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1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY
    
        

CONTACT:
Robert F. Mangano
Stephen J. Gilhooly
 
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
 
(609) 655-4500
(609) 655-4500
        
PRESS RELEASE - FOR IMMEDIATE RELEASE
        
1ST CONSTITUTION BANCORP
REPORTS FOURTH QUARTER AND FULL YEAR 2016 RESULTS

        
Cranbury NJ - February 2, 2017 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $2.1 million and diluted earnings per share of $0.25 for the three months ended December 31, 2016 compared to net income of $1.6 million and diluted earnings per share of $0.20 for the three months ended December 31, 2015. For the year ended December 31, 2016, the Company reported net income of $9.3 million and diluted earnings per share of $1.14 compared to net income of $8.7 million and diluted earnings per share of $1.08 for the year ended December 31, 2015.

FOURTH QUARTER 2016 HIGHLIGHTS

Net income increased 26.2% and diluted earnings per share increased 25% compared to the fourth quarter of 2015.
Book value per share and tangible book value per share were $13.11 and $11.50, respectively, at December 31, 2016.
Net interest income was $9.1 million and the net interest margin was 3.83% on a tax equivalent basis.
Non-performing assets were $5.4 million, or 0.52% of assets, and included $166,000 of OREO at December 31, 2016.
The Bank did not record a provision for loan losses in the fourth quarter of 2016 due to net recoveries on loans of $8,000, the low level of non-performing and criticized loans, lower historical loan loss factors that reflected the continued improvement in loan credit quality and the current economic and operating environment.
On December 15, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per common share that was paid on January 25, 2017 to shareholders of record as of the close of business on January 3, 2017.

FULL YEAR 2016 HIGHLIGHTS

Net income increased 7.2% to $9.3 million for the year ended December 31, 2016.
Diluted earnings per share increased 6.5% to $1.14 for the year ended December 31, 2016.
Return on average assets and return on average equity were 0.93% and 9.21%, respectively for the year ended December 31, 2016.
A credit (negative) provision for loan losses of $300,000 and net recoveries of loans of $234,000 were recorded.
Loans held in portfolio increased $42.7 million, or 6.3%, to $724.8 million at December 31, 2016 due primarily to growth in commercial real estate loans.
Deposits increased $47.8 million, or 6.1%, to $834.5 million at December 31, 2016 due primarily to growth of non-interest bearing and interest bearing demand deposit accounts, money market accounts and savings accounts.



The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, February 2, 2017 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
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 (restricted Stock Activity) (details)
Share-based Compensation (share-based Compensation Activity) (details)
Share-based Compensation (significant Weighted Average Assumptions Used To Calculate Fair Value Of Options Granted) (details)
Share-based Compensation (stock Options Outstanding And Exercisable) (details)
Share-based Compensation (tables)
Shareholders' Equity
Shareholders' Equity (details)
Subsequent Event
Subsequent Event (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: 0001141807-17-000012
Submitted to the SEC: Thu Mar 16 2017 5:22:32 PM EST
Accepted by the SEC: Thu Mar 16 2017
Period: Saturday, December 31, 2016
Industry: Savings Institution Federally Chartered

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