Exhibit 99
CONTACT:   
Robert F. Mangano
Joseph M. Reardon
 
President & Chief Executive Officer
Sr. Vice President & Treasurer
 
(609) 655-4500
(609) 655-4500

PRESS RELEASE  -  FOR IMMEDIATE RELEASE......

1ST CONSTITUTION BANCORP
REPORTS FOURTH  QUARTER AND ANNUAL RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2008

Cranbury NJ – January 30, 2009....... 1
ST Constitution Bancorp (NASDAQ:  FCCY), the holding company for 1ST Constitution Bank, announced today fourth quarter and annual results for 2008.  Net income for the fourth quarter of 2008 was $457,000, or $0.11 per diluted share.

Net income for the year ended December 31, 2008 was $2,759,000, or $0.65 per fully diluted share compared to $5,443,000 or $1.29 per fully diluted share for the year ended December 31, 2007.  All per share amounts have been adjusted to give effect to a five percent stock dividend declared December 18, 2008, payable on February 2, 2009 to shareholders of record at the close of business on January 20, 2009.

Net interest income was $16,388,000 for the year ended December 31, 2008 which was approximately 7.8 percent less than the $17,778,000 achieved for the year ended December 31, 2007.  Bolstering earnings for 2008 was the continued generation of non-interest income, which reached $3,301,000 for the year, up 29.0 percent from the $2,558,000 reported for the year 2007.

The provision for loan and lease losses for the year ended December 31, 2008 totaled $640,000, compared to $130,000 for the year ended December 31, 2007.  Net charge-offs for 2008 were $303,000, compared to net charge-offs of $10,000 for the year ended December 31, 2007.

At December 31, 2008, the allowance for loan and lease losses was $3,685,000, or 0.98 percent of total loans, compared to $3,348,000, or 1.14 percent at December 31, 2007.  Non-performing assets at December 31, 2008 were $7,649,000, compared to non-performing assets of $4,998,000 at December 31, 2007.  There were no loans greater than 90 days past due and still accruing as of December 31, 2008 and December 31, 2007.

At December 31, 2008, total assets reached $546.2 million, an increase of $117.0 million from total assets at December 31, 2007.  Deposits at December 31, 2008 grew to $414.7 million, up from $329.3 million in deposits at December 31, 2007.

Robert F. Mangano, President and Chief Executive Officer stated, “Our absolute results for the quarter and the full year of 2008 reflected the recessionary economic climate during the year, and its impact on the financial and banking industry.  During the fourth quarter 1ST Constitution, as one of the stronger community banks, was chosen by the U.S. Department of the Treasury to participate in the Treasury’s TARP Capital Purchase Program.  We issued $12 million in preferred stock under the TARP program to strengthen 1ST Constitution’s already strong capital position and provide an additional measure of protection from turbulent financial markets and particularly the dramatic reduction in the liquidity of credit markets.  Prior to the issuance of the TARP funding, our capital ratios were consistent with those of a well-capitalized bank, as such ratios are today, which will assist 1ST Constitution to continue to lend and help support the economic recovery.  As a result of the issuance of the preferred stock, 1ST Constitution’s tier I capital increased from $57.3 million to $72.8 million at December 23, 2008 when the preferred stock was issued.
 
 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Friday, January 30, 2009 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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