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

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY
Exhibit 99
 
CONTACT:    
Robert F. Mangano
Joseph M. Reardon
 
President & Chief Executive Officer
Sr. Vice President & Treasurer
 
(609) 655-4500
(609) 655-4500

       PRESS RELEASE  -  FOR IMMEDIATE RELEASE......

1ST CONSTITUTION BANCORP
REPORTS STRONG FOURTH  QUARTER AND ANNUAL RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2013

Cranbury NJ – February 5, 2014....... 1
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

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
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details)
Note 1 - Summary Of Significant Accounting Policies (details) - Earnings Per Share, Basic And Diluted
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 10 - Borrowings
Note 10 - Borrowings (details)
Note 11 - Redeemable Subordinated Debentures
Note 11 - Redeemable Subordinated Debentures (details)
Note 12 - Income Taxes
Note 12 - Income Taxes (details) - Components Of Income Tax Expense (benefit)
Note 12 - Income Taxes (details) - Deferred Tax Assets And Liabilities
Note 12 - Income Taxes (details) - Effective Income Tax Rate Reconciliation
Note 12 - Income Taxes (tables)
Note 13 - Comprehensive Income And Accumulated Other Comprehensive Income
Note 13 - Comprehensive Income And Accumulated Other Comprehensive Income (details) - Change In Accumulated Other Comprehensive Income
Note 13 - Comprehensive Income And Accumulated Other Comprehensive Income (details) - Other Comprehensive Income
Note 13 - Comprehensive Income And Accumulated Other Comprehensive Income (tables)
Note 14 - Benefit Plans
Note 14 - Benefit Plans (details)
Note 14 - Benefit Plans (details) - Assumptions Used
Note 14 - Benefit Plans (details) - Changes In Projected Benefit Obligations
Note 14 - Benefit Plans (details) - Expected Benefit Payments
Note 14 - Benefit Plans (details) - Net Periodic Benefit Cost Not Yet Recognized
Note 14 - Benefit Plans (tables)
Note 15 - Share-based Compensation
Note 15 - Share-based Compensation (details)
Note 15 - Share-based Compensation (details) - Fair Value Inputs Assets Quantitative Information
Note 15 - Share-based Compensation (details) - Share Based Compensation Activity
Note 15 - Share-based Compensation (details) - Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
Note 15 - Share-based Compensation (details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range
Note 15 - Share-based Compensation (tables)
Note 16 - Commitments And Contingencies
Note 16 - Commitments And Contingencies (details)
Note 16 - Commitments And Contingencies (details) - Future Minimum Rental Payments For Operating Leases
Note 16 - Commitments And Contingencies (tables)
Note 17 - Other Operating Expenses
Note 17 - Other Operating Expenses (details) - Other Operating Cost And Expenses By Component
Note 17 - Other Operating Expenses (tables)
Note 18 - Regulatory Requirements
Note 18 - Regulatory Requirements (details) - Compliance With Regulatory Capital Requirements Under Banking Regulations
Note 18 - Regulatory Requirements (tables)
Note 19 - Shareholders' Equity
Note 19 - Shareholders' Equity (details)
Note 2 - Investment Securities
Note 2 - Investment Securities (details)
Note 2 - Investment Securities (details) - Available-for-sale Securities
Note 2 - Investment Securities (details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value
Note 2 - Investment Securities (details) - Held-to-maturity Securities
Note 2 - Investment Securities (details) - Investments Classified By Contractual Maturity Date
Note 2 - Investment Securities (details) - Unrealized Loss On Investments
Note 2 - Investment Securities (tables)
Note 20 - Fair Value Disclosures
Note 20 - Fair Value Disclosures (details)
Note 20 - Fair Value Disclosures (details) - Carrying Values And Estimated Fair Values Of Debt Instuments
Note 20 - Fair Value Disclosures (details) - Fair Value Assets, Measurements, Nonrecurring
Note 20 - Fair Value Disclosures (details) - Fair Value, Assets And Liabilities Measured On Recurring Basis
Note 20 - Fair Value Disclosures (details) - Fair Value, Quantitative Disclosures
Note 20 - Fair Value Disclosures (tables)
Note 21 - Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only)
Note 21 - Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (details) - Condensed Balance Sheet
Note 21 - Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (details) - Condensed Cash Flow Statements
Note 21 - Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (details) - Condensed Statements Of Income And Comprehensive Income
Note 21 - Condensed Financial Statements Of 1st Constitution Bancorp (parent Company Only) (tables)
Note 22 - Unaudited Quarterly Financial Data
Note 22 - Unaudited Quarterly Financial Data (details) - Condensed Summary Of Quarterly Results Of Operations
Note 22 - Unaudited Quarterly Financial Data (tables)
Note 23 - Subsequent Events
Note 23 - Subsequent Events (details)
Note 3 - Loans And Loans Held For Sale
Note 3 - Loans And Loans Held For Sale (details)
Note 3 - Loans And Loans Held For Sale (details) - Gross Loans
Note 3 - Loans And Loans Held For Sale (tables)
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details)
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Allowance For Credit Losses On Financing Receivables
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Financing Receivable Credit Qulity Indicators Commercial
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Financing Receivable Credit Qulity Indicators Consumer
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Impaired Financing Receivables
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Past Due Financing Receivables
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Troubled Debt Restructurings On Financing Receivables
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Troubled Debt Restructurings On Financing Receivables Subsequently Default
Note 4 - Allowance For Loan Losses And Credit Quality Disclosure (tables)
Note 5 - Loans To Related Parties
Note 5 - Loans To Related Parties (details) - Loans To Related Parties
Note 5 - Loans To Related Parties (tables)
Note 6 - Premises And Equipment
Note 6 - Premises And Equipment (details)
Note 6 - Premises And Equipment (details) - Premises And Equipment
Note 6 - Premises And Equipment (tables)
Note 7 - Other Real Estate Owned ("oreo")
Note 7 - Other Real Estate Owned ("oreo") (details)
Note 8 - Goodwill And Intangible Assets
Note 8 - Goodwill And Intangible Assets (details)
Note 8 - Goodwill And Intangible Assets (details) - Expected Amortization Expense
Note 8 - Goodwill And Intangible Assets (details) - Goodwill And Intangible Assets
Note 8 - Goodwill And Intangible Assets (tables)
Note 9 - Deposits
Note 9 - Deposits (details)
Note 9 - Deposits (details) - Deposits Liabilities
Note 9 - Deposits (details) - Maturities Of Time Deposits
Note 9 - Deposits (details) - Maturities Of Time Deposits 100000 Or Greater
Note 9 - Deposits (tables)
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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