CRANBURY, NJ--(Marketwire - October 24, 2007) - 1ST Constitution Bancorp (
NASDAQ:
FCCY)
reported net income of $4,418,541 for the nine months ended September 30,
2007, an increase of 10.71 percent over net income of $3,991,138 reported
for the corresponding period in 2006. Diluted earnings per share for the
nine months ended September 30, 2007 were $1.17, an increase of 10.38
percent from the $1.06 per share reported for the first nine months of
2006. The return on average equity for the first nine months of 2007 was
15.89 percent and the return on average assets was 1.41 percent. By
comparison, the first nine months of 2006 generated returns on average
equity and assets of 17.12 percent and 1.41 percent respectively.
Net income for the third quarter ended September 30, 2007 reached
$1,515,336, representing a 9.88 percent increase in net income over net
income of $1,379,116 earned during the same period of 2006. Diluted
earnings per share were $0.40 for the three months ended September 30,
2007, an increase of 11.11 percent from the $0.36 per share reported for
the third quarter of 2006. For the third quarter of 2007, the return on
average equity was 15.67 percent and return on average assets was 1.39
percent, as compared to a return on average equity of 16.77 percent and a
return on average assets of 1.41 percent for the third quarter of 2006.
Net interest income for the three months ended September 30, 2007 was
$4,518,542, and $13,290,732 for the nine months ended September 30, 2007.
The Company's net interest margin stood at 4.51 percent and 4.60 percent
respectively, for the three and nine months ended September 30, 2007.
Robert F. Mangano, president and chief executive officer, attributed higher
earnings for the nine months ended September 30, 2007 to continuing
momentum across various product lines, primarily relating to the Bank's
lending activities, deposit growth, and the continued generation of
non-interest income. Non-interest income reached $1,937,870 for the nine
months ended September 30, 2007, which was 1.23 percent below the
$1,961,980 achieved during the first nine months of 2006. Loans increased
in all major portfolio categories and overall grew by 7.67 percent to
$299,834,417, and deposits increased by 10.20 percent to $332,945,057 at
September 30, 2007, in each case when compared to September 30, 2006. The
deposit increases include the deposits associated with the acquisition of
the Hightstown branch banking office, which was accomplished in the latter
part of the first quarter of 2007.
At September 30, 2007, total assets reached $430.1 million, an increase of
9.97 percent from total assets of $391.4 million at September 30, 2006.
1ST Constitution Bancorp through its primary subsidiary, 1ST Constitution
Bank, operates 11 branch banking offices in Cranbury (2), Jamesburg, Fort
Lee, Hamilton, Hightstown, Montgomery, Perth Amboy, Plainsboro, Princeton,
and West Windsor.
1ST Constitution Bancorp common stock is traded on the Nasdaq Global Market
under the trading symbol "FCCY." Information about 1ST Constitution
Bancorp can be accessed via the Internet at
www.1STCONSTITUTION.com.
The foregoing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about management's confidence and
strategies and management's expectations about new and existing programs
and products, relationships, opportunities, taxation, technology and market
conditions. These statements may be identified by such forward-looking
terminology as "expect," "look," "believe," "anticipate," "may," "will," or
similar statements or variations of such terms. Actual results may differ
materially from such forward-looking statements. Factors that may cause
results to differ materially from such forward-looking statements include,
but are not limited to, changes in the direction of the economy in New
Jersey, the direction of interest rates, effective income tax rates, loan
prepayment assumptions, continued levels of loan quality and origination
volume, continued relationships with major customers including sources for
loans, as well as the effects of general economic conditions and legal and
regulatory barriers and structure. 1ST Constitution Bancorp assumes no
obligation for updating any such forward-looking statements at any time.
1ST Constitution Bancorp
Selected Consolidated Financial Data
Three Months Ended Nine Months Ended
($ in thousands except per September 30, September 30,
share amounts) 2007 2006 2007 2006
--------- --------- --------- ---------
Income Statement Data:
Interest income $ 7,825 $ 7,163 $ 22,660 $ 20,105
Interest expense 3,307 2,654 9,369 6,752
--------- --------- --------- ---------
Net interest income 4,518 4,509 13,291 13,353
Provision for loan losses 30 100 100 440
--------- --------- --------- ---------
Net interest income after
prov. for loan losses 4,488 4,409 13,191 12,913
Non-interest income 645 757 1,937 1,961
Non-interest expense 2,958 3,143 8,802 9,342
--------- --------- --------- ---------
Income before income taxes 2,175 2,023 6,326 5,532
Income tax expense 660 644 1,908 1,541
--------- --------- --------- ---------
Net income $ 1,515 $ 1,379 $ 4,418 $ 3,991
========= ========= ========= =========
Balance Sheet Data:
Total Assets $ 430,142 $ 391,407
Loans, including loans held
for sale 299,834 278,481
Allowance for loan losses (3,318) (2,793)
Investment securities
available for sale 79,815 71,727
Investment securities held to
maturity 26,111 17,378
Deposits 332,945 302,132
Shareholders' Equity 39,720 33,668
Performance Ratios:
Return on average assets 1.39% 1.41% 1.41% 1.41%
Return on average equity 15.67% 16.77% 15.89% 17.12%
Net interest margin 4.51% 4.94% 4.60% 5.10%
Efficiency ratio 57.3% 59.7% 57.8% 61.0%
Asset Quality:
Loans past due over 90 days
and still accruing $ 0 $ 0
Nonaccrual loans 4,020 3,556
OREO property 0 0
Net charge-offs (recoveries) 10 8
Allowance for loan losses to
total loans 1.11% 1.00%
Nonperforming loans to total
loans, including loans held
for sale 1.40% 1.28%
Per Share Data:
Earnings per share - Basic $ 0.40 $ 0.38 $ 1.18 $ 1.09
Earnings per share - Diluted $ 0.40 $ 0.36 $ 1.17 $ 1.06
Book value per share $ 10.61 $ 9.17
Contact Information: CONTACT:
Robert F. Mangano
President & Chief Executive Officer
(609) 655-4500
Joseph M. Reardon
Sr. Vice President and Treasurer
(609) 655-4500