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Robert F. Mangano
Stephen J. Gilhooly
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
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 1st 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.
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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