1St Constitution Bancorp (FCCY) 10-K Annual Report March 2017



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

1^ST 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 1^ST 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1141807/000114180717000012/fccy-20161231x10k.htm

View differences made from one year to another to evaluate 1St Constitution Bancorp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by 1St Constitution Bancorp.

Continue

Assess how 1St Constitution Bancorp's management team is paid from their Annual Proxy

1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

1St Constitution Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

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

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fccy/0001141807-17-000012.htm

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

SEC Filings

FCCY Valuations

FCCY Annual Reports

FCCY Quarterly Reports

FCCY Corporate News

FCCY Merger Prospectus