Last10K.com

1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 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
        
PRESS RELEASE - FOR IMMEDIATE RELEASE

1ST CONSTITUTION BANCORP
REPORTS FOURTH QUARTER AND FULL YEAR 2017 RESULTS
AND DECLARES QUARTERLY DIVIDEND OF $0.06 PER SHARE

Cranbury NJ - February 2, 2018 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $574,000 and diluted earnings per share of $0.07 for the three months ended December 31, 2017. For the twelve months ended December 31, 2017, net income was $6.9 million and diluted earnings per share were $0.83.

Net income for the fourth quarter of 2017 included additional estimated income tax expense of $1.7 million, or $0.21 per diluted share, due to the revaluation of the Company’s net deferred tax assets. As a result of the enactment of the Tax Cuts and Jobs Act (“Tax Act”) on December 22, 2017, which reduced the maximum federal corporate income tax rate from 35% to 21% beginning in 2018, the Company revalued its net deferred tax assets to reflect the lower federal corporate income tax rate that would be in effect in future years.

In addition, merger-related expenses on an after-tax basis of $188,000, or $0.02 per diluted share, related to the pending merger of New Jersey Community Bank with and into the Bank, were incurred during the fourth quarter of 2017.

As a result of the additional income tax expense and the merger-related expenses, net income for the fourth quarter of 2017 decreased $1.5 million, or 72.1%, compared to the corresponding period of 2016.

Net income excluding the additional income tax expense and merger-related expenses (“Adjusted Net Income”) was $2.5 million, or $0.30 per diluted share, for the three months ended December 31, 2017. Adjusted Net Income for the three months ended December 31, 2017 increased $417,000, or 20.3%, compared to net income for the three months ended December 31, 2016 of $2.1 million, or $0.25 per diluted share.

For the year ended December 31, 2017, Adjusted Net Income was $8.8 million, or $1.06 per diluted share, compared to net income for the year ended December 31, 2016 of $9.3 million, or $1.14 per diluted share. If the lower federal corporate income tax rate had been in effect in 2017, the Company’s reported 2017 income tax expense of $5.9 million, excluding the $1.7 million of tax expense due to the revaluation of the deferred taxes, would have been approximately $2.9 million, or $1.3 million lower.

Adjusted Net Income and Adjusted Net Income per Diluted Share are non-GAAP measures. A reconciliation of these non-GAAP measures to the reported net income and net income per diluted share is included in this release.

The Board of Directors declared a quarterly cash dividend of $0.06 per share that will be paid on February 27, 2018 to shareholders of record on February 16, 2018.





The following information was filed by 1St Constitution Bancorp (FCCY) on Monday, February 5, 2018 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.

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

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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

Continue

SEC Filing Tools

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 (tables)
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 - Troubled Debt Restructurings (details)
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Changes In Benefit Obligations (details)
Benefit Plans - Expected Benefit Payments (details)
Benefit Plans - Narrative (details)
Benefit Plans - Net Periodic Benefit Cost (details)
Borrowings
Borrowings (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Future Minimum Rental Payments For Operating Leases (details)
Commitments And Contingencies - Narrative (details)
Comprehensive Income And Accumulated Other Comprehensive Loss
Comprehensive Income And Accumulated Other Comprehensive Loss (tables)
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes In The Components Of Aoci (details)
Comprehensive Income And Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Income (loss) (details)
Deposits
Deposits (tables)
Deposits - Maturities Of Time Deposits (details)
Deposits - Narrative (details)
Deposits - Schedule Of Deposits (details)
Fair Value Disclosures
Fair Value Disclosures (tables)
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)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Narrative (details)
Goodwill And Intangible Assets - Schedule Of Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets - Scheduled Amortization (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Income Tax Rate Reconciliation (details)
Income Taxes - Narrative (details)
Income Taxes - Schedule Of Components Of Income Tax Expense (benefit) (details)
Investment Securities
Investment Securities (tables)
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 - Summary Of Investments Sold (details)
Loans And Loans Held For Sale
Loans And Loans Held For Sale (tables)
Loans And Loans Held For Sale - Changes In Servicing Assets (details)
Loans And Loans Held For Sale - Narrative (details)
Loans And Loans Held For Sale - Summary Of Loans (details)
Loans And Loans Held For Sale - Summary Of Loans By Type (details)
Other Operating Expenses
Other Operating Expenses (details)
Other Operating Expenses (tables)
Other Real Estate Owned ("oreo")
Other Real Estate Owned ("oreo") (tables)
Other Real Estate Owned ("oreo") - Activity Related To Other Real Estate Owned (details)
Other Real Estate Owned ("oreo") - Narrative (details)
Parent-only Financial Information
Parent-only Financial Information (tables)
Parent-only Financial Information - Condensed Statements Of Cash Flows (details)
Parent-only Financial Information - Condensed Statements Of Financial Condition (details)
Parent-only Financial Information - Consolidated Statements Of Income And Comprehensive Income (details)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Narrative (details)
Premises And Equipment - Summary Of Premises And Equipment (details)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Redeemable Subordinated Debentures
Redeemable Subordinated Debentures (details)
Regulatory Capital Requirements
Regulatory Capital Requirements (details)
Regulatory Capital Requirements (tables)
Related Parties
Related Parties (details)
Related Parties (tables)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Narrative (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)
Shareholders' Equity
Shareholders' Equity (details)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Earnings Per Share, Basic And Diluted (details)
Summary Of Significant Accounting Policies - Narrative (details)
Ticker: FCCY
CIK: 1141807
Form Type: 10-K Annual Report
Accession Number: 0001141807-18-000005
Submitted to the SEC: Mon Mar 19 2018 1:50:44 PM EST
Accepted by the SEC: Mon Mar 19 2018
Period: Sunday, December 31, 2017
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fccy/0001141807-18-000005.htm