Date of report (Date of earliest event reported)
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July 30, 2012
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New Jersey
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000-32891
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22-3665653
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(IRS Employer
Identification Number)
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2650 Route 130 P.O. Box 634, Cranbury, New Jersey
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08512
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(609) 655-4500
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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1ST CONSTITUTION BANCORP
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|||
Date: July 30, 2012
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By:
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/s/ JOSEPH M. REARDON | |
Name: Joseph M. Reardon | |||
Title: Senior Vice President and Treasurer | |||
Exhibit No.
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Title
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99
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Press Release of 1st Constitution Bancorp, dated July 30, 2012
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CONTACT:
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Robert F. Mangano
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Joseph M. Reardon
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President & Chief Executive Officer
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Sr. Vice President & Treasurer
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(609) 655-4500
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(609) 655-4500
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Selected Consolidated Financial Data
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||||||||||||||||
( Unaudited )
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||||||||||||||||
($ in thousands except per share amounts)
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Three Months Ended
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Six Months Ended
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||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Income Statement Data :
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||||||||||||||||
Interest income
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$ | 7,907 | $ | 7,085 | $ | 15,941 | $ | 14,019 | ||||||||
Interest expense
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1,279 | 1,871 | 2,683 | 3,640 | ||||||||||||
Net interest income
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6,628 | 5,214 | 13,258 | 10,379 | ||||||||||||
Provision for loan losses
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550 | 275 | 1,150 | 675 | ||||||||||||
Net interest income after prov.for loan losses
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6,078 | 4,939 | 12,108 | 9,704 | ||||||||||||
Non-interest income
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1,188 | 1,141 | 2,353 | 2,165 | ||||||||||||
Non-interest expenses
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5,374 | 5,156 | 10,986 | 9,819 | ||||||||||||
Income before income taxes
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1,892 | 924 | 3,475 | 2,050 | ||||||||||||
Income tax expense
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594 | 95 | 1,010 | 431 | ||||||||||||
Net income
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$ | 1,298 | $ | 829 | $ | 2,465 | $ | 1,619 | ||||||||
Per Common Share Data (a) :
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||||||||||||||||
Earnings per common share - Basic
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$ | 0.25 | $ | 0.16 | $ | 0.48 | $ | 0.32 | ||||||||
Earnings per common share - Diluted
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$ | 0.25 | $ | 0.16 | $ | 0.48 | $ | 0.32 | ||||||||
Tangible book value per common share
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$ | 10.28 | $ | 9.75 | ||||||||||||
Average common shares outstanding :
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||||||||||||||||
Basic
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5,096,317 | 5,043,504 | 5,096,252 | 5,043,324 | ||||||||||||
Diluted
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5,198,411 | 5,092,442 | 5,177,314 | 5,105,046 | ||||||||||||
(a) Includes the effect of the 5% stock dividend
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||||||||||||||||
paid February 2, 2011 .
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||||||||||||||||
Performance Ratios :
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||||||||||||||||
Return on average assets
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0.68% | 0.45% | 0.65% | 0.47% | ||||||||||||
Return on average equity
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9.18% | 6.55% | 8.81% | 6.52% | ||||||||||||
Net interest margin (tax-equivalent basis)
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3.87% | 3.25% | 3.92% | 3.38% | ||||||||||||
Efficiency ratio
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68.8% | 81.1% | 70.4% | 78.3% | ||||||||||||
June 30,
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December 31,
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|||||||||||||||
2012 | 2011 | |||||||||||||||
Balance Sheet Data:
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||||||||||||||||
Total Assets
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$ | 777,499 | $ | 791,727 | ||||||||||||
Investment Securities
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220,530 | 236,158 | ||||||||||||||
Loans
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479,795 | 475,432 | ||||||||||||||
Loans held for sale
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16,596 | 19,234 | ||||||||||||||
Allowance for loan losses
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(6,257 | ) | (5,534 | ) | ||||||||||||
Goodwill and other intangible assets
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5,292 | 5,426 | ||||||||||||||
Deposits
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669,071 | 623,862 | ||||||||||||||
Shareholders' Equity
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57,673 | 55,000 | ||||||||||||||
Asset Quality Data :
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||||||||||||||||
Loans past due over 90 days and still accruing
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$ | 0 | $ | 0 | ||||||||||||
Nonaccrual loans
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2,699 | 2,991 | ||||||||||||||
OREO property
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11,605 | 12,409 | ||||||||||||||
Total non-performing assets
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14,304 | 15,400 | ||||||||||||||
Net charge-offs for the six-month period and year, respectively
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427 | 2,787 | ||||||||||||||
Total non-performing assets
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1.30% | 1.16% | ||||||||||||||
Nonperforming loans to total loans
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0.56% | 0.63% | ||||||||||||||
Nonperforming assets to total assets
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1.84% | 1.95% | ||||||||||||||
Capital Ratios :
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||||||||||||||||
1st Constitution Bancorp
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||||||||||||||||
Tier 1 capital to average assets
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9.16% | 8.82% | ||||||||||||||
Tier 1 capital to risk weighted assets
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11.47% | 11.27% | ||||||||||||||
Total capital to risk weighted assets
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12.51% | 12.22% | ||||||||||||||
1st Constitution Bank
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||||||||||||||||
Tier 1 capital to average assets
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8.83% | 8.49% | ||||||||||||||
Tier 1 capital to risk weighted assets
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11.02% | 10.79% | ||||||||||||||
Total capital to risk weighted assets
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12.06% | 11.73% |