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On December 10, 2021, the Federal Reserve Bank of New York granted a non-objection to Lakeland Bancorp's request regarding its merger with 1st Constitution Bancorp. All regulatory approvals have been obtained, and the merger is set to close on January 6, 2022. Lakeland Bancorp, with total assets of $8.17 billion, operates an extensive branch network across New Jersey, while 1st Constitution Bancorp has total assets of $1.91 billion. This merger aims to enhance market presence and operational efficiencies for both banks.
Lakeland Bancorp, Inc. and 1st Constitution Bancorp announced the approval of their proposed merger by the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance. This merger requires additional approvals from the Federal Reserve Board and shareholders of both companies, expected to take place at special meetings on December 3, 2021. As of September 30, 2021, Lakeland's total assets stood at $8.17 billion, while 1st Constitution reported total assets of $1.91 billion. The merger aims to enhance market presence and operational efficiencies.
1ST Constitution Bancorp (NASDAQ: FCCY) reported a net income of $5.4 million and diluted earnings per share of $0.53 for Q3 2021, up from $4.9 million and $0.48 per share a year earlier. The Board declared a quarterly cash dividend of $0.10, payable on November 24, 2021. The Company is progressing with its merger with Lakeland Bancorp, expected to close in January 2022, incurring $737,000 in related expenses. Adjusted net income increased 24.5% to $6.1 million, with an adjusted EPS of $0.59. Overall, the Company's total assets stood at $1.91 billion as of September 30, 2021.
1ST Constitution Bancorp (NASDAQ: FCCY) reported a net income of $5.2 million and diluted earnings per share of $0.50 for Q2 2021, a 39.6% increase from the previous year. The Company also declared a quarterly cash dividend of $0.10 per share, payable on August 25, 2021. The pending merger with Lakeland Bancorp aims to strengthen market position. However, expenses of $447,000 related to the merger were incurred. Adjusted net income rose 49.1% year-over-year to $5.5 million.
1ST Constitution Bancorp (NASDAQ: FCCY) reported a net income of $4.9 million, or $0.48 per diluted share, for Q1 2021, a 44% increase from $3.4 million in Q1 2020. The Board declared a quarterly cash dividend of $0.10 per share, up 11% from the previous quarter. The company facilitated $34.4 million in PPP loan forgiveness and funded $34.2 million in new loans. Total loans decreased to $1.3 billion, down $138.7 million since December 2020, while non-interest income rose by 66% to $4.1 million. Asset quality remained stable, with non-performing assets at 0.85% of total assets.
1st Constitution Bancorp (NASDAQ: FCCY) reported a significant increase in net income to $4.9 million (up 35.5%) and diluted earnings per share of $0.48 for Q3 2020. This compares to $3.6 million and $0.42 in Q3 2019. A quarterly cash dividend of $0.09 per share was declared, payable on November 25, 2020. Notably, the provision for loan losses rose to $2.3 million, reflecting economic uncertainty due to COVID-19. The Bank’s loan portfolio grew, with total loans at $1.5 billion, and deposits increased by $101.6 million to $1.5 billion by September 30, 2020.
1ST Constitution Bancorp (NASDAQ: FCCY) reported net income of $3.7 million for Q2 2020, up from $3.4 million a year earlier, with diluted earnings per share of $0.36. A quarterly cash dividend of $0.09 per share was declared, payable on August 25, 2020. The company noted a 21.2% increase in the provision for loan losses to $12.1 million, reflecting economic challenges due to COVID-19. Despite this, total loans rose $138 million to $1.4 billion and deposits climbed $132 million to $1.41 billion.
