1St Constitution Bancorp (FCCY) 10-Q Quarterly Report August 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 SECOND QUARTER 2017 RESULTS

Cranbury NJ - July 21, 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 June 30, 2017. For the six months ended June 30, 2017, net income was $3.9 million and diluted earnings per share were $0.47.

SECOND QUARTER 2017 HIGHLIGHTS


•	Book value per share and tangible book value per share were $13.53 and $11.95, respectively, at June 30, 2017.


•	Net interest income was $9.3 million and the net interest margin was 3.97% on a tax equivalent basis.


•	Non-interest income increased $230,000 to $1.8 million, driven primarily by a higher volume of residential mortgages sold.


•	The Bank recorded a provision for loan losses of $150,000 and there were no charge-offs.


•	Commercial business, commercial real estate and construction loans totaled $496.6 million at June 30, 2017, and increased $75.2 million, or 17.8%, compared to $421.4 million at June 30, 2016 and increased $58.5 million, or 13.4%, compared to $438.1 million at December 31, 2016. Total loans were $762.6 million at June 30, 2017.


•	Non-performing assets were $6.4 million, or 0.60% of assets, and included $356,000 of OREO at June 30, 2017.


•	On June 23, 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 July 25, 2017 to shareholders of record as of July 3, 2017.


•	In June 2017, the Bank launched Momentum Mortgage powered by 1^st Constitution Bank, a digital residential mortgage platform that allows applicants to upload documents, communicate with their loan officer and experience an easier, faster and more convenient mortgage application process entirely online, utilizing any device anywhere.

Robert F. Mangano, President and Chief Executive Officer, stated “Our second quarter of 2017 financial results reflected several important operating fundamentals. While our total loans were similar to the balance last June, we have generated significant growth in commercial real estate and construction loans of over $86.0 million during the last twelve months. Offsetting this growth was a $64.0 million decrease in warehouse loans compared to last year as a result of lower residential mortgage refinancing activity due to the higher interest rates in the first half of 2017. Mr. Mangano added, “The financial benefit of the higher short-term interest rate environment and our asset sensitive interest rate position is evident in the positive effect on net interest income and our net interest margin in the second quarter of 2017.”

Mr. Mangano continued, “We continue to focus on improving our customers’ experiences by enhancing and expanding our internet and mobile delivery channel. We have recently revamped our website to improve

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 21, 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 10.2: Material Contract

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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: 0001141807-17-000054
Submitted to the SEC: Thu Aug 10 2017 5:09:51 PM EST
Accepted by the SEC: Thu Aug 10 2017
Period: Friday, June 30, 2017
Industry: Savings Institution Federally Chartered

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