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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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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
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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
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1ST CONSTITUTION BANCORP |
(Exact Name of Registrant as Specified in Its Charter) |
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New Jersey | | 22-3665653 |
(State of Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
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2650 Route 130, P.O. Box 634, Cranbury, NJ | | 08512 |
(Address of Principal Executive Offices) | | (Zip Code) |
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(609) 655-4500 |
(Issuer’s Telephone Number, Including Area Code) |
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(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):
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| | | | |
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
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PART I. | FINANCIAL INFORMATION | |
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Item 1. | Financial Statements | |
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| Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 (unaudited) | |
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| Consolidated Statements of Income for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited) | |
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| Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited) | |
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| Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited) | |
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| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited) | |
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| Notes to Consolidated Financial Statements (unaudited) | |
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Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
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Item 4. | Controls and Procedures | |
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PART II. | OTHER INFORMATION | |
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Item 1. | Legal Proceedings | |
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Item 1A. | Risk Factors | |
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Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
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Item 3. | Defaults Upon Senior Securities | |
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Item 4. | Mine Safety Disclosures | |
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Item 5. | Other Information | |
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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.
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.
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)
(2)
(3)
The accompanying notes are an integral part of these consolidated financial statements.
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.
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.
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.
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.
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 |
|
(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 |
|
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.
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.
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| | | | | | | | | | |
| 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:
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| | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | ) |