1st Constitution Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
For the year, the company announced interest income of $32,837,000 compared to $29,857,000 for the same period a year ago. Net interest income was $27,686,000 compared to $23,070,000 for the same period a year ago. Income before income taxes was $7,032,000 compared to $5,222,000 for the same period a year ago. Net income was $5,060,000 or $0.90 per diluted share compared to $3,931,000 or $0.74 per basic and diluted share for the same period a year ago. Return on average assets was 0.65% compared to 0.54% for the same period a year ago. Return on average equity was 8.63% compared to 7.60% for the same period a year ago. The increase in net income 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.