1St Constitution Bancorp (FCCY) 10-K Annual Report March 2014

ST Constitution Bancorp (NASDAQ: FCCY), the holding company for 1ST Constitution Bank, reported net income for the fourth quarter of 2013 of $1.4 million, or $0.22 per diluted share, compared to net income for the fourth quarter of 2012 of $1.2 million, or $0.21 per diluted share. During the fourth quarter of 2012, the Company concluded a rights offering to existing shareholders, which resulted in the issuance of 555,555 new shares of common stock and raised approximately $4.8 million of additional equity capital.

Net income for the year ended December 31, 2013 was $5.8 million, or $0.95 per diluted share, compared to $5.1 million, or $0.90 per diluted share, for the year ended December 31, 2012.

Net income, when compared to the same periods in 2012, increased by $134 thousand, or 10.8 percent, for the quarter ended December 31, 2013, and by $720 thousand, or 14.2 percent, for the year ended December 31, 2013. During the fourth quarter of 2013 and the full-year 2013, the Company incurred pretax merger-related expenses of $165 thousand (or $148 thousand after taxes) and $327 thousand (or $303 thousand after taxes) in connection with its proposed merger with Rumson-Fair Haven Bank and Trust Company. Excluding after-tax merger-related expenses, net income for the fourth quarter of 2013 and the year 2013, net income would have been $1.5 million (or $0.25 per diluted share) and $6.1 million (or $1.00 per diluted share), respectively. At December 31, 2013, the Company’s tangible book value per common share was $10.55.

Robert F. Mangano, President and Chief Executive Officer, said “The increase in net income for the year ended December 31, 2013 was principally the result of a 10.6 percent increase in non-interest income, a $1.1 million decline in our loan loss provision, and a 9.9 percent decrease in non-interest expense. These favorable developments were partly offset by a 9.5 percent decline in taxable equivalent net interest income.”

Net interest income on a taxable equivalent basis was $25.8 million for the year ended December 31, 2013, a $2.7 million decrease from the $28.5 million reported for the year ended December 31, 2012. Earnings for the year ended December 31, 2013 were bolstered by the continued generation of non-interest income, which totaled $5.8 million for the year. On a comparative basis, non-interest income for the year ended December 31, 2013 was up by $560 thousand, or 10.6 percent, when compared to results for the year 2012.

The provision for loan losses for the year ended December 31, 2013 totaled $1.1 million, compared to $2.2 million for the year ended December 31, 2012. Net charge-offs for the year ended December 31, 2013 were $1.2 million, compared to net charge-offs of $533 thousand for the year ended December 31, 2012.

At December 31, 2013, the allowance for loan losses was $7.0 million, or 1.89 percent of total loans, compared to $7.2 million, or 1.37 percent of total loans at December 31, 2012. Non-performing assets at December 31, 2013 were $8.5 million, compared to non-performing assets of $14.3 million at December 31, 2012. Non-performing assets at December 31, 2013 included non-performing loans of $6.3 million and other real estate owned of $2.2 million; comparable amounts at December 31, 2012 were non-performing loans of $6.0 million and other real estate owned of $8.3 million, respectively.

The following information was filed by 1St Constitution Bancorp (FCCY) on Wednesday, February 5, 2014 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

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

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001214659-14-002350
Submitted to the SEC: Mon Mar 31 2014 12:21:35 PM EST
Accepted by the SEC: Mon Mar 31 2014
Period: Tuesday, December 31, 2013
Industry: Savings Institution Federally Chartered

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1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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