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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)
July 14, 1997
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Carnegie Bancorp
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(Exact name of registrant as specified in its charter)
New Jersey 0-2456 22-3257100
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
619 Alexander Road, Princeton, New Jersey 08540
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (609) 520-0601
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Item 5. Other Events.
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On Monday, July 14, 1997, the Registrant issued a press release announcing
a $.14 per share quarterly cash dividend payable on September 17, 1997 to
shareholders of record as of August 27, 1997. On July 16, 1997, the Registrant
issued a press release announcing it earnings for the fiscal quarter ended June
30, 1997.
Item 7. Exhibits.
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The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99(a) Press Release dated July 14, 1997
99(b) Press Release dated July 16, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Carnegie Bancorp has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CARNEGIE BANCORP
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(Registrant)
Dated: July 22, 1997 By: /s/ RICHARD ROSA
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Richard Rosa,
Chief Financial Officer
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EXHIBIT INDEX
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CURRENT REPORT ON FORM 8-K
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Exhibit No. Description
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99(a) Press Release dated July 14, 1997
99(b) Press Release dated July 16, 1997
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EXHIBIT 99(a)
PRESS RELEASE
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FOR IMMEDIATE RELEASE
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CARNEGIE BANCORP ANNOUNCES 43%
INCREASE IN EARNINGS
Princeton, New Jersey - July 14, 1997. Carnegie Bancorp announced that it had
earned net income after taxes for the quarter ended June 30, 1997 of $806,000,
compared to $564,000 for the same period last year, an increase of 43%. Primary
and fully diluted net income per share for the second quarter 1997 were $.34 and
$.35 respectively, compared to $.27 per share for both primary and fully diluted
net income for the second quarter 1996.
For the six months ended June 30, 1997, income after taxes increased to
$1,573,000, ($.68 per share for primary and $.67 per share for fully diluted net
income), compared to $1,170,000 ($.56 per share for both primary and fully
diluted net income) for the same period in 1996, representing an increase of
34%. Shares outstanding increased to 2,146,758 at June 30, 1997, compared to
1,843,059 at June 30, 1996.
As of June 30, 1997, total loans increased to $270 million, or an increase of
39% over the same period last year. Carnegie posted over $371 million in total
assets, an increase of 34% compared to 1996. For the second quarter 1997, the
Company's total deposits increased to $327 million, or an increase of 49% over
the same period last year.
Carnegie Bank, N.A. is the single subsidiary of Carnegie Bancorp. The Bank
serves small businesses, professionals and high net worth individuals through
its branch offices located in Princeton, Hamilton, Marlton, Denville, Toms
River, Montgomery Township and Flemington, New Jersey and Langhorne,
Pennsylvania. The Company's stock is listed on the NASDAQ National Market
System. Its trading symbol for common stock is CBNJ and CBNJW for warrants.
FOR FURTHER INFORMATION, PLEASE CONTACT: Thomas L. Gray, Jr.,
President (609) 243-7500.
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EXHIBIT 99(b)
PRESS RELEASE
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FOR IMMEDIATE RELEASE
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CARNEGIE BANCORP DECLARES
$.14 QUARTERLY CASH DIVIDEND
Princeton, New Jersey - July 16, 1997. Carnegie Bancorp's Board of Directors
declared a third quarter cash dividend of $.14 per share at its regularly
scheduled meeting held today. The dividend will be payable on September 17, 1997
to shareholders of record on August 27, 1997. This represents the 23rd
consecutive quarter in which the Company has paid a cash dividend.
Carnegie's solid earnings growth has enabled the Company to consistently pay a
quarterly cash dividend, beginning with $.06 per share in 1992, increasing to
$.08 per share in 1993, $.10 per share in 1994, $.12 per share in 1995, $.12 per
share for the first three quarters of 1996, $.13 per share for the fourth
quarter of 1996 and $.14 per share for the first two quarters of 1997. These
cash dividends have been paid in addition to the Company's eight annual 5% stock
dividends.
Carnegie recently announced a 43% increase in its net income after taxes for the
quarter ended June 30, 1997 of $806,000, compared to $564,000 for the same
period last year. Primary and fully diluted net income per share for the second
quarter 1997 were $.35 and $.34 respectively, compared to $.27 per share for
both primary and fully diluted net income for the second quarter 1996.
Comparing June 30, 1997 to the same period last year, Carnegie posted total
loans of $270 million, an increase of 39%, $371 million in total assets, an
increase of 34%, and total deposits of $327 million, an increase of 49%.
Carnegie Bank, N.A. is the single subsidiary of Carnegie Bancorp. The Bank
serves small businesses, professionals and high net worth individuals through
its branch offices located in Princeton, Hamilton, Marlton, Denville, Toms
River, Montgomery Township and Flemington, New Jersey and Langhorne,
Pennsylvania. The Company's
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stock is listed on the NASDAQ National Market System. Its trading symbol for
common stock is CBNJ and CBNJW for warrants.
FOR FURTHER INFORMATION, PLEASE CONTACT: Thomas L. Gray, Jr.,
President (609) 243-7500.
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