Document
false0001141807 0001141807 2020-06-16 2020-06-16
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported)
June 16, 2020

1ST CONSTITUTION BANCORP
(Exact Name of Registrant as Specified in Charter)
New Jersey
000-32891
22-3665653
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer
Identification Number)
2650 Route 130
P.O. Box 634
Cranbury
New Jersey
08512
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code
609
655-4500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, no par value
FCCY
NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

1


Item 7.01    Regulation FD Disclosure

1ST Constitution Bancorp (the “Company”) is furnishing herewith presentation materials to be used in communications with investors, investment bankers and analysts as Exhibit 99.1 to this report pursuant to Item 7.01 of Form 8-K. The Company undertakes no obligation to update, alter, or otherwise revise these presentation materials, as a result of written or oral statements that may be made from time to time, whether due to new information, future events, or otherwise. The information in Item 7.01 of this report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.1).



Item 9.01    Financial Statements and Exhibits

(d) Exhibit

Exhibit No.
Title


2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
1ST CONSTITUTION BANCORP
 
 
 
 
 
 
 
 
 
Date: June 16, 2020
By:
 /s/ STEPHEN J. GILHOOLY
 
 
Name:
Stephen J. Gilhooly
 
 
Title:
Chief Financial Officer
 
 
 
 

 
 


3
fccyinvestorpresentation
Bancorp


 
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-lookingstatements. When used in this and in future filings by 1st Constitution Bancorp (“1st Constitution” or the “Company”) with the Securities and Exchange Commission (“SEC”), and in the Company’s written and oral statements made with the approval of an authorized executive officer of the Company, the words or phrases “will,” “will likely result,” “could,” “anticipates,” “believes,” “continues,” “expects,” “plans,” “will continue,” “is anticipated,” “estimated,” “project” or “outlook” or similar expressions (including confirmations by an authorized executive officer of theCompany of any such expressions made by a third party with respect to the Company) are intended to identify forward-looking statements. The Company cautions readers not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These forward-looking statements are based upon our opinions and estimates as of the date they are made and are not guarantees of future performance. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements. Factors or events that could cause actual results to differ materially from historical results or those anticipated, expressed or implied include, without limitation, those listed under “ Business”, ”Risk Factors” and Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 16, 2020, Quarterly Report on Form 10Q for the period March 31, 2020 filed with the SEC on May 11, 2020 and in other filings made by the Company with the SEC, such as changes in the overall economy and interest rate changes; inflation, market and monetary fluctuations; the ability of our customers to repay their obligations; the accuracy of our financial statement estimates and assumptions, including the adequacy of the estimate made in connection with determining the adequacy of the allowance for loan losses; increased competition and its effect on the availability and pricing of deposits and loans; significant changes in accounting, tax or regulatory practices and requirements;changes in deposit flows, loan demand or real estate values; the enactment of legislation or regulatory changes; changes in monetary and fiscal policies of the U.S. government; changes to the method that LIBOR rates are determined and to the potential phasing out of LIBOR after 2021; changes in loan delinquency rates or in our levels of non-performing assets; our ability to declare andpay dividends; changes in the economic climate in the market areas in which we operate; the frequency and magnitude of foreclosure of our loans; changes in consumer spending and saving habits; the effects of the health and soundness of other financial institutions, including the need of the FDIC to increase the Deposit Insurance Fund assessments; technological changes; the effects of climatechange and harsh weather conditions, including hurricanes and man-made disasters; the economic impact of any future terrorist threats and attacks, acts of war or threats thereof and the response of the United States to any such threats and attacks; our ability to integrate acquisitions and achieve cost savings; other risks described from time to time in our filings with the SEC; and ourability to manage the risks involved in the foregoing. In addition, statements about the potential effects and impacts of the COVID-19 pandemic on the Company’s business, financial condition, liquidity and results of operations may constitute forward- looking statements and are subject to the risk that actual results may differ, possibly materially, from what is reflected insuch forward-looking statements due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond our control, including the scope, duration and extent of the pandemic, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact of the pandemic on our employees, customers, business and third-parties with which we conduct business. Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which is unknown at this time. Although management has taken certain steps to mitigate any negative effect of the aforementioned factors, significant unfavorable changes could severely impact the assumptions used and have an adverse effect on profitability. Any forward-looking statements made by the Company or on the Company’s behalf speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances, except as required by law. Bancorp


 
Bancorp 3 3


 
• • • • • • • • • Bancorp


 
Market Overview 2020 - 2025 Projected Population Growth • 3.27% 2.52% • 1.69% 1.53% 1.21% 1.22% 0.70% 1.15% • -0.33% • Bergen Mercer Middlesex Monmouth Ocean Somerset NJ Nation P ro jected P o pulatio n Gro wth Franchise Weighted 2019 Percent of 2020 - 2025 Projected Median HH Income Growth Number Deposits State of in Market Franchise (1) County Branches ($000) (%) $120,220 $106,555 New Jersey $102,803 $92,389 $85,018 $86,883 Middlesex 6 482,491 37.97 $77,441 Ocean 5 248,305 19.54 10.0% 10.1% $66,010 8.9% 9.1% 9.5% Monmouth 8 238,165 18.74 7.2% 6.2% Somerset 2 179,226 14.10 8.8% Mercer 4 93,274 7.34 Bergen 1 29,197 2.31 Weighted Average Total 26 1,270,658 100.00 Bergen Mercer Middlesex Monmouth Ocean Somerset NJ Nation State of New Jersey 1,270,658 M edian 2020 HHI Projected Change Bancorp 5


 
                Bancorp 6


 
               Bancorp 7


 
Bancorp 8 8


 
As of the ($ in thousands), except per share data Quarter Ended As of the Year Ended 3/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 Selected Balance Sheet Data: Total Assets $ 1,610,869 $ 1,586,262 $ 1,177,833 $ 1,079,274 $ 1,038,213 Total Loans 1,217,807 1,216,028 883,164 789,906 724,808 Total Investment Securities 252,106 232,402 211,794 215,725 230,604 Total Deposits 1,298,032 1,277,362 950,672 922,006 834,516 Shareholders' Equity 173,105 170,578 127,085 111,653 104,801 Per Share 16.97 16.74 14.77 13.81 13.11 Tangible Equity(3) 136,451 133,799 114,827 99,157 91,921 Per Share 13.38 13.13 13.34 12.27 11.50 (1) Selected Income Statement Data: Net Interest Income $ 12,936 $ 47,336 $ 43,432 $ 36,165 $ 33,977 Provision for Loan Losses 895 1,350 900 600 (300) Non-Interest Income 2,456 8,237 7,918 8,240 6,922 Non-Interest Expense 9,793 35,549 34,085 31,006 27,291 (2) Net Income 3,421 13,634 12,048 6,928 9,285 Key Performance Measures:(1) GAAP Diluted Earnings per Share $ 0.33 $ 1.53 $ 1.40 $ 0.83 $ 1.14 Net Interest Margin (%) 3.68 4.00 4.09 3.81 3.70 Non-interest Income to Operating Revenue (%) 15.96 14.82 15.42 18.56 16.92 Efficiency Ratio (%) 63.14 63.46 65.70 68.25 65.14 ROAA (%) 0.89 1.06 1.06 0.67 0.93 ROAE (%) 8.01 9.87 10.11 6.36 9.21 Bancorp 9


 
($ in thousands), except per share data As of the Quarter Ended 3/31/2020 12/31/2019 3/31/2019 Linked Q ∆ YOY ∆ Selected Balance Sheet Data: Total Assets $ 1,610,869 $ 1,586,262 $ 1,191,477 1.6% 35.2% Total Loans 1,217,807 1,216,028 874,333 0.1% 39.3% Total Investment Securities 252,106 232,402 225,063 8.5% 12.0% Total Deposits 1,298,032 1,277,362 995,205 1.6% 30.4% Shareholders' Equity 173,105 170,578 131,207 1.5% 31.9% Per Share 16.97 16.74 15.24 1.4% 11.5% Tangible Equity(1) 136,451 133,799 118,981 2.0% 14.7% Per Share 13.38 13.13 13.82 1.9% -3.2% Selected Income Statement Data: Net Interest Income $ 12,936 $ 13,159 $ 11,227 -1.7% 15.2% Provision for Loan Losses 895 300 300 198.3% 198.3% Non-Interest Income 2,456 1,995 1,866 23.1% 31.6% Non-Interest Expense 9,793 10,453 8,094 -6.3% 21.0% Net Income 3,421 3,244 3,397 5.5% 0.7% Key Performance Measures: (2) GAAP Diluted Earnings per Share $ 0.33 $ 0.34 $ 0.39 $ (0.01) $ (0.06) Net Interest Margin (%) 3.68 3.87 4.21 -19 bps -53 bps Non-interest Income to Operating Revenue (%) 15.96 13.16 14.25 280 bps 171 bps Efficiency Ratio (%) 63.14 68.49 61.27 -535 bps 187 bps ROAA (%) 0.89 0.88 1.18 1 bps -29 bps ROAE (%) 8.01 8.25 10.75 -24 bps -274 bps Bancorp 10


 
YTD Total Shareholder Return • (2) 10.0 SNL U.S. Bank $1B-$5B -33.0% FCCY -43.3% • 0.0 – -10.0 -20.0 – -30.0 • -40.0 -50.0 -60.0 12/31/19 1/31/20 2/29/20 3/31/20 4/30/20 5/31/20 Valuation Impact 5 - Year Total Shareholder Return 140.0 FCCY 20.7% 6/12/2020 6/12/2019 6/12/2015 120.0 SNL U.S. Bank $1B-$5B(2) 18.5% Price: $ 12.40 $ 18.97 $ 10.86 100.0 Market Cap ($M): $ 126.5 $ 163.7 $ 85.5 52-week Avg. Daily Volume: 15,882 13,931 7,944 80.0 Price/LTM EPS:(3) 8.4x 13.1x 14.6x 60.0 (3) Price/Book Value: 73.1% 124.7% 95.5% 40.0 Price/Tangible Book Value:(3) 93.3% 138.7% 112.7% 20.0 Dividend Yield 2.90% 1.58% 0.00% 0.0 -20.0 6/12/15 6/12/16 6/12/17 6/12/18 6/12/19 6/12/20 Bancorp 11


 
Total Assets ($000) Total Loans ($000) Loan Portfolio Growth ($000) $1,586,262 $1,610,869 $1,216,028 $1,217,807 $1,177,833 $883,164 $1,038,213 $1,079,274 $789,906 $724,808 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Total Deposits ($000) Total Equity ($000) $1,277,362 $1,298,032 $170,578 $173,105 $922,006 $950,672 $127,085 $834,516 $104,801 $111,653 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Bancorp 12


 
Loan Composition (%) Residential Loans to Real Estate Individuals 7% (Home Equity) 3% Commercial Business 12% Yield on Loans (%) Noninterest-bearing Deposits / Deposits (%) Commercial Construction Real Estate Loans 47% 12% 5.38% 5.55% 5.36% 5.10% Mortgage 4.77% 4.96% Warehouse Lines 19% ($ in 000s) % of Loan Composition Balance Total Commercial Real Estate 576,886 47.4% Mortgage Warehouse Lines 224,794 18.5% 2016 2017 2018 2019 12/31/2019 3/31/2020 Construction Loans 145,599 12.0% Year Ended Quarter Ended Commercial Business 150,067 12.3% Residential Real Estate 89,347 7.3% Loans to Individuals (Home Equity) 30,556 2.5% Other Loans 141 0.0% Total Gross Loans 1,217,390 Deferred Loan Costs, Net 417 Total Loans 1,217,807 Bancorp 13


 
Commerical Portfolio Growth ($M) Commercial Loan Portfolio Growth ($M) (1) $148.9 $145.6 $236.7 $224.8 $149.4 $148.9 $145.6 $154.2 $136.4 $189.4 $567.7 $576.9 $216.3 $149.4 $96.0 $136.4 $388.4 $96.0 $706.9 $727.0 $242.4 $308.9 $509.0 $342.0 $401.8 $99.7 $92.9 $120.6 $139.3 $150.1 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended CRE + Comm. Bus. Construction Mortgage Warehouse Lines Comm. Bus. CRE Construction Mortgage Warehouse Loans / Total Loans ($M) 1,216.0 1,217.8 1,025.0 967.8 899.9 881.5 883.2 874.3 762.6 772.0 789.9 776.7 759.8 747.7 724.8 657.7 676.4 264.3 254.2 252.7 236.7 224.8 216.3 204.4 204.2 200.4 193.5 192.7 128.2 189.4 182.8 162.7 154.2 142.7 2016Q1 2016Q2 2016Q3 2016Q4 2017Q12016Q22017Q22016Q32017Q32016Q4 2017Q42017Q1 2018Q12017Q2 2018Q22017Q3 2018Q32017Q4 2018Q42018Q1 2019Q12018Q2 2019Q2 2019Q3 2019Q4 2020Q1 Total Loans Mortgage Warehouse Loans Bancorp 14


 
• – • – – – • – • – – – • – Bancorp 15


 
• • Borrower Industry Composition Breakdown of Other Industries Liquor Stores & Education & Schools 1.9% Food Markets Religious, Civic & Restuarants & 2.5% Social Organizations Professional Services 1.5% Food Services 2.1% 4.5% Wholesalers 1.4% Hotels Commercial 5.6% Real Estate Medical Professionals & Services 1.4% 19.4% Lessors of Real Estate Brokers & Property Managers 1.3% Residential Properties Mortgage Manufacturing 1.3% 8.3% Warehouse 18.5% Recreation & Entertainment 1.1% Private Households Equipment Leasing 1.0% 10.1% Other 6.1% Construction Other 12.0% 17.0% 0.0% 2.0% 4.0% 6.0% 8.0% Bancorp 16


 
• Construction Loans by Purpose ($M) • Residential- Ow ner Restaurant Other $4.4 $1.8 • $4.9 (1) Hotels $5.1 • Retail $18.6 Multi-Family • $56.4 • Condominiums $24.0 Residential 1-4 Family for Sale $30.4 • Bancorp 17


 
SNC Loans by Industry ($M) Packaging Manufacturer $3.0 • Communications Services $3.0 Kidney Dialysis Centers $3.0 • Basic Inorganic Chemical Manufacturing $3.0 • R&D Life Sciences/ Medical Labs $3.0 Limited Service Restaurants $3.0 (1) • Passenger Car Rental $3.0 Food Service Contractors $3.0 • Information Technolgy Services $3.0 Cable & Other Subscription Programs $3.0 • Healthcare- Hospital $2.9 Credit Reporting Service $2.9 • Software/ Programming $2.8 Entertainment- Movie Theatres $2.8 • Food & Uniform Services $2.8 Paint & Coatings Manufacturer $2.6 • Amusement and Theme Park $2.4 Apparel Design $1.7 $1.5 $2.0 $2.5 $3.0 $3.5 Bancorp 18


 
Loan Deferrals by Industry / Purpose ($M) (1) • Hotels $40.2 • Commercial Mixed Use $24.4 Restaurant $20.1 • (1) Multi-family $9.9 Residential 1-4 Family $8.5 • Retail $7.4 Warehouse $4.3 • C&I Term Secured $3.9 • Recreation & Entertainment $3.4 Office $2.8 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 Bancorp 19


 
"At-Risk" Sectors Hotel Industry Restaurant / Food Services Industry Loan Balance(1): $67.8 million Loan Balance(1): $54.2 million % of Total Loans: 5.6% % of Total Loans: 4.5% Deferrals: $40.2 million Deferrals: $20.1 million SBA Paying P&I: $1.7 million SBA Paying P&I: $4.4 million PPP Loans: $462 thousand PPP Loans: $4.3 million Weighted Average Loan-to-Value: 55% Weighted Average Loan-to-Value(2): 67% • • • • • • • • • • • Bancorp 20


 
Book Unrealized Fair Fair Value: Available for Sale (%) ($000) Value Gain / (Loss) Value Securities Available for Sale GSE MBS $ 19,177 $ 670 $ 19,847 Bank Trust GSE MBS Corporate Debt 26,702 (892) 25,810 Preferred Other 18.0% 12.1% Municipals 34,941 636 35,577 0.8% GSE Residential CMOs 47,196 574 47,770 Treasuries & Corporate Debt Treasuries & GSEs 3,968 (16) 3,952 GSEs 2.4% 15.8% Bank Trust Preferred 1,493 (230) 1,263 GSE Other 30,022 (516) 29,506 Residential CMOs Subtotal $ 163,499 $ 226 $ 163,725 Municipals 29.2% 21.7% Book Unrealized Fair Fair Value: Held to Maturity (%) ($000) Value Gain / (Loss) Value GSE Other Bank Trust Securities Held to Maturity Residential 2.5% Preferred CMOs 0.6% Municipal $ 43,455 $ 632 $ 44,087 9.1% GSE MBS 34,622 1,312 35,934 GSE Residential CMOs 7,877 383 8,260 Other 2,260 30 2,290 Bank Trust Preferred 167 400 567 Subtotal $ 88,381 $ 2,757 $ 91,138 Municipal 48.4% GSE MBS 39.4% Bancorp 21


 
NPAs by Type ($M) Asset Quality $5.4 $7.1 $9.1 $5.1 $13.7 $0.5 Valuation Impact 0.85% 0.77% Commerical Portfolio Growth ($M) 0.66% $2.5 $13.2 (1) 0.52% Loan Composition (%) $0.2 $0.6 0.32% Market Overview $7.1 $6.6 $5.2 $4.5 0.06% 0.05% 0.06% -0.03% 0.01% 2019 - 2024 Projected Population Growth 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended 2019 - 2024 Projected Median HH Income Growth Nonaccrual Oreo Net Charge-offs / Average Loans (%) NPAs Excl Restructured / Assets (%) Asset Quality Nonaccrual Loans / Total Loans 1.08% 0.90% 0.72% 0.75% 0.37% 2016 2017 2018 2019 3/31/2020 Year Ended Nonaccrual Loans / Total Loans (%) Bancorp 22


 
Deposit Composition (%) Noninterest-bearing Deposits / Deposits (%) 22.40% 22.51% 23.05% 21.31% 20.47% Savings Time Deposits Deposits 20.5% 25.8% Interest 2016 2017 2018 2019 3/31/2020 bearing Non-Interest Year Ended YTD Bearing 30.6% 23.1% Cost of Interest Bearing Liabilities (%) 1.43% 1.30% 1.00% ($ in 000s) % of 0.71% 0.75% Deposit Composition Balance Total Interest bearing $ 397,236 30.6% Non-Interest Bearing 299,147 23.1% Time Deposits 335,354 25.8% Savings Deposits 266,295 20.5% 2016 2017 2018 2019 3/31/2020 (1) Total Deposits $ 1,298,032 Year Ended YTD Bancorp 23


 
Tier 1 Common Equity Leverage Ratio (%) 10.40% 10.72% 10.19% 9.70% 9.84% 11.23% 11.73% 10.93% 10.56% 10.17% 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Tier 1 Ratio (%) Total Risk-Based Capital Ratio (%) 13.24% 13.17% 12.41% 12.39% 12.84% 12.02% 11.87% 11.01% 11.14% 11.69% 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Bancorp 24


 
Net Interest Income ($000) Noninterest Expense ($000) 47,336 34,085 35,549 43,432 31,006 36,165 27,291 1,730 33,977 265 2,141 30,741 31,944 33,819 12,936 9,793 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Noninterest Income ($000) Net Income ($000) 13,363 14,970 (230) 1,336 8,240 7,918 8,237 1,573 6,922 (230) 9,285 8,828 (28) 1,712 188 12,048 13,634 2,456 6,928 3,421 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended Year Ended Bancorp 25


 
Return on Average Assets (%) Return on Average Equity (%) 1.06% 1.06% 10.11% 9.87% 0.93% 0.89% 9.21% 8.01% 0.67% 6.36% 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended YTD (1) Year Ended YTD(1) Net Interest Margin (%) Efficiency Ratio (%) 4.09% 4.00% 68.25% 3.70% 3.81% 3.68% 65.14% 65.70% 63.46% 63.14% 2016 2017 2018 2019 3/31/2020 2016 2017 2018 2019 3/31/2020 Year Ended YTD(1) Year Ended YTD(1) Bancorp 26


 
• • • • • • • • • • • • • • • • • • • • • • • • • • Bancorp 27


 
Bancorp


 
• • • • • • • • • • • • Bancorp 29


 
Bancorp 30 30


 
Non-GAAP Reconciliation (1) Adjusted Net Income and Tangible Equity ($000s, except per share data) Three months ended Twelve months ended December 31, December 31, 2019 2018 2019 2018 2017 Adjusted Net Income Net income $ 3,244 $ 3,313 $ 13,634 $ 12,048 $ 6,928 Adjustments: Revaluation of deferred tax assets - - - (28) 1,712 Merger-related expenses 1,155 - 1,730 2,141 265 Gain from bargain purchase - (46) - (230) - Income tax effect of adjustments (275) - (394) (568) (77) Adjusted Net Income $ 4,124 $ 3,267 $ 14,970 $ 13,363 $ 8,828 Adjusted Net Income per diluted share Adjusted Net Income $ 4,124 $ 3,267 $ 14,970 $ 13,363 $ 8,828 Diluted shares outstanding 9,628,738 8,680,778 8,933,471 8,593,509 8,312,784 Adjusted Net Income per diluted share $0.43 $0.38 $1.68 $1.56 $1.06 Adjusted return on average total assets Adjusted Net Income $ 4,124 $ 3,267 $ 14,970 $ 13,363 $ 8,828 Average assets 1,468,454 1,154,752 1,283,302 1,137,768 1,031,796 Adjusted return on average assets 1.11% 1.12% 1.17% 1.17% 0.86% Adjusted return on average shareholders' equity Adjusted Net Income $ 4,124 $ 3,267 $ 14,970 $ 13,363 $ 8,828 Average equity 155,969 126,749 138,101 119,212 108,925 Return on average equity 10.49% 10.23% 10.84% 11.21% 8.10% ($000s) As of the Quarter Ended As of the Year Ended 3/31/2020 3/31/2019 2019 2018 2017 2016 Tangible Equity Shareholders' Equity $173,105 $131,207 $170,578 $127,085 $111,653 $104,801 Goodwill and Intangible Assets (36,654) (12,226) (36,779) (12,258) (12,496) (12,880) Tangible Equity $136,451 $118,981 $133,799 $114,827 $99,157 $91,921 Bancorp 31


 
v3.20.1
Cover
Jun. 16, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 16, 2020
Entity Registrant Name 1ST CONSTITUTION BANCORP
Entity Incorporation, State or Country Code NJ
Entity File Number 000-32891
Entity Tax Identification Number 22-3665653
Entity Address, Address Line One 2650 Route 130
Entity Address, Address Line Two P.O. Box 634
Entity Address, City or Town Cranbury
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 08512
City Area Code 609
Local Phone Number 655-4500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, no par value
Trading Symbol FCCY
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001141807
Amendment Flag false