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Robert F. Mangano
Stephen J. Gilhooly
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
Return on average assets was 1.09% and return on average equity was 10.09%.
Book value per share and tangible book value per share were $13.96 and $12.43, respectively, at March 31, 2018.
Net interest income was $9.7 million and the net interest margin was 3.95% on a tax equivalent basis.
The Bank recorded a provision for loan losses of $225,000 and net recoveries were $59,000.
Non-interest expense was $7.6 million and included $164,000 of merger expenses related to the merger of New Jersey Community Bank (“NJCB”) with and into the Bank.
The effective tax rate was 22.8% and reflected the reduction in the maximum federal corporate tax rate to 21% effective January 1, 2018.
Commercial business, commercial real estate and construction loans totaled $552 million at March 31, 2018 and increased $84 million compared to the total of such loans at March 31, 2017 and increased $13 million compared to the total of such loans at December 31, 2017.
Non-performing assets were $7.7 million, or 0.73% of total assets. There was no other real estate owned (“OREO”) at March 31, 2018.
The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, April 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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