1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the
“Company”) for 1ST Constitution Bank (the “Bank”), today reported
net income of $3.2 million for the three months ended December 31,
2019 compared to net income of $3.3 million for the three months
ended December 31, 2018. Diluted earnings per share were $0.34 for
the three months ended December 31, 2019 compared to diluted
earnings per share of $0.38 for the three months ended December 31,
2018.
The Board of Directors declared a quarterly cash
dividend of $0.09 per share of common stock, representing an
increase of 20%, compared to the dividend of $0.075 per share of
common stock paid on November 5, 2019. The dividend will be paid on
February 27, 2020 to shareholders of record on February 14,
2020.
Adjusted net income was $4.1 million, or $0.43
per diluted share, for the fourth quarter of 2019, compared to
adjusted net income of $3.3 million, or $0.38 per diluted share,
for the fourth quarter of 2018. Adjusted net income and other
adjusted financial information reported in this press release are
non-GAAP financial measures, which exclude the after-tax effect of
merger-related expenses from the merger of Shore Community Bank
(“Shore”) with and into the Bank (the “Shore Merger”) incurred and
recognized in the year ended December 31, 2019. A reconciliation of
the non-GAAP financial measures used herein is included at the end
of this press release.
On November 8, 2019, the Company completed the
Shore Merger. Total consideration paid to Shore shareholders in the
Shore Merger was $54.3 million, which was comprised of 1,509,275
shares of common stock of the Company with a market value of $29.2
million at the effective time of the Shore Merger, cash of $24.2
million and cash of $925,000 paid in exchange for unexercised
outstanding stock options. The excess of the fair value of the
consideration paid over the preliminary net fair value of Shore’s
assets and liabilities resulted in the recognition of goodwill of
$23.2 million. A core deposit intangible of $1.5 million and a
credit risk discount of $3.6 million applicable to loans were also
recorded. Merger-related expenses of $1.2 million were incurred as
a result of the Shore Merger, and the after-tax effect of such
merger-related expenses reduced net income for the fourth quarter
of 2019 by $0.9 million.
FOURTH QUARTER 2019 HIGHLIGHTS
- Return on average total assets and return on average
shareholders’ equity were 0.88% and 8.25%, respectively. Adjusted
return on average total assets and adjusted return on average
shareholders’ equity were 1.11% and 10.49%, respectively.
- Book value per common share and tangible book value per common
share were $16.74 and $13.13, respectively, at December 31,
2019.
- Net interest income was $13.2 million and the net interest
margin was 3.87% on a tax-equivalent basis.
- A provision for loan losses of $300,000 and net charge-offs of
$7,000 were recorded.
- $1.4 million of OREO was sold during the quarter and a loss of
$238,000, or $166,000 on an after-tax basis, was recorded.
- Total loans were $1.2 billion at December 31, 2019 and included
$206.2 million of loans acquired in the Shore Merger. Commercial
real estate, construction and commercial business loans totaled
$855.9 million at December 31, 2019, including $163.9 million of
loans acquired in the Shore Merger. Excluding the acquired Shore
loans, the total of commercial real estate, construction and
commercial business loans increased $33.6 million, or 5.1%,
compared to $658.4 million at December 31, 2018.
- Mortgage warehouse loans increased $82.5 million during 2019 to
$236.7 million, reflecting the increased level of refinancing of
residential mortgages.
- Total deposits were $1.3 billion at December 31, 2019,
including $244.3 million from the Shore Merger. Excluding the Shore
deposits, total deposits increased $82.4 million, or 8.7%, at
December 31, 2019 as compared to December 31, 2018.
- Non-performing assets were $5.1 million, or 0.32% of assets,
and included $571,000 of OREO at December 31, 2019, of which
$478,000 was acquired in the Shore Merger.
For the year ended December 31, 2019, the
Company reported net income of $13.6 million and adjusted net
income of $15.0 million compared to net income of $12.0 million and
adjusted net income of $13.4 million for the year ended December
31, 2018. Adjustments to net income for the year ended
December 31, 2018 exclude the after-tax effect of merger-related
expenses incurred from the merger of New Jersey Community Bank
(“NJCB”) with and into the Bank (the “NJCB Merger”), which was
consummated on April 11, 2018, and the bargain purchase gain
resulting from the NJCB Merger. For the year ended December 31,
2019, net income per diluted share was $1.53 and adjusted net
income per diluted share was $1.68 compared to net income per
diluted share of $1.40 and adjusted net income per diluted share of
$1.56 for the year ended December 31, 2018.
As a result of the NJCB Merger, merger-related
expenses of $2.1 million were incurred primarily in the second
quarter of 2018, and the after-tax effect of NJCB Merger expenses
reduced net income for the year ended December 31, 2018 by $1.6
million. The acquisition method of accounting for the business
combination resulted in the recognition of a gain from bargain
purchase of $230,000 and no goodwill.
Adjusted net income, adjusted net income per
diluted share, adjusted return on average total assets, adjusted
return on average shareholders’ equity and tangible book value per
share are non-GAAP financial measures. 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 included at the end of 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 when comparing the Company’s financial statements for
the three and twelve months ended December 31, 2019 and 2018
because these non-GAAP financial measures present the Company’s
financial performance excluding the financial impact of the merger
expenses related to the Shore Merger in 2019 and the NJCB Merger in
2018.
Robert F. Mangano, President and Chief Executive
Officer, stated, “We completed the acquisition of Shore Community
Bank, the conversion of its core operating system and substantially
achieved our expected operating synergies through the integration
of its operations during the fourth quarter.” Mr. Mangano added,
“Our fourth quarter results, excluding the impact of merger
expenses, reflected our sound operating fundamentals driven by the
growth of our loan portfolio and the contribution from the Shore
Merger.”
Mr. Mangano continued, “We are pleased to
welcome the shareholders, employees and customers of Shore
Community Bank to 1ST Constitution Bank. We look forward to
building on all of our existing customer relationships and
continuing to expand our presence in Ocean County and the
communities of Toms River, Manahawkin, Jackson and surrounding
areas. We remain committed to delivering superior banking
experience in the communities we serve and look forward to
continued success in 2020.”
Discussion of Financial Results
The Company’s net income was $3.2 million, or
$0.34 per diluted share, for the fourth quarter of 2019 compared to
$3.3 million, or $0.38 per diluted share, for the fourth quarter of
2018. Adjusted net income and adjusted net income per diluted share
were $4.1 million and $0.43, respectively, for the fourth quarter
of 2019 compared to $3.3 million and $0.38, respectively, for the
fourth quarter of 2018. For the three months ended December 31,
2019, net interest income was $13.2 million, compared to $11.3
million for the three months ended December 31, 2018. Non-interest
expenses were $10.5 million for the fourth quarter of 2019, which
included $1.2 million of Shore Merger-related expenses, compared to
$8.3 million for the fourth quarter of 2018, in which no
merger-related expenses were incurred. The addition of the Shore
operations increased expenses for the fourth quarter of 2019 by
$572,000 over the prior year period.
Total interest income was $16.7 million for the
three months ended December 31, 2019 compared to $13.8 million for
the three months ended December 31, 2018. This increase was due in
part to the $270.0 million increase in average loans, reflecting
growth in all segments of the loan portfolio. The growth in average
loans included average loans of approximately $122.9 million from
the Shore Merger. Average interest-earning assets were $1.4 billion
with a tax-equivalent yield of 4.92% for the fourth quarter of 2019
compared to $1.1 billion with a tax-equivalent yield of 5.02% for
the fourth quarter of 2018. The yield on average interest-earning
assets for the fourth quarter of 2019, declined 10 basis points to
4.92% primarily due to the cumulative 75 basis point decline in the
Federal Reserve’s targeted federal funds rate that occurred in the
third and fourth quarters of 2019 and the corresponding decrease in
the prime rate to 4.75% on October 31, 2019 compared to the prime
rate of 5.25% for most of the fourth quarter of 2018. The yields of
construction, commercial business, home equity and warehouse loans
with variable interest rate terms were generally lower for the
fourth quarter of 2019 compared to the fourth quarter of 2018. The
net accretion of discount related to the acquired Shore loans was
$161,000 for the fourth quarter of 2019.
Interest expense on average interest-bearing
liabilities was $3.6 million, with an interest cost of 1.39%, for
the fourth quarter of 2019 compared to $2.4 million, with an
interest cost of 1.19%, for the fourth quarter of 2018 and 1.51%
for the third quarter of 2019. The $1.2 million increase in
interest expense on interest-bearing liabilities for the fourth
quarter of 2019 reflected primarily an increase of $218.5 million
in average interest-bearing liabilities and higher interest rates
paid on interest-bearing deposits in the fourth quarter of 2019
compared to the fourth quarter of 2018. The lower level of
short-term interest rates in the fourth quarter of 2019 compared to
the fourth quarter of 2018 resulted in a decline in the interest
cost of short-term borrowings and the redeemable subordinated
debentures. The growth in average interest-bearing liabilities
included average interest-bearing deposits of $104.5 million
acquired in the Shore Merger. Of the total increase in average
interest-bearing liabilities, certificates of deposit increased
$121.5 million, which generally have higher interest cost than
other types of interest-bearing deposits.
The net interest margin on a tax-equivalent
basis decreased to 3.87% for the fourth quarter of 2019 compared to
4.19% for the fourth quarter of 2018 and 3.91% for the third
quarter of 2019, due primarily to the higher cost of average
interest-bearing liabilities coupled with a decline in the yield of
average interest-earning assets. Due to the sharp decline in
interest rates in the third and fourth quarters of 2019, the
interest cost of deposits was not reduced as quickly and to the
same extent as the decline in the prime rate.
The Company recorded a higher provision for loan
losses of $300,000 for the fourth quarter of 2019 compared to a
provision for loan losses of $225,000 for the fourth quarter of
2018 due primarily to the growth of the loan portfolio and the
change in the mix of loans in the loan portfolio.
At December 31, 2019, total loans were $1.2
billion and the allowance for loan losses was $9.3 million, or
0.76% of total loans, compared to total loans of $883.2 million and
an allowance for loan losses of $8.4 million, or 0.95% of total
loans, at December 31, 2018. Included in loans at December 31, 2019
were $206.2 million of loans that were acquired in the Shore
Merger. The decrease in the allowance as a percentage of loans was
due primarily to acquisition accounting for the Shore Merger, which
resulted in the Shore loans being recorded at their fair value as
of the effective time of the merger with a credit risk adjustment
discount of approximately $3.6 million. Management believes that
the current economic conditions in New Jersey and operating
conditions for the Bank are generally positive, which conditions
were also considered in management’s evaluation of the adequacy of
the allowance for loan losses.
Non-interest income was $2.0 million for the
fourth quarter of 2019, an increase of $157,000 compared to $1.8
million for the fourth quarter of 2018. Gains on the sale of loans
increased $279,000 and income on Bank-owned life insurance
increased $35,000 as compared to the prior year period, which was
partially offset by decreases in other income of $136,000 and gain
from bargain purchase of $46,000. In the fourth quarter of 2019,
$45.5 million of residential mortgages were sold and $1.2 million
of gains were recorded compared to $19.4 million of residential
mortgage loans sold and $553,000 of gains recorded in the fourth
quarter of 2018. Management believes that the increase in
residential mortgage loans sold was due primarily to increased
residential mortgage lending activity as a result of lower mortgage
interest rates in the 2019 period compared to the 2018 period. In
the fourth quarter of 2019, $1.5 million of SBA loans were sold and
gains of $112,000 were recorded compared to $7.1 million of SBA
loans sold and gains of $497,000 recorded in the fourth quarter of
2018. SBA guaranteed commercial lending activity and loan sales
vary from period to period, and the level of activity is due
primarily to the timing of loan originations. Other income declined
due to a $238,000 loss on sale of OREO during the fourth quarter of
2019.
Non-interest expenses were $10.5 million for the
fourth quarter of 2019, which was an increase of $2.2 million, or
26.0%, compared to $8.3 million for the fourth quarter of 2018. The
primary reasons for the increase were $1.2 million of merger
expenses related to the Shore Merger and $572,000 of new expenses
for the Shore operations incurred in the fourth quarter of 2019.
Salaries and employee benefits expense increased $692,000, or
13.5%, in the fourth quarter of 2019 due primarily to salaries and
benefits for former Shore employees ($298,000) who joined the
Company, merit increases and increases in employee benefit
expenses. Occupancy expense increased $97,000, or 9.5%, due
primarily to the addition of the five former Shore branch offices
in the fourth quarter of 2019. Data processing expenses increased
$112,000, or 34.7%, due primarily to the addition of the Shore
operations ($63,000) since the closing of the Shore Merger and
increases in loans, deposits and other customer services. Shore
Merger-related expenses of $1.2 million were incurred in the fourth
quarter of 2019 and no merger-related expenses were incurred in the
fourth quarter of 2018. Other operating expenses increased
$209,000, or 12.8%, primarily resulting from the Shore Merger
($51,000) and general increases in supplies, telephone, advertising
and marketing expenses.
Income tax expense was $1.2 million for the
fourth quarter of 2019, resulting in an effective tax rate of
26.3%, compared to income tax expense of $1.3 million, which
resulted in an effective tax rate of 28.8%, for the fourth quarter
of 2018. The effective tax rate decreased in the fourth quarter of
2019 due primarily to an adjustment to the accrual for state income
taxes.
At December 31, 2019, the allowance for loan
losses was $9.3 million compared to $8.4 million at December 31,
2018. As a percentage of total loans, the allowance was 0.76% at
December 31, 2019 compared to 0.95% at December 31, 2018. The
decrease in the allowance as a percentage of loans was due
primarily to the acquisition accounting for the Shore Merger, which
resulted in the elimination of Shore’s allowance for loan losses
and Shore’s loans being recorded at their fair value as of the
effective time of the merger. Included in the fair value of the
loans at the date of acquisition was a credit risk adjustment
discount of approximately $3.6 million.
Total assets increased $408.4 million to $1.59
billion at December 31, 2019 from $1.18 billion at December 31,
2018 due primarily to a $332.9 million increase in total loans and
a $20.6 million increase in investment securities. The increase in
assets was funded primarily by a $326.7 million increase in
deposits and a $20.3 million increase in overnight borrowings.
Total portfolio loans at December 31, 2019 were $1.22 billion
compared to $883.2 million at December 31, 2018. The increase in
loans was due primarily to an increase of $179.2 million in
commercial real estate loans, a $82.5 million increase in warehouse
lines, a $18.7 million increase in commercial business loans, a
$43.0 million increase in residential real estate loans and a $9.6
million increase in loans to individuals which were partially
offset by a $0.5 million decrease in construction loans. The Shore
Merger contributed approximately $206.2 million to the increase of
loans at December 31, 2019.
Total deposits were $1.28 billion at December
31, 2019 compared to $950.7 million at December 31, 2018. The Shore
Merger contributed $244.3 million of deposits at December 31, 2019.
Total deposits, excluding the Shore deposits, increased $82.4
million during 2019.
Regulatory capital ratios for the Company and
the Bank continue to reflect a strong capital position. Under
current regulatory capital standards, the Company’s estimated
common equity Tier 1 to risk-based assets (“CET1”), total
risk-based capital, Tier I capital, and leverage ratios were 9.72%,
11.72%, 11.04% and 10.56%, respectively, at December 31, 2019. The
Bank’s estimated CET1, total risk-based capital, Tier 1 capital and
leverage ratios were 11.02%, 11.70%, 11.02% and 10.54%,
respectively, at December 31, 2019. The Company and the Bank are
considered “well capitalized” under these capital standards.
Asset Quality
Non-performing loans were $4.5 million at
December 31, 2019 compared to $6.6 million at December 31, 2018.
During the year ended December 31, 2019, $2.3 million of
non-performing loans were resolved, $482,000 of loans were
charged-off and $3.7 million of loans were placed on non-accrual.
In the first quarter of 2019, the Bank was notified that a shared
national credit syndicated loan in which it was a participant in a
$4.3 million facility was upgraded to pass rating from substandard
rating and was no longer classified as a non-accrual loan. As of
the date of notification, the Bank upgraded the loan, which had a
balance of $2.8 million at that time, and returned the loan to
accrual status. The loan subsequently was paid in full.
Overall, management observed generally stable
trends in loan quality, with non-performing loans to total loans
improving to 0.37% and non-performing assets to total assets
improving to 0.32% at December 31, 2019 compared to non-performing
loans to total loans of 0.75% and non-performing assets to total
assets of 0.77% at December 31, 2018, respectively.
OREO at December 31, 2019 was $571,000 and
consisted of 6 residential lots acquired in the Shore Merger with a
carrying value of $478,000 and land with a carrying value of
$93,000 that was foreclosed in the second quarter of 2018.
About 1ST Constitution Bancorp
1ST Constitution Bancorp, through its primary
subsidiary, 1ST Constitution Bank, operates 26 branch banking
offices in Asbury Park, Cranbury (2), Fair Haven, Fort Lee,
Freehold, Hamilton, Hightstown, Hillsborough, Hopewell, Jackson,
Jamesburg, Lawrenceville, Little Silver, Long Branch, Manahawkin,
Neptune City, Perth Amboy, Plainsboro, Princeton, Rocky Hill,
Rumson, Shrewsbury and Toms River (3), New Jersey.
1ST Constitution Bancorp is traded on the NASDAQ
Global Market under the trading symbol “FCCY” and information about
1ST Constitution Bancorp can be accessed through the Internet at
www.1STCONSTITUTION.com.
The foregoing contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are not historical facts and
include expressions about management’s confidence and strategies
and management’s expectations about new and existing programs and
products, relationships, opportunities, taxation, technology and
market conditions. These statements may be identified by such
forward-looking terminology as “expect,” “look,” “believe,”
“anticipate,” “may,” “will,” or similar statements or variations of
such terms. Actual results may differ materially from such
forward-looking statements. Factors that may cause results to
differ materially from such forward-looking statements include, but
are not limited to, changes in the direction of the economy in New
Jersey, the direction of interest rates, effective income tax
rates, loan prepayment assumptions, continued levels of loan
quality and origination volume, continued relationships with major
customers including sources for loans, a higher level of net loan
charge-offs and delinquencies than anticipated, bank regulatory
rules, regulations or policies that restrict or direct certain
actions, the adoption, interpretation and implementation of new or
pre-existing accounting pronouncements, a change in legal and
regulatory barriers including issues related to compliance with
anti-money laundering and bank secrecy act laws, as well as the
effects of general economic conditions and legal and regulatory
barriers and structure. 1ST Constitution Bancorp assumes no
obligation for updating any such forward-looking statements at any
time, except as required by law.
1ST Constitution
BancorpSelected Consolidated Financial
Data(Dollars in thousands, except per share
data)(Unaudited)
| |
Three Months Ended December 31, |
|
Year Ended December 31, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| Per share
data: |
|
|
|
|
|
|
|
|
Earnings per share - basic |
$ |
0.34 |
|
|
$ |
0.39 |
|
|
$ |
1.54 |
|
|
$ |
1.45 |
|
|
Earnings per share - diluted |
0.34 |
|
|
0.38 |
|
|
1.53 |
|
|
1.40 |
|
|
Book value per common share at end of period |
|
|
|
|
16.74 |
|
|
14.77 |
|
|
Tangible book value per common share at end of period (1) |
|
|
|
|
13.13 |
|
|
13.34 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
9,568,280 |
|
|
8,432,971 |
|
|
8,875,237 |
|
|
8,320,718 |
|
|
Weighted average shares outstanding - diluted |
9,628,738 |
|
|
8,680,778 |
|
|
8,933,471 |
|
|
8,593,509 |
|
|
Shares outstanding at end of period |
|
|
|
|
10,191,676 |
|
|
8,605,978 |
|
| Performance
ratios/data: |
|
|
|
|
|
|
|
|
Return on average total assets |
0.88 |
% |
|
1.14 |
% |
|
1.06 |
% |
|
1.06 |
% |
|
Return on average shareholders' equity |
8.25 |
% |
|
10.37 |
% |
|
9.87 |
% |
|
10.11 |
% |
|
Net interest income (tax-equivalent basis) (2) |
$ |
13,268 |
|
|
$ |
11,464 |
|
|
$ |
47,779 |
|
|
$ |
43,961 |
|
|
Net interest margin (tax-equivalent basis) (3) |
3.87 |
% |
|
4.19 |
% |
|
4.00 |
% |
|
4.09 |
% |
|
Efficiency ratio (tax-equivalent basis) (4) |
68.49 |
% |
|
62.37 |
% |
|
63.46 |
% |
|
65.70 |
% |
| |
|
|
|
|
|
|
|
| Loan portfolio
composition: |
|
|
|
|
December 31, 2019 |
|
December 31, 2018 |
|
Commercial real estate |
|
|
|
|
$ |
567,655 |
|
|
$ |
388,431 |
|
|
Mortgage warehouse lines |
|
|
|
|
236,672 |
|
|
154,183 |
|
|
Construction loans |
|
|
|
|
148,939 |
|
|
149,387 |
|
|
Commercial business |
|
|
|
|
139,271 |
|
|
120,590 |
|
|
Residential real estate |
|
|
|
|
90,259 |
|
|
47,263 |
|
|
Loans to individuals |
|
|
|
|
32,604 |
|
|
22,962 |
|
|
Other loans |
|
|
|
|
137 |
|
|
181 |
|
|
Gross loans |
|
|
|
|
1,215,537 |
|
|
882,997 |
|
|
Deferred costs, net |
|
|
|
|
491 |
|
|
167 |
|
| Total loans |
|
|
|
|
$ |
1,216,028 |
|
|
$ |
883,164 |
|
| Asset quality
data: |
|
|
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
|
|
|
$ |
— |
|
|
$ |
55 |
|
|
Non-accrual loans |
|
|
|
|
4,497 |
|
|
6,525 |
|
|
OREO property |
|
|
|
|
571 |
|
|
2,515 |
|
| Total non-performing
assets |
|
|
|
|
$ |
5,068 |
|
|
$ |
9,095 |
|
|
|
|
|
|
|
|
|
|
| Net charge-offs |
$ |
(7 |
) |
|
$ |
(88 |
) |
|
$ |
(482 |
) |
|
$ |
(511 |
) |
| Allowance for loan losses to
total loans |
|
|
|
|
0.76 |
% |
|
0.95 |
% |
| Allowance for loan losses to
non-performing loans |
|
|
|
|
206.16 |
% |
|
127.69 |
% |
| Non-performing loans to total
loans |
|
|
|
|
0.37 |
% |
|
0.75 |
% |
| Non-performing assets to total
assets |
|
|
|
|
0.32 |
% |
|
0.77 |
% |
| Capital
ratios: |
|
|
|
|
|
|
|
|
1ST Constitution Bancorp |
|
|
|
|
|
|
|
|
Common equity tier 1 capital to risk-weighted assets |
|
|
|
|
9.72 |
% |
|
10.72 |
% |
|
Total capital to risk-weighted assets |
|
|
|
|
11.72 |
% |
|
13.17 |
% |
|
Tier 1 capital to risk-weighted assets |
|
|
|
|
11.04 |
% |
|
12.39 |
% |
|
Tier 1 leverage ratio |
|
|
|
|
10.56 |
% |
|
11.73 |
% |
|
1ST Constitution Bank |
|
|
|
|
|
|
|
|
Common equity tier 1 capital to risk-weighted assets |
|
|
|
|
11.02 |
% |
|
12.40 |
% |
|
Total capital to risk-weighted assets |
|
|
|
|
11.70 |
% |
|
13.18 |
% |
|
Tier 1 capital to risk-weighted assets |
|
|
|
|
11.02 |
% |
|
12.40 |
% |
|
Tier 1 leverage ratio |
|
|
|
|
10.54 |
% |
|
11.74 |
% |
(1) Tangible book value per common share is a
non-GAAP financial measure and is calculated by subtracting
goodwill and other intangible assets from shareholders' equity and
dividing it by common shares outstanding.(2) The tax-equivalent
adjustment was $109 and $125 for the three months ended December
31, 2019 and 2018, respectively, the tax-equivalent adjustment was
$443 and $529 for the twelve months ended December 31, 2019 and
2018, respectively.(3) Represents net interest income on a
tax-equivalent basis as a percent of average interest-earning
assets.(4) Represents non-interest expenses divided by the sum of
net interest income on a tax-equivalent basis and non-interest
income.
1ST Constitution
BancorpConsolidated Balance
Sheets(Dollars in
thousands)(Unaudited)
| |
December 31, 2019 |
|
December 31, 2018 |
| ASSETS |
|
|
|
|
Cash and due from banks |
$ |
2,547 |
|
|
$ |
4,983 |
|
| Interest-earning deposits |
12,295 |
|
|
11,861 |
|
|
Total cash and cash equivalents |
14,842 |
|
|
16,844 |
|
| Investment securities: |
|
|
|
|
Available for sale, at fair value |
155,782 |
|
|
132,222 |
|
|
Held to maturity (fair value of $78,223 and $80,204 at December 31,
2019 |
|
|
|
|
|
|
and December 31, 2018, respectively) |
76,620 |
|
|
79,572 |
|
|
Total investment securities |
232,402 |
|
|
211,794 |
|
| Loans held for sale |
5,927 |
|
|
3,020 |
|
| Loans |
1,216,028 |
|
|
883,164 |
|
|
Less: allowance for loan losses |
(9,271 |
) |
|
(8,402 |
) |
|
Net loans |
1,206,757 |
|
|
874,762 |
|
| Premises and equipment,
net |
15,262 |
|
|
11,653 |
|
| Right-of-use assets |
17,957 |
|
|
— |
|
| Accrued interest
receivable |
4,945 |
|
|
3,860 |
|
| Bank-owned life insurance |
36,678 |
|
|
28,705 |
|
| Other real estate owned |
571 |
|
|
2,515 |
|
| Goodwill and intangible
assets |
36,779 |
|
|
12,258 |
|
| Other assets |
14,142 |
|
|
12,422 |
|
|
Total assets |
$ |
1,586,262 |
|
|
$ |
1,177,833 |
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
LIABILITIES |
|
|
|
| Deposits |
|
|
|
|
Non-interest bearing |
$ |
287,555 |
|
|
$ |
212,981 |
|
|
Interest bearing |
989,807 |
|
|
737,691 |
|
|
Total deposits |
1,277,362 |
|
|
950,672 |
|
| Short-term borrowings |
92,050 |
|
|
71,775 |
|
| Redeemable subordinated
debentures |
18,557 |
|
|
18,557 |
|
| Accrued interest payable |
1,592 |
|
|
1,228 |
|
| Lease liability |
18,617 |
|
|
— |
|
| Accrued expense and other
liabilities |
7,506 |
|
|
8,516 |
|
|
Total liabilities |
1,415,684 |
|
|
1,050,748 |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
| Preferred stock, no par value;
5,000,000 shares authorized; none issued |
— |
|
|
— |
|
| Common stock, no par value;
30,000,000 shares authorized; 10,224,974 and |
|
|
|
|
|
|
8,639,276 shares issued and 10,191,676 and 8,605,978 shares
outstanding |
|
|
|
|
|
|
as of December 31, 2019 and December 31, 2018, respectively |
109,964 |
|
|
79,536 |
|
| Retained earnings |
60,791 |
|
|
49,750 |
|
| Treasury stock, 33,298 shares
at December 31, 2019 and December 31, 2018 |
(368 |
) |
|
(368 |
) |
| Accumulated other
comprehensive income (loss) |
191 |
|
|
(1,833 |
) |
|
Total shareholders' equity |
170,578 |
|
|
127,085 |
|
|
Total liabilities and shareholders' equity |
$ |
1,586,262 |
|
|
$ |
1,177,833 |
|
1ST Constitution
BancorpConsolidated Statements of
Income(Dollars in thousands, except per share
data)(Unaudited)
| |
Three Months Ended December 31, |
|
Year Ended December 31, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| INTEREST
INCOME |
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
15,195 |
|
$ |
12,124 |
|
$ |
53,537 |
|
$ |
45,202 |
|
Securities: |
|
|
|
|
|
|
|
|
Taxable |
1,095 |
|
1,110 |
|
4,710 |
|
4,024 |
|
Tax-exempt |
411 |
|
471 |
|
1,667 |
|
1,989 |
|
Federal funds sold and short-term investments |
47 |
|
50 |
|
176 |
|
258 |
|
Total interest income |
16,748 |
|
13,755 |
|
60,090 |
|
51,473 |
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
Deposits |
3,202 |
|
1,969 |
|
11,094 |
|
6,511 |
|
Borrowings |
215 |
|
260 |
|
912 |
|
836 |
|
Redeemable subordinated debentures |
172 |
|
187 |
|
748 |
|
694 |
|
Total interest expense |
3,589 |
|
2,416 |
|
12,754 |
|
8,041 |
|
Net interest income |
13,159 |
|
11,339 |
|
47,336 |
|
43,432 |
| PROVISION FOR LOAN
LOSSES |
300 |
|
225 |
|
1,350 |
|
900 |
|
Net interest income after provision for loan losses |
12,859 |
|
11,114 |
|
45,986 |
|
42,532 |
| NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
173 |
|
162 |
|
663 |
|
638 |
|
Gain on sales of loans |
1,329 |
|
1,050 |
|
4,885 |
|
4,475 |
|
Income on bank-owned life insurance |
185 |
|
150 |
|
623 |
|
575 |
|
Gain from bargain purchase |
— |
|
46 |
|
— |
|
230 |
|
Gain on sales of securities |
14 |
|
— |
|
30 |
|
12 |
|
Other income |
294 |
|
430 |
|
2,036 |
|
1,988 |
|
Total non-interest income |
1,995 |
|
1,838 |
|
8,237 |
|
7,918 |
| NON-INTEREST
EXPENSES |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
5,832 |
|
5,140 |
|
21,304 |
|
19,853 |
|
Occupancy expense |
1,116 |
|
1,019 |
|
4,100 |
|
3,623 |
|
Data processing expenses |
435 |
|
323 |
|
1,507 |
|
1,332 |
|
FDIC insurance expense |
41 |
|
105 |
|
154 |
|
486 |
|
Other real estate owned expenses |
37 |
|
82 |
|
171 |
|
158 |
|
Merger-related expenses |
1,155 |
|
— |
|
1,730 |
|
2,141 |
|
Other operating expenses |
1,837 |
|
1,628 |
|
6,583 |
|
6,492 |
|
Total non-interest expenses |
10,453 |
|
8,297 |
|
35,549 |
|
34,085 |
|
Income before income taxes |
4,401 |
|
4,655 |
|
18,674 |
|
16,365 |
| INCOME
TAXES |
1,157 |
|
1,342 |
|
5,040 |
|
4,317 |
|
Net income |
$ |
3,244 |
|
$ |
3,313 |
|
$ |
13,634 |
|
$ |
12,048 |
| EARNINGS PER COMMON
SHARE |
|
|
|
|
|
|
|
|
Basic |
$ |
0.34 |
|
$ |
0.39 |
|
$ |
1.54 |
|
$ |
1.45 |
|
Diluted |
0.34 |
|
0.38 |
|
1.53 |
|
1.40 |
| WEIGHTED AVERAGE
SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
Basic |
9,568,280 |
|
8,432,971 |
|
8,875,237 |
|
8,320,718 |
|
Diluted |
9,628,738 |
|
8,680,778 |
|
8,933,471 |
|
8,593,509 |
1ST Constitution
BancorpNet Interest Margin
Analysis(Unaudited)
| |
Three Months Ended December 31, 2019 |
|
Three Months Ended December 31, 2018 |
| (Dollars in thousands) |
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
| Assets: |
Balance |
|
Interest |
|
Yield |
|
Balance |
|
Interest |
|
Yield |
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold/short-term investments |
$ |
11,114 |
|
|
$ |
47 |
|
|
1.68 |
% |
|
$ |
16,804 |
|
|
$ |
50 |
|
|
1.18 |
% |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
165,213 |
|
|
1,095 |
|
|
2.65 |
% |
|
148,495 |
|
|
1,110 |
|
|
2.99 |
% |
|
Tax-exempt (1) |
57,841 |
|
|
520 |
|
|
3.60 |
% |
|
67,371 |
|
|
596 |
|
|
3.54 |
% |
|
Total investment securities |
223,054 |
|
|
1,615 |
|
|
2.90 |
% |
|
215,866 |
|
|
1,706 |
|
|
3.16 |
% |
| Loans: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
506,554 |
|
|
6,637 |
|
|
5.13 |
% |
|
377,820 |
|
|
4,926 |
|
|
5.10 |
% |
|
Mortgage warehouse lines |
228,123 |
|
|
2,861 |
|
|
5.02 |
% |
|
143,322 |
|
|
2,085 |
|
|
5.69 |
% |
|
Construction |
154,159 |
|
|
2,441 |
|
|
6.28 |
% |
|
146,661 |
|
|
2,542 |
|
|
6.78 |
% |
|
Commercial business |
125,580 |
|
|
1,909 |
|
|
6.03 |
% |
|
114,271 |
|
|
1,668 |
|
|
5.74 |
% |
|
Residential real estate |
75,092 |
|
|
908 |
|
|
4.73 |
% |
|
47,327 |
|
|
568 |
|
|
4.80 |
% |
|
Loans to individuals |
27,956 |
|
|
368 |
|
|
5.15 |
% |
|
22,467 |
|
|
303 |
|
|
5.35 |
% |
|
Loans held for sale |
6,427 |
|
|
63 |
|
|
3.92 |
% |
|
1,764 |
|
|
22 |
|
|
4.99 |
% |
|
All other loans |
1,108 |
|
|
8 |
|
|
2.83 |
% |
|
1,388 |
|
|
10 |
|
|
2.82 |
% |
|
Total loans |
1,124,999 |
|
|
15,195 |
|
|
5.36 |
% |
|
855,020 |
|
|
12,124 |
|
|
5.56 |
% |
|
Total interest-earning assets |
1,359,167 |
|
|
$ |
16,857 |
|
|
4.92 |
% |
|
1,087,690 |
|
|
$ |
13,880 |
|
|
5.02 |
% |
| Non-interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(9,102 |
) |
|
|
|
|
|
(8,371 |
) |
|
|
|
|
|
Cash and due from banks |
13,090 |
|
|
|
|
|
|
5,039 |
|
|
|
|
|
|
Other assets |
105,299 |
|
|
|
|
|
|
70,394 |
|
|
|
|
|
|
Total non-interest-earning assets |
109,287 |
|
|
|
|
|
|
67,062 |
|
|
|
|
|
|
Total assets |
$ |
1,468,454 |
|
|
|
|
|
|
$ |
1,154,752 |
|
|
|
|
|
| Liabilities and
shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market and NOW accounts |
$ |
387,227 |
|
|
$ |
773 |
|
|
0.79 |
% |
|
$ |
341,649 |
|
|
$ |
541 |
|
|
0.63 |
% |
|
Savings accounts |
234,821 |
|
|
572 |
|
|
0.97 |
% |
|
189,576 |
|
|
388 |
|
|
0.81 |
% |
|
Certificates of deposit |
338,549 |
|
|
1,857 |
|
|
2.18 |
% |
|
217,029 |
|
|
1,040 |
|
|
1.90 |
% |
|
Short-term borrowings |
43,347 |
|
|
215 |
|
|
1.97 |
% |
|
37,220 |
|
|
260 |
|
|
2.77 |
% |
|
Redeemable subordinated debentures |
18,557 |
|
|
172 |
|
|
3.71 |
% |
|
18,557 |
|
|
187 |
|
|
4.03 |
% |
|
Total interest-bearing liabilities |
1,022,501 |
|
|
$ |
3,589 |
|
|
1.39 |
% |
|
804,031 |
|
|
$ |
2,416 |
|
|
1.19 |
% |
| Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
262,559 |
|
|
|
|
|
|
216,018 |
|
|
|
|
|
|
Other liabilities |
27,425 |
|
|
|
|
|
|
7,954 |
|
|
|
|
|
|
Total non-interest-bearing liabilities |
289,984 |
|
|
|
|
|
|
223,972 |
|
|
|
|
|
| Shareholders' equity |
155,969 |
|
|
|
|
|
|
126,749 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,468,454 |
|
|
|
|
|
|
$ |
1,154,752 |
|
|
|
|
|
| Net interest spread (3) |
|
|
|
|
3.53 |
% |
|
|
|
|
|
3.83 |
% |
| Net interest income and net
interest margin (4) |
|
|
$ |
13,268 |
|
|
3.87 |
% |
|
|
|
$ |
11,464 |
|
|
4.19 |
% |
(1) Tax-equivalent basis, using 21% federal tax rate in 2019 and
2018.(2) Loan origination fees and costs are considered an
adjustment to interest income. For the purpose of calculating loan
yields, average loan balances include non-accrual loans with no
related interest income and the average balance of loans held for
sale.(3) The net interest spread is the difference between the
average yield on interest-earning assets and the average rate paid
on interest-bearing liabilities.(4) The net interest margin is
equal to net interest income divided by average interest-earning
assets.
1ST Constitution
BancorpNet Interest Margin
Analysis(Unaudited)
| |
Year Ended December 31, 2019 |
|
Year Ended December 31, 2018 |
| (Dollars in thousands) |
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
| Assets: |
Balance |
|
Interest |
|
Yield |
|
Balance |
|
Interest |
|
Yield |
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold/short-term investments |
$ |
8,142 |
|
|
$ |
176 |
|
|
2.16 |
% |
|
$ |
20,157 |
|
|
$ |
258 |
|
|
1.28 |
% |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
163,415 |
|
|
4,710 |
|
|
2.88 |
% |
|
146,631 |
|
|
4,024 |
|
|
2.74 |
% |
|
Tax-exempt (1) |
57,005 |
|
|
2,110 |
|
|
3.70 |
% |
|
74,477 |
|
|
2,518 |
|
|
3.38 |
% |
|
Total investment securities |
220,420 |
|
|
6,820 |
|
|
3.09 |
% |
|
221,108 |
|
|
6,542 |
|
|
2.96 |
% |
| Loans: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
426,929 |
|
|
22,129 |
|
|
5.11 |
% |
|
356,581 |
|
|
18,318 |
|
|
5.07 |
% |
|
Mortgage warehouse lines |
174,151 |
|
|
9,543 |
|
|
5.48 |
% |
|
153,868 |
|
|
8,403 |
|
|
5.46 |
% |
|
Construction |
156,467 |
|
|
10,576 |
|
|
6.76 |
% |
|
137,976 |
|
|
9,090 |
|
|
6.59 |
% |
|
Commercial business |
121,985 |
|
|
7,295 |
|
|
5.98 |
% |
|
111,150 |
|
|
6,059 |
|
|
5.45 |
% |
|
Residential real estate |
56,745 |
|
|
2,591 |
|
|
4.50 |
% |
|
46,301 |
|
|
2,085 |
|
|
4.44 |
% |
|
Loans to individuals |
23,312 |
|
|
1,195 |
|
|
5.06 |
% |
|
23,155 |
|
|
1,083 |
|
|
4.61 |
% |
|
Loans held for sale |
4,280 |
|
|
170 |
|
|
3.97 |
% |
|
2,738 |
|
|
123 |
|
|
4.49 |
% |
|
All other loans |
1,051 |
|
|
38 |
|
|
3.57 |
% |
|
1,197 |
|
|
41 |
|
|
3.38 |
% |
|
Total loans |
964,920 |
|
|
53,537 |
|
|
5.55 |
% |
|
832,966 |
|
|
45,202 |
|
|
5.38 |
% |
|
Total interest-earning assets |
1,193,482 |
|
|
$ |
60,533 |
|
|
5.07 |
% |
|
1,074,231 |
|
|
$ |
52,002 |
|
|
4.81 |
% |
| Non-interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(8,796 |
) |
|
|
|
|
|
(8,314 |
) |
|
|
|
|
|
Cash and due from banks |
11,729 |
|
|
|
|
|
|
5,595 |
|
|
|
|
|
|
Other assets |
86,887 |
|
|
|
|
|
|
66,256 |
|
|
|
|
|
|
Total non-interest-earning assets |
89,820 |
|
|
|
|
|
|
63,537 |
|
|
|
|
|
|
Total assets |
$ |
1,283,302 |
|
|
|
|
|
|
$ |
1,137,768 |
|
|
|
|
|
| Liabilities and
shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market and NOW accounts |
$ |
349,663 |
|
|
$ |
2,750 |
|
|
0.79 |
% |
|
$ |
356,906 |
|
|
$ |
1,978 |
|
|
0.55 |
% |
|
Savings accounts |
201,738 |
|
|
1,952 |
|
|
0.97 |
% |
|
203,940 |
|
|
1,467 |
|
|
0.72 |
% |
|
Certificates of deposit |
286,419 |
|
|
6,392 |
|
|
2.23 |
% |
|
189,521 |
|
|
3,066 |
|
|
1.62 |
% |
|
Short-term borrowings |
38,594 |
|
|
912 |
|
|
2.36 |
% |
|
36,612 |
|
|
836 |
|
|
2.28 |
% |
|
Redeemable subordinated debentures |
18,557 |
|
|
748 |
|
|
4.03 |
% |
|
18,557 |
|
|
694 |
|
|
3.74 |
% |
|
Total interest-bearing liabilities |
894,971 |
|
|
$ |
12,754 |
|
|
1.43 |
% |
|
805,536 |
|
|
$ |
8,041 |
|
|
1.00 |
% |
| Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
226,701 |
|
|
|
|
|
|
204,002 |
|
|
|
|
|
|
Other liabilities |
23,529 |
|
|
|
|
|
|
9,018 |
|
|
|
|
|
|
Total non-interest-bearing liabilities |
250,230 |
|
|
|
|
|
|
213,020 |
|
|
|
|
|
| Shareholders' equity |
138,101 |
|
|
|
|
|
|
119,212 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,283,302 |
|
|
|
|
|
|
$ |
1,137,768 |
|
|
|
|
|
| Net interest spread (3) |
|
|
|
|
3.65 |
% |
|
|
|
|
|
3.81 |
% |
| Net interest income and
margin (4) |
|
|
$ |
47,779 |
|
|
4.00 |
% |
|
|
|
$ |
43,961 |
|
|
4.09 |
% |
(1) Tax equivalent basis, using 21% federal tax rate in 2019 and
2018.(2) Loan origination fees and costs are considered an
adjustment to interest income. For the purpose of calculating loan
yields, average loan balances include non-accrual loans with no
related interest income and the average balance of loans held for
sale.(3) The net interest spread is the difference between the
average yield on interest-earning assets and the average rate paid
on interest-bearing liabilities.(4) The net interest margin is
equal to net interest income divided by average interest-earning
assets.
1ST Constitution
BancorpReconciliation of Non-GAAP Measures
(1)(Dollars in thousands, except per share
data)(Unaudited)
| |
|
Three Months Ended |
|
Year Ended |
| |
|
December 31, |
|
December 31, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| Adjusted net
income |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,244 |
|
|
$ |
3,313 |
|
|
$ |
13,634 |
|
|
$ |
12,048 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Merger-related expenses |
|
1,155 |
|
|
— |
|
|
1,730 |
|
|
2,141 |
|
|
Gain from bargain purchase |
|
— |
|
|
(46 |
) |
|
— |
|
|
(230 |
) |
|
Income tax effect of adjustments |
|
(275 |
) |
|
— |
|
|
(394 |
) |
|
(568 |
) |
|
Adjusted net income |
|
$ |
4,124 |
|
|
$ |
3,267 |
|
|
$ |
14,970 |
|
|
$ |
13,391 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted net income
per diluted share |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
4,124 |
|
|
$ |
3,267 |
|
|
$ |
14,970 |
|
|
$ |
13,391 |
|
|
Diluted shares outstanding |
|
9,628,738 |
|
|
8,680,778 |
|
|
8,933,471 |
|
|
8,593,509 |
|
|
Adjusted net income per diluted share |
|
$ |
0.43 |
|
|
$ |
0.38 |
|
|
$ |
1.68 |
|
|
$ |
1.56 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted return on
average total assets |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
4,124 |
|
|
$ |
3,267 |
|
|
$ |
14,970 |
|
|
$ |
13,391 |
|
|
Average assets |
|
1,468,454 |
|
|
1,154,752 |
|
|
1,283,302 |
|
|
1,137,768 |
|
|
Adjusted return on average total assets |
|
1.11 |
% |
|
1.12 |
% |
|
1.17 |
% |
|
1.18 |
% |
| |
|
|
|
|
|
|
|
|
| Adjusted return on
average shareholders' equity |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
4,124 |
|
|
$ |
3,267 |
|
|
$ |
14,970 |
|
|
$ |
13,391 |
|
|
Average equity |
|
155,969 |
|
|
126,749 |
|
|
138,101 |
|
|
119,212 |
|
|
Adjusted return on average shareholders' equity |
|
10.49 |
% |
|
10.23 |
% |
|
10.84 |
% |
|
11.23 |
% |
| |
|
|
|
|
|
|
|
|
| Book value and
tangible book value per common share |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
$ |
170,578 |
|
|
$ |
127,085 |
|
|
Less: goodwill and intangible assets |
|
|
|
|
|
36,779 |
|
|
12,258 |
|
|
Tangible shareholders' equity |
|
|
|
|
|
133,799 |
|
|
114,827 |
|
|
Shares outstanding |
|
|
|
|
|
10,191,676 |
|
|
8,605,978 |
|
|
Book value per common share |
|
|
|
|
|
$ |
16.74 |
|
|
$ |
14.77 |
|
|
Tangible book value per common share |
|
|
|
|
|
$ |
13.13 |
|
|
$ |
13.34 |
|
| |
|
|
|
|
|
|
|
|
(1) The Company used the non-GAAP financial measures, Adjusted
net income, Adjusted net income per diluted share, Adjusted return
on average total assets, Adjusted return on average shareholders'
equity and tangible book value per common share, because the
Company believes that it is helpful to readers in understanding the
Company's financial performance and the effect on its financial
statements of the merger-related expenses related to the Shore
Merger in 2019 and the merger-related expenses and the gain from
the bargain purchase related to the NJCB Merger in 2018 . These
non-GAAP measures improve the comparability of the current period
results with the results of the prior periods. The Company cautions
that the non-GAAP financial measures should be considered in
addition to, but not as a substitute for, the Company's GAAP
financial results.
|
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 (NASDAQ:FCCY)
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