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