Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1141807/000114180720000023/fccy2020-6x3010xq.htm
January 2022
December 2021
December 2021
November 2021
November 2021
October 2021
July 2021
July 2021
May 2021
May 2021
CONTACT: | Robert F. Mangano | Stephen J. Gilhooly |
President & Chief Executive Officer | Sr. Vice President & Chief Financial Officer | |
(609) 655-4500 | (609) 655-4500 |
• | 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"). |
Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1141807/000114180720000023/fccy2020-6x3010xq.htm
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.
1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
Rating
Learn More![]()
The effects of the COVID-19 pandemic could cause a further and sustained decline in the Company's stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a new goodwill impairment test and could result in an impairment charge being necessary in the future.
A decline in sales of residential mortgages could result in lower gain on sales of loans and a decline of non-interest income.
The higher provision for loan losses recorded for the first six months of 2020 was due primarily to (i) a reserve for the estimated increase in incurred loan losses resulting from the economic and social disruption caused by the COVID-19 pandemic; (ii) the increase in the qualitative factors attributed to the modification of loans, including the deferral of principal and or interest payments and downgrades of the credit ratings on certain loans and, (iii) to a lesser extent, the growth and change in the mix of the loan portfolio.
A significant increase in non-performing loans could result in increased non-interest expense due to higher expenses for loan collection and recovery costs.
The increase in cash provided by operating activities for the six months ended June 30, 2020 compared to net cash provided by operating activities for the six months ended June 30, 2019 was due primarily to the increase in net income in 2020 less the net funding (cash used) of loans held for sale of approximately $1.6 million in the first six months of 2020 compared to net sales (cash provided) of loans held for sale of approximately $1.4 million in the first six months of 2019.
The reduction in the effective...Read more
Although management has taken certain...Read more
Non-interest expenses may increase, if...Read more
The increase in shareholders' equity...Read more
The significant increase in the...Read more
The significant increase in non-interest...Read more
Failure to meet minimum capital...Read more
This decline in turn, would...Read more
These unique risks may include,...Read more
A broad range of short-to-medium...Read more
Although we believe that the...Read more
Total non-interest income for the...Read more
Due to the economic disruption...Read more
Management considers a complete review...Read more
To protect our employees and...Read more
Income tax expense was $1.3...Read more
Income tax expense was $2.6...Read more
Under the common stock repurchase...Read more
Any one, or a combination,...Read more
Because all identified losses are...Read more
Long-term and short-term borrowings are...Read more
For the six months ended...Read more
In addition, statements about the...Read more
The increase in assets was...Read more
The allowance for loan losses...Read more
A decline in the New...Read more
These borrowings are primarily used...Read more
The second major component is...Read more
The provision for loan losses...Read more
Partially offsetting these increases, construction...Read more
Of the total increase in...Read more
Of the total increase in...Read more
Management may further increase the...Read more
The allowance for loan losses...Read more
For the second quarter of...Read more
This increase was due primarily...Read more
However, it is expected that...Read more
Effective June 22, 2020 re-opened...Read more
Liquidity management refers to the...Read more
Management believes that the allowance...Read more
The reduction in the effective...Read more
Management estimated that approximately $30.0...Read more
Management estimated that approximately $30.0...Read more
The rules became effective for...Read more
Under the interest rate risk...Read more
With the respect to the...Read more
This increase was due primarily...Read more
The Company recorded a provision...Read more
In addition to maintaining liquid...Read more
When used in this and...Read more
Amortization of intangible assets increased...Read more
Amortization of intangible assets increased...Read more
The primary reason for the...Read more
For the six months ended...Read more
Management significantly increased the provision...Read more
Average interest-earning assets increased $367.0...Read more
The decrease in cash and...Read more
The increase in total interest...Read more
This may result in increases...Read more
The allocated portion of the...Read more
The following table presents, for...Read more
Income on Bank-owned life insurance...Read more
The pandemic could negatively impact...Read more
The net interest margin and...Read more
The Company was organized under...Read more
Commercial real estate loans consist...Read more
Data processing expenses increased $125,000,...Read more
Data processing expenses increased $223,000,...Read more
The decline of 66 basis...Read more
For the three months ended...Read more
This discussion and analysis should...Read more
At June 30, 2020, the...Read more
The primary source of funds...Read more
Total consolidated assets were $1.74...Read more
Non-interest income was $3.1 million...Read more
For the six months ended...Read more
If the economic disruption caused...Read more
Among other things, the rules...Read more
Non-interest expenses were $19.6 million...Read more
The amount, if any, by...Read more
The Company offers a variety...Read more
Shareholders' equity increased by $6.9...Read more
Other income decreased $129,000 for...Read more
Other income decreased $59,000 to...Read more
Occupancy expense increased $363,000or 18.0%...Read more
At June 30, 2020, the...Read more
The warehouse line of credit...Read more
The warehouse line of credit...Read more
To the extent that customers...Read more
This allows for an allocation...Read more
If the pandemic continues for...Read more
The Company's primary lending focus...Read more
Net interest income also depends...Read more
Securities held to maturity, which...Read more
A borrower's ability to repay...Read more
In future periods, sales of...Read more
Commercial Real Estate Commercial real...Read more
Non-performing assets increased by $8.9...Read more
The rules also limited a...Read more
If the collateral is foreclosed...Read more
The primary source of funds...Read more
This increase was due primarily...Read more
The following table reflects the...Read more
Despite an increase of $252.4...Read more
Occupancy expense increased $214,000, or...Read more
Equipment expense increased $117,000, or...Read more
Management completed its review of...Read more
Commercial business loans increased $77.0...Read more
The capital conservation buffer requirement...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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: 0001141807-20-000023
Submitted to the SEC: Fri Aug 07 2020 9:02:40 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: Savings Institution Federally Chartered