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

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 A 10.6% INCREASE IN NET INCOME FOR THE THIRD QUARTER OF 2021
AND DECLARES A QUARTERLY DIVIDEND OF $0.10 PER SHARE

Cranbury NJ - October 22, 2021 -- 1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $5.4 million and diluted earnings per share of $0.53 for the three months ended September 30, 2021 compared to net income of $4.9 million and diluted earnings per share of $0.48 for the three months ended September 30, 2020.

The Company's Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock that will be payable on November 24, 2021 to shareholders of record on November 12, 2021.

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 $737,000 related to this pending transaction were incurred in the three-month period ended September 30, 2021.

Adjusted net income increased 24.5% to $6.1 million for the third quarter of 2021 compared to adjusted net income of $4.9 million for the third quarter of 2020. Adjusted net income per diluted share increased 22.9% to $0.59 for the third quarter of 2021 compared to adjusted net income per diluted share of $0.48 for the third quarter of 2020.

For the nine months ended September 30, 2021, net income was $15.5 million, or $1.51 per diluted share, compared to net income of $12.0 million, or $1.17 per diluted share, for the nine months ended September 30, 2020. Net income and diluted earnings per share increased 29.0% and 29.1%, respectively, for the first nine months of 2021 compared to the first nine months of 2020. For the nine months ended September 30, 2021, adjusted net income was $16.5 million, or $1.61 per diluted share, compared to adjusted net income of $12.1 million, or $1.18 per diluted share, for the nine months ended September 30, 2020.

Adjusted net income and adjusted net income per diluted share, which are referred to above, and certain other adjusted results used in this press release, are non-GAAP financial measures and 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, along with an explanation of these measures and why they may be useful to investors, is attached to this press release

Robert F. Mangano, President and Chief Executive Officer of the Company, stated, “We are very pleased with our earnings for the three and nine months ended September 30, 2021. During the quarter our residential mortgage banking and SBA loan operations generated substantial gain from sales of loans. Our performance metrics continue to be strong and we remain focused on prudent and disciplined lending, improving the net interest margin and controlling non-interest expense.”

“As I reported last quarter in respect to us partnering with Lakeland, the merger is proceeding as planned and expected to close in January 2022. The integration planning meetings are in progress and we expect a smooth transition. We are very excited about the combination and are looking forward to serving our customer base with a much broader array of products and services.”




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The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, October 22, 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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1St Constitution Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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)
Pending Merger With And Into Lakeland Bancorp
Pending Merger With And Into Lakeland Bancorp (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

Ticker: FCCY
CIK: 1141807
Form Type: 10-Q Quarterly Report
Accession Number: 0001141807-21-000023
Submitted to the SEC: Tue Nov 09 2021 4:31:40 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Savings Institution Federally Chartered

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