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 2020 RESULTS
AND DECLARES A QUARTERLY DIVIDEND OF $0.09 PER SHARE

Cranbury NJ - July 24, 2020 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $3.7 million and diluted earnings per share of $0.36 for the three months ended June 30, 2020 compared to net income of $3.4 million, or $0.39 per diluted share for the three months ended June 30, 2019.

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock that will be payable on August 25, 2020 to shareholders of record on August 12, 2020.

Robert F. Mangano, President and Chief Executive Officer, stated “The Company generated solid fundamental operating performance during the second quarter of 2020 despite the challenging economic environment. The value of the Company’s diversified lending platforms was reflected in the significant increase in residential mortgage banking activity which resulted in a $961,000 increase in gain on sale of loans and a $72.3 million increase in mortgage warehouse loans. Our continuous focus on deposit pricing and the mix and term structure of our funding resulted in the cost of interest-bearing liabilities declining to 1.04%. Also, due to current economic uncertainty, the provision for loan losses was increased to $2.1 million and the allowance for loan losses increased 21.2% to $12.1 million at June 30, 2020.”

Mr. Mangano added, “We are navigating through the COVID-19 pandemic impact and the economic and social disruption to our customers and communities we serve. While the severity and duration of the pandemic are not knowable today, we believe that the Company has the financial strength and flexibility to address these adverse economic and operating conditions.”


SECOND QUARTER 2020 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 0.89% and 8.50%, respectively.
Net interest income was $13.8 million and net interest margin was 3.64% on a tax equivalent basis.
A provision for loan losses of $2.1 million was recorded for the second quarter of 2020 and there were no charge-offs.
Total loans were $1.4 billion at June 30, 2020 and increased $138.0 million from March 31, 2020. Mortgage warehouse loans increased $72.3 million and commercial real estate loans increased $15.4 million from March 31, 2020.
As of June 30, 2020, the Bank had funded $75.1 million in Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act").
Total deposits were $1.4 billion at June 30, 2020 and increased $111.4 million with non-interest demand deposits increasing $98.1 million from March 31, 2020.
Non-performing assets were $14.0 million, or 0.80% of total assets at June 30, 2020, relatively unchanged from March 31, 2020 and included $470,000 of other real estate owned ("OREO").


1

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 24, 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.

View differences made from one quarter to another to evaluate 1St Constitution Bancorp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1St Constitution Bancorp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word, Excel and CSV Downloads


Download Annual and Quarterly Reports as PDF, Word, Excel and CSV Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe Acrobat (PDF), Microsoft Word (DOCX), Excel (XLSX) and Comma-Delimited (CSV) files for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

See when company executives buy or sell their own stock


Insider Trading (Form 4)
Screenshot taken from Euronet (EEFT)
Last10K.com Member Feature

Use our calculated cost dollar values to discover when and how much registered owners BUY, SELL or excercise their company stock OPTIONS aggregated from Form 4 Insider Transactions SEC Filings

Continue

See how institutional managers trade a stock


Manager Portfolios (Form 13F)
Screenshot taken from General Motors (GM)
Last10K.com Member Feature

View which hedge funds, pension / retirement funds, endowments, banks and insurance companies have increased or decreased their positions in a particular stock. Includes Ownership Percent, Buy versus Sell comparison, Put-Call ratio and more.

Continue

Log in with your credentials

or    

Forgot your details?

Create Account