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 NET INCOME OF $3.2 MILLION FOR THE FOURTH QUARTER 2019 AND
$13.6 MILLION FOR THE FULL YEAR 2019,
THE SUCCESSFUL INTEGRATION OF SHORE COMMUNITY BANK AND
DECLARES A 20% INCREASE IN THE QUARTERLY DIVIDEND TO $0.09 PER SHARE

Cranbury NJ - January 31, 2020 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $3.2 million for the three months ended December 31, 2019 compared to net income of $3.3 million for the three months ended December 31, 2018. Diluted earnings per share were $0.34 for the three months ended December 31, 2019 compared to diluted earnings per share of $0.38 for the three months ended December 31, 2018.

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock, representing an increase of 20%, compared to the dividend of $0.075 per share of common stock paid on November 5, 2019. The dividend will be paid on February 27, 2020 to shareholders of record on February 14, 2020.

Adjusted net income was $4.1 million, or $0.43 per diluted share, for the fourth quarter of 2019, compared to adjusted net income of $3.3 million, or $0.38 per diluted share, for the fourth quarter of 2018. Adjusted net income and other adjusted financial information reported in this press release are non-GAAP financial measures, which exclude the after-tax effect of merger-related expenses from the merger of Shore Community Bank ("Shore") with and into the Bank (the "Shore Merger") incurred and recognized in the year ended December 31, 2019. A reconciliation of the non-GAAP financial measures used herein is included at the end of this press release.

On November 8, 2019, the Company completed the Shore Merger. Total consideration paid to Shore shareholders in the Shore Merger was $54.3 million, which was comprised of 1,509,275 shares of common stock of the Company with a market value of $29.2 million at the effective time of the Shore Merger, cash of $24.2 million and cash of $925,000 paid in exchange for unexercised outstanding stock options. The excess of the fair value of the consideration paid over the preliminary net fair value of Shore’s assets and liabilities resulted in the recognition of goodwill of $23.2 million. A core deposit intangible of $1.5 million and a credit risk discount of $3.6 million applicable to loans were also recorded. Merger-related expenses of $1.2 million were incurred as a result of the Shore Merger, and the after-tax effect of such merger-related expenses reduced net income for the fourth quarter of 2019 by $0.9 million.

FOURTH QUARTER 2019 HIGHLIGHTS
Return on average total assets and return on average shareholders’ equity were 0.88% and 8.25%, respectively. Adjusted return on average total assets and adjusted return on average shareholders’ equity were 1.11% and 10.49%, respectively.
Book value per common share and tangible book value per common share were $16.74 and $13.13, respectively, at December 31, 2019.
Net interest income was $13.2 million and the net interest margin was 3.87% on a tax-equivalent basis.
A provision for loan losses of $300,000 and net charge-offs of $7,000 were recorded.
$1.4 million of OREO was sold during the quarter and a loss of $238,000, or $166,000 on an after-tax basis, was recorded.

1

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, January 31, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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