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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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 RESULTS FOR THE FIRST QUARTER OF 2020
AND DECLARES QUARTERLY DIVIDEND OF $0.09 PER SHARE

In a release issued under the same headline on May 1, 2020 by 1
ST Constitution Bancorp (NASDAQ: FCCY), please note that in the last sentence under the “Asset Quality” heading the date should read “March 31, 2020” rather than “December 31, 2020” as previously stated.  The corrected release is as follows:

Cranbury NJ - May 1, 2020 - 1ST 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 $0.33 for the first quarter of 2020 compared to net income of $3.4 million and diluted earnings per share of $0.39 for the first quarter of 2019. The reported results for the first quarter of 2020 include an additional provision for loan losses of approximately $388,000, or $282,000 after tax, which reflects management’s current estimate of additional loan losses that may be incurred due to the weakening national and local economic conditions caused by the COVID-19 pandemic.

The Board of Directors declared a quarterly cash dividend of $0.09 per share that will be paid on May 22, 2020 to shareholders of record on May 12, 2020.

FIRST QUARTER 2020 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 0.89% and 8.01%, respectively.
Book value per share and tangible book value per share were $16.97 and $13.38, respectively, at March 31, 2020.
Net interest income was $12.9 million and net interest margin was 3.68% on a tax equivalent basis.
A provision for loan losses of $895,000 and net charge-offs of $165,000 were recorded.
Total loans were $1.2 billion at March 31, 2020. Commercial business, commercial real estate and construction loans totaled $872.6 million, and increased $16.7 million from December 31, 2019. During the first quarter of 2020, mortgage warehouse loans declined $11.9 million to $224.8 million, reflecting the seasonal nature of residential lending in the Bank's markets.
Total deposits were $1.3 billion at March 31, 2020 and increased $20.7 million from $1.28 billion at December 31, 2019.
Non-performing assets increased $8.6 million to $13.7 million, or 0.85% of total assets, and included $470,000 of OREO at March 31, 2020.

Robert F. Mangano, President and Chief Executive Officer, stated, “We are currently focused on the COVID-19 impact on our customers and communities and are responding in a comprehensive manner to this unprecedented social and economic disruption. The safety of our employees and customers is our first priority. We are working expeditiously with our loan and deposit customers to provide access to additional credit and forbearance on loan payments where warranted. We will remain dedicated and diligent in providing comprehensive financial services to our customers and the communities we serve.”

4

The following information was filed by 1St Constitution Bancorp (FCCY) on Monday, May 4, 2020 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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Assess how 1St Constitution Bancorp's management team is paid from their Annual Proxy

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1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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 Shore Community Bank
Acquisition Of Shore Community Bank (Narrative) (Details)
Acquisition Of Shore Community Bank (Pro Forma Information) (Details)
Acquisition Of Shore Community Bank (Projected Amortization Expense Of Core Deposits Acquired) (Details)
Acquisition Of Shore Community Bank (Summary Of Assets Acquired And Liabilities Assumed) (Details)
Acquisition Of Shore Community Bank (Summary Of Loans Acquired At Fair Value) (Details)
Acquisition Of Shore Community Bank (Summary Of Loans Acquired With Credit Quality Deterioration) (Details)
Acquisition Of Shore 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)
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 Restricted Stock Units 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: 0001141807-20-000011
Submitted to the SEC: Mon May 11 2020 5:22:51 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered

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