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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 |
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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 2021 10-K Annual Report includes:
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The provision for loan losses for the first six months of 2021 reflected primarily a $2.0 million increase in specific reserves on impaired loans, charge-offs of $719,000 and recoveries of previously charged-off loans of $3,000.
The increase in cash provided by operating activities for the six months ended June 30, 2021 compared to the six months ended June 30, 2020 was due primarily to the net sales (cash provided) of loans held for sale of approximately $29.6 million and the increase in net income for the first six months of 2021 compared to net funding (cash used) of loans held for sale of approximately $1.6 million for the first six months of 2020.
A decline in sales of residential mortgages would result in a lower gain on sales of loans and a decline of non-interest income.
(1) The Company uses the non-GAAP financial measures of adjusted net income, adjusted net income per diluted share, adjusted return on average total assets, adjusted return on average shareholders' equity, adjusted efficiency ratio, adjusted non-interest expenses and tangible book value per common share because management believes that it is helpful to readers in understanding the Company's financial performance and the effect of the expenses related to the pending Merger on its financial statements.
Adjusted net income per diluted share increased 47.2% to $0.53 for the second quarter of 2021 compared to adjusted net income per diluted share of $0.36 for the second quarter of 2020.
Provision for Loan Losses Management...Read more
Although management has taken certain...Read more
Non-interest expenses may increase, if...Read more
The provision for loan losses...Read more
The increase in non-interest income...Read more
Failure to meet minimum capital...Read more
Excluding the effect of the...Read more
The primary source of cash...Read more
These unique risks may include,...Read more
A broad range of short-to-medium...Read more
42 Six months ended June...Read more
Although we believe that the...Read more
FDIC insurance expense decreased $70,000...Read more
Six months ended June 30,...Read more
Income Taxes Three months ended...Read more
Under the common stock repurchase...Read more
Adjusted net income increased 49.1%...Read more
Cash and Cash Equivalents Cash...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
All construction loans are closely...Read more
For the six months ended...Read more
Allowance for Loan Losses and...Read more
"Risk Factors" or discussed in...Read more
Supplies expense decreased $97,000 to...Read more
In addition, statements about the...Read more
Due to the economic disruption...Read more
44 Occupancy expense increased $97,000...Read more
At June 30, 2021, securities...Read more
The decline was due primarily...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
Management may further increase the...Read more
43 Non-Interest Expenses For the...Read more
In the second quarter of...Read more
Net income increased 39.6% and...Read more
Net income increased 41.8% and...Read more
The provision for loan losses...Read more
Liquidity management refers to the...Read more
Management believes that the allowance...Read more
Adjusted non-interest expenses, which excludes...Read more
The rules became effective for...Read more
Under the interest rate risk...Read more
Commercial Business The Company offers...Read more
The decrease in total interest...Read more
Of the total increase in...Read more
Non-interest income was $3.7 million...Read more
The higher provision for loan...Read more
In addition to maintaining liquid...Read more
When used in this and...Read more
The decline in the net...Read more
In the second quarter of...Read more
Average interest-earning assets increased $209.5...Read more
This may result in increases...Read more
Non-Interest Income Three months ended...Read more
The allocated portion of the...Read more
51 The following table presents,...Read more
Salaries and employee benefits, which...Read more
The Company was organized under...Read more
Commercial real estate loans consist...Read more
The decline of 58 basis...Read more
Shareholders' Equity and Dividends Shareholders'...Read more
The future origination and sale...Read more
During the second quarter of...Read more
The increase in income tax...Read more
The increase in income tax...Read more
Borrowings Borrowings are mainly comprised...Read more
At June 30, 2021, the...Read more
At June 30, 2021, management...Read more
If the economic disruption caused...Read more
Among other things, the rules...Read more
The amount, if any, by...Read more
37 Second Quarter 2021 Highlights...Read more
Due to the low interest...Read more
At June 30, 2021, the...Read more
The warehouse line of credit...Read more
The warehouse line of credit...Read more
This allows for an allocation...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: 0001141807-21-000016
Submitted to the SEC: Mon Aug 09 2021 4:52:44 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Savings Institution Federally Chartered