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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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 SECOND QUARTER 2018 RESULTS,
SUCCESSFUL INTEGRATION OF NEW JERSEY COMMUNITY BANK
AND QUARTERLY DIVIDEND OF $0.06


Cranbury NJ - July 20, 2018 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $1.9 million and diluted earnings per share of $0.22 for the three months ended June 30, 2018. For the six months ended June 30, 2018, net income was $4.7 million and diluted earnings per share were $0.56.

The Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock that will be paid on August 23, 2018 to shareholders of record on August 10, 2018.

On April 11, 2018, the Company completed the merger of New Jersey Community Bank (“NJCB”) with and into the Bank. The shareholders of NJCB received total consideration of $8.6 million, which was comprised of 249,785 shares of common stock of the Company with a market value of $5.5 million and cash of $3.1 million of which $401,000 was placed in escrow to cover costs and expenses, including settlement costs, if any, that the Company may incur after closing the merger as a result of a certain litigation matter. As a result of the merger, merger related expenses of $2.0 million were incurred and the after-tax effect of the merger expenses reduced net income for the second quarter by $1.4 million. The acquisition method of accounting for the business combination resulted in the recognition of a gain from the bargain purchase of $184,000 and no goodwill.

Net income, excluding the after-tax effect of the merger expenses and the gain from the bargain purchase (“Adjusted net income”), was $3.1 million, or $0.36 per diluted share for the second quarter of 2018 and increased $1.2 million, or 62.7%, compared to net income for the three months ended June 30, 2017 of $1.9 million, or $0.23 per diluted share.

For the six months ended June 30, 2018, Adjusted net income was $6.1 million, or $0.72 per diluted share, compared to $3.9 million, or $0.47 per diluted share. The after-tax effect of merger expenses was $1.6 million for the six months ended June 30, 2018.



SECOND QUARTER 2018 HIGHLIGHTS
Return on average assets and Adjusted return on average assets were 0.65% and 1.09%, respectively, and Return on average equity and Adjusted return on average equity were 6.36% and 10.61%, respectively, for the three months ended June 30, 2018.
Book value per share and tangible book value per share were $14.42 and $12.94, respectively, at June 30, 2018.
Net interest income was $11.0 million and the net interest margin was 4.13% on a tax equivalent basis.
Non-interest income increased $277,000 from the comparable period in the prior year to $2.0 million,


The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 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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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
Acquisition Of New Jersey Community Bank (Narrative) (Details)
Acquisition Of New Jersey Community Bank (Pro Forma Information) (Details)
Acquisition Of New Jersey Community Bank (Projected Amortization Expense Of Core Deposits Acquired) (Details)
Acquisition Of New Jersey Community Bank (Summary Of Assets Acquired And Liabilities Assumed) (Details)
Acquisition Of New Jersey Community Bank (Summary Of Loans Acquired At Fair Value) (Details)
Acquisition Of New Jersey Community Bank (Summary Of Loans Acquired With Credit Quality Deterioration) (Details)
Acquisition Of New Jersey Community Bank (Tables)
Acqusition Of New Jersey Community Bank
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 (Debt Securities, Available-For-Sale) (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 Loss
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Changes In The Components Of Aoci) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Tables)
Recent Accounting Pronouncements
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
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)
Summary Of Significant Accounting Policies
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: 0001141807-18-000021
Submitted to the SEC: Wed Aug 08 2018 2:47:11 PM EST
Accepted by the SEC: Wed Aug 08 2018
Period: Saturday, June 30, 2018
Industry: Savings Institution Federally Chartered

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