0001214659-12-000295.txt : 20120127 0001214659-12-000295.hdr.sgml : 20120127 20120127130429 ACCESSION NUMBER: 0001214659-12-000295 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120127 DATE AS OF CHANGE: 20120127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1ST CONSTITUTION BANCORP CENTRAL INDEX KEY: 0001141807 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 223665653 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32891 FILM NUMBER: 12550780 BUSINESS ADDRESS: STREET 1: 2650 ROUTE 130 STREET 2: BOX 634 CITY: CRANBURY STATE: NJ ZIP: 08512 BUSINESS PHONE: 6096554500 MAIL ADDRESS: STREET 1: 2650 ROUTE 130 STREET 2: BOX 634 CITY: CRANBURY STATE: NJ ZIP: 08512 8-K 1 s1271208k.htm s1271208k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported)               
January 27, 2012

 
1ST CONSTITUTION BANCORP
(Exact Name of Registrant as Specified in Charter)
 
New Jersey
000-32891
22-3665653
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(IRS Employer
Identification Number)

2650 Route 130 P.O. Box 634, Cranbury, New Jersey
08512
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code              
(609) 655-4500


Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 2.02  Results of Operations and Financial Condition.
 
On January 27, 2012, 1st Constitution Bancorp issued a press release reporting earnings and other financial results for its fourth quarter and 12 months ended December 31, 2011. A copy of the press release is attached and is being furnished as Exhibit 99.
 
Item 9.01.  Financial Statements and Exhibits.

(d)           Exhibits.

99           Press Release of 1st Constitution Bancorp, dated January 27, 2012
 
 
 
 

 
 
1
 
 
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.

 
 
1ST CONSTITUTION BANCORP
  
       
       
Date:       January 27, 2012
By:
/s/ Joseph M. Reardon  
   
Name:   Joseph M. Reardon
  
   
Title:     Senior Vice President and Treasurer
  
 
 
 
 
 
 
 
2
 
 
EXHIBIT INDEX
 

Exhibit No.
Title
   
99
Press Release of 1st Constitution Bancorp, dated January 27, 2012
 
 
 
 
 
 
3
 EX-99 2 ex99.htm EXHIBIT 99 Unassociated Document
Exhibit 99
 
CONTACT:    
Robert F. Mangano
Joseph M. Reardon
 
President & Chief Executive Officer
Sr. Vice President & Treasurer
 
(609) 655-4500
(609) 655-4500

PRESS RELEASE  -  FOR IMMEDIATE RELEASE......

1ST CONSTITUTION BANCORP
REPORTS STRONG FOURTH  QUARTER AND ANNUAL RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2011

Cranbury NJ – January 27, 2012....... 1ST Constitution Bancorp (NASDAQ:  FCCY), the holding company for 1ST Constitution Bank, reported net income available to common shareholders for the fourth quarter of 2011 of $1.1 million, or $0.22 per diluted common share, compared to net income available to common shareholders for the fourth quarter of 2010 of $441 thousand, or $0.09 per diluted common share.
 
Net income available to common shareholders for the year ended December 31, 2011 was $3.9 million, or $0.77 per diluted common share, compared to $2.3 million, or $0.45 per diluted common share, for the year ended December 31, 2010.  All per share amounts have been adjusted to give effect to a five percent stock dividend declared December 15, 2011, payable on February 2, 2012 to shareholders of record as of the close of business on January 17, 2012.
 
Net income available to common shareholders for the quarter and year ended December 31, 2011, when compared to the same periods in 2010, increased by $658 thousand, or 149.2 percent, for the quarter ended December 31, 2011, and $1.6 million, or 72.0 percent, for the year ended December 31, 2011.  At December 31, 2011, the Company’s tangible book value per common share was $9.73.
 
Robert F. Mangano, President and Chief Executive Officer, said “The increase in net income available to common shareholders for the year ended December 31, 2011 was principally the result of an increase in net-interest income, the continued generation of non-interest income, partially offset by increased non-interest expense on a comparative basis commensurate with the growth of the Company.”
 
Net interest income was $23.1 million for the year ended December 31, 2011, which was 12.6 percent above the $20.5 million reported for the year ended December 31, 2010.  Earnings for the year ended December 31, 2011 were bolstered by the continued generation of non-interest income, which totaled $4.5 million for the year.  On a comparative basis, non-interest income for the year ended December 31, 2011 was up by $279 thousand when compared to results for the 2010 year.
 
The provision for loan losses for the year ended December 31, 2011 totaled $2.6 million, compared to $2.3 million for the year ended December 31, 2010.  Net charge-offs for the year ended December 31, 2011 were $2.8 million, compared to net charge-offs of $1.1 million for the year ended December 31, 2010.
 
 
 
 
 
At December 31, 2011, the allowance for loan losses was $5.5 million, or 1.16 percent of total loans, compared to $5.8 million, or 1.40 percent of total loans at December 31, 2010.  Non-performing assets at December 31, 2011 were $15.4 million, compared to non-performing assets of $13.7 million at December 31, 2010.  Non-performing assets at December 31, 2011 included non-performing loans of $3.0 million and other real estate owned of $12.4 million; comparable amounts at December 31, 2010 were non-performing loans of $8.8 million and other real estate owned of $4.9 million, respectively.
 
Regulatory capital ratios continue to reflect a strong capital position.  The Company’s total risk-based capital, Tier 1 capital, and leverage capital ratios were 12.22 percent, 11.27 percent, and 8.82 percent, respectively at December 31, 2011.
 
At December 31, 2011, total assets were $791.7 million, an increase of $147.3 million from total assets at December 31, 2010 of $644.4 million.  Deposits at December 31, 2011 were $623.9 million, up from $543.7 million in deposits at December 31, 2010.
 
1ST Constitution Bancorp, through its primary subsidiary, 1ST Constitution Bank, operates fourteen branch banking offices in Cranbury (2), Fort Lee, Hamilton, Hightstown, Hillsborough, Hopewell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Rocky Hill, West Windsor and Princeton, New Jersey.
 
1ST Constitution Bancorp is traded on the Nasdaq Global Market under the trading symbol “FCCY” and can be accessed through the Internet at www.1STCONSTITUTION.com
 

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may,” “will,” or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in the direction of the economy in New Jersey, the direction of interest rates, effective income tax rates, loan prepayment assumptions, continued levels of loan quality and origination volume, continued relationships with major customers including sources for loans, a higher level of net loan charge-offs and delinquencies than anticipated, bank regulatory rules, regulations or policies that restrict or direct certain actions, the adoption, interpretation and implementation of new or pre-existing accounting pronouncements, a change in legal and regulatory barriers including issues related to compliance with anti-money laundering and bank secrecy act laws, as well as the effects of general economic conditions and legal and regulatory barriers and structure. 1ST Constitution Bancorp assumes no obligation for updating any such forward-looking statements at any time, except as required by law.

##############
 
 
 
 
 
1st Constitution Bancorp
  
Selected Consolidated Financial Data
  
( Unaudited )
  
                         
($ in thousands except per share amounts)
  
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
   
2011
    
2010
    
2011
    
2010
  
Income Statement Data :
                        
Interest income
   $ 8,363     $ 7,685     $ 29,857     $ 29,301  
Interest expense
     1,517       2,035       6,787       8,819  
Net interest income
     6,846       5,650       23,070       20,482  
Provision for loan losses
     1,275       600       2,558       2,325  
Net interest income after prov.for loan losses
     5,571       5,050       20,512       18,157  
Non-interest income
     1,122       1,285       4,516       4,237  
Non-interest expenses
     5,230       5,034       19,806       17,819  
Income before income taxes
     1,463       1,301       5,222       4,575  
Income tax expense
     364       370       1,291       1,267  
Net income
     1,099       931       3,931       3,308  
Preferred stock dividends and accretion
     0       490       0       1,022  
Net income available to common shareholders
   $ 1,099     $ 441     $ 3,931     $ 2,286  
                                 
Per Common Share Data :
                                
Earnings per common share - Basic
   $ 0.22     $ 0.09     $ 0.78     $ 0.46  
Earnings per common share - Diluted
   $ 0.22     $ 0.09     $ 0.77     $ 0.45  
Tangible book value per common share
                   $ 9.73     $ 9.73  
Average common shares outstanding :
                                
   Basic
     5,066,839       5,042,407       5,049,797       5,015,649  
   Diluted
     5,083,220       5,073,446       5,086,909       5,043,678  
                                 
Performance Ratios :
                                
Return on average assets
     0.57%       0.54%       0.54%       0.50%  
Return on average equity
     8.04%       7.04%       7.60%       5.78%  
Net interest margin (tax-equivalent basis)
     3.90%       3.52%       3.55%       3.27%  
Efficiency ratio
     65.6%       72.6%       71.8%       72.1%  
                                 
                                 
                                 
                   
December 31,
    
December 31,
  
                    2011     2010  
Balance Sheet Data:
                                
Total Assets
                   $ 791,727     $ 644,395  
Investment securities
                     236,158       167,361  
Loans, including loans held for sale
                     494,666       433,207  
Allowance for loan losses
                     (5,534 )     (5,763 )
Goodwill and other intangible assets
                     5,426       610  
Deposits
                     623,862       543,735  
Shareholders' equity
                     55,000       49,681  
                                 
Asset Quality Data :
                                
  Loans past due over 90 days and still accruing
                   $ 0     $ 0  
  Nonaccrual loans
                     2,992       8,809  
  OREO property
                     12,409       4,851  
Total non-performing assets
                     15,401       13,660  
Net charge-offs (recoveries)
                     2,787       1,068  
Allowance for loan losses to total loans
                     1.16%       1.40%  
Nonperforming loans to total loans
                     0.63%       2.14%  
Nonperforming assets to total assets
                     1.95%       2.12%  
                                 
Capital Ratios :
                                
1st Constitution Bancorp
                                
   Tier 1 capital to average assets
                     8.82%       9.63%  
   Tier 1 capital to risk weighted assets
                     11.27%       12.99%  
   Total capital to risk weighted assets
                     12.22%       14.43%  
1st Constitution Bank
                                
   Tier 1 capital to average assets
                     8.49%       9.51%  
   Tier 1 capital to risk weighted assets
                     10.79%       12.78%  
   Total capital to risk weighted assets
                     11.73%       13.92%