Robert F. Mangano
Stephen J. Gilhooly
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
(609) 655-4500
(609) 655-4500


Cranbury NJ - April 24, 2017 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST 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.


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.

View differences made from one quarter to another to evaluate 1St Constitution Bancorp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1St Constitution Bancorp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word, Excel and CSV Downloads

Download Annual and Quarterly Reports as PDF, Word, Excel and CSV Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats Member Feature

Export Annual and Quarterly Reports to Adobe Acrobat (PDF), Microsoft Word (DOCX), Excel (XLSX) and Comma-Delimited (CSV) files for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019) Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019) Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


See when company executives buy or sell their own stock

Insider Trading (Form 4)
Screenshot taken from Euronet (EEFT) Member Feature

Use our calculated cost dollar values to discover when and how much registered owners BUY, SELL or excercise their company stock OPTIONS aggregated from Form 4 Insider Transactions SEC Filings


See how institutional managers trade a stock

Manager Portfolios (Form 13F)
Screenshot taken from General Motors (GM) Member Feature

View which hedge funds, pension / retirement funds, endowments, banks and insurance companies have increased or decreased their positions in a particular stock. Includes Ownership Percent, Buy versus Sell comparison, Put-Call ratio and more.


Log in with your credentials


Forgot your details?

Create Account