333-185041 | ||||
333-185043 | ||||
Illinois | 333-185044 | 20-4718752 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
2801 Black Road, Joliet, IL | 60435 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 230.425) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release dated November 5, 2013 |
FIRST COMMUNITY FINANCIAL PARTNERS, INC. | |
Date: November 5, 2013 | /s/ Roy C. Thygesen |
Roy C. Thygesen | |
Chief Executive Officer | |
(Principal Executive Officer) | |
Exhibit No. | Description | |
99.1 | Press Release dated November 5, 2013 |
• | Income before income taxes increased $1.3 million to $3.4 million for the nine months ended September 30, 2013 compared to $2.1 million for the nine months ended September 30, 2012. |
• | Book value per common share increased $1.20 to $5.34 at September 30, 2013, compared to $4.14 at December 31, 2012. |
• | First Community repurchased $7.3 million of its outstanding $12.5 million Series B Cumulative Perpetual Preferred Stock during the third quarter of 2013. The 7,324 preferred shares, with a liquidation preference of $1,000 per share, were repurchased at a cost of $5.3 million resulting in a gain attributable to common shareholders of $2.0 million. |
• | Loans increased by $21.9 million during the nine months ended September 30, 2013 and $13.0 million during the third quarter of 2013. |
• | Non-performing loans decreased $7.6 million to $20.3 million or 3.08% of total loans at September 30, 2013, compared with $27.9 million or 4.39% of total loans at December 31, 2012. |
• | Noninterest expenses continued to improve as a result of the 2013 merger of First Community's four bank subsidiaries and overall improved operating performance. Noninterest expense for the third quarter of 2013 was $5.1 million which was an $817,000 improvement over the third quarter of 2012. |
Selected Financial Condition Data | |||||||||
As of | |||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||
(dollars in thousands, except share data) | |||||||||
Total assets | $ | 852,409 | $ | 902,600 | $ | 886,662 | |||
Total securities (1) | 144,111 | 109,928 | 109,108 | ||||||
Loans | 659,040 | 637,114 | 654,328 | ||||||
Allowance for loan losses | (20,203 | ) | (22,878 | ) | (25,490 | ) | |||
Net loans | 638,837 | 614,236 | 628,838 | ||||||
Non-performing loans (2) | 20,312 | 27,941 | 33,706 | ||||||
Total deposits | 698,330 | 780,662 | 757,665 | ||||||
Subordinated debt | 19,298 | 4,060 | 4,060 | ||||||
Other borrowed funds | 38,659 | 25,695 | 32,201 | ||||||
Shareholders’ equity (3) | 92,660 | 87,931 | 87,203 | ||||||
Common shares outstanding | 16,221,413 | 12,175,401 | 12,052,402 |
Footnotes: |
(1) Includes available for sale securities recorded at fair value and Federal Home Loan Bank stock at cost. |
(2) Non-performing loans include loans on nonaccrual status and those past due more than 90 days and still accruing interest. |
(3) Includes shareholders’ equity attributable to outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B, and Fixed Rate Cumulative Perpetual Preferred Stock, Series C. |
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||
Selected Operating Data | (dollars in thousands, except per share data) | |||||||||||
Interest income | $ | 8,609 | $ | 9,569 | $ | 26,099 | $ | 29,395 | ||||
Interest expense | 1,514 | 1,985 | 4,607 | 6,541 | ||||||||
Net interest income | 7,095 | 7,584 | 21,492 | 22,854 | ||||||||
Provision for loan losses | 1,216 | 1,118 | 3,916 | 5,551 | ||||||||
Net interest income after provision for loan losses | 5,879 | 6,466 | 17,576 | 17,303 | ||||||||
Noninterest income | 306 | (134 | ) | 1,019 | 1,202 | |||||||
Noninterest expense | 5,079 | 5,896 | 15,204 | 16,389 | ||||||||
Income before income taxes | 1,106 | 1,044 | 3,391 | 2,116 | ||||||||
Income tax (benefit) expense | (14,102 | ) | 170 | (14,068 | ) | 513 | ||||||
Income before non-controlling interest | 15,208 | 874 | 17,459 | 1,603 | ||||||||
Net income attributable to non-controlling interests | — | 311 | 54 | 925 | ||||||||
Net income applicable to First Community Financial Partners, Inc. | 15,208 | 563 | 17,405 | 678 | ||||||||
Dividends and accretion on preferred shares | 236 | 355 | 788 | 1,064 | ||||||||
Net income (loss) applicable to common shareholders | $ | 14,972 | $ | 208 | $ | 16,617 | $ | (386 | ) |
Per Share Data | ||||||||||||
Earnings (loss) per common share | ||||||||||||
Basic | $ | 0.92 | $ | 0.02 | $ | 1.10 | $ | (0.03 | ) | |||
Diluted | 0.92 | 0.02 | 1.09 | (0.03 | ) | |||||||
Book value per common share | $ | 5.34 | $ | 4.15 | $ | 5.34 | $ | 4.15 |
Performance Ratios | ||||||||
Annualized return on average assets | 7.10 | % | 0.09 | % | 2.57 | % | (0.06 | )% |
Annualized return on average common equity | 71.68 | % | 0.95 | % | 26.11 | % | (0.60 | )% |
Net interest margin | 3.47 | % | 3.44 | % | 3.44 | % | 3.58 | % |
Interest rate spread | 3.26 | % | 3.26 | % | 3.24 | % | 3.33 | % |
Efficiency ratio (1) | 68.63 | % | 79.14 | % | 67.54 | % | 68.13 | % |
Average interest-earning assets to average interest-bearing liabilities | 128.05 | % | 126.13 | % | 126.72 | % | 123.68 | % |
Average loans to average deposits | 92.29 | % | 83.30 | % | 88.08 | % | 87.29 | % |
Footnotes: |
(1) We calculate our efficiency ratio by dividing non-interest expense by the sum of net interest income and non-interest income. |
No tax equivalent adjustments were made as the effect thereof was not material. |
As of | ||||
Asset Quality Ratios | September 30, 2013 | December 31, 2012 | ||
Non-performing loans(2) to total loans | 3.08 | % | 4.39 | % |
Non-performing assets(3) to total assets | 2.88 | % | 3.10 | % |
Allowance for loan losses to non-performing loans | 99.46 | % | 81.88 | % |
Allowance for loan losses to total loans | 3.07 | % | 3.59 | % |
Capital Ratios | ||||
Average equity to average total assets | 9.91 | % | 9.90 | % |
Tier 1 leverage | 9.22 | % | 9.87 | % |
Tier 1 risk-based capital | 10.48 | % | 12.60 | % |
Total risk-based capital | 14.41 | % | 14.46 | % |
Footnotes: |
(2) Non-performing loans include loans on nonaccrual status and those past due more than 90 days and still accruing interest. |
(3) Non-performing assets consist of non-performing loans and other real estate owned. |