Robert F. Mangano
Stephen J. Gilhooly
President & Chief Executive Officer
Sr. Vice President & Chief Financial Officer
(609) 655-4500
(609) 655-4500

Cranbury NJ - July 24, 2020 -- 1
ST Constitution Bancorp (NASDAQ: FCCY), the holding company (the “Company”) for 1ST Constitution Bank (the “Bank”), today reported net income of $3.7 million and diluted earnings per share of $0.36 for the three months ended June 30, 2020 compared to net income of $3.4 million, or $0.39 per diluted share for the three months ended June 30, 2019.

The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock that will be payable on August 25, 2020 to shareholders of record on August 12, 2020.

Robert F. Mangano, President and Chief Executive Officer, stated “The Company generated solid fundamental operating performance during the second quarter of 2020 despite the challenging economic environment. The value of the Company’s diversified lending platforms was reflected in the significant increase in residential mortgage banking activity which resulted in a $961,000 increase in gain on sale of loans and a $72.3 million increase in mortgage warehouse loans. Our continuous focus on deposit pricing and the mix and term structure of our funding resulted in the cost of interest-bearing liabilities declining to 1.04%. Also, due to current economic uncertainty, the provision for loan losses was increased to $2.1 million and the allowance for loan losses increased 21.2% to $12.1 million at June 30, 2020.”

Mr. Mangano added, “We are navigating through the COVID-19 pandemic impact and the economic and social disruption to our customers and communities we serve. While the severity and duration of the pandemic are not knowable today, we believe that the Company has the financial strength and flexibility to address these adverse economic and operating conditions.”


Return on average total assets and return on average shareholders' equity were 0.89% and 8.50%, respectively.
Net interest income was $13.8 million and net interest margin was 3.64% on a tax equivalent basis.
A provision for loan losses of $2.1 million was recorded for the second quarter of 2020 and there were no charge-offs.
Total loans were $1.4 billion at June 30, 2020 and increased $138.0 million from March 31, 2020. Mortgage warehouse loans increased $72.3 million and commercial real estate loans increased $15.4 million from March 31, 2020.
As of June 30, 2020, the Bank had funded $75.1 million in Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act").
Total deposits were $1.4 billion at June 30, 2020 and increased $111.4 million with non-interest demand deposits increasing $98.1 million from March 31, 2020.
Non-performing assets were $14.0 million, or 0.80% of total assets at June 30, 2020, relatively unchanged from March 31, 2020 and included $470,000 of other real estate owned ("OREO").


The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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