Acquisition boosts First Community Financial's 3Q income

JOLIET - First Community Financial Partners reported third quarter 2016 income rose primarily from gains resulting from the acquisition of Mazon State Bank.

The parent company of First Community Financial Bank said net income for the quarter was $4.1 million, or 24 cents per diluted share, compared with $2.9 million, or 17 cents per share, for the same period in 2015. The company said income as positively affected by a $1.9 million bargain purchase option gain related to the acquisition of Mazon State Bank, partially offset by $643,000 of one-time merger-related expenses.

The company acquired Mazon State Bank on July 1.

"We're very pleased with our performance in the third quarter, which was highlighted by the successful completion of the Mazon State Bank acquisition and continued momentum in organic balance sheet growth," said Roy Thygesen, Chief Executive Officer of First Community. "The integration of Mazon has gone very smoothly as we are seeing strong adoption of our expanded offering of products and services by Mazon's customers, and we are realizing the synergies we projected for this acquisition."

Thygesen assed the quarter was strong for business development, resulting in organic loan growth of 24 percent and organic growth in demand deposits of 43 percent on an annualized basis.

"We are seeing particular strength in commercial loan production due to the expansion of our commercial banking team and our success in capitalizing on market disruption in the Chicagoland area," he said. "We continue to have a strong loan and deposit pipeline that should continue to drive quality balance sheet growth and steady improvement in our core earnings power."