1st Constitution Bancorp reports Q3 adjusted EPS 45c, consensus 40c
Book value per share and tangible book value per share were $15.95 and $14.55, respectively, at September 30, 2019. Under current regulatory capital standards, the Company's estimated common equity Tier 1 to risk-based assets, total risk-based capital, Tier I capital, and leverage ratios were 10.52%, 12.79%, 12.04% and 11.44%, respectively, at September 30, 2019. The Bank's estimated CET1, total risk-based capital, Tier 1 capital and leverage ratios were 12.02%, 12.77%, 12.02% and 11.43%, respectively, at September 30, 2019. CEO Robert Mangano stated, "Despite the sharp decline in market interest rates in the second and third quarters of 2019, we achieved strong earnings for the third quarter of 2019. Our net interest margin declined, but the increase in interest income driven by our loan growth more than offset the impact. Asset quality and capital levels continue to be strong. Our third quarter results, excluding the impact of Shore merger-related expense, generated an annualized adjusted return on average total assets and adjusted average shareholders' equity of 1.22% and 11.34%, respectively. We have received regulatory approval of the pending acquisition of Shore from the Federal Deposit Insurance Corporation and the State of New Jersey Department of Banking and Insurance. Subject to the outcome of the special meeting of Shore shareholders being held today at 11:00 a.m. and other closing conditions being satisfied, we expect to consummate the merger on November 8, 2019. We are proceeding with our integration planning, and intend to complete the conversion of the Shore core operating system to our system on November 11, 2019."