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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

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
        
    
1ST CONSTITUTION BANCORP
REPORTS THIRD QUARTER 2017 RESULTS
INCREASES QUARTERLY DIVIDEND TO $0.06 PER SHARE

Cranbury NJ - October 26, 2017 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $2.5 million and diluted earnings per share of $0.30 for the three months ended September 30, 2017. For the nine months ended September 30, 2017, net income was $6.4 million and diluted earnings per share were $0.76.

The Board of Directors declared a quarterly cash dividend of $0.06 per share that will be paid on November 24, 2017 to shareholders of record as of November 16, 2017.

THIRD QUARTER 2017 HIGHLIGHTS

Return on average assets was 0.94% and return on average equity was 8.94%.
Commercial business, commercial real estate and construction loans totaled $513.0 million at September 30, 2017, and increased $88.2 million, or 20.8%, compared to $424.8 million at September 30, 2016 and increased $74.9 million, or 17.1%, compared to $438.1 million at December 31, 2016. Total loans were $772.0 million at September 30, 2017.
Net interest income was $9.4 million and the net interest margin was 3.85% on a tax equivalent basis.
Non-interest income increased $356,000 to $2.1 million, driven primarily by a higher volume of sales of residential mortgages and SBA guaranteed loans.
The Bank recorded a provision for loan losses of $150,000 and net charge-offs were $55,000.
Non-performing assets were $6.9 million, or 0.64% of assets, and included $356,000 of OREO at September 30, 2017.
Book value per share and tangible book value per share were $13.83 and $12.27, respectively, at September 30, 2017.
       
Robert F. Mangano, President and Chief Executive Officer, stated, “We continued to generate significant growth of over $16 million in our commercial real estate and construction loans during the third quarter and these loan segments grew, on a combined basis, over $92 million in the last twelve months. Similar to last quarter, offsetting this growth was a $61 million decrease in warehouse loans compared to last year due to lower residential mortgage refinancing activity in 2017.”

Mr. Mangano added, “The higher short-term interest rate environment and our asset sensitive interest rate position had a positive effect on net interest income and our net interest margin in the third quarter of 2017 as our net interest margin increased to 3.85% compared to 3.75% for the third quarter of 2016.”

Mr. Mangano continued, “We are pleased to announce a $0.01 increase in our quarterly dividend to $0.06 per share, which reflects our continued focus on enhancing the return on investment to our shareholders.”



The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, October 26, 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-Q Quarterly 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-Q Quarterly 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
Allowance For Loan Losses And Credit Quality (acquired Credit Impaired Loans) (details)
Allowance For Loan Losses And Credit Quality (aging Of Loan Portfolio) (details)
Allowance For Loan Losses And Credit Quality (allowance For Loan Losses Activity) (details)
Allowance For Loan Losses And Credit Quality (allowance For Loan Losses By Impairment Method) (details)
Allowance For Loan Losses And Credit Quality (changes In Accretable Discount For Acquired Credit Impaired Loans) (details)
Allowance For Loan Losses And Credit Quality (commercial And Consumer Loans By Credit Quality Indicators) (details)
Allowance For Loan Losses And Credit Quality (consumer Mortgage Loans Secured By Residential Real Estate In Process Of Foreclosure) (details)
Allowance For Loan Losses And Credit Quality (impaired Loans Receivables) (details)
Allowance For Loan Losses And Credit Quality (narrative) (details)
Allowance For Loan Losses And Credit Quality (tables)
Benefit Plans
Benefit Plans (narrative) (details)
Benefit Plans (schedule Of Components Of Net Periodic Benefit Cost) (details)
Benefit Plans (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)
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 (tables)
Investment Securities (unrealized Losses On Available For Sale And Held To Maturity Securities) (details)
Net Income Per Common Share
Net Income Per Common Share (narrative) (details)
Net Income Per Common Share (reconciliation Of Basic And Diluted Earnings Per Common Share) (details)
Net Income Per Common Share (tables)
Other Comprehensive Income (loss) And Accumulated Other Comprehensive Income (loss)
Other Comprehensive Income (loss) And Accumulated Other Comprehensive Income (loss) (changes In The Components Of Aoci) (details)
Other Comprehensive Income (loss) And Accumulated Other Comprehensive Income (loss) (components Of Accumulated Other Comprehensive Income (loss)) (details)
Other Comprehensive Income (loss) And Accumulated Other Comprehensive Income (loss) (tables)
Recent Accounting Pronouncements
Share-based Compensation
Share-based Compensation (fair Value And Weighted Average Assumptions) (details)
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Restricted Shares Activity) (details)
Share-based Compensation (schedule Of Transactions Under Stock Plans) (details)
Share-based Compensation (tables)
Subsequent Event (details)
Subsequent Event (notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)

Material Contracts, Statements, Certifications & more

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

Ticker: FCCY
CIK: 1141807
Form Type: 10-Q Quarterly Report
Accession Number: 0001141807-17-000056
Submitted to the SEC: Thu Nov 09 2017 12:20:29 PM EST
Accepted by the SEC: Thu Nov 09 2017
Period: Saturday, September 30, 2017
Industry: Savings Institution Federally Chartered

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