Date of report (Date of earliest event reported)
|
May 7, 2012
|
1ST CONSTITUTION BANCORP
|
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)
|
1ST CONSTITUTION BANCORP
|
|||
Date: May 7, 2012
|
By:
|
/s/ JOSEPH M. REARDON | |
Name: Joseph M. Reardon
|
|||
Title: Senior Vice President and Treasurer
|
|||
Exhibit No.
|
Title
|
99
|
Press Release of 1st Constitution Bancorp, dated May 7, 2012
|
CONTACT:
|
Robert F. Mangano
|
Joseph M. Reardon
|
President & Chief Executive Officer
|
Sr. Vice President & Treasurer
|
|
(609) 655-4500
|
(609) 655-4500
|
Selected Consolidated Financial Data (Unaudited)
|
||||||||
($ in thousands, except per share amounts)
|
For the Three Months
|
|||||||
Ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Income Statement Data :
|
||||||||
Interest income
|
$ | 8,034 | $ | 6,933 | ||||
Interest expense
|
1,403 | 1,769 | ||||||
Net interest income
|
6,631 | 5,164 | ||||||
Provision for loan losses
|
600 | 400 | ||||||
Net interest income after prov.for loan losses
|
6,031 | 4,764 | ||||||
Non-interest income
|
1,165 | 1,025 | ||||||
Non-interest expense
|
5,613 | 4,663 | ||||||
Income before income taxes
|
1,583 | 1,126 | ||||||
Income tax expense
|
416 | 336 | ||||||
Net income
|
$ | 1,167 | $ | 790 | ||||
Per Common Share Data (a) :
|
||||||||
Earnings per common share - Basic
|
$ | 0.23 | $ | 0.16 | ||||
Earnings per common share - Diluted
|
$ | 0.23 | $ | 0.15 | ||||
Tangible book value per common share
|
$ | 10.00 | $ | 8.86 | ||||
Average common shares outstanding
|
||||||||
Basic
|
5,096,186 | 5,043,023 | ||||||
Diluted
|
5,150,640 | 5,136,949 | ||||||
(a) Includes the effect of the 5% stock dividend paid
|
||||||||
February 2, 2012.
|
||||||||
Performance Ratios :
|
||||||||
Return on average assets
|
0.62% | 0.49% | ||||||
Return on average equity
|
8.46% | 6.49% | ||||||
Net interest margin (tax-equivalent basis)
|
3.98% | 3.54% | ||||||
Efficiency ratio
|
72.0% | 75.3% | ||||||
March 31,
|
December 31,
|
|||||||
2012 | 2011 | |||||||
Balance Sheet Data :
|
||||||||
Total Assets
|
$ | 749,600 | $ | 791,727 | ||||
Investment Securities
|
221,814 | 236,158 | ||||||
Loans
|
438,522 | 475,432 | ||||||
Loans held for sale
|
17,497 | 19,234 | ||||||
Allowance for loan losses
|
(5,882 | ) | (5,534 | ) | ||||
Goodwill and other intangible assets
|
5,359 | 5,426 | ||||||
Deposits
|
658,564 | 623,862 | ||||||
Shareholders' Equity
|
56,343 | 55,000 | ||||||
Asset Quality Data :
|
||||||||
Loans past due over 90 days and still accruing
|
$ | 245 | $ | 0 | ||||
Nonaccrual loans
|
2,718 | 2,991 | ||||||
OREO property
|
11,840 | 12,409 | ||||||
Total non-performing assets :
|
14,803 | 15,400 | ||||||
Net charge-offs for the quarter and year, respectively
|
253 | 2,787 | ||||||
Allowance for loan losses to total loans
|
1.34% | 1.16% | ||||||
Nonperforming loans to total loans
|
0.68% | 0.63% | ||||||
Nonperforming assets to total assets
|
1.97% | 1.95% | ||||||
Capital Ratios :
|
||||||||
1st Constitution Bancorp
|
||||||||
Tier 1 capital to average assets
|
9.05% | 8.82% | ||||||
Tier 1 capital to risk weighted assets
|
12.46% | 11.27% | ||||||
Total capital to risk weighted assets
|
13.54% | 12.22% | ||||||
1st Constitution Bank
|
||||||||
Tier 1 capital to average assets
|
8.70% | 8.49% | ||||||
Tier 1 capital to risk weighted assets
|
11.95% | 10.79% | ||||||
Total capital to risk weighted assets
|
13.03% | 11.73% |