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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 20, 2000
Commission File Number 0 - 24024
FIRST COMMUNITY FINANCIAL GROUP, INC.
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(Exact name of registrant as specified in its charter)
WASHINGTON 91-1277503
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(State or other jurisdiction (IRS Employer Identification Number)
of incorporation or organization)
721 COLLEGE ST. S.E., P.O. BOX 3800, LACEY, WA 98503
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(Address of principal executive offices)
Registrant's telephone number: (360) 459-1100
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ITEM 5 - OTHER EVENTS
Please see exhibit 99 attached hereto.
ITEM 7(c) - EXHIBITS
(99) Press Release issued by First Community Financial Group (FCFG) dated
March 20, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized, on the 20th day of March, 2000.
FIRST COMMUNITY FINANCIAL GROUP, INC.
(Registrant)
By: /s/ James F. Arneson
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James F. Arneson
EVP/Chief Financial Officer
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COMPANY PRESS RELEASE
Monday, March 20, 2000
For Immediate Release
Contact: James F. Arneson, Chief Financial Officer
(360) 459-1100
(360) 459-0137 fax
FIRST COMMUNITY FINANCIAL GROUP, INC. FOURTH QUARTER 1999 RESULTS
LACEY, WA, March 3 - First Community Financial Group, Inc., today announced net
income of $1,360,000 for the year ended December 31, 1999, compared with
$3,605,000 for 1998, and a net loss of $1,069,000 for the fourth quarter of
1999, compared with net income of $967,000 for the fourth quarter of 1998.
Included in the 1999 fourth quarter is a special provision for loan losses of
$3.25 million. Before this special provision, 1999 pre-tax operating income was
$5,108,000 compared with $4,846,000 in 1998, an increase of 5.4%; and pre-tax
operating income for the fourth quarter of 1999 was $1,635,000, compared with
$1,495,000 in the fourth quarter of 1998, an increase of 9.4%.
The special provision was necessitated by a deterioration in the financial
condition of one of First Community Bank's large public commercial loan
customers. Late in the fourth quarter this customer reported a severe downturn
in its financial condition. Although the customer is meeting its obligations to
the Bank, its ability to do so in the future is in doubt. Accordingly, to
reflect the potential loss on the loan, the Bank has made a special addition of
$3.25 million to its allowance for credit losses. Should the customer continue
to meet its obligations, the Bank may be in a position to reverse this
provision.
1999 marked another year of solid growth for the Company. Loans grew $37
million, or 19% to $236 million and total assets climbed 8% to $294 million.
Aside from the aforementioned loan, asset quality continues to improve. The
ratio of nonperforming assets to total assets declined 39% from 1.83% to 1.12%
during 1999 and delinquent loans are at historically low levels.
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.
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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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