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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY

CONTACT:Robert F. ManganoStephen J. Gilhooly
President & Chief Executive OfficerSr. Vice President & Chief Financial Officer
(609) 655-4500(609) 655-4500
        
1ST CONSTITUTION BANCORP
REPORTS THIRD QUARTER 2020 RESULTS
AND DECLARES A QUARTERLY DIVIDEND OF $0.09 PER SHARE

Cranbury NJ - October 23, 2020 -- 1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $4.9 million and diluted earnings per share of $0.48 for the three months ended September 30, 2020 compared to net income of $3.6 million and diluted earnings per share of $0.42 for the three months ended September 30, 2019. Net income increased 35.5% and diluted earnings per share increased 14.3% for the third quarter of 2020 compared to the third quarter of 2019. Net income for the three months ended September 30, 2019 included $265,000 of after tax merger expenses related to the merger of Shore Community Bank (“Shore”).

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock that will be payable on November 25, 2020 to shareholders of record on November 10, 2020.

Robert F. Mangano, President and Chief Executive Officer, stated “The Company continued to generate solid fundamental operating performance during the third quarter of 2020 despite the challenging economic environment. The Company’s residential mortgage banking and mortgage warehouse lending operations continued to benefit from the low interest rate environment, which drove a $2.0 million increase in gain on sale of loans and a $76.9 million increase in mortgage warehouse loans for the third quarter of 2020. Our sharp focus on deposit pricing and the mix and term structure of our funding resulted in the cost of interest-bearing liabilities declining to 0.79%. Due to continued economic uncertainty, the provision for loan losses was increased to $2.3 million and the allowance for loan losses increased 19.1% to $14.5 million at September 30, 2020.”

Mr. Mangano added, “As we are navigating through the COVID-19 pandemic impact and the economic and social disruption to our customers and communities we serve, we continue to closely monitor our loan portfolio to identify potential weaknesses. The unknown severity and duration of the pandemic present a continuing challenge. However, we believe that the Company has the financial strength and flexibility to address these adverse economic and operating conditions.”

THIRD QUARTER 2020 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 1.08% and 10.92%, respectively.
Net interest income was $15.4 million and net interest margin was 3.67% on a tax equivalent basis.
A provision for loan losses of $2.3 million was recorded for the third quarter of 2020, net recoveries were $5,000.
Total loans were $1.5 billion at September 30, 2020 and increased $100.2 million from June 30, 2020. Mortgage warehouse loans increased $76.9 million and commercial real estate loans increased $23.7 million from June 30, 2020.
As of September 30, 2020, the Bank had funded $75.6 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 $1.5 billion at September 30, 2020 and increased $101.6 million, with non-interest demand deposits increasing $29.3 million, from June 30, 2020.
Non-performing assets were $17.5 million, or 0.95% of total assets at September 30, 2020, increased $3.5 million from June 30, 2020 and included $267,000 of other real estate owned ("OREO").

1

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, October 23, 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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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)
Borrowings
Borrowings (Details)
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 (Components Of Lease Expense) (Details)
Leases (Future Payments Under Operating Leases) (Details)
Leases (Narrative) (Details)
Leases (Summary Of Cash And Non-Cash Items) (Details)
Leases (Tables)
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 (Narrative) (Details)
Share-Based Compensation (Schedule Of Fair Value And Weighted Average Assumptions) (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 (Details)
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: 0001141807-20-000033
Submitted to the SEC: Fri Nov 06 2020 4:56:10 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Savings Institution Federally Chartered

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