1St Constitution Bancorp (FCCY) 10-Q Quarterly Report May 2017



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

1^ST CONSTITUTION BANCORP

REPORTS FIRST QUARTER 2017 RESULTS

Cranbury NJ - April 24, 2017 -- 1

^ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1^ST Constitution Bank (the “Bank”), today reported net income of $1.9 million and diluted earnings per share of $0.23 for the three months ended March 31, 2017.

FIRST QUARTER 2017 HIGHLIGHTS


•	Book value per share and tangible book value per share were $13.28 and $11.69, respectively, at March 31, 2017.


•	Net interest income was $8.6 million and the net interest margin was 3.83% on a tax equivalent basis.


•	Non-interest income increased $807,000 to $2.4 million driven primarily by an increase in the volume of residential mortgages sold.


•	The Bank recorded a provision for loan losses of $150,000 and net charge-offs were $94,000.


•	Commercial business, commercial real estate and construction loans totaled $467 million at March 31, 2017 and increased $64 million compared to the total at March 31, 2016 and increased $29 million compared to the total at December 31, 2016.


•	Non-performing assets were $7.9 million, or 0.78% of assets, and included $431,000 of OREO at March 31, 2017.


•	On March 17, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per common share that will be paid on April 25, 2017 to shareholders of record as of April 3, 2017.

Robert F. Mangano, President and Chief Executive Officer, stated “Our first quarter of 2017 financial results reflected several important operating fundamentals. We have good momentum in our lending operations as we generated growth in our commercial business, commercial real estate and construction loan portfolio segments. Our new residential lending team contributed to a significant increase in non-interest income in the first quarter through the sale of $38 million of mortgages.” Mr. Mangano added, “We are beginning to see a positive effect of the increase in short-term interest rates through increasing yields on our variable rate commercial business, SBA, construction and consumer loans.”

Discussion of Financial Results

Net income was $1.9 million, or $0.23 per diluted share, for the first quarter of 2017 compared to $2.2 million, or $0.27 per diluted share, for the first quarter of 2016. Growth of loans and deposits generated a $139,000 increase in net interest income and higher residential lending activity produced $25 million of closed loans and $38 million of loan sales, which generated a net increase in gains on sales of loans of $686,000 and contributed to the $807,000 increase in non-interest income for the first quarter of 2017 compared to the first quarter of 2016. The combined increase in revenue was offset by a $150,000 provision for loan losses in the first quarter of 2017 compared to a $200,000 credit (negative) provision for loan losses in the first quarter of 2016 and a $1.1 million increase in non-interest expenses for the first quarter of 2017

The following information was filed by 1St Constitution Bancorp (FCCY) on Monday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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1St Constitution Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: FCCY
CIK: 1141807
Form Type: 10-Q Quarterly Report
Accession Number: 0001141807-17-000035
Submitted to the SEC: Tue May 09 2017 5:05:45 PM EST
Accepted by the SEC: Tue May 09 2017
Period: Friday, March 31, 2017
Industry: Savings Institution Federally Chartered

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