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Robert F. Mangano
Stephen J. Gilhooly
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
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").
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.
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