CONTACT:
Robert F. Mangano
Stephen J. Gilhooly
 
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
 
(609) 655-4500
(609) 655-4500
        
PRESS RELEASE - FOR IMMEDIATE RELEASE
        
1ST CONSTITUTION BANCORP
REPORTS FOURTH QUARTER AND FULL YEAR 2016 RESULTS

        
Cranbury NJ - February 2, 2017 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $2.1 million and diluted earnings per share of $0.25 for the three months ended December 31, 2016 compared to net income of $1.6 million and diluted earnings per share of $0.20 for the three months ended December 31, 2015. For the year ended December 31, 2016, the Company reported net income of $9.3 million and diluted earnings per share of $1.14 compared to net income of $8.7 million and diluted earnings per share of $1.08 for the year ended December 31, 2015.

FOURTH QUARTER 2016 HIGHLIGHTS

Net income increased 26.2% and diluted earnings per share increased 25% compared to the fourth quarter of 2015.
Book value per share and tangible book value per share were $13.11 and $11.50, respectively, at December 31, 2016.
Net interest income was $9.1 million and the net interest margin was 3.83% on a tax equivalent basis.
Non-performing assets were $5.4 million, or 0.52% of assets, and included $166,000 of OREO at December 31, 2016.
The Bank did not record a provision for loan losses in the fourth quarter of 2016 due to net recoveries on loans of $8,000, the low level of non-performing and criticized loans, lower historical loan loss factors that reflected the continued improvement in loan credit quality and the current economic and operating environment.
On December 15, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per common share that was paid on January 25, 2017 to shareholders of record as of the close of business on January 3, 2017.

FULL YEAR 2016 HIGHLIGHTS

Net income increased 7.2% to $9.3 million for the year ended December 31, 2016.
Diluted earnings per share increased 6.5% to $1.14 for the year ended December 31, 2016.
Return on average assets and return on average equity were 0.93% and 9.21%, respectively for the year ended December 31, 2016.
A credit (negative) provision for loan losses of $300,000 and net recoveries of loans of $234,000 were recorded.
Loans held in portfolio increased $42.7 million, or 6.3%, to $724.8 million at December 31, 2016 due primarily to growth in commercial real estate loans.
Deposits increased $47.8 million, or 6.1%, to $834.5 million at December 31, 2016 due primarily to growth of non-interest bearing and interest bearing demand deposit accounts, money market accounts and savings accounts.



The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, February 2, 2017 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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