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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004

 

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM              to             

 

Commission file number: 000-49736

 

 

FIRST COMMUNITY FINANCIAL CORPORATION

(Exact name of small business issuer as specified in its charter)

 

 

PENNSYLVANIA   23-2321079

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

TWO NORTH MAIN STREET, MIFFLINTOWN, PENNSYLVANIA   17059
(Address of principal executive offices)   (Zip Code)

 

(717) 436-2144

(Issuer’s telephone number, including area code)

 

 

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.

 

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x.

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: COMMON STOCK, Par Value $5.00 per share 700,000 shares outstanding as of October 31, 2004

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

FIRST COMMUNITY FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars In Thousands, Except Per Share Data)

 

     (unaudited)     
     September 30, 2004
    December 31, 2003

ASSETS

              

Cash & Due from Banks

    $ 6,593    $ 4,896

Interest Bearing Deposits with Banks

      1,194      446

Federal Funds Sold

      633      —  
    
  

Cash & Cash Equivalents

      8,420      5,342

Time Certificates of Deposit

      696      199

Securities available for sale

      47,571      42,931

Securities held to maturity, fair value 2004 $ 24,163; 2003 $ 19,765

      23,806      19,393

Loans - Net of allowance for loan losses 2004 $ 1,234; 2003 $ 1,212

      148,217      141,206

Premises and Equipment

      6,773      6,205

Restricted investment in bank stocks

      1,991      1,202

Investment in life insurance

      4,326      4,209

Foreclosed Real Estate

      369      —  

Other Assets

      2,236      1,816
    
  

TOTAL ASSETS

    $ 244,405    $ 222,503
    
  

LIABILITIES

              

Deposits:

              

Non-Interest Bearing

    $ 22,748    $ 19,164

Interest Bearing

      177,693      168,099
    
  

Total Deposits

      200,441      187,263

Short-Term Borrowings

      4,434      4,788

Long-Term Borrowings

      16,000      8,000

Trust Capital Securities

      —        5,000

Junior Subordinated Debt

      5,155      —  

Other Liabilities

      1,400      1,525
    
  

TOTAL LIABILITIES

      227,430      206,576
    
  

SHAREHOLDERS’ EQUITY

              

Preferred stock, without par value;
10,000,000 shares authorized and unissued

      —        —  

Common stock, $ 5 par value;
10,000,000 shares authorized;
700,000 shares issued & outstanding

      3,500      3,500

Capital in Excess of Par Value

      245      245

Retained Earnings

      12,928      11,834

Accumulated Other Comprehensive Income

      302      348
    
  

TOTAL SHAREHOLDERS’ EQUITY

      16,975      15,927
    
  

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

    $ 244,405    $ 222,503
    
  

 

See accompanying notes.

 

2

PART I – FINANCIAL INFORMATION, CONTINUED

Item 1. Financial Statements, continued

 

FIRST COMMUNITY FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars In Thousands, Except Per Share Data)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
     2004
    2003
    2004
    2003

INTEREST INCOME

                            

Interest & Fees on Loans

    $ 2,449    $ 2,437    $ 7,270    $ 7,175

Interest on Taxable Securities

      408      323      1,235      1,132

Interest on Tax-Exempt Securities

      194      169      539      505

Other Interest & Dividends

      31      25      68      68
    
  
  
  

TOTAL INTEREST INCOME

      3,082      2,954      9,112      8,880
    
  
  
  

INTEREST EXPENSE

                            

Interest on Deposits

      1,099      1,151      3,250      3,511

Interest on Short Term Borrowings

      19      6      50      18

Interest on Long Term Borrowings

      225      122      642      359
    
  
  
  

TOTAL INTEREST EXPENSE

      1,343      1,279      3,942      3,888
    
  
  
  

NET INTEREST INCOME

      1,739      1,675      5,170      4,992

Provision for Loan Losses

      30      30      91      90
    
  
  
  

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

      1,709      1,645      5,079      4,902

NON-INTEREST INCOME

                            

Service Charges on Deposits

      125      123      365      346

Fiduciary Activities

      100      65      205      155

Earnings on Investment in Life Insurance

      46      51      142      156

ATM Card Fees

      55      49      147      133

Realized Gains on Sales of Securities

      2      —        49      123

Realized Gain on Sale of Foreclosed Real Estate

      —        —        —        124

Other Income

      70      47      201      158
    
  
  
  

TOTAL OTHER INCOME

      398      335      1,109      1,195
    
  
  
  

NON-INTEREST EXPENSES

                            

Employee Compensation & Benefits

      765      664      2,243      1,994

Net Occupancy & Equipment

      231      233      693      699

ATM Expense

      56      51      169      144

Professional & Regulatory Fees

      63      48      188      129

Director & Advisory Boards Compensation

      55      50      168      153

Supplies & Postage

      57      72      176      184

Other Non-Interest Expenses

      208      221      667      658
    
  
  
  

TOTAL NON-INTEREST EXPENSES

      1,435      1,339      4,304      3,961
    
  
  
  

Income Before Income Taxes

      672      641      1,884      2,136

Applicable Income Taxes

      154      149      426      520
    
  
  
  

NET INCOME

    $ 518    $ 492    $ 1,458    $ 1,616
    
  
  
  

Basic Earnings Per Share

    $ 0.74    $ 0.70    $ 2.08    $ 2.31
    
  
  
  

Dividends Per Share

    $ 0.18    $ 0.16    $ 0.52    $ 0.47
    
  
  
  

 

See accompanying notes.

 

3

PART I – FINANCIAL INFORMATION, CONTINUED

Item 1. Financial Statements, continued

 

FIRST COMMUNITY FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2003

(Unaudited)

(Dollars In Thousands, Except Per Share Data)

 

     Common
Stock
   

Capital

In Excess

of

Par Value

    Retained
Earnings
    

Accumulated

Other
Comprehensive
Income (Loss)

     Total
  

Balance December 31, 2002

    $ 3,500    $ 245    $ 10,207     $ 741     $ 14,693  

Comprehensive income:

                                       

Net Income

                    1,616               1,616  

Net change in unrealized gains (losses) on securities available for sale, net of taxes

                            (373 )     (373 )
                                  

Total comprehensive income

                                    1,243  

Cash dividends, $.47 per share

                    (329 )             (329 )
    
  
  
 
 

Balance September 30, 2003

    $ 3,500    $ 245    $ 11,494     $ 368     $ 15,607  
    
  
  
 
 
FIRST COMMUNITY FINANCIAL CORPORATION  
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY  
For the Nine Months Ended September 30, 2004  
(Unaudited)  
(Dollars In Thousands, Except Per Share Data)  
     Common
Stock
   

Capital

In Excess

of

Par Value

    Retained
Earnings
     Accumulated
Other
Comprehensive
Income (Loss)
     Total
  

Balance December 31, 2003

    $ 3,500    $ 245    $ 11,834     $ 348     $ 15,927  

Comprehensive income:

                                       

Net Income

                    1,458               1,458  

Net change in unrealized gains (losses) on securities available for sale, net of taxes

                            (46 )     (46 )
                                  

Total comprehensive income

                                    1,412  

Cash dividends, $.52 per share

                    (364 )             (364 )
    
  
  
 
 

Balance September 30, 2004

    $ 3,500    $ 245    $ 12,928     $ 302     $ 16,975  
    
  
  
 
 

 

See accompanying notes.

 

4

PART I – FINANCIAL INFORMATION, CONTINUED

Item 1. Financial Statements, continued

 

FIRST COMMUNITY FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars In Thousands)

 

     Nine Months Ended
September 30,
  
     2004
     2003
  

CASH FLOWS FROM OPERATING ACTIVITIES

                 

Net income

    $ 1,458     $ 1,616  

Adjustments to reconcile net income to net cash provided by operating activities:

                 

Provision for loan losses

      91