1st Constitution Bancorp Reports Record Net Income, Up 30.4% For the First Quarter Ending March 31, 2001

Apr 19, 2001, 01:00 ET from 1st Constitution Bancorp

    CRANBURY, N.J., April 19 /PRNewswire/ -- 1st Constitution Bancorp
 (OTC Bulletin Board:   FCCY), reported record net income for the first quarter
 ending March 31, 2001.  For the quarter ending March 31, 2001, net income
 increased by 30.4% to $480,254 or $.35 cents per diluted share, up from
 $368,176 or $.27 cents per diluted share achieved during the first quarter of
 last year.  All per share amounts have been restated to give effect to a
 5 percent stock dividend declared on December 21, 2000.
     Net interest income after provision for loan losses increased $263,000 or
 16% over the first quarter of 2000.  Return on assets stood at 1.05% for the
 period, while return on average equity reached 12.71%.
     Robert F. Mangano, president and chief executive officer of 1st
 Constitution Bancorp said higher earnings were due primarily to the expansion
 of the Bank's loan and deposit activities, along with its ability to
 substantially increase its fee income.  As a result of these efforts, demand
 deposits grew by 34% for the period, when compared to last year's first
 quarter results.  Also bolstering earnings, Mangano said, was a 33% increase
 in loans, and a 170% increase in fee income, which totaled $192,461 for the
 first quarter of 2001, up $121,407 over the corresponding period for last
 year.
     At March 31, 2001 total assets reached $207 million, an increase of
 $55.3 million or 36% from March 31, 2000.
     1st Constitution Bancorp and its primary subsidiary, 1st Constitution Bank
 operates 5 branch banking offices in Cranbury (2), Hamilton, Montgomery and
 Plainsboro.
     1st Constitution Bancorp is traded in the Over the Counter Market under
 the trading symbol FCCY, and can be accessed through the Internet at
 http://www.1stConstitution.com.
 
 
                              1st Constitution Bancorp
                        Selected Consolidated Financial Data
 
      ($ in thousands)         Three Months Ended           Years Ended
                                    March 31,               December 31,
                                 2001      2000       2000      1999      1998
     Income Statement Data:
      Interest income           $3,635    $2,861    $12,792   $10,133    $8,330
      Interest expense           1,677     1,181      5,624     4,504     3,719
      Net interest income        1,958     1,680      7,168     5,629     4,611
      Provision for loan
       losses                       60        45        216       189       178
      Net interest income
       after prov. for loan
       losses                    1,898     1,635      6,952     5,440     4,433
      Non-interest income          279       149        866     1,271     1,005
      Non-interest expense       1,419     1,204      5,096     4,425     3,860
      Income before income
       taxes                       758       580      2,722     2,286     1,579
      Income tax expense           278       212        992       839       579
      Net income                  $480      $368     $1,730    $1,447    $1,000
 
     Balance Sheet Data:
      Total Assets            $207,152  $151,836   $178,840  $146,802  $129,809
      Loans                    122,041    92,008    110,631    84,918    77,272
      Allowance for possible
       loan losses             (1,193)     (980)     (1,133)     (942)    (776)
      Securities available
       for sale                 53,824    38,562     48,538    37,352    27,745
      Securities held to
       maturity                  8,286     8,057      8,504     8,392     8,123
      Deposits                 152,264   115,402    129,193   117,934   104,418
      Shareholders' Equity      15,879    12,807     15,221    12,479    12,261
 
     Performance Ratios:
      Return on average
       assets                    1.05%     1.06%      1.08%     1.03%     0.89%
      Net interest margin        4.49%     4.67%      4.75%     4.29%     4.36%
      Efficiency ratio           63.4%     65.8%      63.4%     64.1%     68.7%
 
     Asset Quality:
      Loans past due over
       90 days and still
       accruing                   $133      $334       $471      $136       $0
      Nonaccrual loans             310       489        107       502       96
      Net charge-offs
       (recoveries)                (1)         6         25        23       30
      Allowance for loan
       losses to total loans     0.98%     1.07%      1.02%     1.11%     1.00%
 
     Per Share Data:
      Earnings per share
       (Basic)                   $0.36     $0.28      $1.29     $1.08     $0.91
      Earnings per share
       (Diluted)                 $0.35     $0.27      $1.27     $1.05     $0.89
      Book Value                $11.87     $9.57     $11.37     $9.32     $9.19
 
 

SOURCE 1st Constitution Bancorp
    CRANBURY, N.J., April 19 /PRNewswire/ -- 1st Constitution Bancorp
 (OTC Bulletin Board:   FCCY), reported record net income for the first quarter
 ending March 31, 2001.  For the quarter ending March 31, 2001, net income
 increased by 30.4% to $480,254 or $.35 cents per diluted share, up from
 $368,176 or $.27 cents per diluted share achieved during the first quarter of
 last year.  All per share amounts have been restated to give effect to a
 5 percent stock dividend declared on December 21, 2000.
     Net interest income after provision for loan losses increased $263,000 or
 16% over the first quarter of 2000.  Return on assets stood at 1.05% for the
 period, while return on average equity reached 12.71%.
     Robert F. Mangano, president and chief executive officer of 1st
 Constitution Bancorp said higher earnings were due primarily to the expansion
 of the Bank's loan and deposit activities, along with its ability to
 substantially increase its fee income.  As a result of these efforts, demand
 deposits grew by 34% for the period, when compared to last year's first
 quarter results.  Also bolstering earnings, Mangano said, was a 33% increase
 in loans, and a 170% increase in fee income, which totaled $192,461 for the
 first quarter of 2001, up $121,407 over the corresponding period for last
 year.
     At March 31, 2001 total assets reached $207 million, an increase of
 $55.3 million or 36% from March 31, 2000.
     1st Constitution Bancorp and its primary subsidiary, 1st Constitution Bank
 operates 5 branch banking offices in Cranbury (2), Hamilton, Montgomery and
 Plainsboro.
     1st Constitution Bancorp is traded in the Over the Counter Market under
 the trading symbol FCCY, and can be accessed through the Internet at
 http://www.1stConstitution.com.
 
 
                              1st Constitution Bancorp
                        Selected Consolidated Financial Data
 
      ($ in thousands)         Three Months Ended           Years Ended
                                    March 31,               December 31,
                                 2001      2000       2000      1999      1998
     Income Statement Data:
      Interest income           $3,635    $2,861    $12,792   $10,133    $8,330
      Interest expense           1,677     1,181      5,624     4,504     3,719
      Net interest income        1,958     1,680      7,168     5,629     4,611
      Provision for loan
       losses                       60        45        216       189       178
      Net interest income
       after prov. for loan
       losses                    1,898     1,635      6,952     5,440     4,433
      Non-interest income          279       149        866     1,271     1,005
      Non-interest expense       1,419     1,204      5,096     4,425     3,860
      Income before income
       taxes                       758       580      2,722     2,286     1,579
      Income tax expense           278       212        992       839       579
      Net income                  $480      $368     $1,730    $1,447    $1,000
 
     Balance Sheet Data:
      Total Assets            $207,152  $151,836   $178,840  $146,802  $129,809
      Loans                    122,041    92,008    110,631    84,918    77,272
      Allowance for possible
       loan losses             (1,193)     (980)     (1,133)     (942)    (776)
      Securities available
       for sale                 53,824    38,562     48,538    37,352    27,745
      Securities held to
       maturity                  8,286     8,057      8,504     8,392     8,123
      Deposits                 152,264   115,402    129,193   117,934   104,418
      Shareholders' Equity      15,879    12,807     15,221    12,479    12,261
 
     Performance Ratios:
      Return on average
       assets                    1.05%     1.06%      1.08%     1.03%     0.89%
      Net interest margin        4.49%     4.67%      4.75%     4.29%     4.36%
      Efficiency ratio           63.4%     65.8%      63.4%     64.1%     68.7%
 
     Asset Quality:
      Loans past due over
       90 days and still
       accruing                   $133      $334       $471      $136       $0
      Nonaccrual loans             310       489        107       502       96
      Net charge-offs
       (recoveries)                (1)         6         25        23       30
      Allowance for loan
       losses to total loans     0.98%     1.07%      1.02%     1.11%     1.00%
 
     Per Share Data:
      Earnings per share
       (Basic)                   $0.36     $0.28      $1.29     $1.08     $0.91
      Earnings per share
       (Diluted)                 $0.35     $0.27      $1.27     $1.05     $0.89
      Book Value                $11.87     $9.57     $11.37     $9.32     $9.19
 
 SOURCE  1st Constitution Bancorp