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1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY
Exhibit 99
 
PRESS RELEASE – FOR IMMEDIATE RELEASE
  
1ST CONSTITUTION BANCORP
ANNOUNCES FULL YEAR AND FOURTH QUARTER 2015 RESULTS



Cranbury, New Jersey – February 3, 2016 – 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income and earnings per share for the year and the three month period ended December 31, 2015.

FULL YEAR 2015 HIGHLIGHTS*

 
·
Net income increased 15.3% to $8.7 million compared to Adjusted Net Income of $7.5 million for 2014. Net income as reported for 2014 was $4.4 million.
 
·
Diluted earnings per share increased 12.6% to $1.07 compared to Adjusted Net Income per Diluted Share of $0.95 for 2014. Diluted earnings per share as reported for 2014 was $0.55.
 
·
Return on Assets and Return on Equity were 0.89% and 9.49%, respectively.
 
·
Book value per share and tangible book value per share were $12.11 and $10.44, respectively.
 
·
Net interest income increased 11.1% to $36.3 million and the net interest margin was 4.07%.
 
·
Loans held in portfolio were $682 million at December 31, 2015 and increased $27.8 million, or 4.3%.
 
·
The loan to asset ratio was 70.5 % at December 31, 2015.
 
·
$6.9 million of non-performing assets were resolved during the year and non-performing assets declined to $7.0 million and 0.72% of assets at December 31, 2015.

FOURTH QUARTER 2015 HIGHLIGHTS*

 
·
Net income was $1.6 million and included an after-tax net loss of $0.4 million from the sale of OREO.
 
·
Diluted earnings per share was $0.20 and was reduced by $0.05 due to the after-tax net loss on the sale of OREO.
 
·
$5.4 million of OREO was sold in the fourth quarter. OREO was $966,000 at December 31, 2015 and consisted of one single family home.
 
·
Net interest income increased 2.5% to $8.7 million and the net interest margin was 3.96%.
 
·
The allowance for loan losses was $7.6 million and 1.11% of loans. Net charge-offs for the quarter were $72,000. Non-performing loans were $6.0 million and 0.88% of loans at December 31, 2015.
 
*The information in the above highlights is for the year and the three months ended December 31, 2015 compared to the same respective periods in 2014. All share and per share amounts have been adjusted to reflect the effect of the five percent stock dividend paid on April 7, 2015 and the five percent stock dividend paid on February 1, 2016.

Adjusted Net Income for 2014 excludes the after-tax effect of the merger related expenses incurred in connection with the merger of Rumson-Fair Haven Bank and Trust Company (“Rumson”) with and into the Bank and the provision for loan losses related to the full charge-off of a loan participation due to fraudulent misrepresentations by the borrower and its principals. Adjusted Net Income and Adjusted Net Income per Diluted Share are non-GAAP measures. A reconciliation of these non-GAAP measures to reported net income and net income per diluted share is included in this release.
 
 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Wednesday, February 3, 2016 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 (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisition Of Rumson-fair Haven Bank And Trust Company
Acquisition Of Rumson-fair Haven Bank And Trust Company (assets Acquired And Liabilities Assumed) (details)
Acquisition Of Rumson-fair Haven Bank And Trust Company (details)
Acquisition Of Rumson-fair Haven Bank And Trust Company (tables)
Allowance For Loan Losses And Credit Quality Disclosures
Allowance For Loan Losses And Credit Quality Disclosures (acquired Credit Impaired Loans) (details)
Allowance For Loan Losses And Credit Quality Disclosures (aging Of Loan Portfolio) (details)
Allowance For Loan Losses And Credit Quality Disclosures (allowance For Loan Losses) (details)
Allowance For Loan Losses And Credit Quality Disclosures (changes In Accretable Discount For Acquired Credit Impaired Loans) (details)
Allowance For Loan Losses And Credit Quality Disclosures (commercial Loans By Credit Quality Indicators) (details)
Allowance For Loan Losses And Credit Quality Disclosures (consumer Loans By Credit Quality Indicators) (details)
Allowance For Loan Losses And Credit Quality Disclosures (consumer Mortgage Loans Secured By Residential Real Estate In Process Of Foreclosure) (details)
Allowance For Loan Losses And Credit Quality Disclosures (estimate Of The Remaining Accretable Discount) (details)
Allowance For Loan Losses And Credit Quality Disclosures (impaired Loans Receivables) (details)
Allowance For Loan Losses And Credit Quality Disclosures (narrative) (details)
Allowance For Loan Losses And Credit Quality Disclosures (tables)
Allowance For Loan Losses And Credit Quality Disclosures (troubled Debt Restructurings) (details)
Benefit Plans
Benefit Plans (changes In Benefit Obligations) (details)
Benefit Plans (details)
Benefit Plans (expected Benefit Payments) (details)
Benefit Plans (net Periodic Benefit Cost) (details)
Benefit Plans (tables)
Benefit Plans (weighted-average Assumptions) (details)
Borrowings
Borrowings (details)
Commitments And Contingencies
Commitments And Contingencies (future Minimum Rental Payments For Operating Leases) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Comprehensive Income And Accumulated Other Comprehensive Income
Comprehensive Income And Accumulated Other Comprehensive Income (details) - Changes In The Components Of Aoci
Comprehensive Income And Accumulated Other Comprehensive Income (details) - Components Of Accumulated Other Comprehensive Income (loss)
Comprehensive Income And Accumulated Other Comprehensive Income (tables)
Deposits
Deposits (maturities Of Time Deposits) (details)
Deposits (schedule Of Deposits) (details)
Deposits (tables)
Fair Value Disclosures
Fair Value Disclosures (estimated Fair Value Of Financial Assets And Liabilities) (details)
Fair Value Disclosures (fair Value Qualitative Information) (details)
Fair Value Disclosures (financial Assets And Liabilities At Fair Value Measured On Non-recurring Basis) (details)
Fair Value Disclosures (financial Assets And Liabilities At Fair Value Measured On Recurring Basis) (details)
Fair Value Disclosures (narrative) (details)
Fair Value Disclosures (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (narrative) (details)
Goodwill And Intangible Assets (schedule Of Goodwill And Intangible Assets) (details)
Goodwill And Intangible Assets (scheduled Amortization) (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Components Of Income Tax Expense (benefit)) (details)
Income Taxes (tables)
Investment Securities
Investment Securities (available-for-sale Securities) (details)
Investment Securities (held-to-maturity Securities) (details)
Investment Securities (narrative) (details)
Investment Securities (securities By Contractual Maturity) (details)
Investment Securities (securities In A Continuous Unrealized Loss Position) (details)
Investment Securities (tables)
Loans And Loans Held For Sale
Loans And Loans Held For Sale (loans) (details)
Loans And Loans Held For Sale (narrative) (details)
Loans And Loans Held For Sale (tables)
Other Operating Expenses
Other Operating Expenses (components Of Other Operating Expenses) (details)
Other Operating Expenses (tables)
Other Real Estate Owned ("oreo")
Other Real Estate Owned ("oreo") (activity Related To Other Real Estate Owned) (details)
Other Real Estate Owned ("oreo") (details)
Other Real Estate Owned ("oreo") (tables)
Parent-only Financial Information
Parent-only Financial Information (details) - Condensed Statements Of Cash Flows
Parent-only Financial Information (details) - Condensed Statements Of Financial Condition
Parent-only Financial Information (details) - Consolidated Statements Of Income And Comprehensive Income
Parent-only Financial Information (tables)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (narrative) (details)
Premises And Equipment (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details) - Condensed Summary Of Quarterly Results Of Operations
Quarterly Financial Data (unaudited) (tables)
Redeemable Subordinated Debentures
Redeemable Subordinated Debentures (details)
Regulatory Capital Requirements
Regulatory Capital Requirements (compliance With Regulatory Capital Requirements Under Banking Regulations) (details)
Regulatory Capital Requirements (tables)
Related Parties
Related Parties (activity In Loans To Related Parties) (details)
Related Parties (tables)
Share-based Compensation
Share-based Compensation (details)
Share-based Compensation (fair Value Inputs, Assets, Quantitative Information) (details)
Share-based Compensation (restricted Stock Activity) (details)
Share-based Compensation (share-based Compensation Activity) (details)
Share-based Compensation (stock Options Outstanding And Exercisable) (details)
Share-based Compensation (tables)
Shareholders' Equity
Shareholders' Equity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (earnings Per Share, Basic And Diluted) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: FCCY
CIK: 1141807
Form Type: 10-K Annual Report
Accession Number: 0001141807-16-000010
Submitted to the SEC: Tue Mar 22 2016 5:30:59 PM EST
Accepted by the SEC: Tue Mar 22 2016
Period: Thursday, December 31, 2015
Industry: Savings Institution Federally Chartered

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