Exhibit 99
 
PRESS RELEASE – FOR IMMEDIATE RELEASE
  
1ST CONSTITUTION BANCORP
ANNOUNCES FULL YEAR AND FOURTH QUARTER 2015 RESULTS



Cranbury, New Jersey – February 3, 2016 – 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income and earnings per share for the year and the three month period ended December 31, 2015.

FULL YEAR 2015 HIGHLIGHTS*

 
·
Net income increased 15.3% to $8.7 million compared to Adjusted Net Income of $7.5 million for 2014. Net income as reported for 2014 was $4.4 million.
 
·
Diluted earnings per share increased 12.6% to $1.07 compared to Adjusted Net Income per Diluted Share of $0.95 for 2014. Diluted earnings per share as reported for 2014 was $0.55.
 
·
Return on Assets and Return on Equity were 0.89% and 9.49%, respectively.
 
·
Book value per share and tangible book value per share were $12.11 and $10.44, respectively.
 
·
Net interest income increased 11.1% to $36.3 million and the net interest margin was 4.07%.
 
·
Loans held in portfolio were $682 million at December 31, 2015 and increased $27.8 million, or 4.3%.
 
·
The loan to asset ratio was 70.5 % at December 31, 2015.
 
·
$6.9 million of non-performing assets were resolved during the year and non-performing assets declined to $7.0 million and 0.72% of assets at December 31, 2015.

FOURTH QUARTER 2015 HIGHLIGHTS*

 
·
Net income was $1.6 million and included an after-tax net loss of $0.4 million from the sale of OREO.
 
·
Diluted earnings per share was $0.20 and was reduced by $0.05 due to the after-tax net loss on the sale of OREO.
 
·
$5.4 million of OREO was sold in the fourth quarter. OREO was $966,000 at December 31, 2015 and consisted of one single family home.
 
·
Net interest income increased 2.5% to $8.7 million and the net interest margin was 3.96%.
 
·
The allowance for loan losses was $7.6 million and 1.11% of loans. Net charge-offs for the quarter were $72,000. Non-performing loans were $6.0 million and 0.88% of loans at December 31, 2015.
 
*The information in the above highlights is for the year and the three months ended December 31, 2015 compared to the same respective periods in 2014. All share and per share amounts have been adjusted to reflect the effect of the five percent stock dividend paid on April 7, 2015 and the five percent stock dividend paid on February 1, 2016.

Adjusted Net Income for 2014 excludes the after-tax effect of the merger related expenses incurred in connection with the merger of Rumson-Fair Haven Bank and Trust Company (“Rumson”) with and into the Bank and the provision for loan losses related to the full charge-off of a loan participation due to fraudulent misrepresentations by the borrower and its principals. Adjusted Net Income and Adjusted Net Income per Diluted Share are non-GAAP measures. A reconciliation of these non-GAAP measures to reported net income and net income per diluted share is included in this release.
 
 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Wednesday, February 3, 2016 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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