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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
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 Jersey22-3665653
(State of Other Jurisdiction
of Incorporation or Organization)
(I.R.S. Employer Identification No.)

2650 Route 130P.O. Box 634CranburyNew Jersey08512
(Address of Principal Executive Offices)(Zip Code)
(Registrant’s Telephone Number, Including Area Code)(609)655-4500
(Former name, former address and former fiscal year, if changed since last report)

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

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        No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes        No
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.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
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.
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
    As of August 4, 2021, there were 10,285,016 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 June 30, 2021 and December 31, 2020 (unaudited)
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2021 and June 30, 2020 (unaudited)
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and June 30, 2020 (unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2021 and June 30, 2020 (unaudited)
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and June 30, 2020 (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)
June 30, 2021December 31, 2020
ASSETS
Cash and due from banks$18,386 $3,661 
Interest-earning deposits197,291 18,334 
Total cash and cash equivalents215,677 21,995 
Investment securities  
Available for sale, at fair value130,886 125,197 
Held to maturity (fair value of $100,764 and $95,640 at June 30, 2021
    and December 31, 2020, respectively)
97,993 92,552 
Total investment securities228,879 217,749 
Loans held for sale6,017 29,782 
Loans1,235,442 1,433,706 
  Less: allowance for loan losses(16,925)(15,641)
    Net loans1,218,517 1,418,065 
Premises and equipment, net14,043 14,345 
Right-of-use assets15,707 16,548 
Accrued interest receivable4,306 5,273 
Bank-owned life insurance37,658 37,316 
Other real estate owned48 92 
Goodwill and intangible assets35,844 36,003 
Other assets12,549 9,741 
Total assets$1,789,245 $1,806,909 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
LIABILITIES  
Deposits  
Non-interest bearing$489,302 $425,210 
Interest bearing1,056,759 1,137,629 
Total deposits1,546,061 1,562,839 
Short-term borrowings 9,825 
Redeemable subordinated debentures18,557 18,557 
Accrued interest payable530 851 
Lease liability16,612 17,387 
Accrued expenses and other liabilities11,828 9,793 
Total liabilities1,593,588 1,619,252 
SHAREHOLDERS' EQUITY  
Preferred stock, no par value; 5,000,000 shares authorized; none issued
  
Common stock, no par value; 30,000,000 shares authorized; 10,340,551 and 10,293,535 shares issued and 10,284,848 and 10,245,826 shares outstanding as of June 30, 2021 and December 31, 2020, respectively
111,775 111,135 
Retained earnings83,333 75,201 
Treasury stock, 55,703 and 47,709 shares at June 30, 2021 and December 31, 2020, respectively
(739)(611)
Accumulated other comprehensive income1,288 1,932 
Total shareholders' equity195,657 187,657 
Total liabilities and shareholders' equity$1,789,245 $1,806,909 
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 June 30,Six Months Ended June 30,
2021202020212020
INTEREST INCOME
Loans, including fees$14,845 $15,374 $30,770 $30,179 
Securities:
Taxable504 852 1,024 1,908 
Tax-exempt458 496 936 934 
Federal funds sold and short-term investments58 4 95 93 
Total interest income15,865 16,726 32,825 33,114 
INTEREST EXPENSE
Deposits1,342 2,724 2,940 5,962 
Borrowings 48  110 
Redeemable subordinated debentures83 106 167 258 
Total interest expense1,425 2,878 3,107 6,330 
Net interest income14,440 13,848 29,718 26,784 
PROVISION FOR LOAN LOSSES600 2,125 2,000 3,020 
Net interest income after provision for loan losses
13,840 11,723 27,718 23,764 
NON-INTEREST INCOME
Service charges on deposit accounts107 132 224 345 
Gain on sales of loans2,766 2,121 5,861 3,591 
Income on bank-owned life insurance168 264 342 444 
Gain on sales and calls of securities2 10 4 18 
Other income692 573 1,382 1,158 
Total non-interest income3,735 3,100 7,813 5,556 
NON-INTEREST EXPENSES
Salaries and employee benefits6,459 6,001 13,411 12,170 
Occupancy expense1,161 1,205 2,472 2,375 
Data processing expenses505 470 996 916 
FDIC insurance expense155 225 425 259 
Other real estate owned expenses3 14 55 31 
Merger-related expenses447  447 64 
Other operating expenses1,801 1,922 3,826 3,815 
Total non-interest expenses10,531 9,837 21,632 19,630 
Income before income taxes7,044 4,986 13,899 9,690 
INCOME TAXES1,892 1,296 3,818 2,579 
Net income
$5,152 $3,690 $10,081 $7,111 
EARNINGS PER COMMON SHARE
Basic
$0.50 $0.36 $0.98 $0.70 
Diluted
$0.50 $0.36 $0.98 $0.69 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
10,272,906 10,209,295 10,267,343 10,205,065 
Diluted
10,325,335 10,248,156 10,315,780 10,256,481 
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 June 30,Six Months Ended June 30,
2021202020212020
Net income $5,152 $3,690 $10,081 $7,111 
Other comprehensive (loss) income:
Unrealized holding gains (losses) on securities available for sale52 1,716 (626)1,529 
Tax effect
(15)(418)148 (372)
Net of tax amount
37 1,298 (478)1,157 
Reclassification adjustment for gains on securities available for sale(1)
(2)(10)(2)(11)
   Tax effect (2)
 3  3 
Net of tax amount
(2)(7)(2)(8)
Reclassification adjustment for unrealized impairment loss on held to maturity security(3)
7 5 13 8 
Tax effect
(2)(2)(3)(3)
Net of tax amount5 3 10 5 
Pension liability(31)85 (63)141 
Tax effect8 (25)16 (42)
Net of tax amount(23)60 (47)99 
Reclassification adjustment for actuarial gains for unfunded pension liability(4)
(89)(56)(178)(100)
Tax effect (2)
26 17 51 30 
Net of tax amount
(63)(39)(127)(70)
Total other comprehensive (loss) income(46)1,315 (644)1,183 
Comprehensive income$5,106 $5,005 $9,437 $8,294 
(1) Included in gain on sales and calls of securities on the consolidated statements of income
(2) Included in income taxes on the consolidated statements of income
(3) Included in investment securities held to maturity on the consolidated balance sheets
(4) 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 and Six Months Ended June 30, 2021 and 2020
(Dollars in thousands)
(Unaudited)
Common
Stock
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, April 1, 2020$110,254 $63,295 $(503)$59 $173,105 
Net income— 3,690 — — 3,690 
Issuance of restricted shares (17,750 shares)
— — — — — 
Share-based compensation292 — — — 292 
Cash dividends ($0.09 per share)
— (918)— — (918)
Other comprehensive income— — — 1,315 1,315 
Balance, June 30, 2020$110,546 $66,067 $(503)$1,374 $177,484 
Balance, April 1, 2021$111,460 $79,208 $(739)$1,334 $191,263 
Net income— 5,152 — — 5,152 
Exercise of stock options and issuance of restricted shares (1,185 shares and 18,500 shares, respectively)
13 — — — 13 
Share-based compensation302 — — — 302 
Cash dividends ($0.10 per share)
— (1,027)— — (1,027)
Other comprehensive loss— — — (46)(46)
Balance, June 30, 2021$111,775 $83,333 $(739)$1,288 $195,657 


Common
Stock
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, January 1, 2020$109,964 $60,791 $(368)$191 $170,578 
Net income— 7,111 — — 7,111 
Issuance of restricted shares (33,400 shares)
— — — — — 
Share-based compensation582 — — — 582 
Cash dividends ($0.18 per share)
— (1,835)— — (1,835)
Purchase of treasury shares (6,028 shares)
— — (135)— (135)
Other comprehensive income— — — 1,183 1,183 
Balance, June 30, 2020$110,546 $66,067 $(503)$1,374 $177,484 
Balance, January 1, 2021$111,135 $75,201 $(611)$1,932 $187,657 
Net income— 10,081 — — 10,081 
Exercise of stock options and issuance of restricted shares (7,666 shares and 39,350 shares, respectively)
67 — — — 67 
Share-based compensation573 — — — 573 
Cash dividends ($0.20 per share)
— (1,949)— — (1,949)
Purchase of treasury shares (7,994 shares)
— — (128)— (128)
Other comprehensive loss— — — (644)(644)
Balance, June 30, 2021$111,775 $83,333 $(739)$1,288 $195,657 

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)
Six Months Ended June 30,
20212020
OPERATING ACTIVITIES:
Net income$10,081 $7,111 
Adjustments to reconcile net income to net cash provided by operating activities-
Provision for loan losses2,000 3,020 
Depreciation and amortization959 1,061 
Net amortization of premiums and discounts on securities642 655 
SBA loan discount accretion
(172)(206)
Gain on sales and calls of securities available for sale(2)(11)
Gain on sales and calls of securities held to maturity(2)(7)
Write-down of other real estate owned44  
Gain on sales of loans held for sale(5,861)(3,591)
Originations of loans held for sale(156,649)(118,467)
Proceeds from sales of loans held for sale186,275 116,856 
Increase in cash surrender value on bank–owned life insurance(342)(369)
Gain on cash surrender value on bank-owned life insurance
 (75)
Share-based compensation expense573 582 
(Increase) decrease in deferred tax asset(1,911)384 
Noncash rent and equipment expense65 94 
Decrease (increase) in accrued interest receivable967 (795)
Increase in other assets(1,242)(1,226)
Decrease in accrued interest payable(321)(296)
Increase in accrued expenses and other liabilities1,793 1,470 
                Net cash provided by operating activities36,897 6,190 
INVESTING ACTIVITIES:
Purchases of securities:
Available for sale(26,350)(18,417)
Held to maturity(30,033)(31,364)
Proceeds from sales, calls, maturities and payments of securities:
Available for sale19,590 23,624 
Held to maturity24,410 13,347 
Proceeds from bank-owned life insurance benefits paid 179 
Net redemption (purchase) of restricted stock411 (1,706)
Net decrease (increase) in loans197,720 (139,367)
Capital expenditures(350)(107)
Proceeds from sales of other real estate owned 101 
Net cash provided by (used in) investing activities185,398 (153,710)
FINANCING ACTIVITIES:
Exercise of stock options 67  
Purchase of treasury shares(128)(135)
Cash dividends paid to shareholders(1,949)(1,835)
Net (decrease) increase in deposits(16,778)132,030 
(Decrease) increase in short-term borrowings(9,825)15,200 
Net cash (used in) provided by financing activities(28,613)145,260 
Increase (decrease) in cash and cash equivalents193,682 (2,260)
Cash and cash equivalents at beginning of period21,995 14,842 
Cash and cash equivalents at end of period$215,677 $12,582 
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for -
Interest$3,428 $6,626 
Income taxes6,079 1,241 
Noncash items
Right-of-use assets  
Lease liability11 144 

The accompanying notes are an integral part of these consolidated financial statements.
5


1ST Constitution Bancorp
Notes to Consolidated Financial Statements
June 30, 2021
(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 and 1st Constitution Real Estate Investment Corporation (the "REIT"), which is indirectly owned by the Bank. To qualify as a real estate investment trust for tax purposes, the REIT must have 100 or more shareholders. As a result, less than 20 percent of the REIT’s outstanding non-voting preferred stock has been issued to individual shareholders, consisting of officers, directors and employees of the Bank and their adult family members. 1ST Constitution Investment Company of New Jersey, Inc. owns the remaining issued and outstanding preferred stock and common stock of the REIT. 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. 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 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 Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 15, 2021.

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 June 30, 2021 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.

Novel Coronavirus ("COVID-19") Impact: The sudden emergence of the COVID-19 global pandemic in the first quarter of 2020, and the responses thereto (including business and school closures, restrictions on travel and social distancing protocols), have caused, and are continuing to cause, widespread uncertainty, social and economic disruption, highly volatile financial markets and higher levels of unemployment. As a result, many businesses located in the Bank’s primary market areas of northern and central New Jersey, communities along the New Jersey shore, and the New York City metropolitan area, and their employees, have been adversely impacted.

The ultimate impact of the COVID-19 pandemic on the businesses and the people in the communities that the Bank serves, and on the Company’s operations and financial performance, will depend on future developments related to the duration, extent and severity of the pandemic and measures taken by governmental and private parties in response thereto, including but not limited to the enactment of further legislation or the adoption of policies designed to deliver monetary aid and other relief to borrowers. In addition, to the extent that the Bank’s customers are not able to fulfill their contractual obligations, the Company’s business operations, asset valuations, financial condition, cash flows and results of operations could be materially adversely impacted. Material adverse impacts may also include all or a combination of valuation impairments on our intangible assets, investments, loans, deferred tax assets, or other real estate owned ("OREO"). Similarly, the Company’s operations rely on third-party vendors to process, record and monitor transactions. If any of these vendors are unable to provide these services, our ability to serve customers could be disrupted. The pandemic could also negatively impact customers’ ability to conduct banking and other financial transactions. The Company’s operations could also be adversely impacted if key personnel or a significant number of employees are unable to work due to illness or restrictions.

On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act to provide relief for individuals and businesses that have been negatively impacted by the COVID-19 pandemic. Among the provisions, the CARES Act includes a provision for the Company to opt out of applying the “troubled-debt restructuring” accounting guidance in Accounting Standards Codification (“ASC”) Topic 310-40 for certain loan modifications. Loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are eligible for this relief if the related loans were not more than 30 days past due as of December 31, 2019. The Bank adopted this provision as of March 31, 2020.
6



The Economic Aid to Hard Hit Small Business, Not for Profits and Venues Act (“Economic Aid Act”) was enacted in December 2020 in further response to the COVID-19 pandemic. Among other things, the Economic Aid Act provides relief to borrowers in the form of access to additional credit through the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) as originally constituted under the CARES Act. In addition, the Economic Aid Act extended the relief from ASC Topic 310-40, such that the Company is able to opt out of applying the “troubled-debt restructuring” accounting guidance for loan modifications made between January 1, 2021 and the earlier of (i) December 30, 2021 or (ii) 60 days after the President declares a termination of the COVID-19 national emergency; provided, that, the modified loans were not more than 30 days past due as of December 31, 2019. The Bank adopted this provision as of December 31, 2020.

(2) Earnings Per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings 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 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 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 would be anti-dilutive to the diluted earnings per common share calculation. For the three months ended June 30, 2021 and 2020, 23,300 and 54,930 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per share. For the six months ended June 30, 2021 and 2020, 40,450 and 41,430 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per share.

The following table illustrates the calculation of both basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share data)2021202020212020
Net income$5,152 $3,690 $10,081 $7,111 
Basic weighted average shares outstanding10,272,906 10,209,295 10,267,343 10,205,065 
Plus: common stock equivalents
52,429 38,861 48,437 51,416 
Diluted weighted average shares outstanding10,325,335 10,248,156 10,315,780 10,256,481 
Earnings per share:
Basic
$0.50 $0.36 $0.98 $0.70 
Diluted
$0.50 $0.36 $0.98 $0.69 



7


(3) Investment Securities
A summary of amortized cost and fair value of investment securities available for sale follows:
June 30, 2021
(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”)
$2,747 $22 $ $2,769 
Residential collateralized mortgage obligations - GSE36,800 339 (68)37,071 
Residential mortgage backed securities - GSE26,738 483 (95)27,126 
Obligations of state and political subdivisions24,096 911  25,007 
Corporate debt securities21,006 322 (39)21,289 
Other debt securities17,511 175 (62)17,624 
Total
$128,898 $2,252 $(264)$130,886 
December 31, 2020
(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”)
$3,437 $7 $(5)$3,439 
Residential collateralized mortgage obligations - GSE36,282 503 (6)36,779 
Residential mortgage backed securities - GSE13,031 572 (6)13,597 
Obligations of state and political subdivisions26,445 1,007  27,452 
Corporate debt securities20,997 465 (95)21,367 
Other debt securities22,389 254 (80)22,563 
Total
$122,581