Last10K.com

1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 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 RECORD NET INCOME OF $6.1 MILLION FOR THE FOURTH QUARTER 2020 AND $18.1 MILLION FOR THE FULL YEAR 2020 AND
DECLARES A QUARTERLY DIVIDEND OF $0.09 PER SHARE

Cranbury NJ - February 2, 2021 -- 1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $6.1 million and diluted earnings per share of $0.59 for the three months ended December 31, 2020 compared to net income of $3.2 million and diluted earnings per share of $0.34 for the three months ended December 31, 2019. Net income increased 87.0% and diluted earnings per share increased 73.5% for the fourth quarter of 2020 compared to the fourth quarter of 2019. Net income for the three months ended December 31, 2019 included $880,000 of after tax merger expenses related to the merger of Shore Community Bank (“Shore”) with and into the Bank in November 2019.

For the year ended December 31, 2020, net income was $18.1 million and diluted earnings per share was $1.76 compared to net income of $13.6 million and diluted earnings per share of $1.53 for the year ended December 31, 2019. Net income for the years ended December 31, 2020 and 2019 included $45,000 and $1.3 million, respectively, of after tax merger expenses related to the merger of Shore.

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock that will be payable on February 26, 2021 to shareholders of record on February 12, 2021.

Robert F. Mangano, President and Chief Executive Officer, stated, “We reported record earnings for the fourth quarter and the full year of 2020 despite the unprecedented challenges presented by the pandemic. The Company’s diversified lending platforms contributed significantly to the increase in revenue and net income during the fourth quarter and throughout the year as the Company’s residential mortgage banking and mortgage warehouse lending operations benefited from the low interest rate environment.”

Mr. Mangano added, “We addressed the economic uncertainty by providing access to additional credit and forbearance on loan interest and or principal payments to customers, significantly enhancing the frequency and level of critical review of the loan portfolio and recording an annual provision for loan losses of $6.7 million, which increased the allowance for loan losses by 68.7% to $15.6 million at December 31, 2020.”

Mr. Mangano continued, “I could not be prouder of the dedication, hard work and resiliency of our employees during this extremely difficult period. They worked tirelessly to serve and assist our customers and maintain the operations of the Company. Our financial success is a reflection of their commitment. Recently, Newsweek Magazine named 1st Constitution Bank the “2021 Best Small Bank in New Jersey.”

FOURTH QUARTER 2020 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 1.31% and 13.13%, respectively.
Net interest income was $16.4 million and the net interest margin was 3.81% on a tax equivalent basis.
A provision for loan losses of $1.4 million was recorded and net charge-offs were $168,000.
Total loans were $1.4 billion at December 31, 2020 and increased $217.7 million from December 31, 2019. Mortgage warehouse lines increased $151.7 million, commercial real estate loans increased $51.3 million and commercial business loans increased $49.5 million, which included $58.8 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans.
1

The following information was filed by 1St Constitution Bancorp (FCCY) on Wednesday, February 3, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year 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-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1St Constitution Bancorp.

Continue

Assess how 1St Constitution Bancorp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
M & A
Revenue
Other
Filter by Subcategory:
All
Expense
Earnings
Shares
Product
Income
Geography
Debt
Cash Flow
Other
Inside 1St Constitution Bancorp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parentheticals)
Consolidated Statements Of Changes In Shareholders??? Equity
Consolidated Statements Of Changes In Shareholders??? Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Allowance For Loan Losses And Credit Quality Disclosures
Allowance For Loan Losses And Credit Quality Disclosures (Tables)
Allowance For Loan Losses And Credit Quality Disclosures - Acquired Credit Impaired Loans (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Aging Of Loan Portfolio (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Allowance For Loan Losses (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Changes In Accretable Discount For Acquired Credit Impaired Loans (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Commercial Loans By Credit Quality Indicators (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Consumer Loans By Credit Quality Indicators (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Consumer Mortgage Loans Secured By Residential Real Estate In Process Of Foreclosure (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Estimate Of The Remaining Accretable Discount (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Impaired Loans Receivables (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Narrative (Details)
Allowance For Loan Losses And Credit Quality Disclosures - Troubled Debt Restructurings (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Changes In Benefit Obligations (Details)
Benefit Plans - Expected Benefit Payments (Details)
Benefit Plans - Narrative (Details)
Benefit Plans - Net Periodic Benefit Cost (Details)
Borrowings
Borrowings (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income And Accumulated Other Comprehensive Income
Comprehensive Income And Accumulated Other Comprehensive Income (Tables)
Comprehensive Income And Accumulated Other Comprehensive Income - Changes In The Components Of Aoci (Details)
Comprehensive Income And Accumulated Other Comprehensive Income - Components Of Accumulated Other Comprehensive Income (Details)
Deposits
Deposits (Tables)
Deposits - Maturities Of Time Deposits (Details)
Deposits - Narrative (Details)
Deposits - Schedule Of Deposits (Details)
Fair Value Disclosures
Fair Value Disclosures (Tables)
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)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
Goodwill And Intangible Assets - Scheduled Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available-For-Sale Securities (Details)
Investment Securities - Held-To-Maturity Securities (Details)
Investment Securities - Narrative (Details)
Investment Securities - Securities By Contractual Maturity (Details)
Investment Securities - Securities In A Continuous Unrealized Loss Position (Details)
Investment Securities - Summary Of Investments Sold (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)
Loans And Loans Held For Sale
Loans And Loans Held For Sale (Tables)
Loans And Loans Held For Sale - Changes In Servicing Assets (Details)
Loans And Loans Held For Sale - Narrative (Details)
Loans And Loans Held For Sale - Summary Of Loans (Details)
Loans And Loans Held For Sale - Summary Of Loans By Type (Details)
Other Operating Expenses
Other Operating Expenses (Details)
Other Operating Expenses (Tables)
Other Real Estate Owned ("Oreo")
Other Real Estate Owned ("Oreo") (Tables)
Other Real Estate Owned ("Oreo") - Activity Related To Other Real Estate Owned (Details)
Other Real Estate Owned ("Oreo") - Narrative (Details)
Parent-Only Financial Information
Parent-Only Financial Information (Tables)
Parent-Only Financial Information - Condensed Statements Of Cash Flows (Details)
Parent-Only Financial Information - Condensed Statements Of Financial Condition (Details)
Parent-Only Financial Information - Condensed Statements Of Income And Comprehensive Income (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Narrative (Details)
Premises And Equipment - Summary Of Premises And Equipment (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Redeemable Subordinated Debentures
Redeemable Subordinated Debentures (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Related Parties
Related Parties (Details)
Related Parties (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Restricted Stock Activity (Details)
Share-Based Compensation - Share-Based Compensation Activity (Details)
Share-Based Compensation - Significant Weighted Average Assumptions Used To Calculate Fair Value Of Options Granted (Details)
Share-Based Compensation - Stock Options Outstanding And Exercisable (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Earnings Per Share, Basic And Diluted (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Ticker: FCCY
CIK: 1141807
Form Type: 10-K Annual Report
Accession Number: 0001141807-21-000005
Submitted to the SEC: Mon Mar 15 2021 5:23:47 PM EST
Accepted by the SEC: Mon Mar 15 2021
Period: Thursday, December 31, 2020
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fccy/0001141807-21-000005.htm