CONTACT:
Robert F. Mangano
Stephen J. Gilhooly
 
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
 
(609) 655-4500
(609) 655-4500
        
    
1ST CONSTITUTION BANCORP
REPORTS THIRD QUARTER 2017 RESULTS
INCREASES QUARTERLY DIVIDEND TO $0.06 PER SHARE

Cranbury NJ - October 26, 2017 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $2.5 million and diluted earnings per share of $0.30 for the three months ended September 30, 2017. For the nine months ended September 30, 2017, net income was $6.4 million and diluted earnings per share were $0.76.

The Board of Directors declared a quarterly cash dividend of $0.06 per share that will be paid on November 24, 2017 to shareholders of record as of November 16, 2017.

THIRD QUARTER 2017 HIGHLIGHTS

Return on average assets was 0.94% and return on average equity was 8.94%.
Commercial business, commercial real estate and construction loans totaled $513.0 million at September 30, 2017, and increased $88.2 million, or 20.8%, compared to $424.8 million at September 30, 2016 and increased $74.9 million, or 17.1%, compared to $438.1 million at December 31, 2016. Total loans were $772.0 million at September 30, 2017.
Net interest income was $9.4 million and the net interest margin was 3.85% on a tax equivalent basis.
Non-interest income increased $356,000 to $2.1 million, driven primarily by a higher volume of sales of residential mortgages and SBA guaranteed loans.
The Bank recorded a provision for loan losses of $150,000 and net charge-offs were $55,000.
Non-performing assets were $6.9 million, or 0.64% of assets, and included $356,000 of OREO at September 30, 2017.
Book value per share and tangible book value per share were $13.83 and $12.27, respectively, at September 30, 2017.
       
Robert F. Mangano, President and Chief Executive Officer, stated, “We continued to generate significant growth of over $16 million in our commercial real estate and construction loans during the third quarter and these loan segments grew, on a combined basis, over $92 million in the last twelve months. Similar to last quarter, offsetting this growth was a $61 million decrease in warehouse loans compared to last year due to lower residential mortgage refinancing activity in 2017.”

Mr. Mangano added, “The higher short-term interest rate environment and our asset sensitive interest rate position had a positive effect on net interest income and our net interest margin in the third quarter of 2017 as our net interest margin increased to 3.85% compared to 3.75% for the third quarter of 2016.”

Mr. Mangano continued, “We are pleased to announce a $0.01 increase in our quarterly dividend to $0.06 per share, which reflects our continued focus on enhancing the return on investment to our shareholders.”



The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, October 26, 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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