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1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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May 2021

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1St Constitution Bancorp

HISTORY TOOLS
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 A 44% INCREASE IN NET INCOME TO $4.9 MILLION FOR
THE FIRST QUARTER OF 2021 AND DECLARES AN 11% INCREASE IN
QUARTERLY DIVIDEND TO $0.10 PER SHARE

In a release issued under the same headline on May 3, 2021 by 1
ST Constitution Bancorp (NASDAQ: FCCY), please note that the second sentence of the fifth paragraph under the “Discussion of Financial Results” heading should reference a $1.7 million, rather than a $1.6 million, increase in the specific reserves on impaired loans. The corrected release is as follows:

Cranbury NJ - May 3, 2021 -- 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 March 31, 2021 compared to net income of $3.4 million and diluted earnings per share of $0.33 for the three months ended March 31, 2020.

The Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, representing an increase of 11%, compared to the dividend of $0.09 per share of common stock paid on February 26, 2021. The dividend will be paid on May 28, 2021 to shareholders of record on May 14, 2021.

Robert F. Mangano, President and Chief Executive Officer, stated, “Our first quarter financial results reflect our strong operating fundamentals and the Company’s diversified lending platforms as our mortgage warehouse and residential mortgage banking lending operations continued to drive revenue and profitability. We maintained our focus on assisting customers with the SBA PPP lending programs, which resulted in the forgiveness of $34.4 million of existing PPP loans and the funding of $34.2 million of new PPP loans.”

Mr. Mangano added, “We observed improvement in economic conditions in our market in the first quarter of 2021 and anticipate further improvement in economic conditions due to the COVID-19 vaccines becoming more widely distributed and the potential easing of governmental restrictions. We continue to closely monitor the performance of our loan portfolio and believe it was appropriate to strengthen our allowance for loan losses during this period of continuing economic uncertainty caused by the pandemic. Despite the economic uncertainty, our asset quality was stable and only one commercial real estate loan was on deferral at the end of March.”

FIRST QUARTER 2021 HIGHLIGHTS

•Net income increased $1.5 million, or 44%, to $4.9 million as compared to the first quarter of 2020. Return on average total assets and return on average shareholders' equity were 1.10% and 10.59%, respectively.
•Net interest income was $15.3 million and the net interest margin was 3.67% on a tax equivalent basis.
•A provision for loan losses of $1.4 million was recorded and net recoveries were $3,000.
•Total loans were $1.3 billion at March 31, 2021 and decreased $138.7 million from December 31, 2020. During the first quarter of 2021, mortgage warehouse lines decreased $120.8 million to $267.6 million at March 31, 2021, reflecting primarily a lower volume of funding of home purchase mortgages due to the seasonal nature of home purchases in the Bank's market. Residential mortgage loans held in portfolio decreased $13.2 million due to sales and pay-offs of loans.
•Non-interest income increased $1.6 million for the first quarter of 2021, as residential mortgage banking operations originated $88.2 million of residential mortgages, sold $102.2 million of residential mortgages and recorded a $2.9 million gain on sales of loans.
1
The following information was filed by 1St Constitution Bancorp (FCCY) on Tuesday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

Definitive Proxy Statement (Form DEF 14A)
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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

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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
Allowance For Loan Losses And Credit Quality
Allowance For Loan Losses And Credit Quality (Tables)
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 Loans By Credit Quality Indicators) (Details)
Allowance For Loan Losses And Credit Quality - (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)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - (Narrative) (Details)
Benefit Plans - (Schedule Of Components Of Net Periodic Benefit Cost) (Details)
Borrowings
Borrowings (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - (Narrative) (Details)
Earnings Per Common Share - (Reconciliation Of Basic And Diluted Earnings Per Common Share) (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)
Investment Securities
Investment Securities (Tables)
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 - (Unrealized Losses On Available For Sale And Held To Maturity Securities) (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)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss) (Tables)
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)
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 (Tables)
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 Transactions Under Stock Plans) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

1St Constitution Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 10.3: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: FCCY
CIK: 1141807
Form Type: 10-Q Quarterly Report
Accession Number: 0001141807-21-000010
Submitted to the SEC: Mon May 10 2021 5:15:32 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: Savings Institution Federally Chartered

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