CONTACT:Robert F. ManganoStephen J. Gilhooly
President & Chief Executive OfficerSr. Vice President & Chief Financial Officer
(609) 655-4500(609) 655-4500
        
1ST CONSTITUTION BANCORP
REPORTS RECORD NET INCOME OF $6.1 MILLION FOR THE FOURTH QUARTER 2020 AND $18.1 MILLION FOR THE FULL YEAR 2020 AND
DECLARES A QUARTERLY DIVIDEND OF $0.09 PER SHARE

Cranbury NJ - February 2, 2021 -- 1ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $6.1 million and diluted earnings per share of $0.59 for the three months ended December 31, 2020 compared to net income of $3.2 million and diluted earnings per share of $0.34 for the three months ended December 31, 2019. Net income increased 87.0% and diluted earnings per share increased 73.5% for the fourth quarter of 2020 compared to the fourth quarter of 2019. Net income for the three months ended December 31, 2019 included $880,000 of after tax merger expenses related to the merger of Shore Community Bank (“Shore”) with and into the Bank in November 2019.

For the year ended December 31, 2020, net income was $18.1 million and diluted earnings per share was $1.76 compared to net income of $13.6 million and diluted earnings per share of $1.53 for the year ended December 31, 2019. Net income for the years ended December 31, 2020 and 2019 included $45,000 and $1.3 million, respectively, of after tax merger expenses related to the merger of Shore.

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock that will be payable on February 26, 2021 to shareholders of record on February 12, 2021.

Robert F. Mangano, President and Chief Executive Officer, stated, “We reported record earnings for the fourth quarter and the full year of 2020 despite the unprecedented challenges presented by the pandemic. The Company’s diversified lending platforms contributed significantly to the increase in revenue and net income during the fourth quarter and throughout the year as the Company’s residential mortgage banking and mortgage warehouse lending operations benefited from the low interest rate environment.”

Mr. Mangano added, “We addressed the economic uncertainty by providing access to additional credit and forbearance on loan interest and or principal payments to customers, significantly enhancing the frequency and level of critical review of the loan portfolio and recording an annual provision for loan losses of $6.7 million, which increased the allowance for loan losses by 68.7% to $15.6 million at December 31, 2020.”

Mr. Mangano continued, “I could not be prouder of the dedication, hard work and resiliency of our employees during this extremely difficult period. They worked tirelessly to serve and assist our customers and maintain the operations of the Company. Our financial success is a reflection of their commitment. Recently, Newsweek Magazine named 1st Constitution Bank the “2021 Best Small Bank in New Jersey.”

FOURTH QUARTER 2020 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 1.31% and 13.13%, respectively.
Net interest income was $16.4 million and the net interest margin was 3.81% on a tax equivalent basis.
A provision for loan losses of $1.4 million was recorded and net charge-offs were $168,000.
Total loans were $1.4 billion at December 31, 2020 and increased $217.7 million from December 31, 2019. Mortgage warehouse lines increased $151.7 million, commercial real estate loans increased $51.3 million and commercial business loans increased $49.5 million, which included $58.8 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans.
1

The following information was filed by 1St Constitution Bancorp (FCCY) on Wednesday, February 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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