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1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY
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, 2012

Cranbury NJ – January 29, 2013....... 1
ST Constitution Bancorp (NASDAQ:  FCCY), the holding company for 1ST Constitution Bank, reported net income for the fourth quarter of 2012 of $1.2 million, or $0.20 per diluted share, compared to net income for the fourth quarter of 2011 of $1.1 million, or $0.21 per diluted share.  During the fourth quarter of 2012, the Company concluded a rights offering to existing shareholders, which resulted in the issuance of 555,555 new shares of common stock and raised approximately $4.8 million of additional equity capital.
 
Net income for the year ended December 31, 2012 was $5.1 million, or $0.90 per diluted share, compared to $3.9 million, or $0.74 per diluted share, for the year ended December 31, 2011.  All per share amounts have been adjusted to give effect to a five percent stock dividend declared December 20, 2012, payable on January 31, 2013, to shareholders of record as of the close of business on January 14, 2013.
 
Net income, when compared to the same periods in 2011, increased by $142 thousand, or 12.9 percent, for the quarter ended December 31, 2012, and by $1.1 million, or 28.7 percent, for the year ended December 31, 2012.  At December 31, 2012, the Company’s tangible book value per common share was $10.02.
 
Robert F. Mangano, President and Chief Executive Officer, said “The increase in net income for the year ended December 31, 2012 was principally the result of an increase in net interest income and 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 $27.7 million for the year ended December 31, 2012, which was 20.0 percent above the $23.1 million reported for the year ended December 31, 2011.  Earnings for the year ended December 31, 2012 were bolstered by the continued generation of non-interest income, which totaled $5.3 million for the year.  On a comparative basis, non-interest income for the year ended December 31, 2012 was up by $751 thousand, or 16.6 percent, when compared to results for the 2011 year.
 
The provision for loan losses for the year ended December 31, 2012 totaled $2.1 million, compared to $2.6 million for the year ended December 31, 2011.  Net charge-offs for the year ended December 31, 2012 were $533 thousand, compared to net charge-offs of $2.8 million for the year ended December 31, 2011.
 
At December 31, 2012, the allowance for loan losses was $7.2 million, or 1.37 percent of total loans, compared to $5.5 million, or 1.16 percent of total loans at December 31, 2011.  Non-performing assets at December 31, 2012 were $14.3 million, compared to non-performing assets of $15.4 million at December 31, 2011.  Non-performing assets at December 31, 2012 included non-performing loans of $5.9 million and other real estate owned of $8.3 million; comparable amounts at December 31, 2011 were non-performing loans of $3.0 million and other real estate owned of $12.4 million, respectively.
 
 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Tuesday, January 29, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisition Of Unaffiliated Branches
Acquisition Of Unaffiliated Branches (narrative) (details)
Allowance For Loan Losses And Credit Quality Disclosure
Allowance For Loan Losses And Credit Quality Disclosure (allowance For Credit Losses On Financing Receivables) (details)
Allowance For Loan Losses And Credit Quality Disclosure (financing Receivable Credit Quality Indicators) (details)
Allowance For Loan Losses And Credit Quality Disclosure (impaired Financing Receivables) (details)
Allowance For Loan Losses And Credit Quality Disclosure (narrative) (details)
Allowance For Loan Losses And Credit Quality Disclosure (past Due Financing Receivables) (details)
Allowance For Loan Losses And Credit Quality Disclosure (tables)
Allowance For Loan Losses And Credit Quality Disclosure (troubled Debt Restructurings On Financing Receivables Subsequently Default) (details)
Allowance For Loan Losses And Credit Quality Disclosure (troubled Debt Restructurings On Financing Receivables) (details)
Benefit Pans (tables)
Benefit Plans
Benefit Plans (narrative) (details)
Benefit Plans (schedule Of Amounts Recognized In Balance Sheet) (details)
Benefit Plans (schedule Of Assumptions Used) (details)
Benefit Plans (schedule Of Benefit Obligations In Excess Of Fair Value Of Plan Assets) (details)
Benefit Plans (schedule Of Changes In Projected Benefit Obligations) (details)
Benefit Plans (schedule Of Expected Benefit Payments) (details)
Benefit Plans (schedule Of Net Periodic Benefit Cost Not Yet Recognized) (details)
Borrowings
Borrowings (narrative) (details)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Future Minimum Rental Payments For Operating Leases) (details)
Commitments And Contingencies (tables)
Comprehensive Income And Accumulated Other Comprehensive Income (change In Accumulated Other Comprehensive Income) (details)
Comprehensive Income And Accumulated Other Comprehensive Income (schedule Of Accumulated Other Comprehensive Income) (details)
Comprehensive Income And Accumulated Other Comprehensive Income (tables)
Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only)
Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (schedule Of Condensed Balance Sheet) (details)
Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (schedule Of Condensed Cash Flow Statement) (details)
Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (schedule Of Condensed Statements Of Income And Comprehensive Income ) (details)
Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (tables)
Deposits
Deposits (narrative) (details)
Deposits (schedule Of Deposits Liabilities) (details)
Deposits (scheduled Maturities Of Time Deposits 100000 Or Greater) (details)
Deposits (scheduled Maturities Of Time Deposits) (details)
Deposits (tables)
Fair Value Disclosures
Fair Value Disclosures (fair Value Assets Measurements, Nonrecurring) (details)
Fair Value Disclosures (fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Fair Value Disclosures (fair Value, Quantitative Disclosures) (details)
Fair Value Disclosures (narrative) (details)
Fair Value Disclosures (schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (details)
Fair Value Disclosures (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (goodwill And Intangible Assets Disclosure) (details)
Goodwill And Intangible Assets (narrative) (details)
Goodwill And Intangible Assets (schedule Of Expectedamortization Expense) (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (schedule Of Components Of Income Tax Expense Benefit) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (tables)
Investment Securities
Investment Securities (available For Sale Securities Continuous Unrealized Loss Position Fair Value) (details)
Investment Securities (available For Sale Securities) (details)
Investment Securities (held To Maturity Securities) (details)
Investment Securities (investments Classified By Contractual Maturity Date) (details)
Investment Securities (narrative) (details)
Investment Securities (schedule Of Unrealized Loss On Investments) (details)
Investment Securities (tables)
Loans And Loans Held For Sale
Loans And Loans Held For Sale (narrative) (details)
Loans And Loans Held For Sale (schedule Of Gross Loans) (details)
Loans And Loans Held For Sale (tables)
Loans To Related Parties
Loans To Related Parties (loans Notes Trade And Other Receivables Disclosure) (details)
Loans To Related Parties (tables)
Other Comprehensive Income And Accumulated Other Comprehensive Income
Other Operating Expenses
Other Operating Expenses (schedule Of Other Operating Cost And Expenseby Component) (details)
Other Operating Expenses (tables)
Other Real Estate Owned ("oreo")
Other Real Estate Owned ("oreo") (narrative) (details)
Premises And Equipment
Premises And Equipment (narrative) (details)
Premises And Equipment (property Plant And Equipment) (details)
Premises And Equipment (tables)
Recent Events
Redeemable Subordinated Debentures
Redeemable Subordinated Debentures (narative) (details)
Regulatory Requirements
Regulatory Requirements (schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations) (details)
Regulatory Requirements (tables)
Share Base Compensation (tables)
Share Based Compensation (fair Value Inputs Assets Quantitative Information) (details)
Share Based Compensation (schedule Of Share Based Compensation Activity) (details)
Share Based Compensation (schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (details)
Share Based Compensation (share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value) (details)
Share-based Compensation
Share-based Compensation (narrative) (details)
Shareholders' Equity
Shareholders' Equity (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Earnings Per Share, Basic And Diluted) (details)
Summary Of Significant Accounting Policies (tables)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (schedule Of Condensed Summary Of Quarterly Results Of Operations) (details)
Ticker: FCCY
CIK: 1141807
Form Type: 10-K Annual Report
Accession Number: 0001214659-13-001586
Submitted to the SEC: Fri Mar 22 2013 2:11:01 PM EST
Accepted by the SEC: Fri Mar 22 2013
Period: Monday, December 31, 2012
Industry: Savings Institution Federally Chartered

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