|Over a month ago|
Lakeland Bancorp, 1st Constitution Bancorp announce regulatory non-objection » 16:3412/1312/13/21
Lakeland Bancorp, Inc.…
Lakeland Bancorp, Inc. (LBAI), the parent company of Lakeland Bank, and 1st Constitution Bancorp (FCCY), the parent company of 1st Constitution Bank, announced that on December 10, 2021, the Federal Reserve Bank of New York issued a non-objection to Lakeland's request to waive the application requirement in connection with the proposed merger of 1st Constitution with and into Lakeland. The companies have now received all regulatory approvals and non-objections in connection with the proposed merger. The closing of the proposed merger remains subject to certain customary closing conditions. The merger is expected to close on January 6, 2022.
Lakeland, 1st Constitution announce receipt of FDIC, New Jersey approvals » 09:2611/0511/05/21
Lakeland Bancorp (LBAI)…
Lakeland Bancorp (LBAI) and 1st Constitution Bancorp (FCCY) announced the receipt of Federal Deposit Insurance Corporation, or FDIC, and New Jersey Department of Banking and Insurance approval in connection with the proposed merger of 1st Constitution with and into Lakeland. The closing of the proposed merger remains subject to the approval of or waiver by the Board of Governors of the Federal Reserve System, the approval of Lakeland's shareholders at the special meeting of shareholders to be held on December 3, 2021, the approval of 1st Constitution's shareholders at the special meeting of shareholders to be held on December 3, 2021, and certain other customary closing conditions.
1st Constitution Bancorp reports Q3 adjusted EPS 59c, two est. 49c » 09:2810/2210/22/21
Total assets were $1.91…
Total assets were $1.91 billion at September 30, 2021 compared to $1.81 billion at December 31, 2020. Regulatory capital ratios for the Company and the Bank continue to reflect a strong capital position. Under applicable regulatory capital standards, the Company's estimated common equity Tier 1 to risk-based assets, total risk-based capital, Tier 1 capital, and leverage ratios were 11.79%, 14.34%, 13.09% and 9.95%, respectively, at September 30, 2021. The Bank's estimated CET1, total risk-based capital, Tier 1 capital and leverage ratios were 13.08%, 14.32%, 13.08% and 9.94%, respectively, at September 30, 2021. The Company and the Bank are considered "well capitalized" under these capital standards. Rober Mangano, President and CEO of the Company, stated, "We are very pleased with our earnings for the three and nine months ended September 30, 2021. During the quarter our residential mortgage banking and SBA loan operations generated substantial gain from sales of loans. Our performance metrics continue to be strong and we remain focused on prudent and disciplined lending, improving the net interest margin and controlling non-interest expense. As I reported last quarter in respect to us partnering with Lakeland, the merger is proceeding as planned and expected to close in January 2022. The integration planning meetings are in progress and we expect a smooth transition. We are very excited about the combination and are looking forward to serving our customer base with a much broader array of products and services."
|Over a quarter ago|
1st Constitution Bancorp reports Q2 adjusted EPS 53c, consensus 50c » 09:1907/2307/23/21
Net interest income was…
Net interest income was $14.4 million and the net interest margin was 3.47% on a tax-equivalent basis. Total assets were $1.79 billion at June 30, 2021, relatively unchanged from December 31, 2020. Under applicable regulatory capital standards, the Company's estimated common equity Tier 1 to risk-based assets, total risk-based capital, Tier 1 capital, and leverage ratios were 11.48%, 14.01%, 12.78% and 9.97%, respectively, at June 30, 2021. The Bank's estimated CET1, total risk-based capital, Tier 1 capital and leverage ratios were 12.78%, 14.01%, 12.78% and 9.96%, respectively, at June 30, 2021. Robert Mangano, President and CEO, stated, "We are excited to be partnering with Lakeland, which is such a respected and well-managed institution. This Merger will bring together two outstanding organizations with strong financial performance, similar cultures and deep relationships in New Jersey. We are beginning our integration planning with Lakeland and anticipate consummating the Merger in the fourth quarter of 2021 or early in the first quarter of 2022. Our second quarter results reflect contributions from all of our business operations and the diversification of our lending. Our operating fundamentals, asset quality and capital levels continue to be stable and strong. Adjusted return on average total assets and adjusted return on average shareholders' equity were 1.22% and 11.45%, respectively."
First Constitution Bancorp trading resumes 08:3007/1207/12/21
Lakeland Bancorp to acquire 1st Constitution Bancorp » 08:0307/1207/12/21
The Boards of Directors…
The Boards of Directors of Lakeland Bancorp (LBAI), the parent company of Lakeland Bank, and 1st Constitution Bancorp (FCCY), the parent company of 1st Constitution Bank, announced today that they have entered into a definitive Agreement and Plan of Merger, under which Lakeland will acquire 1st Constitution. The combined organization will have approximately $9.6 billion in assets and will rank as the 5th largest bank headquartered in New Jersey. The merger brings together two high-performing companies with complementary geographies and business lines. Lakeland will acquire all of the outstanding shares of 1st Constitution in exchange for common shares of Lakeland and will cash out outstanding 1st Constitution options. The exchange ratio will be fixed at 1.3577 Lakeland shares for each 1st Constitution share, resulting in an aggregate transaction value of approximately $244.4 million, or $23.53 per share, which represents a 14% premium over the closing sale price per share of 1st Constitution common stock on July 9, 2021. The Merger Agreement has been unanimously approved by the Boards of Directors of both companies. The merger is expected to close in the fourth quarter of 2021 or early first quarter 2022, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of Lakeland and 1st Constitution. In the transaction, 1st Constitution will merge into Lakeland, and 1st Constitution Bank will merge into Lakeland Bank, with Lakeland and Lakeland Bank being the surviving entities. Key Transaction Highlights: Continues Lakeland's opportunistic acquisition growth and positions the Company to efficiently cross the $10 billion asset threshold in the future. Provides Lakeland with entry into attractive new markets in Mercer, Middlesex and Monmouth counties and enhances our presence in Ocean and Bergen counties in New Jersey. 1st Constitution residential mortgage business enhances non-interest income. Strong cultural fit that combines two organizations with like-minded commitments to customers, communities and stockholders. Key Financial Highlights: Strong earnings accretion: Approximately 10% accretive to Lakeland's earnings per share. Achievable cost savings assumption of 44% or approximately $18 million in 2022. Reasonable tangible book value dilution: Approximately 3.9% dilutive to tangible book value per share at closing. Tangible book value earnback period projected to be approximately 3.3 years using the crossover method. Compelling economics with anticipated internal rate of return over 20%. Pro forma combined company with total assets of $9.6 billion, total loans of $7.4 billion, and deposits of $8.2 billion 1st Constitution's directors and executive officers, who beneficially own in the aggregate approximately 13.2% of 1st Constitution's outstanding shares, have signed voting agreements pursuant to which they have agreed to vote their shares in favor of the holding company merger.
First Constitution Bancorp trading halted, news pending 07:5507/1207/12/21
1st Constitution Bancorp increases quarterly dividend 11% to 10c per share » 09:1805/0305/03/21
The Board of Directors…
The Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, representing an increase of 11%, compared to the dividend of $0.09 per share of common stock paid on February 26, 2021. The dividend will be paid on May 28, 2021 to shareholders of record on May 14, 2021.
1st Constitution Bancorp reports Q1 EPS 48c, consensus 53c » 09:1805/0305/03/21
Total assets were $1.81…
Total assets were $1.81 billion at March 31, 2021, relatively unchanged from December 31, 2020. Regulatory capital ratios for the Company and the Bank continue to reflect a strong capital position. Under applicable 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 10.89%, 13.37%, 12.16% and 9.64%, respectively, at March 31, 2021. The Bank's estimated CET1, total risk-based capital, Tier 1 capital and leverage ratios were 12.16%, 13.37%, 12.16% and 9.63%, respectively, at March 31, 2021. The Company and the Bank are considered "well capitalized" under these capital standards. Robert F. Mangano, President and CEO, stated, "Our first quarter financial results reflect our strong operating fundamentals and the Company's diversified lending platforms as our mortgage warehouse and residential mortgage banking lending operations continued to drive revenue and profitability. We maintained our focus on assisting customers with the SBA PPP lending programs, which resulted in the forgiveness of $34.4 million of existing PPP loans and the funding of $34.2 million of new PPP loans. We observed improvement in economic conditions in our market in the first quarter of 2021 and anticipate further improvement in economic conditions due to the COVID-19 vaccines becoming more widely distributed and the potential easing of governmental restrictions. We continue to closely monitor the performance of our loan portfolio and believe it was appropriate to strengthen our allowance for loan losses during this period of continuing economic uncertainty caused by the pandemic. Despite the economic uncertainty, our asset quality was stable and only one commercial real estate loan was on deferral at the end of March."
1st Constitution Bancorp reports Q4 EPS 59c, consensus 41c » 16:3502/0202/02/21
Net interest income was…
Net interest income was $16.4 million for the fourth quarter of 2020 and increased $3.2 million compared to net interest income of $13.2 million for the fourth quarter of 2019. Total interest income was $18.3 million for the three months ended December 31, 2020 compared to $16.7 million for the three months ended December 31, 2019. The increase in total interest income was primarily due to a net increase of $330.5 million in average loans, reflecting growth in all segments of the loan portfolio except construction loans and loans to individuals, and included $69.9 million in average SBA PPP loans. Average interest-earning assets were $1.7 billion, with a tax-equivalent yield of 4.27%, for the fourth quarter of 2020 compared to average interest-earning assets of $1.4 billion, with a tax-equivalent yield of 4.92%, for the fourth quarter of 2019. The tax-equivalent yield on average interest-earning assets for the fourth quarter of 2020 declined 65 basis points to 4.27%, due primarily to the decline in market interest rates beginning in the third quarter of 2019 and continuing throughout 2020.