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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 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 RECORD THIRD QUARTER 2018 RESULTS
AND INCREASES QUARTERLY DIVIDEND TO $0.075

Cranbury NJ - October 19, 2018 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $4.0 million, an increase of 61.4% compared to net income of $2.5 million for the three months ended September 30, 2017. Diluted earnings per share were $0.46 for the three months ended September 30, 2018 compared to diluted earnings per share of $0.30 for the three months ended September 30, 2017.

The Board of Directors declared a quarterly cash dividend of $0.075 per share of common stock that will be paid on November 22, 2018 to shareholders of record on November 9, 2018. This dividend represents a 25% increase over the dividend per share paid on August 23, 2018.


THIRD QUARTER 2018 HIGHLIGHTS
Return on average assets and return on average equity were 1.34% and 12.89%, respectively.
Book value per share and tangible book value per share were $14.73 and $13.26, respectively, at September 30, 2018.
Net interest income was $11.4 million and the net interest margin was 4.09% on a tax equivalent basis.
A provision for loan losses of $225,000 and net charge-offs of $458,000 were recorded.
Total loans were $881.5 million at September 30, 2018 and included $68.9 million of loans acquired in the merger of New Jersey Community Bank (“NJCB”) with and into the Bank. Commercial business, commercial real estate and construction loans totaled $622.1 million and included $56. million of loans acquired in the NJCB merger. Excluding the loans acquired in the NJCB merger, commercial business, commercial real estate and construction loans totaled $565.8 million and increased $27.6 million, or 5.1%, compared to $538.2 million at December 31, 2017 and increased $52.8 million, or 10.3%, compared to $513.0 million at September 30, 2017.
There were no merger related expenses incurred in the third quarter of 2018.
Non-performing assets were $9.3 million, or 0.78% of assets, and included $2.5 million of OREO at September 30, 2018.
       
On April 11, 2018, the Company completed the NJCB merger. As a result of the NJCB merger, merger related expenses of $2.1 million were incurred primarily in the second quarter of 2018 and the after-tax effect of the merger expenses reduced net income for the nine months ended September 30, 2018 by $1.6 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.

For the nine months ended September 30, 2018, net income was $8.7 million and Adjusted Net Income, which is net income excluding the after-tax effect of the merger expenses and the gain from the bargain purchase, was $10.1 million compared to net income of $6.4 million for the nine months ended September 30, 2017. There were no merger related expenses incurred for the nine months ended September 30, 2017. For the nine months ended September 30, 2018, diluted earnings per share were $1.02 and Adjusted Net


The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, October 19, 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
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)
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: 0001141807-18-000029
Submitted to the SEC: Wed Nov 07 2018 2:40:58 PM EST
Accepted by the SEC: Wed Nov 07 2018
Period: Sunday, September 30, 2018
Industry: Savings Institution Federally Chartered

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