) | ||||||
Securities sold under agreements to repurchase: | ||||||
Balance: | ||||||
Average daily outstanding | $ | 25,547 | $ | 23,993 | ||
Outstanding at end of period | 27,774 | 24,842 | ||||
Maximum month-end outstanding | 30,870 | 31,303 | ||||
Rate: | ||||||
Weighted average interest rate during the year | 0.12 | % | 0.33 | % | ||
Weighted average interest rate at end of the period | 0.11 | % | 0.14 | % |
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized under Prompt Corrective Action Provisions | ||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||
June 30, 2013 | ||||||||||||
Total Capital (to risk-weighted assets) | $ | 102,331 | 14.80 | % | $ | 55,318 | 8.00 | % | N/A | N/A | ||
Tier I Capital (to risk-weighted assets) | 79,755 | 11.53 | % | 27,659 | 4.00 | % | N/A | N/A | ||||
Tier I Capital (to average assets) | 79,755 | 9.41 | % | 33,896 | 4.00 | % | N/A | N/A | ||||
December 31, 2012 | ||||||||||||
Total Capital (to risk-weighted assets) | $ | 99,579 | 14.46 | % | $ | 55,079 | 8.00 | % | N/A | N/A | ||
Tier I Capital (to risk-weighted assets) | 86,733 | 12.60 | % | 27,539 | 4.00 | % | N/A | N/A | ||||
Tier I Capital (to average assets) | 86,733 | 9.87 | % | 35,143 | 4.00 | % | N/A | N/A |
June 30, 2013 | December 31, 2012 | |||||
Commitments to extend credit | $ | 84,634 | $ | 90,368 | ||
Standby letters of credit | 10,509 | 12,600 | ||||
$ | 95,143 | $ | 102,968 |
FIRST COMMUNITY FINANCIAL PARTNERS, INC. | |
Date: August 13, 2013 | /s/ Roy C. Thygesen |
Roy C. Thygesen | |
Chief Executive Officer | |
(Principal Executive Officer) | |
Date: August 13, 2013 | /s/ Glen L. Stiteley |
Glen L. Stiteley | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |
31.2 | Certification of Chief Financial Officer Pursuant to Rule 12a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |
32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |
101* | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012; (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2013 and June 30, 2012; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and June 30, 2012; (iv) Consolidated Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2013 and June 30, 2012; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and June 30, 2012; and (vi) Notes to Consolidated Financial Statements. | |
* As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under those sections. |
Date: August 13, 2013 | /s/ Glen L. Stiteley | |
Glen L. Stiteley | ||
Executive Vice President and Chief Financial Officer |
Date: August 13, 2013 | /s/ Roy C. Thygesen | |
Roy C. Thygesen | ||
President and Chief Executive Officer |
1. | I have reviewed this Form 10-Q of First Community Financial Partners, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this Form 10-Q of First Community Financial Partners, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Other Borrowed Funds
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowed Funds | Other Borrowed Funds The composition of other borrowed funds is as follows (in thousands):
Securities sold under agreements to repurchase are agreements in which the Bank acquires funds by selling securities to another party under a simultaneous agreement to repurchase the same securities at a specified price and date. These agreements represent a demand deposit account product to clients that sweep their balances in excess of an agreed upon target amount into overnight repurchase agreements. In conjunction with the purchase of a building in Burr Ridge, Illinois, a $1.0 million mortgage note was signed on February 28, 2012. The terms of the note require monthly payments at a fixed rate of 6% amortized over a period of 5 years. At June 30, 2013, future principal payments are as follows (in thousands):
A collateral pledge agreement exists whereby at all times, the Bank must keep on hand, free of all other pledges, liens, and encumbrances, first mortgage loans and home equity loans with unpaid principal balances aggregating no less than 133% for first mortgage loans and 200% for home equity loans of the outstanding secured advances from the Federal Home Loan Bank of Chicago (“FHLB”). The Bank had $75.7 million and $31.0 million of loans pledged as collateral for FHLB advances as of June 30, 2013 and December 31, 2012, respectively. There were no advances outstanding at June 30, 2013 and December 31, 2012. The Bank has entered into collateral pledge agreements whereby the Bank pledges commercial, commercial real estate, agricultural and consumer loans to the Federal Reserve Bank of Chicago Discount Window which allows the Bank to borrow on a short term basis, typically overnight. The Bank had $320.2 million and $198.0 million of loans pledged as collateral under these agreements as of June 30, 2013 and December 31, 2012, respectively. There were no borrowings outstanding at June 30, 2013 and December 31, 2012. |
Other Borrowed Funds Loans Pledged as Collateral (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2013
First Mortgage [Member]
|
Jun. 30, 2013
Home Equity Line of Credit [Member]
|
Jun. 30, 2013
First Mortgage and Equity Loans [Member]
|
Dec. 31, 2012
First Mortgage and Equity Loans [Member]
|
Jun. 30, 2013
Commercial, Agricultural and Consumer Loans [Member]
|
Dec. 31, 2012
Commercial, Agricultural and Consumer Loans [Member]
|
|
Debt Instrument [Line Items] | ||||||
Financial Instruments Owned and Pledged as Collateral, Percentage of Cash on Hand (as a percent) | 133.00% | 200.00% | ||||
Loans Pledged as Collateral | $ 75.7 | $ 31.0 | $ 320.2 | $ 198.0 |
Basis of Presentation
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These are the unaudited consolidated financial statements of First Community Financial Partners, Inc. (the “Company” or “First Community”), and its subsidiaries, including its wholly owned bank subsidiary, First Community Financial Bank (the “Bank”), based in Plainfield, Illinois. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been made. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the entire fiscal year. These unaudited interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and industry practice. Certain information in footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP and industry practice has been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s December 31, 2012 audited financial statements filed on Form 10-K. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or shareholders’ equity. New Accounting Pronouncements ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities.” New authoritative accounting guidance under ASC Topic 210, “Disclosures about Offsetting Assets and Liabilities” amended prior guidance to require an entity to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The instruments and transactions would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This new authoritative guidance was further amended to clarify the scope of offsetting disclosures. ASC Topic 220 “Comprehensive Income.” New authoritative accounting guidance under ASC Topic 220, “Comprehensive Income” amended prior guidance to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required under U.S. GAAP. Emerging Growth Company Critical Accounting Policy Disclosure The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period. |
Consolidation (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma condensed combined consolidated financial information is presented for illustrative purposes only and does not necessarily indicate the operating results of the combined companies had they actually been merged on January 1, 2012.
|
Derivatives and Hedging Activities (Details) (Not Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
|
||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7.4 | $ 7.5 |
Stock Compensation Plans Information Pertaining to Options Outstanding (Details) (USD $)
|
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Dec. 31, 2012
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$5.00
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$5.53
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$6.25
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$6.38
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$7.50
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$8.00
Stock Incentive Plan and Equity Incentive Plan [Member]
|
Jun. 30, 2013
$9.25
Stock Incentive Plan and Equity Incentive Plan [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise Prices (in dollars per share) | $ 5.00 | $ 5.53 | $ 6.25 | $ 6.38 | $ 7.50 | $ 8.00 | $ 9.25 | ||||
Number Options Outstanding (in shares) | 0 | 270,314 | 1,118,104 | 1,870,487 | 370,876 | 6,400 | 31,400 | 10,000 | 452,400 | 4,000 | 243,028 |
Weighted Average Remaining Life Options (in years) | 1 year | 1 year 9 months 18 days | 4 years 8 months 12 days | 2 years 9 months 18 days | 3 years 10 months 24 days | 6 years 2 months 12 days | 4 years 10 months 24 days | ||||
Weighted Average Exercise Price Options Outstanding (in dollars per share) | $ 7.00 | $ 7.83 | |||||||||
Options Number Exercisable (in shares) | 1,118,104 | 370,876 | 6,400 | 31,400 | 10,000 | 452,400 | 4,000 | 243,028 | |||
Weighted Average Exercise Price - Options Exercisable (in dollars per share) | $ 7.00 |
Stock Compensation Plans
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Jun. 30, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | Stock Compensation Plans The Company maintains the First Community Financial Partners, Inc. Amended and Restated 2008 Equity Incentive Plan (the “Equity Incentive Plan”), which assumed and incorporated all outstanding awards under previously adopted Company equity incentive plans. The Equity Incentive Plan allows for the granting of awards including stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and cash incentive awards. This plan was amended in December 2011 to increase the number of shares authorized for delivery by 1,000,000 shares. As a result, under the Equity Incentive Plan, 2,430,000 shares of Company common stock have been reserved for the granting of awards. FCB Plainfield and FCB Homer Glen each adopted their own stock incentive plans in January 2009, and Burr Ridge adopted a stock incentive plan in October 2009 (collectively, the “Stock Incentive Plans”). The Stock Incentive Plans allowed for the granting of stock options. Under each of the FCB Plainfield and FCB Homer Glen plans, 225,000 shares of the adopting entity’s common stock were reserved for the granting of awards. Under the Burr Ridge plan, 470,000 shares of Burr Ridge common stock were reserved for the granting of awards. As of the date of the consolidation, the Stock Incentive Plans and all outstanding awards thereunder were canceled, at which time all option holders were granted Company restricted stock units under the Equity Incentive Plan as replacement awards. The fair value of the stock options at the date of the merger agreements was used to determine the number of restricted stock units granted in order to equalize the fair value of the awards before and after the consolidation. As a result, there were no incremental compensation costs recognized. Under the Equity Incentive Plan, options are to be granted at the fair value of the stock at the date of the grant and generally vest at 33-1/3% as of the first anniversary of the grant date and an additional 33-1/3% as of each successive anniversary of the grant date. Options must be exercised within 10 years after the date of grant. The following table summarizes data concerning stock options (aggregate intrinsic value in thousands):
The aggregate intrinsic value of a stock option in the table above represents the total pre-tax amount by which the current market value of the underlying stock exceeds the price of the option that would have been received by the option holders had all option holders exercised their options on June 30, 2013. The intrinsic value will change when the market value of the Company’s stock changes. The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The Company recognized $5,000 in compensation expense related to the options for the six months ended June 30, 2013. At June 30, 2013, there was no further compensation expense to be recognized related to outstanding stock options. Information pertaining to options outstanding at June 30, 2013, is as follows:
Information pertaining to non-vested options at June 30, 2013, is as follows:
The Company also grants restricted stock units to select officers and directors within the organization under the Equity Incentive Plan, which entitle the holder to receive shares of Company common stock in the future, subject to certain terms, conditions and restrictions. Holders of restricted stock units are also entitled to receive additional units equal in value to any dividends paid with respect to the restricted stock units during the vesting period. Compensation expense for the restricted stock units equals the market price of the related stock at the date of grant and is amortized on a straight-line basis over the vesting period. In 2012, FCB Plainfield granted 57,850 restricted stock units under its 2012 Equity Incentive Plan with a weighted-average grant-date per share fair value of $7.03, with vesting over a three-year period. In 2013, as a part of the consolidation, 408,262 restricted stock units were granted under the Equity Incentive Plan with a weighted-average grant-date per share fair value of $3.97, and with vesting over a two-year period, as replacement awards for the stock options which were canceled at the consolidation date. In addition, all restricted stock units granted as a part of the canceled FCB Plainfield 2012 Equity Incentive Plan were fully vested and canceled at the date of consolidation and all holders were paid out in an equivalent amount of cash. The Company recognized compensation expense of $563,000 and $183,000, respectively, for the six months ended June 30, 2013 and 2012, related to the Equity Incentive Plan, which included $385,000 in expense related to the canceled FCB Plainfield awards. Total unrecognized compensation expense related to restricted stock grants was $419,000 as of June 30, 2013. The following is a summary of nonvested restricted stock units:
|
Deposits - Composition of Interest-Bearing Deposits (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Deposits [Abstract] | ||
NOW and money market accounts | $ 216,443 | $ 244,441 |
Savings | 24,680 | 25,411 |
Time deposit certificates, $100,000 or more | 228,850 | 254,268 |
Other time deposit certificates | 129,624 | 142,426 |
Interest-bearing Deposit Liabilities | $ 599,597 | $ 666,546 |
Stock Compensation Plans Information pertaining to non-vested options (Details) (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Number of Shares | |
Outstanding at beginning of year (in shares) | 270,314 |
Granted (in shares) | 0 |
Vested (in shares) | (5,394) |
Canceled (in shares) | (264,920) |
Forfeited (in shares) | 0 |
Non-vested shares, end of period (in shares) | 0 |
Outstanding at beginning of year (in dollars per share) | $ 1.84 |
Granted (in dollars per share) | $ 0.00 |
Vested (in dollars per share) | $ 1.76 |
Canceled (in dollars per share) | $ 1.84 |
Forfeited (in dollars per share) | $ 0.00 |
Non-vested shares, end of period (in dollars per share) | $ 0.00 |
Securities Available for Sale Securities Segregated by Maturity Dates (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Amortized Cost | |||||
Within 1 year | $ 19,575 | $ 19,575 | |||
Over 1 year through 5 years | 58,118 | 58,118 | |||
5 years through 10 years | 7,670 | 7,670 | |||
5 years through 10 years | 3,451 | 3,451 | |||
Residential collateralized mortgage obligations and mortgage backed securities | 25,441 | 25,441 | |||
Amortized Cost | 114,255 | 114,255 | 106,759 | ||
Fair Value | |||||
Within 1 year | 19,644 | 19,644 | |||
Over 1 year through 5 years | 58,618 | 58,618 | |||
5 years through 10 years | 7,652 | 7,652 | |||
Over 10 years | 3,715 | 3,715 | |||
Residential collateralized mortgage obligations and mortgage backed securities | 25,674 | 25,674 | |||
Fair Value | 115,303 | 115,303 | 108,961 | ||
Securities with Material Unrealized Losses | 0 | 0 | 0 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Loans (Tables)
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Jun. 30, 2013
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | A summary of the balances of loans follows (in thousands):
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Past Due Financing Receivables [Table Text Block] | The following tables present the risk category of loans evaluated by internal asset classification based on the most recent analysis performed and the contractual aging as of June 30, 2013 and December 31, 2012 (in thousands):
The following table presents the contractual aging of the recorded investment in past due and nonaccrual loans by class of loans as of June 30, 2013 and December 31, 2012 (in thousands):
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table provides additional detail of the activity in the allowance for loan losses, by portfolio segment, for the six months ended June 30, 2013 and 2012 (in thousands):
The following table presents the balance in the allowance for loan losses and the unpaid principal balance of loans by portfolio segment and based on impairment method as of June 30, 2013 and December 31, 2012 (in thousands):
The following table provides additional detail of the activity in the allowance for loan losses, by portfolio segment, for the three months ended June 30, 2013 and 2012 (in thousands):
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Impaired Financing Receivables [Table Text Block] | The interest income recognized column represents all interest income reported after the loan became impaired.
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents loans that have been restructured during the three and six months ended June 30, 2013 and 2012 (in thousands, except number of contracts):
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Summary of Troubled Debt Restructuring Note, Debtor [Table Text Block] | The following tables present loans that have been restructured in a troubled debt restructuring during the three and six months ended June 30, 2013, by class and type of modification (in thousands):
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Schedule of Roll Forward Actuvity of Trouble Debt Restructuring Loans [Table Text Block] | The following presents a rollfoward activity of troubled debt restructurings (in thousands except number of loans):
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Securities Available for Sale (Tables)
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follows (in thousands):
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Investments Classified by Contractual Maturity Date [Table Text Block] | Therefore, these securities are segregated in the following maturity summary:
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Consolidation Narrative (Details) (USD $)
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3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Mar. 12, 2013
FCB Plainfield
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Mar. 12, 2013
FCB Plainfield, FCB Homer Glen and Burr Ridge [Member]
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Mar. 12, 2013
Subordinated Debt [Member]
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Business Acquisition [Line Items] | |||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 757,000,000 | $ 402,000 | $ 1,700,000 | ||||
Stock Issued During Period, Shares, Acquisitions | 4,000,537 | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 508,000 | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | 10,000,000 | ||||||
Internal Loan Participation Agreements | $ 79,200,000 |
Deposits - Narrative (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Deposits [Abstract] | ||
Time Deposits, Brokered Deposits | $ 8.4 | $ 16.6 |
Time Deposits, Reciprocal Program | 8.5 | 12.2 |
Deposits, Money Market Deposits, Reciprocal Program | $ 18.5 | $ 19.8 |
Concentrations, Commitments and Contingencies (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments [Table Text Block] | A summary of the Company’s commitments is as follows (in thousands):
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Fair Value Measurements Additional Quantitative Information (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||||
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Jun. 30, 2013
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Dec. 31, 2012
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Jun. 30, 2013
Impaired Loans
Minimum
Appraisal of Collateral
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Jun. 30, 2013
Impaired Loans
Maximum
Appraisal of Collateral
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Jun. 30, 2013
Foreclosed assets
Appraisal of Collateral
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Appraisal adjustment discount rate | 10.00% | 25.00% | |||
Selling costs discount rate | 10.00% | ||||
Total | $ 38,975 | $ 40,193 | |||
Foreclosed assets | $ 2,585 | $ 3,419 |
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 38,975 | $ 40,193 |
Foreclosed assets | 2,585 | 3,419 |
Fair Value, Measurements, Nonrecurring [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 38,079 | 38,906 |
Foreclosed assets | 2,585 | 3,419 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2)
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3)
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 38,079 | 38,906 |
Foreclosed assets | $ 2,585 | $ 3,419 |
Earnings Per Share Earnings Per Share (Tables)
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Jun. 30, 2013
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings (loss) per common share (in thousands, except share data).
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Consolidation
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation | Consolidation On August 27, 2012, the Company and the Banks (as defined below) executed Agreements and Plans of Merger to effect a consolidation of banking charters. The consolidation resulted in the merger of First Community Bank of Joliet (“FCB Joliet”), First Community Bank of Plainfield (“FCB Plainfield”), First Community Bank of Homer Glen & Lockport (“FCB Homer Glen”) and Burr Ridge Bank and Trust (“Burr Ridge”, and collectively with FCB Joliet, FCB Plainfield and Homer Glen, the “Banks”) into one Illinois chartered banking institution wholly owned by the Company. On March 12, 2013, the consolidation was completed and our financial results reflect the following:
The consolidation was accounted for as a purchase of noncontrolling interests among entities under common control for accounting and financial reporting purposes. Accordingly, First Community’s noncontrolling interests were reclassified to shareholders’ equity and all assets and liabilities were recorded at historical cost. The following summary pro forma results of operations for the six months ended June 30, 2013 and 2012 give effect to the consolidation as if it occurred on January 1, 2012. The pro forma condensed combined consolidated financial information is presented for illustrative purposes only and does not necessarily indicate the operating results of the combined companies had they actually been merged on January 1, 2012.
Prior to the consolidation, the Company, and the Banks had entered into an Affiliate Management Services Agreement. The Affiliate Management Services Agreement allowed for each entity to share in the costs and resources of such functions including, but not limited to, information technology, finance and accounting, human resources, risk management, and strategic development. For the three months ended June 30, 2013 and 2012, $402,000 and $757,000, respectively, was paid by the Banks to the Company under the terms of the agreement. For the six months ended June 30, 2013 and 2012, $402,000 and $1.7 million, respectively, was paid by the Banks to the Company under the terms of the agreement. The Company and the Banks had internal loan participation agreements prior to the consolidation, which totaled $79.2 million at December 31, 2012. |
Consolidated Statements of Cash Flows - Supplemental Information (USD $)
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Jun. 30, 2013
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Jun. 30, 2012
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Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest | $ 3,170 | $ 4,633 |
Cash payments for income taxes | 131 | 379 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Transfer of loans to foreclosed assets | 405 | 2,808 |
Issuance of warrants | 277 | 0 |
Acquisition of treasury in partial settlement of loans | $ 60 | $ 0 |
Deposits (Tables)
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Interest-bearing Deposits [Table Text Block] | The composition of interest-bearing deposits is as follows (in thousands):
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Capital and Regulatory Matters (Tables)
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Company’s and the Banks’ capital amounts and ratios are presented in the following table (dollar amounts in thousands):
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