1St Constitution Bancorp (FCCY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
1St Constitution Bancorp
Ticker: FCCY CIK: 1141807


CONTACT:	Robert F. Mangano	Stephen J. Gilhooly
	President & Chief Executive Officer	Sr. Vice President & Chief Financial Officer
	(609) 655-4500	(609) 655-4500

1ST CONSTITUTION BANCORP

REPORTS A 39.6% INCREASE IN NET INCOME FOR THE SECOND QUARTER OF 2021

AND DECLARES A QUARTERLY DIVIDEND OF $0.10 PER SHARE

Cranbury NJ - July 23, 2021 -- 1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $5.2 million and diluted earnings per share of $0.50 for the three months ended June 30, 2021 compared to net income of $3.7 million and diluted earnings per share of $0.36 for the three months ended June 30, 2020. Net income increased 39.6% and diluted earnings per share increased 38.9% for the second quarter of 2021 compared to the second quarter of 2020.

On July 11, 2021, the Company and Lakeland Bancorp, Inc. (NASDAQ: LBAI), the holding company (“Lakeland”) for Lakeland Bank, entered into an Agreement and Plan of Merger, pursuant to which the Company will merge with and into Lakeland, with Lakeland continuing as the surviving entity (the “Merger”), and the Bank will merge with and into Lakeland Bank. Expenses of $447,000 related to this pending transaction were incurred in the three month period ended June 30, 2021.

The Company's Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock that will be payable on August 25, 2021 to shareholders of record on August 12, 2021.

Adjusted net income increased 49.1% to $5.5 million, for the second quarter of 2021 compared to adjusted net income of $3.7 million for the second quarter of 2020. 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.

For the six months ended June 30, 2021, net income was $10.1 million, or $0.98 per diluted share, compared to net income of $7.1 million, or $0.69 per diluted share, for the six months ended June 30, 2020. Net income increased 41.8% and diluted earnings per share increased 42.0% for the first six months of 2021 compared to the first six months of 2020. For the six months ended June 30, 2021, adjusted net income was $10.4 million, or $1.01 per diluted share, compared to adjusted net income of $7.2 million, or $0.70 per diluted share, for the six months ended June 30, 2020.

Adjusted net income, adjusted net income per diluted share, adjusted return on average total assets and adjusted return on average shareholders' equity are non-GAAP financial measures that exclude the after-tax effect of merger-related expenses. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s GAAP financial results. A reconciliation of these non-GAAP financial measures to the GAAP financial results is attached to this press release. Management believes that the presentation of these non-GAAP financial measures of the Company in this press release may be helpful to readers in understanding the Company’s financial performance without including the financial impact of the Merger when comparing the Company’s financial statements for the three- and six-month periods ended June 30, 2021 and 2020.

Robert F. Mangano, President and Chief Executive Officer, stated, “We are excited to be partnering with Lakeland, which is such a respected and well-managed institution. This Merger will bring together two outstanding organizations with strong financial performance, similar cultures and deep relationships in New Jersey. We are beginning our integration planning with Lakeland and anticipate consummating the Merger in the fourth quarter of 2021 or early in the first quarter of 2022.”

Mr. Mangano continued, “Our second quarter results reflect contributions from all of our business operations and the diversification of our lending. Our operating fundamentals, asset quality and capital levels continue to be

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 23, 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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