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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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 NET INCOME INCREASED 19% FOR THE FIRST QUARTER OF 2019
AND DECLARES QUARTERLY DIVIDEND OF $0.075 PER SHARE

Cranbury NJ - April 19, 2019 - 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $3.4 million and diluted earnings per share of $0.39 for the first quarter of 2019 compared to net income of $2.9 million and diluted earnings per share of $0.34 for the first quarter of 2018.

The Board of Directors declared a quarterly cash dividend of $0.075 per share that will be paid on May 24, 2019 to shareholders of record on May 13, 2019.

FIRST QUARTER 2019 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 1.18% and 10.75%, respectively.
Book value per share and tangible book value per share were $15.24 and $13.82, respectively, at March 31, 2019.
Net interest income was $11.2 million and net interest margin was 4.21% on a tax equivalent basis.
A provision for loan losses of $300,000 and net recoveries were recorded.
Total loans were $874.3 million at March 31, 2019. Commercial business, commercial real estate and construction loans totaled $675.0 million, representing an increase of $16.6 million, or 2.5%, compared to $658.4 million at December 31, 2018. During the first quarter of 2019, mortgage warehouse loans declined $26.0 million to $128.2 million, reflecting the seasonal nature of residential lending in the Bank's markets.
Non-performing assets declined $3.1 million to $6.0 million, or 0.50% of total assets, and included $2.5 million of OREO at March 31, 2019.

Robert F. Mangano, President and Chief Executive Officer, stated, “We achieved strong earnings for the first quarter of 2019, as our net interest margin was stable at 4.21% compared to 4.19% for the fourth quarter of 2018, and increased from 3.95% for the first quarter of 2018, contributing to growth in our net interest income. The 12.6% growth of our loan portfolio year over year and improved margin drove the increase in our net interest income. Asset quality and capital levels continue to be strong.” Mr. Mangano added, “We continue to focus on expense management which contributed to net income and enhanced annualized return on average total assets and average shareholders’ equity.”

On April 11, 2018, the Company completed the merger of New Jersey Community Bank (“NJCB”) with and into the Bank (the “NJCB merger”). As a result of the NJCB merger, merger-related expenses of $164,000 were incurred in the first quarter of 2018. The NJCB merger contributed approximately $63.3 million and $70.3 million in loans and deposits, respectively, at March 31, 2019.


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The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, April 19, 2019 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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Inside 1St Constitution Bancorp's 10-Q Quarterly Report:

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)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Future Payments Under Operating Leases (Details)
Leases - Narrative (Details)
Leases - Summary Of Cash And Non-Cash Items (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 (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: 0001141807-19-000013
Submitted to the SEC: Wed May 08 2019 12:40:31 PM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: Savings Institution Federally Chartered

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