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

1ST CONSTITUTION BANCORP
REPORTS FIRST QUARTER 2018 RESULTS
AND DECLARES QUARTERLY DIVIDEND OF $0.06 PER SHARE

Cranbury NJ - April 20, 2018 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $2.9 million and diluted earnings per share of $0.34 for the first quarter of 2018 compared to $1.9 million and diluted earnings per share of $0.23 for the first quarter of 2017.

The Board of Directors declared a quarterly cash dividend of $0.06 per share that will be paid on May 23, 2018 to shareholders of record on May 11, 2018.

FIRST QUARTER 2018 HIGHLIGHTS

Return on average assets was 1.09% and return on average equity was 10.09%.
Book value per share and tangible book value per share were $13.96 and $12.43, respectively, at March 31, 2018.
Net interest income was $9.7 million and the net interest margin was 3.95% on a tax equivalent basis.
The Bank recorded a provision for loan losses of $225,000 and net recoveries were $59,000.
Non-interest expense was $7.6 million and included $164,000 of merger expenses related to the merger of New Jersey Community Bank (“NJCB”) with and into the Bank.
The effective tax rate was 22.8% and reflected the reduction in the maximum federal corporate tax rate to 21% effective January 1, 2018.
Commercial business, commercial real estate and construction loans totaled $552 million at March 31, 2018 and increased $84 million compared to the total of such loans at March 31, 2017 and increased $13 million compared to the total of such loans at December 31, 2017.
Non-performing assets were $7.7 million, or 0.73% of total assets. There was no other real estate owned (“OREO”) at March 31, 2018.
       
Robert F. Mangano, President and Chief Executive Officer, stated, “Our first quarter of 2018 financial results reflected several important operating fundamentals. The growth of our loan portfolio over the last twelve months drove the $1.5 million increase in our net interest income and effective expense control contributed to the $893,000 increase in pre-tax income compared to the first quarter of 2017.” Mr. Mangano added, “We completed the merger of NJCB with and into the Bank on April 11th and we are focused on the full integration of its operations during the second quarter. The merger expands our presence in Monmouth County and we believe that it will contribute to enhancing shareholder value in the near term.”

Discussion of Financial Results
Net income was $2.9 million, or $0.34 per diluted share, for the first quarter of 2018 compared to $1.9 million, or $0.23 per diluted share, for the first quarter of 2017. Merger expenses of $164,000, related to the merger of NJCB with and into the Bank, were incurred in the first quarter of 2018. These expenses, which are not tax deductible, reduced net income after tax by $164,000 and diluted earnings per share by


The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, April 20, 2018 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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