Form 8-K First Connecticut Bancor For: May 04
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): May 4, 2016
First Connecticut Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Maryland
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333-171913
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45-1496206
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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One Farm Glen Boulevard, Farmington, Connecticut 06032
(860) 676-4600
(Address and Telephone Number)
N/A
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
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Item 7.01
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Regulation FD Disclosure
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Item 9.01
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Financial Statements and Exhibits
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SIGNATURES
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EXHIBIT INDEX
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EX-99.1
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Presentation Materials
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Item 7.01
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Regulation FD Disclosure
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On May 4, 5 and 6, 2016, First Connecticut Bancorp, Inc., the holding company for Farmington Bank, will conduct an Investor Presentation in which it will make available its slide presentation material, which includes among other things, a review of financial results and trends through the period ended March 31, 2016. A copy of the material will also be available on the Company's website, http://www.firstconnecticutbancorp.com
A copy of the material is included as Exhibit 99.1 to this current Form 8-K and is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Not applicable.
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(d)
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Exhibits.
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Exhibit Number
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Description
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99.1
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Presentation Materials
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2
SIGNATURES
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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.
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FIRST CONNECTICUT BANCORP, INC.
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Registrant
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May 4, 2016
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By: /s/ John J. Patrick, Jr.
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John J. Patrick, Jr.
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Chairman, President and
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and Chief Executive Officer
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3
EXHIBIT INDEX
Exhibit Number
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Description
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99.1
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Presentation Materials
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4
Piper Jaffray Financial Institutions Conference May 4 – 6, 2016 NASDAQ: FBNK
Forward Looking Statements Disclaimer & Forward-Looking StatementsStatements in this document and presented orally at the conference, if any, concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified from time to time in the Company’s filings with the Securities and Exchange Commission, press releases and other communications. Actual results also may differ based on the Company’s ability to successfully maintain and integrate customers from acquisitions.The Company intends any forward-looking statements to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers and attendees are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made.The Company’s capital strategy includes deployment of excess capital, the success of which efforts cannot be guaranteed.
Who We Are Assets: $2.7 billion Loans: $2.4 billion Deposits: $2.1 billionCapital: $248 millionBranches: 23Headquarters: Farmington, ConnecticutNASDAQ: FBNK A Community Bank in central Connecticut and western Massachusetts which has consistently delivered double digit organic loan growth with a focus on increasing earnings and building long-term shareholder value. As of March 31, 2016
Franchise Overview 23 full service branch offices2 lending centers2 branches scheduled to open in 2016 Farmington Bank, founded in 1851, a wholly owned subsidiary of First Connecticut Bancorp110 miles to Boston120 miles to New York City Number 1 SBA Lender in CTNumber 1 Lender to Women Owned Business Boston Hartford Springfield New Haven Fairfield Litchfield Windham Tolland New York City MASSACHUSETTS CONNECTICUT RHODE ISLAND
Strategic Direction Focus on Fundamentals Prudently controlled growth – Commercial focusDeposits – growing footprintBalance sheet management Asset sensitive balance sheetExpense control/ EfficienciesCapital managementAsset qualityBuilding shareholder value
Q1 Highlights Loan to deposit ratio improved from 118.6% to 113.0%Net Interest Income increased $143,000 to $17.5mNet Interest Rate Margin increased 6 basis points to 2.82%Repurchased 147,100 shares in stock buyback and increased quarterly dividendDeposits increased $106.5m to $2.1B Checking Accounts increased by 2.5% Core noninterest expense to average assets improved to 2.27%
Strong Capital Structure Common shares outstanding: 15,780,657Market capitalization: $251.9 millionTangible book value per share: $15.72Repurchased 2,853,827 shares of FBNK stock (since IPO 6/29/11) at an average cost of $14.37 As of March 31, 2016 unless otherwise noted.
ROA, ROE & EPS
Financial Highlights
Financial Highlights
Outstanding Credit Quality Strong credit cultureRobust portfolio monitoring
Solid Loan Growth $ millions As of March 31, 2016 | *annualized Growth Rate 18.4% 17.5% 10.4% 1.4%* 17.1%
Diversified Loan Portfolio As of March 31, 2016 Commercial 56%Residential 36%Consumer 8% 100%
Total Deposit Growth Deposit Growth increased $108 million in Q11,284 net new checking accounts in Q1 $ millions As of March 31, 2016 Includes repurchased liabilities & excludes mortgagors escrow accounts | *annualized Growth Rate 12.9% 14.0% 13.8% 21.5%* 11.4%
Diversified Deposit Base As of March 31, 2016 Includes repurchased liabilities & excludes mortgagors escrow accounts
Why First Connecticut? Attractive growing franchise in central Connecticut and western MassachusettsIncreasing EPS while growing organicallyAsset sensitive balance sheetDiverse delivery channels Track record of building Tangible Book ValuePaid eighteen consecutive quarterly dividends Scalable platform built for long-term growthStrong capital positionSolid asset qualityRobust enterprise risk management program
Appendix Supplemental Information
Select Financial Data Statement of Income 2012 – 1Q 2016 $ thousands
Select Financial Data Statement of Income Rolling Five Quarters $ thousands
Select Financial Data Selected Annual Financial Data $ millions
Select Financial Data Selected Annual Financial Data $ thousands except share amounts
Select Financial Data Reconciliation of Non-GAAP Financial Measures $ thousands
Select Financial Data Quarterly Net Interest Income and Core Revenue* Annual Net Interest Income and Core Revenue* $ millions *Excludes prepayment penalty fees, net gain on sales of investments and Bank-owned life insurance proceeds.
Select Financial Data Annual Average Earning Assets and NIM Quarterly Average Earning Assets and NIM $ billions
Asset Sensitivity As of March 31, 2016
Commercial Loan Growth $ millions | *annualized Growth Rate 10.8% 27.3% 1.8%* 17.4% 17.9%
Residential Loan Growth $ millions | *annualized
Residential Portfolio Composition Fixed Variable $ thousands
Consumer Loan Growth $ millions | *annualized
Asset Quality Metrics Non-Performing Loans / Total Loans Loan Loss Reserves / Non-Accrual Loans
Asset Quality Metrics Loan Loss Reserves / Total Loans Net Charge-Offs / Average Net Loans *annualized
Deposit Market Share Source: SNL Financial* includes limited service branchesNote: Deposit data as of 6/30/2015; Pro forma for pending and recently completed transactions
Consumer Checking Growth $ thousands
Business Checking Growth $ thousands
De Novo Branch Growth Total Deposit Growth Total Checking Balances # Checking Accounts (Cons. & Bus.) # Branch Growth $ millions
Leadership Team Name Title Years in Industry Prior Experience John J. Patrick, Jr. Chairman, President and Chief Executive Officer 36 TD Banknorth CT, President and CEO Gregory A. White Executive Vice President, Chief Financial Officer and Treasurer 29 Rockville Bank, Chief Financial Officer and Treasurer Michael T. Schweighoffer Executive Vice President, Chief Lending Officer 28 TD Banknorth, CT State President Kenneth F. Burns Executive Vice President, Director of Retail Banking & Marketing 27 Eagle Bank - EVP, Retail Banking & Marketing Catherine M. Burns Executive Vice President,Chief Risk Officer 35 TD Banknorth, Head of Community BankingCommercial Lending; Credit Manager
Corporate Contacts John J. Patrick, Jr. Chairman, President and Chief Executive OfficerGregory A. White Executive Vice President, Chief Financial OfficerInvestor Information:Jennifer H. Daukas Vice President, Investor Relations Officer 860-284-6359 or [email protected]
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