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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2018
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file Number:        000-32891
1ST CONSTITUTION BANCORP
(Exact Name of Registrant as Specified in Its Charter)
New Jersey
 
22-3665653
(State of Other Jurisdiction
of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
2650 Route 130, P.O. Box 634, Cranbury, NJ
 
08512
(Address of Principal Executive Offices)
 
(Zip Code)
(609) 655-4500
(Issuer’s Telephone Number, Including Area Code)
 
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý       No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý       No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
 
Accelerated filer
ý
Non-accelerated filer
o
 
Smaller reporting company
o
(Do not check if a smaller reporting company)

 
 
Emerging growth company
o
If an emerging growth company, indicated 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.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  o  No  ý




As of May 1, 2018, there were 8,363,466 shares of the registrant’s common stock, no par value, outstanding.




1ST CONSTITUTION BANCORP
FORM 10-Q
INDEX
 
 
Page
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 (unaudited)
 
 
 
 
Consolidated Statements of Income for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)
 
 
 
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)
 
 
 
 
Notes to Consolidated Financial Statements (unaudited)
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 3.
Defaults Upon Senior Securities
 
 
 




Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
 
SIGNATURES




PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements.

1ST Constitution Bancorp
Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
 
March 31, 2018
 
December 31, 2017
Assets
 
 
 
 
Cash and due from banks
 
$
6,929

 
$
5,037

Interest-earning deposits
 
9,066

 
13,717

Total cash and cash equivalents
 
15,995

 
18,754

Investment securities:
 
 

 
 

Available for sale, at fair value
 
112,495

 
105,458

Held to maturity (fair value of $103,351 and $111,865 at March 31, 2018 and December 31, 2017, respectively)
 
102,756

 
110,267

Total investment securities
 
215,251

 
215,725

 
 
 
 
 
Loans held for sale
 
1,919

 
4,254

Loans
 
776,661

 
789,906

Less: allowance for loan losses
 
(8,297
)
 
(8,013
)
Net loans
 
768,364

 
781,893

Premises and equipment, net
 
10,591

 
10,705

Accrued interest receivable
 
3,202

 
3,478

Bank-owned life insurance
 
24,272

 
25,051

Goodwill and intangible assets
 
12,404

 
12,496

Other assets
 
8,412

 
6,918

Total assets
 
$
1,060,410

 
$
1,079,274

Liabilities and Shareholders' Equity
 
 

 
 

Liabilities
 
 

 
 

Deposits
 
 

 
 

Non-interest bearing
 
$
192,771

 
$
196,509

Interest bearing
 
698,315

 
725,497

Total deposits
 
891,086

 
922,006

 
 
 
 
 
Overnight borrowings
 
29,825

 
20,500

Redeemable subordinated debentures
 
18,557

 
18,557

Accrued interest payable
 
775

 
804

Accrued expenses and other liabilities
 
6,933

 
5,754

Total liabilities
 
947,176

 
967,621

Shareholders' Equity
 
 

 
 

Preferred stock, no par value; 5,000,000 shares authorized; none issued
 

 

Common stock, no par value; 30,000,000 shares authorized; 8,145,590 and 8,116,201 shares issued and 8,112,292 and 8,082,903 shares outstanding as of March 31, 2018 and December 31, 2017, respectively
 
73,192

 
72,935

Retained earnings
 
42,190

 
39,822

Treasury stock, 33,298 shares at March 31, 2018 and December 31, 2017
 
(368
)
 
(368
)
Accumulated other comprehensive loss
 
(1,780
)
 
(736
)
Total shareholders' equity
 
113,234

 
111,653

Total liabilities and shareholders' equity
 
$
1,060,410

 
$
1,079,274

The accompanying notes are an integral part of these consolidated financial statements.

1



1ST Constitution Bancorp
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
Interest income
 
 
 
     Loans, including fees
$
9,536

 
$
8,043

     Securities:
 
 
 
           Taxable
866

 
815

           Tax-exempt
515

 
553

     Federal funds sold and short-term investments
138

 
72

               Total interest income
11,055

 
9,483

Interest expense
 
 
 
     Deposits
1,219

 
1,043

     Borrowings
7

 
127

     Redeemable subordinated debentures
150

 
119

Total interest expense
1,376

 
1,289

               Net interest income
9,679

 
8,194

Provision for loan losses
225

 
150

Net interest income after provision for loan losses
9,454

 
8,044

Non-interest income
 
 
 
     Service charges on deposit accounts
150

 
154

     Gain on sales of loans
1,149

 
1,589

     Income on Bank-owned life insurance
114

 
130

     Gain on sales of securities
6

 
106

     Other income
466

 
434

Total non-interest income
1,885

 
2,413

Non-interest expense
 
 
 
     Salaries and employee benefits
4,738

 
4,501

     Occupancy expense
812

 
838

     Data processing expenses
309

 
318

     FDIC insurance expense
130

 
80

     Merger-related expenses
164

 

     Other operating expenses
1,492

 
1,919

 Total non-interest expenses
7,645

 
7,656

                  Income before income taxes
3,694

 
2,801

Income taxes
841

 
852

Net income
$
2,853

 
$
1,949

 
 
 
 
Net income per common share
 
 
 
Basic
$
0.35

 
$
0.24

Diluted
$
0.34

 
$
0.23

Weighted average shares outstanding
 
 
 
Basic
8,111,490

 
8,026,037

Diluted
8,386,751

 
8,304,589

The accompanying notes are an integral part of these consolidated financial statements.

2



1ST Constitution Bancorp
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
(Unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
 
 
 
 
Net income
$
2,853

 
$
1,949

Other comprehensive income (loss):
 
 
 
Unrealized holding (losses) gains on securities available for sale
(1,351
)
 
181

            Tax effect
322

 
(69
)
Net of tax amount
(1,029
)
 
112

 
 
 
 
Reclassification adjustment for gains on securities available for sale (1)
(6
)
 
(82
)
            Tax effect (2)
2

 
33

 Net of tax amount
(4
)
 
(49
)
 
 
 
 
 Reclassification adjustment for actuarial gains for unfunded pension liability
 
 
 
Income (3)
(15
)
 
(19
)
Tax effect (2)
4

 
7

Net of tax amount
(11
)
 
(12
)
 
 
 
 
Total other comprehensive (loss) income
(1,044
)
 
51

 
 
 
 
Comprehensive income
$
1,809

 
$
2,000


(1) Included in gain on sale of securities on the consolidated statements of income
(2) Included in income taxes on the consolidated statements of income
(3) Included in salaries and employee benefits expense on the consolidated statements of income

        
The accompanying notes are an integral part of these consolidated financial statements.


3



1ST Constitution Bancorp
Consolidated Statements of Changes in Shareholders’ Equity
For the Three Months Ended March 31, 2018 and 2017
(Dollars in thousands)
(Unaudited)
 
Common
Stock
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance, January 1, 2017
$
71,695

 
$
34,074

 
$
(368
)
 
$
(600
)
 
$
104,801

Net income

 
1,949

 

 

 
1,949

Exercise of stock options (5,438 shares)
36

 

 

 

 
36

Share-based compensation
199

 

 

 

 
199

Cash dividends declared ($0.05 per share)

 
(401
)
 

 

 
(401
)
Other comprehensive income

 

 

 
51

 
51

Balance, March 31, 2017
$
71,930

 
$
35,622

 
$
(368
)
 
$
(549
)
 
$
106,635

 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
$
72,935

 
$
39,822

 
$
(368
)
 
$
(736
)
 
$
111,653

Net income

 
2,853

 

 

 
2,853

Exercise of stock options (2,989 shares)
20

 

 

 

 
20

Share-based compensation
237

 

 

 

 
237

Cash dividends declared ($0.06 per share)

 
(485
)
 

 

 
(485
)
Other comprehensive loss

 

 

 
(1,044
)
 
(1,044
)
Balance, March 31, 2018
$
73,192

 
$
42,190

 
$
(368
)
 
$
(1,780
)
 
$
113,234

The accompanying notes are an integral part of these consolidated financial statements.

4



1ST Constitution Bancorp
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
Operating Activities:
 
 
 
Net income
$
2,853

 
$
1,949

Adjustments to reconcile net income to net cash provided by operating activities-
 
 
 
Provision for loan losses
225

 
150

Depreciation and amortization
332

 
350

Net amortization of premiums and discounts on securities
152

 
254

SBA discount accretion
(73
)
 
(52
)
Gains on sales and calls of securities available for sale
(6
)
 
(106
)
Gains on sales of loans held for sale
(1,149
)
 
(1,589
)
Originations of loans held for sale
(25,471
)
 
(26,933
)
Proceeds from sales of loans held for sale
28,955

 
39,991

Income on Bank–owned life insurance
(128
)
 
(130
)
Loss on cash surrender value on Bank-owned life insurance
14

 

Share-based compensation expense
237

 
199

Increase in deferred tax asset
(36
)
 

Decrease in accrued interest receivable
276

 
306

Increase in other assets
(991
)
 
(508
)
Decrease in accrued interest payable
(29
)
 
(34
)
Increase (decrease) in accrued expenses and other liabilities
1,164

 
(1,403
)
                Net cash provided by operating activities
6,325

 
12,444

Investing Activities:
 
 
 
Purchases of securities:
 
 
 
Available for sale
(12,057
)
 
(9,186
)
Held to maturity
(1,200
)
 
(13,975
)
Proceeds from maturities and payments of securities:
 
 
 
Available for sale
3,584

 
5,867

Held to maturity
8,645

 
14,208

Proceeds from sales of securities:
 
 
 
Available for sale

 
1,449

Held to maturity

 
582

Proceeds from Bank-owned life insurance
893

 

Net (purchase) redemption of restricted stock
(195
)
 
2,837

Net decrease in loans
13,377

 
48,090

Capital expenditures
(71
)
 
(177
)
Net cash provided by investing activities
12,976

 
49,695

Financing Activities:
 
 
 
Exercise of stock options
20

 
36

Cash dividends paid to shareholders
(485
)
 
(401
)
Net (decrease) increase in deposits
(30,920
)
 
34,304

Increase (decrease) in overnight borrowings
9,325

 
(63,050
)
Net cash used in financing activities
(22,060
)
 
(29,111
)
(Decrease) increase in cash and cash equivalents
(2,759
)
 
33,028

Cash and Cash Equivalents at Beginning of Period
18,754

 
14,886

Cash and Cash Equivalents at End of Period
$
15,995

 
$
47,914

Supplemental Disclosures of Cash Flow Information:
 
 
 
Cash paid during the period for -
 
 
 
Interest
$
1,405

 
$
1,323

Income taxes
62

 
1,527

Transfer of loans to other real estate owned

 
265

The accompanying notes are an integral part of these consolidated financial statements.

5



1ST Constitution Bancorp
Notes To Consolidated Financial Statements
March 31, 2018
(Unaudited)

(1)   Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements include 1ST Constitution Bancorp (the “Company”), its wholly-owned subsidiary, 1ST  Constitution Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, 1ST Constitution Investment Company of New Jersey, Inc., FCB Assets Holdings, Inc., 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1ST Constitution Capital Trust II, a subsidiary of the Company, is not included in the Company’s consolidated financial statements, as it is a variable interest entity and the Company is not the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation and certain prior period amounts have been reclassified to conform to current year presentation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2017, filed with the SEC on March 19, 2018.

In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2018 for items that should potentially be recognized or disclosed in these financial statements.  The evaluation was conducted through the date these financial statements were issued.

Adoption of New Accounting Standards

ASU 2014-09 - Revenue from Contracts with Customers (Topic 606)

On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, "Topic 606"), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain or loss from the transfer of nonfinancial assets, such as other real estate owned ("OREO"). The majority of the Company's revenues come from interest income, other services to customers and other sources, including loans, leases and securities that are outside the scope of Topic 606. The Company's services that fall within the scope of Topic 606 are presented within non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of Topic 606 include service charges on deposits, interchange income, other services and the sale of OREO. Refer to Note 5 - Revenue from Contracts with Customers - for further discussion on the Company's accounting policies for revenue sources within the scope of Topic 606.

The Company adopted Topic 606 using the modified retrospective method for reporting periods beginning after January 1, 2018. The Company did not have any contracts that were not completed as of January 1, 2018. The adoption of Topic 606 did not result in a change to the accounting for any of the in-scope revenue streams; therefore, no cumulative effect adjustment was recorded.

ASU Update 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer disaggregate the service cost component from the other components of net benefit costs as follows: (1) service cost must be presented in the same line item(s) as other employee compensation costs. These costs are generally included within income from continuing operations but in some cases, may be eligible for capitalization if certain criteria are met; and (2) all other components of net benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. These generally include interest cost, actual return on plan assets, amortization of prior service cost included in accumulated other comprehensive income and gains or losses from changes in the value of the projected benefit obligation or plan assets.


6



For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The adoption of this guidance in 2018 did not have a material impact on the Company's consolidated financial statements.

ASU Update 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business

In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of a Business," which clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU provide a more robust framework to use in determining when a set of assets and activities is a business. The current definition of a business is interpreted broadly and can be difficult to apply. Stakeholders indicated that analyzing transactions is inefficient and costly and the definition does not permit the use of reasonable judgment.
Under current implementation guidance, there are three elements of a business: inputs, processes and outputs. While an integrated set of assets and activities (collectively referred to as a "set") that is a business usually has outputs, outputs are not required to be present. Additionally, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes.

The ASU introduces a "screen" to assist entities in determining when a set should not be considered a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business. If the screen is not met, the ASU requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Further, the ASU removes the evaluation of whether a market participant could replace missing elements (as required under current U.S. GAAP).

For the Company, the ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. No disclosures are required at transition. The adoption of this guidance in 2018 did not have a material impact on the Company's consolidated financial statements.

ASU Update 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.

In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which clarifies whether the following items should be categorized as operating, investing or financing in the statement of cash flows: (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt, (3) settlement of contingent consideration, (4) insurance proceeds, (5) settlement of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) policies, (6) distributions from equity method investees, (7) beneficial interests in securitization transactions and (8) receipts and payments with aspects of more than one class of cash flows.

For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company currently classifies cash flows related to BOLI in accordance with the guidance, and the adoption of this guidance in 2018 did not have a material impact on its consolidated financial statements.

ASU Update 2016-01 - Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU 2016-01 "Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The guidance in the ASU, among other things, requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income, the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities.


7



For the Company, the guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance in 2018 did not have a material impact on the Company's consolidated financial statements.

(2) Net Income Per Common Share
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding, as adjusted for the assumed exercise of dilutive common stock warrants and common stock options using the treasury stock method.

Awards of restricted shares are included in outstanding shares when granted. Unvested restricted shares are entitled to non-forfeitable dividends and participate in undistributed earnings with common shares. Awards of this nature are considered participating securities and basic and diluted earnings per share are computed under the two-class method.

Dilutive securities in the tables below exclude common stock options and warrants with exercise prices that exceed the average market price of the Company’s common stock during the periods presented. Inclusion of these common stock options and warrants would be anti-dilutive to the diluted earnings per common share calculation. For the quarters ended March 31, 2018 and 2017, 19,350 and 9,900 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share.

The following table illustrates the calculation of both basic and diluted earnings per share for the three months ended March 31, 2018 and 2017:
 
March 31,
(Dollars in thousands, except per share data)
2018
 
2017
 
 
 
 
Net income
$
2,853

 
$
1,949

 
 
 
 
Basic weighted average shares outstanding
8,111,490

 
8,026,037

Plus: common stock equivalents
275,261

 
278,552

Diluted weighted average shares outstanding
8,386,751

 
8,304,589

Earnings per share:
 
 
 
Basic
$
0.35

 
$
0.24

Diluted
$
0.34

 
$
0.23




8



(3) Investment Securities
A summary of amortized cost and approximate fair value of investment securities available for sale follows:
 
March 31, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities and obligations of U.S. Government sponsored entities (“GSE”) and agencies
$
1,997

 
$

 
$
(55
)
 
$
1,942

Residential collateralized mortgage obligations - GSE
25,959

 
10

 
(726
)
 
25,243

Residential mortgage backed securities - GSE
13,238

 
67

 
(168
)
 
13,137

Obligations of state and political subdivisions
19,243

 
90

 
(392
)
 
18,941

Trust preferred debt securities - single issuer
2,482

 

 
(144
)
 
2,338

Corporate debt securities
27,892

 
10

 
(520
)
 
27,382

Other debt securities
23,611

 
8

 
(107
)
 
23,512

Total
$
114,422

 
$
185

 
$
(2,112
)
 
$
112,495


 
December 31, 2017
(Dollars in thousands) 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities and obligations of U.S. Government sponsored entities ("GSE") and agencies
$
1,997

 
$

 
$
(30
)
 
$
1,967

Residential collateralized mortgage obligations - GSE
27,688

 
18

 
(381
)
 
27,325

Residential mortgage backed securities - GSE
14,231

 
129

 
(72
)
 
14,288

Obligations of state and political subdivisions
19,575

 
227

 
(82
)
 
19,720

Trust preferred debt securities - single issuer
2,481

 

 
(132
)
 
2,349

Corporate debt securities
27,917

 
14

 
(248
)
 
27,683

Other debt securities
12,140

 
12

 
(26
)
 
12,126

Total
$
106,029

 
$
400

 
$
(971
)
 
$
105,458




9



A summary of amortized cost, carrying value and approximate fair value of investment securities held to maturity follows:
 
March 31, 2018
(Dollars in thousands)
Amortized
Cost
 
Other-Than-
Temporary
Impairment
Recognized In
Accumulated
Other
Comprehensive
Loss
 
Carrying
Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. treasury securities and obligations of U.S. government-sponsored entities ("GSE") and agencies
$
3,233

 
$

 
$
3,233

 
$

 
$
(89
)
 
$
3,144

Residential collateralized mortgage obligations - GSE
8,138

 

 
8,138

 
37

 
(173
)
 
8,002

Residential mortgage backed securities - GSE
33,359

 

 
33,359

 
126

 
(502
)
 
32,983

Obligations of state and political subdivisions
57,597

 

 
57,597

 
876

 
(147
)
 
58,326

Trust preferred debt securities - pooled
657

 
(501
)
 
156

 
467

 

 
623

Other debt securities
273

 

 
273

 

 

 
273

Total
$
103,257

 
$
(501
)
 
$
102,756

 
$
1,506

 
$
(911
)
 
$
103,351



 
December 31, 2017
(Dollars in thousands) 
Amortized
Cost
 
Other-Than-
Temporary
Impairment
Recognized In
Accumulated
Other
Comprehensive
Loss
 
Carrying
Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. treasury securities and obligations of U.S. government-sponsored entities ("GSE") and agencies
$
3,234

 
$

 
$
3,234

 
$

 
$
(84
)
 
$
3,150

Residential collateralized mortgage obligations - GSE
8,701

 

 
8,701

 
94

 
(123
)
 
8,672

Residential mortgage backed securities - GSE
34,072

 

 
34,072

 
231

 
(127
)
 
34,176

Obligations of state and political subdivisions
63,797

 

 
63,797

 
1,224

 
(35
)
 
64,986

Trust preferred debt securities - pooled
657

 
(501
)
 
156

 
418

 

 
574

Other debt securities
307

 

 
307

 

 

 
307

Total
$
110,768

 
$
(501
)
 
$
110,267

 
$
1,967

 
$
(369
)
 
$
111,865



Restricted stock was included in other assets at March 31, 2018 and December 31, 2017 and totaled $1.7 million and $1.6 million, respectively. Restricted stock consisted of $1.7 million of Federal Home Loan Bank of New York stock and $65,000 of Atlantic Community Bankers Bank stock at March 31, 2018 and $1.5 million of Federal Home Loan Bank of New York stock and $65,000 of Atlantic Community Bankers Bank stock at December 31, 2017.

10



The following table sets forth certain information regarding the amortized cost, carrying value, fair value, weighted average yields and contractual maturities of the Company’s investment portfolio as of March 31, 2018.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
March 31, 2018
(Dollars in thousands)
Amortized Cost
 

Fair Value
 
Yield
Available for sale
 
 
 
 
 
Due in one year or less
$
1,189

 
$
1,188

 
1.76
%
Due after one year through five years
30,644

 
30,215

 
2.60

Due after five years through ten years
25,346

 
24,938

 
2.67

Due after ten years
57,243

 
56,154

 
2.62

Total
$
114,422

 
$
112,495

 
2.62
%
 
 
 
 
 
 
 
Carrying Value
 

Fair Value
 
Yield
Held to maturity
 

 
 

 
 

Due in one year or less
$
25,444

 
$
25,506

 
2.11
%
Due after one year through five years
15,964

 
16,444

 
4.03

Due after five years through ten years
16,942

 
17,087

 
3.22

Due after ten years
44,406

 
44,314

 
2.96

Total
$
102,756

 
$
103,351

 
2.96
%

Gross unrealized losses on available for sale and held to maturity securities and the fair value of the related securities aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017 were as follows:
 
March 31, 2018
 
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
Number
of
Securities
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. Treasury securities and
obligations of U.S.     
Government sponsored
entities (GSE) and   
agencies
2
 
$
1,942

 
$
(55
)
 
$
3,144

 
$
(89
)
 
$
5,086

 
$
(144
)
Residential collateralized
mortgage obligations - GSE
20
 
19,881

 
(490
)
 
8,256

 
(409
)
 
$
28,137

 
$
(899
)
Residential mortgage backed
securities - GSE
53
 
35,284

 
(560
)
 
2,939

 
(110
)
 
$
38,223

 
$
(670
)
Obligations of state and
political subdivisions
68
 
21,414

 
(489
)
 
2,540

 
(50
)
 
$
23,954

 
$
(539
)
Trust preferred debt securities -
single issuer
4
 

 

 
2,338

 
(144
)
 
$
2,338

 
$
(144
)
Corporate debt securities
8
 
18,784

 
(305
)
 
7,581

 
(215
)
 
$
26,365

 
$
(520
)
Other debt securities
8
 
20,916

 
(106
)
 
19

 
(1
)
 
$
20,935

 
$
(107
)
Total temporarily impaired
securities
163
 
$
118,221

 
$
(2,005
)
 
$
26,817

 
$
(1,018
)
 
$
145,038

 
$
(3,023
)

11



 
December 31, 2017
 
 
 
Less than 12 months
 
12 months or longer