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, 2010

Cranbury NJ – January 27, 2011....... 1
ST Constitution Bancorp (NASDAQ:  FCCY), the holding company for 1ST Constitution Bank, reported net income available to common shareholders for the fourth quarter of 2010 of $886,375, or $0.18 per diluted common share, compared to net income available to common shareholders for the fourth quarter of 2009 of $751,243, or $0.16 per diluted common share.

Net income available to common shareholders for the year ended December 31, 2010 was $2,731,839, or $0.57 per diluted common share, compared to $1,841,160, or $0.39 per diluted common share, for the year ended December 31, 2009.  All per share amounts have been adjusted to give effect to a five percent stock dividend declared December 16, 2010, payable on February 2, 2011 to shareholders of record as of the close of business on January 18, 2011.

Net income available to common shareholders for the quarter and year ended December 31, 2010, when compared to the same periods in 2009, increased by $135,132, or 18.0 percent, for the quarter ended December 31, 2010, and $890,679, or 48.4 percent, for the year ended December 31, 2010.  At December 31, 2010, the Company’s tangible book value per common share was $10.22, up from $9.55 at December 31, 2009.

Robert F. Mangano, President and Chief Executive Officer, said, “The increase in net income available to common shareholders for the year ended December 31, 2010 was principally the result of an increase in net-interest income, the continued generation of non-interest income, and the general stability in non-interest expenses.”  Also positively impacting the final results was the redemption of all 12,000 outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B, issued to the U.S. Department of the Treasury under the TARP Program, which was completed on October 27, 2010.

Net interest income was $20,481,521 for the year ended December 31, 2010, which was 14.5 percent above the $17,880,768 reported for the year ended December 31, 2009.  Earnings for the year ended December 31, 2010 were bolstered by the continued generation of non-interest income, which totaled $4,237,431 for the year.  On a comparative basis, non-interest income for the year ended December 31, 2010 was down by $267,645 when compared to results for the 2009 year.  However, the 2009 non-interest income included gain on securities sales of $1,138,655, while none were included in 2010.

The provision for loan losses for the year ended December 31, 2010 totaled $2,325,000, compared to $2,553,000 for the year ended December 31, 2009.  Net charge-offs for the year ended December 31, 2010 were $1,068,000, compared to net charge-offs of $1,732,000 for the year ended December 31, 2009.
 
 
 

The following information was filed by 1St Constitution Bancorp (FCCY) on Thursday, January 27, 2011 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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