PRESS
RELEASE
May 02, 2000
Contact
Jim Arneson, Chief Financial Officer
(360) 459-1100
(360) 459-0137(fax)
First
Community Financial Group Announces First Quarter Profits
LACEY,
WA. – May 2, 2000 - First Community Financial Group, Inc.,
announced record profits for the first quarter of the year,
representing a 69% increase from that earned in the comparable
quarter of 1999. Net income for the quarter ended March 31,
2000 was $1.14 million compared to $674,000 earned in the
first quarter of 1999. On a diluted basis, earnings per share
rose 67% to $.50 for the first quarter from $.30 in the prior
year.
At
March 31, 2000 total assets were $312 million, up 6% for the
quarter. The loan portfolio, which totaled $250 million at
March 31, 2000 experienced substantial growth as well, rising
7% for the quarter and 27% or $53 million over the comparable
quarter last year. The Bank’s deposits also grew during the
quarter, rising 5% to $257 million.
“We
are pleased with our performance this quarter, particularly in
terms of profits and loan growth,” said Ken F. Parsons, Sr.,
Chairman, President and Chief Executive Officer. “Our return
on average assets for the quarter was 1.54%, and return on
average equity was 14.65%, both of which are significantly
higher than that achieved last year. We continue to make
strides in our ability to provide great service with
increasing efficiency.”
The
Company’s net interest income for the quarter rose 25%, or
$895,000 over the first quarter of 1999 to $4.4 million,
primarily the result of increased loan volume. Non-interest
income for the quarter increased 19% to $1.3 million over the
comparable quarter of 1999, while the increase in non-interest
expense was held to only 9%.
This
discussion contains certain forward-looking statements within
the meaning of the federal securities laws. Actual results and
the timing of certain events could differ materially from
those projected in the forward-looking statements due to a
number of factors. Such risks and uncertainties with respect
to the Company include those related to the economic
environment, particularly in the region in which the Company
operates, competitive products and pricing, fiscal and
monetary policies of the federal government, changes in
government regulations affecting financial institutions,
including regulatory fees and capital requirements, changes in
prevailing interest rates, acquisitions and the integration of
acquired businesses, credit risk management and
asset/liability management, the financial and securities
markets and the availability of and costs associated with
sources of liquidity.
First
Community Financial Group operates through its wholly owned
primary operating subsidiary, First Community Bank. First
Community Bank, with 16 offices in four western Washington
counties, offers a full spectrum of financial services
including commercial, construction, residential and consumer
lending, deposit products and other banking services. The bank
provides a broad range of investment services through its
subsidiary FCB Financial Services, Inc. Further information
about the bank may be found on the Internet at www.fcbonline.com.
First
Community Financial Group is the parent company of First
Community Bank. FCB, with 16 offices in four western
Washington counties, offers a full spectrum of financial
services including commercial, construction, residential and
consumer lending, deposit products and other banking services.
The bank also provides a broad range of investment services
through its subsidiary FCB Financial Services, Inc. Further
information about the bank may be found at www.fcbonline.com.
Certain
statements contained herein may constitute forward-looking
statements within the meaning of the federal securities laws.
Actual results and the timing of certain events could differ
materially from those projected in the forward-looking
statements due to a number of factors. Such risks and
uncertainties with respect to the Company include those
related to the economic environment, particularly in the
region in which the company operates, competitive products and
pricing, fiscal and monetary policies of the federal
government, changes in government regulations affecting
financial institutions, including regulatory fees and capital
requirements, changes in prevailing interest rates,
acquisitions and the integration of acquired businesses,
credit risk management and asset / liability management, the
financial and securities markets and the availability of and
costs associated with sources of liquidity.
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