Company Quick10K Filing
1st Constitution Bancorp
Price18.86 EPS2
Shares9 P/E12
MCap165 P/FCF24
Net Debt-21 EBIT31
TEV144 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-19
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-10
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-22
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-26
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-22
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-23
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-23
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-26
8-K 2020-06-16
8-K 2020-05-22
8-K 2020-05-04
8-K 2020-03-13
8-K 2020-01-31
8-K 2019-11-21
8-K 2019-11-12
8-K 2019-11-08
8-K 2019-10-18
8-K 2019-10-18
8-K 2019-10-15
8-K 2019-09-27
8-K 2019-08-30
8-K 2019-07-19
8-K 2019-06-23
8-K 2019-06-23
8-K 2019-06-03
8-K 2019-04-19
8-K 2019-02-21
8-K 2019-02-08
8-K 2019-01-31
8-K 2018-11-05
8-K 2018-10-19
8-K 2018-07-20
8-K 2018-05-24
8-K 2018-05-07
8-K 2018-04-20
8-K 2018-04-11
8-K 2018-03-22
8-K 2018-02-26
8-K 2018-02-14
8-K 2018-02-02

FCCY 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
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.
EX-31.1 exhibit311ceocertifica.htm
EX-31.2 exhibit312cfocertifica.htm
EX-32 exhibit32ceoandcfocert.htm

1st Constitution Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.41.10.80.60.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020
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 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
New Jersey
08512
(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 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: (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 filer
 
Accelerated filer
Non-accelerated filer
 
Smaller 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 May 7, 2020, there were 10,201,298 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, 2020 and December 31, 2019 (unaudited)
 
 
 
 
Consolidated Statements of Income for the Three Months Ended March 31, 2020 and March 31, 2019 (unaudited)
 
 
 
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and March 31, 2019 (unaudited)
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2020 and March 31, 2019 (unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and March 31, 2019 (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, 2020
 
December 31, 2019
ASSETS
 
 
 
 
Cash and due from banks
 
$
8,762

 
$
2,547

Interest-earning deposits
 
3,277

 
12,295

Total cash and cash equivalents
 
12,039

 
14,842

Investment securities
 
 

 
 

Available for sale, at fair value
 
163,725

 
155,782

Held to maturity (fair value of $91,138 and $78,223 at March 31, 2020
and December 31, 2019, respectively)
 
88,381

 
76,620

Total investment securities
 
252,106

 
232,402

Loans held for sale
 
11,755

 
5,927

Loans
 
1,217,807

 
1,216,028

  Less: allowance for loan losses
 
(10,001
)
 
(9,271
)
    Net loans
 
1,207,806

 
1,206,757

Premises and equipment, net
 
14,966

 
15,262

Right-of-use assets
 
17,550

 
17,957

Accrued interest receivable
 
4,843

 
4,945

Bank-owned life insurance
 
36,858

 
36,678

Other real estate owned
 
470

 
571

Goodwill and intangible assets
 
36,654

 
36,779

Other assets
 
15,822

 
14,142

Total assets
 
$
1,610,869

 
$
1,586,262

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

LIABILITIES
 
 

 
 

Deposits
 
 

 
 

Non-interest bearing
 
$
299,147

 
$
287,555

Interest bearing
 
998,885

 
989,807

Total deposits
 
1,298,032

 
1,277,362

Short-term borrowings
 
94,125

 
92,050

Redeemable subordinated debentures
 
18,557

 
18,557

Accrued interest payable
 
1,430

 
1,592

Lease liability
 
18,257

 
18,617

Accrued expenses and other liabilities
 
7,363

 
7,506

Total liabilities
 
1,437,764

 
1,415,684

SHAREHOLDERS' EQUITY
 
 

 
 

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

 

Common stock, no par value; 30,000,000 shares authorized; 10,240,624 and 10,224,974 shares issued and 10,201,298 and 10,191,676 shares outstanding as of March 31, 2020 and December 31, 2019, respectively
 
110,254

 
109,964

Retained earnings
 
63,295

 
60,791

Treasury stock, 39,326 and 33,298 shares at March 31, 2020 and December 31, 2019, respectively
 
(503
)
 
(368
)
Accumulated other comprehensive income
 
59

 
191

Total shareholders' equity
 
173,105

 
170,578

Total liabilities and shareholders' equity
 
$
1,610,869

 
$
1,586,262

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,
 
2020
 
2019
INTEREST INCOME
 
 
 
Loans, including fees
$
14,805

 
$
12,157

Securities:
 
 
 
Taxable
1,056

 
1,270

Tax-exempt
438

 
441

Federal funds sold and short-term investments
89

 
47

Total interest income
16,388

 
13,915

INTEREST EXPENSE
 
 
 
Deposits
3,238

 
2,317

Borrowings
62

 
173

Redeemable subordinated debentures
152

 
198

Total interest expense
3,452

 
2,688

Net interest income
12,936

 
11,227

PROVISION FOR LOAN LOSSES
895

 
300

Net interest income after provision for loan losses
12,041

 
10,927

NON-INTEREST INCOME
 
 
 
Service charges on deposit accounts
213

 
166

Gain on sales of loans
1,470

 
1,045

Income on bank-owned life insurance
180

 
139

Gain on sales of securities
8

 

Other income
585

 
516

Total non-interest income
2,456

 
1,866

NON-INTEREST EXPENSES
 
 
 
Salaries and employee benefits
6,169

 
4,963

Occupancy expense
1,170

 
1,021

Data processing expenses
446

 
348

FDIC insurance expense
34

 
100

Other real estate owned expenses
17

 
48

Other operating expenses
1,957

 
1,614

Total non-interest expenses
9,793

 
8,094

Income before income taxes
4,704

 
4,699

INCOME TAXES
1,283

 
1,302

Net income
$
3,421

 
$
3,397

EARNINGS PER COMMON SHARE
 
 
 
Basic
$
0.34

 
$
0.39

Diluted
$
0.33

 
$
0.39

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
Basic
10,200,836

 
8,624,088

Diluted
10,262,047

 
8,694,004

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,
 
2020
 
2019
 
 
 
 
Net income
$
3,421

 
$
3,397

Other comprehensive income (loss):
 
 
 
Unrealized holding (losses) gains on securities available for sale
(187
)
 
1,408

Tax effect
46

 
(337
)
Net of tax amount
(141
)
 
1,071

 
 
 
 
Reclassification adjustment for gains on securities available for sale(1)
(1
)
 

   Tax effect (2)

 

Net of tax amount
(1
)
 

 
 
 
 
Reclassification adjustment for unrealized impairment loss on held to maturity security(3)
3

 
1

Tax effect
(1
)
 

Net of tax amount
2

 
1

 
 
 
 
Pension liability
56

 
55

Tax effect
(17
)
 
(17
)
Net of tax amount
39

 
38

 
 
 
 
Reclassification adjustment for actuarial gains for unfunded pension liability(4)
(44
)

(44
)
Tax effect (2)
13

 
13

Net of tax amount
(31
)
 
(31
)
 
 
 
 
Total other comprehensive (loss) income
(132
)
 
1,079

 
 
 
 
Comprehensive income
$
3,289

 
$
4,476


(1) Included in gain on sales 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 Months Ended March 31, 2020 and 2019
(Dollars in thousands)
(Unaudited)

 
Common
Stock
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance, January 1, 2019
$
79,536

 
$
49,750

 
$
(368
)
 
$
(1,833
)
 
$
127,085

Net income

 
3,397

 

 

 
3,397

Exercise of stock options and issuance of restricted shares (5,364 shares and 14,000 shares, respectively)
23

 

 

 

 
23

Share-based compensation
269

 

 

 

 
269

Cash dividends ($0.075 per share)

 
(646
)
 

 

 
(646
)
Other comprehensive income

 

 

 
1,079

 
1,079

Balance, March 31, 2019
$
79,828

 
$
52,501

 
$
(368
)
 
$
(754
)
 
$
131,207

 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2020
$
109,964

 
$
60,791

 
$
(368
)
 
$
191

 
$
170,578

Net income

 
3,421

 

 

 
3,421

Issuance of restricted shares (15,650 shares)

 

 

 

 

Share-based compensation
290

 

 

 

 
290

Cash dividends ($0.09 per share)

 
(917
)
 

 

 
(917
)
Treasury stock purchased (6,028 shares)




(135
)


 
(135
)
Other comprehensive loss

 

 

 
(132
)
 
(132
)
Balance, March 31, 2020
$
110,254

 
$
63,295

 
$
(503
)
 
$
59

 
$
173,105

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,
 
2020
 
2019
OPERATING ACTIVITIES:
 
 
 
Net income
$
3,421

 
$
3,397

Adjustments to reconcile net income to net cash (used in) provided by operating activities-
 
 
 
Provision for loan losses
895

 
300

Depreciation and amortization
542

 
340

Net amortization of premiums and discounts on securities
306

 
110

SBA loan discount accretion
(106
)
 
(92
)
Gains on sales and calls of securities available for sale
(1
)
 

Gains on sales and calls of securities held to maturity
(7
)
 

Gains on sales of loans held for sale
(1,470
)
 
(1,045
)
Originations of loans held for sale
(42,459
)
 
(22,467
)
Proceeds from sales of loans held for sale
38,101

 
25,363

Increase in cash surrender value on bank–owned life insurance
(180
)
 
(139
)
Share-based compensation expense
290

 
269

Increase in deferred tax asset
(41
)
 

Noncash rent and equipment expense
47

 
53

Decrease in accrued interest receivable
102

 
81

Increase in other assets
(626
)
 
(304
)
(Decrease) increase in accrued interest payable
(162
)
 
361

Decrease in accrued expenses and other liabilities
(131
)
 
(1,084
)
                Net cash (used in) provided by operating activities
(1,479
)
 
5,143

INVESTING ACTIVITIES:
 
 
 
Purchases of securities:
 
 
 
Available for sale
(18,416
)
 
(20,950
)
Held to maturity
(16,729
)
 
(2,739
)
Proceeds from calls, maturities and payments of securities:
 
 
 
Available for sale
10,051

 
7,280

Held to maturity
4,889

 
4,436

Net (purchase) sale of restricted stock
(1,038
)
 
2,238

Net (increase) decrease in loans
(1,838
)
 
8,924

Capital expenditures
(37
)
 
(200
)
Proceeds from sales of other real estate owned
101

 

Net cash used in investing activities
(23,017
)
 
(1,011
)
FINANCING ACTIVITIES:
 
 
 
Exercise of stock options

 
23

Purchase of treasury shares
(135
)
 

Cash dividends paid to shareholders
(917
)
 
(646
)
Net increase in deposits
20,670

 
44,533

Increase (decrease) in short-term borrowings
2,075

 
(49,725
)
Net cash provided by (used in) financing activities
21,693

 
(5,815
)
Decrease in cash and cash equivalents
(2,803
)
 
(1,683
)
Cash and cash equivalents at beginning of period
14,842

 
16,844

Cash and cash equivalents at end of period
$
12,039

 
$
15,161

Supplemental Disclosures of Cash Flow Information
 
 
 
Cash paid during the period for -
 
 
 
Interest
$
3,614


$
2,327

Income taxes
101


2,192

 
 
 
 


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

5



1ST Constitution Bancorp
Notes to Consolidated Financial Statements
March 31, 2020
(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. 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 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, 2019, filed with the SEC on March 16, 2020.

Goodwill
During the first quarter of 2020, management determined that a triggering event had occurred with respect to goodwill, which required a review of goodwill for impairment. Management completed its review of goodwill and concluded that it was more likely than not that the fair value of goodwill exceeded the carrying amount of goodwill at March 31, 2020. Accordingly, goodwill was not impaired at March 31, 2020.

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, 2020 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.

COVID-19 Impact
The sudden emergence of the COVID-19 global pandemic has created widespread uncertainty, social and economic disruption, highly volatile financial markets and unprecedented increases in unemployment levels in a short period of time. Mandated business and school closures, restrictions on travel and social distancing have resulted in almost all businesses and employees being adversely impacted and a dramatic increase in unemployment levels in a short period of time. While the spread of COVID-19 and the restrictions implemented to contain its spread did not significantly impact the Company’s financial condition as of March 31, 2020, the 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. As a result of the recent emergence of the pandemic and the uncertainty, it is not possible to determine the overall impact of the pandemic on the Company’s business. To the extent that customers are not able to fulfill their contractual obligations to the Company, the Company’s business operations, asset valuations, financial condition, cash flows and results of operations could be materially adversely impacted. Material adverse impacts may include all or a combination of valuation impairments on our intangible assets, investments, loans, deferred tax assets, or other real estate owned ("OREO").

The future effect of the COVID-19 pandemic on the Company’s operations and financial performance will depend on future developments related to the duration, extent and severity of the pandemic and the length of time that mandated business and school closures, restrictions on travel and social distancing remain in place. 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 negatively impact customers’ ability to conduct banking and other financial transactions. The Company’s operations could be adversely impacted if key personnel or a significant number of employees were 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 in response to the coronavirus pandemic. This legislation aims at providing relief for individuals and businesses that have been

6



negatively impacted by the coronavirus pandemic.

The CARES Act includes a provision for the Company to opt out of applying the “troubled-debt restructuring” (“TDR”) accounting guidance in ASC 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.


Adoption of New Accounting Standards         

ASU 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)

In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license.

The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this Update.

The amendments in this ASU also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The term of the hosting arrangement includes the non-cancellable period of the arrangement plus periods covered by (1) an option to extend the arrangement if the customer is reasonably certain to exercise that option, (2) an option to terminate the arrangement if the customer is reasonably certain not to exercise the termination option, and (3) an option to extend (or not to terminate) the arrangement in which exercise of the option is in the control of the vendor. The entity also is required to apply the existing impairment guidance in Subtopic 350-40 to the capitalized implementation costs as if the costs were long-lived assets.

The amendments in this ASU also require the entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in the consolidated balance sheets in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented.

The adoption of this guidance in 2020 did not have a material impact on the Company's consolidated financial statements.

ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)
In August 2018, the FASB issued ASU 2018-14 - “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20),” which consists of amendments to the disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in this Update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

The following disclosure requirements are removed from Subtopic 715-20:

1.
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year;
2.
The amount and timing of plan assets expected to be returned to the employer;
3.
The disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law;
4.
Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan;
5.
For nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy. However, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets; and
6.
For public entities, the effects of a one-percentage point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits.

7




The following disclosure requirements are added to Subtopic 715-20:

1.
The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; and
2.
An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period.

The amendments in this ASU also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed:

1.
The projected benefit obligation (“PBO”) and fair value of plan assets for plans with PBOs in excess of plan assets; and
2.
The accumulated benefit obligation (“ABO”) and fair value of plan assets for plans with ABOs in excess of plan assets.

The amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the FASB’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement.

For the Company, the provisions of this ASU are effective for fiscal years ending after December 15, 2020. The adoption of this guidance in 2020 did not have a material impact on the Company's consolidated financial statements.

(2) Acquisition of Shore Community Bank
On November 8, 2019, the Company completed its acquisition of 100 percent of the shares of common stock of Shore Community Bank ("Shore"), which merged with and into the Bank (the “Shore Merger”). The former shareholders of Shore received total consideration of $54.3 million, which was comprised of 1,509,275 shares of common stock of the Company with a market value of $29.2 million and cash of $25.1 million, of which $925,000 was cash paid in exchange for unexercised outstanding stock options.

The Shore Merger was accounted for under the acquisition method of accounting, and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at preliminary estimated fair values as of the Shore Merger date. The excess of the fair value of the consideration paid over the preliminary net fair value of Shore's assets and liabilities resulted in the recognition of goodwill of $23.2 million. Shore’s results of operations have been included in the Company’s Consolidated Statements of Income since November 8, 2019.

The assets acquired and liabilities assumed in the merger were recorded at their estimated fair values based on management’s best estimates, using information available at the date of the merger, including the use of third party valuation specialists. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the Shore Merger.

8



The following table summarizes the fair value of the acquired assets and liabilities assumed:
(Dollars in thousands)
Amount
Consideration paid:
 
Company stock issued
$
29,175

Cash payment
24,233

Cash payment for unexercised outstanding stock options
925

Total consideration paid
$
54,333

 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed at fair value:
 
Cash and cash equivalents
$
32,599

Investment securities available for sale
26,440

Loans
205,833

Premises and equipment, net
4,433

Core deposit intangible asset
1,467

Bank-owned life insurance
7,250

Right-of-use assets
3,226

Accrued interest receivable
778

Other real estate owned
605

Other assets
2,518

Deposits
(249,836
)
Lease liability
(3,226
)
Other liabilities
(948
)
Total identifiable assets and liabilities, net
$
31,139

 
 
Goodwill recorded from Shore merger
$
23,194


Accounting Standards Codification (“ASC”) Topic 805-10 provides that if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the acquirer shall report, in its financial statements, provisional amounts for the items for which the accounting is incomplete. During the measurement period, the acquirer shall retrospectively adjust the provisional amounts recognized at the acquisition date and may recognize additional assets or liabilities to reflect new information obtained from facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The measurement period may not exceed one year from the acquisition date.

Investments were recorded at fair value, utilizing quoted market prices on nationally recognized exchanges (Level 1) or by using Level 2 inputs.  For Level 2 securities, the Company obtained fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things.

Loans acquired in the Shore Merger were recorded at fair value and subsequently accounted for in accordance with ASC Topic 310. The fair values of loans acquired were estimated, utilizing cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted for estimated future credit losses of approximately $3.6 million and estimated prepayments. Projected cash flows were then discounted to present value, utilizing a risk-adjusted market rate for similar loans that management determined market participants would likely use.

At the Shore Merger date, the Company recorded $201.3 million of loans without evidence of credit quality deterioration and $4.6 million of loans with evidence of credit quality deterioration.


9



The following table summarizes the composition of the loans acquired and recorded at fair value:
 
At November 8, 2019
(Dollars in thousands)
Loans acquired with no credit quality deterioration
Loans acquired with credit quality deterioration
Total
Commercial
 
 
 
  Construction
$
9,733

 
$

 
$
9,733

 
  Commercial real estate
135,482

 
4,071

 
139,553

 
  Commercial business
12,027

 

 
12,027

 
Residential real estate
36,849

 
500

 
37,349

 
Consumer
7,171

 

 
7,171

 
  Total loans
$
201,262

 
$
4,571

 
$
205,833

 

The following is a summary of the loans acquired with evidence of deteriorated credit quality in the Shore Merger as of the date of the closing of the merger:
(Dollars in thousands)
Acquired Credit Impaired Loans
Contractually required principal and interest at acquisition
$
7,584

Contractual cash flows not expected to be collected (non-accretable difference)
2,355

 
 
Expected cash flows at acquisition
5,229

Interest component of expected cash flows (accretable difference)
658

 
 
Fair value of acquired loans
$
4,571



Bank-owned life insurance was recorded at the cash surrender value of the insurance policies, which approximates the redemption value of the policies.

The Company recorded a core deposit intangible asset related to a value ascribed to demand, interest checking, money market and savings account, referred to as core deposits, acquired as part of the acquisition. The value assigned to the acquired core deposits represents the future economic benefit of the potential cost savings from acquiring the core deposits, net of operating expenses and including ancillary fee income, compared to the cost of obtaining alternative funds from available market sources. Management used estimates including the expected attrition rates of depository accounts, future interest rate levels, and the cost of servicing various depository products. The core deposit intangible asset totaled $1.5 million and is being amortized over its estimated useful life of approximately 10 years, using an accelerated method.


The following table presents the projected amortization of the core deposit intangible asset for each period:
(Dollars in thousands)
Amount
Year
 
2020
$
262

2021
236

2022
209

2023
182

2024
156

Thereafter
378

Total
$
1,423



The fair values of deposit liabilities with no stated maturities, such as checking, money market and savings accounts, were assumed to equal the carrying value amounts since these deposits are payable on demand. The fair values of certificates of deposit represent the present value of contractual cash flows discounted at market rates for similar certificates of deposit.

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Direct costs related to the Shore Merger were expensed as incurred. For the year ended December 31, 2019, the Company incurred $1.7 million of expenses for termination of contracts, legal and financial advisory fees, severance and other integration related expenses, which have been separately stated as merger-related expenses in the Company’s Consolidated Statements of Income.

Supplemental Pro Forma Financial Information

The following table presents financial information regarding the former Shore operations included in the Company’s Consolidated Statements of Income for the three months ended March 31, 2020 under the column "Shore Three Months Ended 3/31/2020." In addition, the table presents unaudited condensed pro forma financial information assuming that the Shore Merger had been completed as of January 1, 2019.

The table has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the Shore Merger occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma financial information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings that may have occurred as a result of the integration and consolidation of Shore’s operations.
(Dollars in thousands)
Shore Three Months Ended 3/31/2020
 
Actual for the Three Months Ended 3/31/2020
 
Pro Forma for the Three Months Ended 3/31/2019
Net interest income
$
2,065

 
$
12,936

 
$
13,736

Non-interest income
113

 
2,456

 
2,044

Non-interest expenses
979

 
9,793

 
9,624

Income taxes
369

 
1,283

 
1,632

Net income
830

 
3,421

 
4,224





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