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 SECOND QUARTER 2019 RESULTS
AND DECLARES A QUARTERLY DIVIDEND OF $0.075 PER SHARE

Cranbury NJ - July 19, 2019 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $3.4 million and diluted earnings per share of $0.39 for the three months ended June 30, 2019. For the six months ended June 30, 2019, net income was $6.8 million and diluted earnings per share were $0.78.

The Board of Directors declared a quarterly cash dividend of $0.075 per share of common stock that will be payable on August 23, 2019 to shareholders of record on August 12, 2019.

Adjusted Net Income is a non-GAAP financial measure, which is net income excluding the after-tax effect of merger-related expenses and gain on bargain purchase. Adjusted net income increased 13.7% to $3.6 million for the second quarter of 2019 compared to Adjusted Net Income of $3.1 million for the second quarter of 2018.

On June 24, 2019, the Company announced the execution of a definitive agreement and plan of merger to acquire Shore Community Bank (“Shore”). Expenses of $258,000 related to this pending transaction were incurred in the second quarter of 2019. On April 11, 2018, the Company completed the acquisition of New Jersey Community Bank (“NJCB”) by merging NJCB into the Bank. Merger-related expenses of $2.0 million were incurred and a gain on bargain purchase of $184,000 was recognized in the second quarter of 2018.

Adjusted Net Income per diluted share increased 13.9% to $0.41 for the second quarter of 2019 compared to Adjusted Net Income per share of $0.36 for the second quarter of 2018. A reconciliation of non-GAAP financial measures to the reported net income and net income per diluted share is included in this release.

SECOND QUARTER 2019 HIGHLIGHTS

Return on average total assets and return on average shareholders' equity were 1.10% and 10.22%, respectively.
Book value per share and tangible book value per share were $15.62 and $14.21, respectively, at June 30, 2019.
Net interest income was $11.4 million and the net interest margin was 4.06% on a tax equivalent basis.
A provision for loan losses of $400,000 and net charge-offs of $463,000 were recorded.
Total loans were $967.8 million at June 30, 2019 and increased $84.7 million from December 31, 2018. Commercial business, commercial real estate and construction loans totaled $683.4 million, representing an increase of $25.0 million, or 3.8%, compared to $658.4 million at December 31, 2018 and an increase of $59.9 million, or 9.6%, compared to $623.5 million at June 30, 2018. Mortgage warehouse loans increased $50.0 million during the first six months of 2019 to $204.2 million, reflecting the seasonal nature of residential lending in the Bank's markets.
Non-performing assets declined $3.6 million to $5.5 million, or 0.42% of total assets, and included $1.5 million of OREO at June 30, 2019.

1

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 19, 2019 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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