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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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1St Constitution Bancorp

HISTORY TOOLS
CIK: 849636 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 SECOND QUARTER 2019 RESULTS
AND DECLARES A QUARTERLY DIVIDEND OF $0.075 PER SHARE

Cranbury NJ - July 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 three months ended June 30, 2019. For the six months ended June 30, 2019, net income was $6.8 million and diluted earnings per share were $0.78.

The Board of Directors declared a quarterly cash dividend of $0.075 per share of common stock that will be payable on August 23, 2019 to shareholders of record on August 12, 2019.

Adjusted Net Income is a non-GAAP financial measure, which is net income excluding the after-tax effect of merger-related expenses and gain on bargain purchase. Adjusted net income increased 13.7% to $3.6 million for the second quarter of 2019 compared to Adjusted Net Income of $3.1 million for the second quarter of 2018.

On June 24, 2019, the Company announced the execution of a definitive agreement and plan of merger to acquire Shore Community Bank (“Shore”). Expenses of $258,000 related to this pending transaction were incurred in the second quarter of 2019. On April 11, 2018, the Company completed the acquisition of New Jersey Community Bank (“NJCB”) by merging NJCB into the Bank. Merger-related expenses of $2.0 million were incurred and a gain on bargain purchase of $184,000 was recognized in the second quarter of 2018.

Adjusted Net Income per diluted share increased 13.9% to $0.41 for the second quarter of 2019 compared to Adjusted Net Income per share of $0.36 for the second quarter of 2018. A reconciliation of non-GAAP financial measures to the reported net income and net income per diluted share is included in this release.

SECOND QUARTER 2019 HIGHLIGHTS

•
Return on average total assets and return on average shareholders' equity were 1.10% and 10.22%, respectively.
•
Book value per share and tangible book value per share were $15.62 and $14.21, respectively, at June 30, 2019.
•
Net interest income was $11.4 million and the net interest margin was 4.06% on a tax equivalent basis.
•
A provision for loan losses of $400,000 and net charge-offs of $463,000 were recorded.
•
Total loans were $967.8 million at June 30, 2019 and increased $84.7 million from December 31, 2018. Commercial business, commercial real estate and construction loans totaled $683.4 million, representing an increase of $25.0 million, or 3.8%, compared to $658.4 million at December 31, 2018 and an increase of $59.9 million, or 9.6%, compared to $623.5 million at June 30, 2018. Mortgage warehouse loans increased $50.0 million during the first six months of 2019 to $204.2 million, reflecting the seasonal nature of residential lending in the Bank's markets.
•
Non-performing assets declined $3.6 million to $5.5 million, or 0.42% of total assets, and included $1.5 million of OREO at June 30, 2019.

1
The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 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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1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside 1St Constitution Bancorp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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 (Summary Of Assets Acquired And Liabilities Assumed) (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)
Earnings Per Common Share
Earnings Per Common Share (Narrative) (Details)
Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Common Share) (Details)
Earnings Per Common Share (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)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss) (Changes In The Components Of Aoci) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss) (Tables)
Pending Acquisition Of Shore Community Bank
Pending Acquisition Of Shore Community Bank (Details)
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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: FCCY
CIK: 1141807
Form Type: 10-Q Quarterly Report
Accession Number: 0001141807-19-000022
Submitted to the SEC: Thu Aug 08 2019 1:13:23 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Savings Institution Federally Chartered

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