First Community sees increase in 3Q revenues

JOLIET - First Community Financial Partners, the parent company of First Community Financial Bank, reported an increase in third quarter 2015 net income boosted by increase earnings through its banks.

Net income for the quarter was $2.9 million, or 17 cents per diluted share, compared with $1.9 million, or 11 cents per diluted share for the same period in 2014.

First Community CEO Roy Thygesen attributed the increase to a return to positive retained earnings in its First Community Financial Bank subsidiary.

"The bank is now able to provide cash dividends to the parent company, which will provide added financial flexibility to the company and its shareholders," Thygesen said.

He also said the company's move to the Nasdaq Capital Market contributed to the increase.

"Trading on Nasdaq is expected to increase both retail and institutional investor exposure to the company, improve trading liquidity for shareholders, and, when appropriate, increase the Company's access to the public and private capital markets to support continued growth of the institution," he added.

Net income for the nine month period of 2015 was $6.9 million, or 40 cents per diluted share, compared with $3.5 million, or 21 per diluted share, for the same period in 2014.

nine months ended September 30, 2014. Earnings for the nine months ended September 30, 2015 reflected year-over-year growth in net interest income and a negative loan loss provision of $1.6 million compared with a $2.7 million loan loss provision for the nine months ended September 30, 2014, a $4.3 million improvement.

Thygesen noted the company is close to reaching its goal of $1 billion in total assets.

"Our bank continues to attract new clients, which is clearly evidenced by recent growth in net loans and core deposits," he said. "Checking account growth is a direct reflection of our continued focus on developing relationships, not transactional loan growth. We believe the Bank is playing a vital role as a leading financial services provider in our core markets, and our Company's future is bright."