CRANBURY, NJ--(Marketwire - April 16, 2008) - 1ST Constitution Bancorp (
NASDAQ:
FCCY)
reported record net income for the year ended December 31, 2007. For the
year ended December 31, 2007, net income reached $5,442,782, or $1.35 per
diluted share. These results represent a 15.2 percent increase in earnings
and a 14.4 percent increase in diluted earnings per share compared to net
income of $4,724,962, or $1.18 per diluted share reported for the year
ended December 31, 2006. Returns on average assets and average equity for
the year ended December 31, 2007 were 1.29 percent and 14.32 percent,
respectively, as compared to 1.24 percent and 14.73 percent, respectively,
for the year ended December 31, 2006.
For the quarter ended December 31, 2007, net income reached $1,263,069, or
$0.31 per diluted share, compared to net income of $1,200,136, or $0.29 per
diluted share reported for the quarter ended December 31, 2006. All per
share amounts have been adjusted to give effect to a six percent stock
dividend declared December 20, 2007, payable on February 6, 2008 to
shareholders of record at the close of business on January 23, 2008.
Net interest income reached $17,778,005 for the year ended December 31,
2007 and was virtually even with the $17,787,685 achieved for the year
ended December 31, 2006. Also bolstering earnings for 2007 was the
continued generation of non-interest income, which reached $2,558,329 for
the year.
The provision for loan and lease losses for the year ended December 31,
2007 totaled $130,000, compared to $893,500 for the year ended December 31,
2006. Net loan charge-offs for the year were $10,000, compared to net
charge-offs of $26,515 for the year ended December 31, 2006.
At December 31, 2007, the allowance for loan and lease losses was
$3,348,080, or 1.10 percent of total loans, compared to 1.16 percent at
December 31, 2006. Non-performing assets at December 31, 2007 were
$4,997,585, an increase of $804,376 from the level of non-performing assets
at December 31, 2006. There were no loans greater than 90 days past due
and still accruing as of December 31, 2007 and December 31, 2006.
At December 31, 2007, total assets reached $429.1 million, an increase of
$36.2 million from total assets at December 31, 2006. Deposits at December
31, 2007 grew to $329.3 million, up from $312.7 million in deposits at
December 31, 2006.
1ST Constitution Bancorp, through its primary subsidiary, 1ST Constitution
Bank, has total assets of $429.1 million and operates eleven branch banking
offices in Cranbury (2), Fort Lee, Hamilton, Hightstown, Jamesburg,
Montgomery, Perth Amboy, Plainsboro, West Windsor and Princeton, New
Jersey.
The foregoing discussion of financial results reflects the restatement of
1ST Constitution Bancorp's financial statements for 2006 and the first
three quarters of 2007. 1ST Constitution Bancorp first disclosed the
restatement in a Form 8-K filed with the Securities and Exchange Commission
on March 14, 2008.
1ST Constitution Bancorp is traded on the Nasdaq Global Market under the
trading symbol "FCCY," and can be accessed through the Internet at
www.1STCONSTITUTION.com.
The foregoing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about management's confidence and
strategies and management's expectations about new and existing programs
and products, relationships, opportunities, taxation, technology and market
conditions. These statements may be identified by such forward-looking
terminology as "expect," "look," "believe," "anticipate," "may," "will," or
similar statements or variations of such terms. Actual results may differ
materially from such forward-looking statements. Factors that may cause
results to differ materially from such forward-looking statements include,
but are not limited to, changes in the direction of the economy in New
Jersey, the direction of interest rates, effective income tax rates, loan
prepayment assumptions, continued levels of loan quality and origination
volume, continued relationships with major customers including sources for
loans, as well as the effects of general economic conditions and legal and
regulatory barriers and structure. 1ST Constitution assumes no obligation
for updating any such forward-looking statements at any time.
1ST Constitution Bancorp
Selected Consolidated Financial Data
($ in thousands except per
share amounts) Three Months Ended 12 Months Ended
December 31, December 31,
2007 2006 2007 2006
---------- ---------- --------- ---------
(restated) (restated)
Income Statement Data:
Interest income $ 7,708 $ 7,199 $ 30,368 $ 27,305
Interest expense 3,221 2,764 12,590 9,517
---------- ---------- --------- ---------
Net interest income 4,487 4,435 17,778 17,788
Provision for loan losses 30 454 130 894
---------- ---------- --------- ---------
Net interest income after
prov. for loan losses 4,457 3,981 17,648 16,894
Non-interest income 620 629 2,558 2,571
Non-interest expense 3,140 2,677 12,101 12,014
---------- ---------- --------- ---------
Income before income taxes 1,937 1,933 8,105 7,451
Income tax expense 674 733 2,662 2,726
---------- ---------- --------- ---------
Net income $ 1,263 $ 1,200 $ 5,443 $ 4,725
========== ========== ========= =========
Balance Sheet Data:
Total Assets $ 429,151 $ 392,931
Loans, including loans held
for sale 305,082 278,751
Allowance for possible loan
losses 3,348 3,228
Securities available for sale 75,192 70,421
Securities held to maturity 23,512 19,254
Deposits 329,332 312,724
Shareholders' Equity 40,973 34,947
Performance Ratios:
Return on average assets 1.29% 1.24%
Return on average equity 14.32% 14.73%
Efficiency ratio 59.5% 59.0%
Net interest margin 4.57% 5.03%
Asset Quality:
Loans past due over 90 days
and still accruing $ 0 $ 0
Nonaccrual loans 2,037 4,193
OREO property 2,961 0
Net charge-offs (recoveries) 10 27
Allowance for loan losses to
total loans 1.10% 1.16%
Nonperforming loans to total
loans 0.67% 1.50%
Per Share Data:
Earnings per share (Basic) $ 0.32 $ 0.30 $ 1.37 $ 1.21
Earnings per share (Diluted) $ 0.31 $ 0.29 $ 1.35 $ 1.18
Book value per share $ 10.26 $ 8.81
Contact Information: CONTACTS:
Robert F. Mangano
President & Chief Executive Officer
(609) 655-4500
Joseph M. Reardon
Sr. Vice President & Treasurer
(609) 655-4500