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1St Constitution Bancorp (FCCY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

1St Constitution Bancorp

CIK: 1141807 Ticker: FCCY
Exhibit 99

PRESS RELEASE – FOR IMMEDIATE RELEASE

1ST CONSTITUTION BANCORP ANNOUNCES FOURTH QUARTER AND ANNUAL RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2014



Cranbury, New Jersey –February 5, 2015 – 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income for the three month period ended December 31, 2014 of $2.0 million, a 43% increase compared to net income of $1.4 million reported for the three month period ended December 31, 2013. Net income per diluted share for the three month period ended December 31, 2014 was $0.28, an increase of 27% compared to net income of $0.22 per diluted share for the three month period ended December 31, 2013.

The significant increase in net income for the current quarter was due primarily to the $2.5 million increase in net interest income to $8.5 million, which was driven by the internal growth of the Bank’s loan portfolio and the inclusion of the operations of the former Rumson-Fair Haven Bank & Trust Company (“Rumson”) following its merger with and into the Bank on February 7, 2014. Non-interest income was $1.4 million for the current quarter compared to $1.2 million in the prior year’s fourth quarter and increased primarily due to higher gains from the sale of loans. In the fourth quarter of 2013, the after-tax effect of merger expenses related to the Rumson transaction reduced net income and diluted earnings per share by $0.1 million and $0.03 per share, respectively.

Fourth Quarter Highlights
 
·
Net interest income was $8.5 million in the fourth quarter of 2014 compared to $8.9 million in the third quarter of 2014 and $6.0 million in the fourth quarter of 2013. The net interest margin for each of these periods was 3.83%, 4.05% and 3.31%, respectively.
 
·
Loans were $654 million at December 31, 2014 and increased $34 million, or 5.5%, from September 30, 2014.  Mortgage warehouse loans, contrary to the expected seasonal decline in the fourth quarter of 2014, increased $21.8 million due to the Bank’s mortgage warehouse customers experiencing a higher level of residential loan originations and sales activity, which increased their borrowings. Approximately 70% of the borrowings on the warehouse lines at the end of 2014 were comprised of mortgage loans for the purchase of homes. Also during the fourth quarter of 2014 construction loans increased $8.5 million and commercial and commercial real estate loans increased a combined $3.7 million.
 
·
During the fourth quarter of 2014, the Bank’s retail mortgage banking operations originated $31 million of residential mortgage loans and sold $32 million of residential mortgage loans. The December 31, 2014 pipeline of residential mortgage loans in process was $49 million.
 
·
Return on average assets was 0.83% and return on average equity was 9.45% for the fourth quarter of 2014 compared to 0.71% and 8.10%, respectively, for the fourth quarter of 2013.

 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, February 5, 2015 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 - Deposits
Note 10 - Deposits (details) - Deposits
Note 10 - Deposits (details) - Maturities Of Time Deposits
Note 10 - Deposits (tables)
Note 11 - Borrowings
Note 11 - Borrowings (details)
Note 12 - Redeemable Subordinated Debentures
Note 12 - Redeemable Subordinated Debentures (details)
Note 13 - Income Taxes
Note 13 - Income Taxes (details) - Deferred Tax Assets And Liabilities
Note 13 - Income Taxes (details) - Income Tax Expense (benefit)
Note 13 - Income Taxes (details) - Income Tax Rate Reconciliation
Note 13 - Income Taxes (tables)
Note 14 - Comprehensive Income And Accumulated Other Comprehensive Income
Note 14 - Comprehensive Income And Accumulated Other Comprehensive Income (details) - Changes In The Components Of Aoci
Note 14 - Comprehensive Income And Accumulated Other Comprehensive Income (details) - Components Of Accumulated Other Comprehensive Income (loss)
Note 14 - Comprehensive Income And Accumulated Other Comprehensive Income (tables)
Note 15 - Benefit Plans
Note 15 - Benefit Plans (details)
Note 15 - Benefit Plans (details) - Changes In Benefit Obligations
Note 15 - Benefit Plans (details) - Expected Benefit Payments
Note 15 - Benefit Plans (details) - Net Periodic Benefit Cost
Note 15 - Benefit Plans (details) - Weighted-average Assumptions
Note 15 - Benefit Plans (tables)
Note 16 - Share-based Compensation
Note 16 - Share-based Compensation (details)
Note 16 - Share-based Compensation (details) - Fair Value Inputs, Assets, Quantitative Information
Note 16 - Share-based Compensation (details) - Restricted Stock Activity
Note 16 - Share-based Compensation (details) - Share-based Compensation Activity
Note 16 - Share-based Compensation (details) - Stock Options Outstanding And Exercisable
Note 16 - Share-based Compensation (tables)
Note 17 - Commitments And Contingencies
Note 17 - Commitments And Contingencies (details)
Note 17 - Commitments And Contingencies (details) - Future Minimum Rental Payments For Operating Leases
Note 17 - Commitments And Contingencies (tables)
Note 18 - Other Operating Expenses
Note 18 - Other Operating Expenses (details) - Components Of Other Operating Expenses
Note 18 - Other Operating Expenses (tables)
Note 19 - Regulatory Requirements
Note 19 - Regulatory Requirements (details) - Compliance With Regulatory Capital Requirements Under Banking Regulations
Note 19 - Regulatory Requirements (tables)
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details)
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details) - Assets Acquired And Liabilities Assumed
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details) - Core Deposit Future Amortization Expense
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details) - Loans Acquired At Fair Value
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details) - Loans Acquired With Evidence Of Credit Quality Deterioration
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (details) - Pro Forma Information
Note 2 - Acquisition Of Rumson-fair Haven Bank And Trust Company (tables)
Note 20 - Shareholders' Equity
Note 20 - Shareholders' Equity (details)
Note 21 - Fair Value Disclosures (details) - Estimated Fair Value Of Financial Assets And Liabilities
Note 21 - Fair Value Disclosures (details) - Fair Value Qualitative Information
Note 21 - Fair Value Disclosures (details) - Financial Assets And Liabillities At Fair Value Measured On Non-recurring Basis
Note 21 - Fair Value Disclosures (details) - Financial Assets And Liabillities At Fair Value Measured On Recurring Basis
Note 21 - Fair Value Disclosures
Note 21 - Fair Value Disclosures (details)
Note 21 - Fair Value Disclosures (tables)
Note 22 - Parent-only Financial Information
Note 22 - Parent-only Financial Information (details) - Condensed Statements Of Cash Flows
Note 22 - Parent-only Financial Information (details) - Condensed Statements Of Financial Condition
Note 22 - Parent-only Financial Information (details) - Consolidated Statements Of Income And Comprehensive Income
Note 22 - Parent-only Financial Information (tables)
Note 23 - Quarterly Financial Data (unaudited)
Note 23 - Quarterly Financial Data (unaudited) (details) - Condensed Summary Of Quarterly Results Of Operations
Note 23 - Quarterly Financial Data (unaudited) (tables)
Note 24 - Subsequent Event
Note 24 - Subsequent Event (details)
Note 3 - Investment Securities
Note 3 - Investment Securities (details)
Note 3 - Investment Securities (details) - Available-for-sale Securities
Note 3 - Investment Securities (details) - Held-to-maturity Securities
Note 3 - Investment Securities (details) - Securities By Contractual Maturity
Note 3 - Investment Securities (details) - Securities In A Continuous Unrealized Loss Position
Note 3 - Investment Securities (tables)
Note 4 - Loans And Loans Held For Sale
Note 4 - Loans And Loans Held For Sale (details)
Note 4 - Loans And Loans Held For Sale (details) - Loans
Note 4 - Loans And Loans Held For Sale (tables)
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details)
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Acquired Credit Impaired Loans
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Aging Of Loan Portfolio
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Allowance For Loan Losses
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Changes In Accretable Discount For Acquired Credit Impaired Loans
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Commercial Loans By Credit Quality Indicators
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Consumer Loans By Credit Quality Indicators
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Estimate Of The The Remaining Accretable Discount
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Impaired Loans Receivables
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (details) - Troubled Debt Restructurings
Note 5 - Allowance For Loan Losses And Credit Quality Disclosure (tables)
Note 6 - Loans To Related Parties
Note 6 - Loans To Related Parties (details) - Activity In Loans To Related Parties
Note 6 - Loans To Related Parties (tables)
Note 7 - Premises And Equipment
Note 7 - Premises And Equipment (details)
Note 7 - Premises And Equipment (details) - Premises And Equipment
Note 7 - Premises And Equipment (tables)
Note 8 - Other Real Estate Owned ("oreo")
Note 8 - Other Real Estate Owned ("oreo") (details)
Note 8 - Other Real Estate Owned ("oreo") (details) - Activity Related To Other Real Estate Owned
Note 8 - Other Real Estate Owned ("oreo") (tables)
Note 9 - Goodwill And Intangible Assets
Note 9 - Goodwill And Intangible Assets (details)
Note 9 - Goodwill And Intangible Assets (details) - Goodwill And Intangible Assets
Note 9 - Goodwill And Intangible Assets (details) - Scheduled Amortization
Note 9 - Goodwill And Intangible Assets (tables)
Ticker: FCCY
CIK: 1141807
Form Type: 10-K Annual Report
Accession Number: 0001214659-15-002534
Submitted to the SEC: Wed Mar 25 2015 5:53:26 PM EST
Accepted by the SEC: Thu Mar 26 2015
Period: Wednesday, December 31, 2014
Industry: Savings Institution Federally Chartered

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