1st Constitution Bank Mortgage Rates, Fees & Info

Cranbury, NJ

LEI: 5493002T7QJXHY7QTC73

Tax ID: 22-2937245

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

1st Constitution Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. 1st Constitution Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Philadelphia, Trenton, Allentown, and East Stroudsburg among others. 1st Constitution Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. 1st Constitution Bank is typically an average fee lendor.


Originations

772

Origination Dollar Volume (All Markets)

$276,590,000

Employee count

179

Awards

1st Constitution Bank 30 Year Conventional Loans silver 1st Constitution Bank FHA Loans silver 1st Constitution Bank 30 Year Conventional Loans gold 1st Constitution Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

1st Constitution Bank's average 30 year fixed rate mortgage of loans were 3.1%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.05%.

Relative Fees

1st Constitution Bank's average total fees for a 30 year fixed rate mortgage are $4,518.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 620 $236,510,000 $381,468 $4,265 3.06%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 36 $8,640,000 $240,000 $4,240 2.97%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 29 $7,115,000 $245,345 $3,793 3.40%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 14 $3,190,000 $227,857 $3,826 2.72%
EAST STROUDSBURG, PA (FHA|USDA|VA) 9 $3,005,000 $333,889 $5,334 3.08%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $1,980,000 $247,500 $4,304 3.53%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,585,000 $317,000 $5,277 3.23%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 7 $1,555,000 $222,143 $2,756 3.02%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,475,000 $295,000 $3,326 3.23%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $1,275,000 $255,000 $3,671 3.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $1,010,000 $505,000 $4,330 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $890,000 $445,000 $7,670 2.94%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $820,000 $410,000 $3,316 2.81%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $630,000 $315,000 $3,134 3.19%
Outside of Metro Areas 1 $545,000 $545,000 $3,152 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $535,000 $535,000 $5,407 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $530,000 $265,000 $3,490 2.75%
Key West, FL (FHA|USDA|VA) 1 $465,000 $465,000 $3,536 2.88%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $395,000 $395,000 $4,029 2.75%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $375,000 $375,000 $3,447 3.00%
PROVO-OREM, UT (FHA|USDA|VA) 1 $365,000 $365,000 $2,895 3.13%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $345,000 $345,000 $3,184 2.88%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $330,000 $165,000 $5,071 3.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $325,000 $325,000 $3,189 2.75%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,636 2.63%
COLUMBUS, OH (FHA|USDA|VA) 1 $315,000 $315,000 $3,339 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $275,000 $275,000 $2,380 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $3,301 3.50%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $245,000 $245,000 $2,111 2.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $2,346 2.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,825 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $175,000 $175,000 $5,181 4.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,306 3.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $150,000 $75,000 $2,741 4.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,524 2.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $135,000 $135,000 $3,444 2.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $85,000 $85,000 $4,058 4.88%

1st Constitution Bank's top markets include New York, Philadelphia, Trenton, Allentown, and East Stroudsburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 719 $258,605,000 $359,673 $3,758 3.09%
FHA 53 $17,985,000 $339,340 $10,177 2.96%

For the 2021 period, 1st Constitution Bank's most frequently originated loan type of loans were Conventional, with 719 originations. Their 2nd most popular type is FHA, with 53 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 291 $113,385,000 $389,639 $5,369 3.21%
Refi 277 $88,685,000 $320,162 $3,160 2.83%
Cash Out Refi 185 $61,175,000 $330,676 $4,116 3.14%
Other 12 $2,660,000 $221,667 $3,994 3.35%
Home Improvement 7 $10,685,000 $1,526,429 $641 5.29%

For the 2021, 1st Constitution Bank's most frequently cited loan purpose of loans were Home Purchase, with 291 originations. The 2nd most popular reason of loans were Refi, with 277 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 589 $198,665,000 $337,292 $4,518 3.10%
15 Year 89 $24,745,000 $278,034 $3,099 2.51%
20 Year 38 $11,340,000 $298,421 $2,931 2.81%
Other 28 $28,150,000 $1,005,357 $3,504 3.74%
10 Year 18 $7,710,000 $428,333 $2,408 3.68%
1 Year 9 $5,915,000 $657,222 $0 5.06%
5 Year 1 $65,000 $65,000 $641 3.99%

For the 2021, 1st Constitution Bank's most frequently cited loan length of loans were 30 Year, with 589 originations. The 2nd most popular length of loans were 15 Year, with 89 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 656 $211,420,000 $322,287
$3k-4k 35 $13,195,000 $377,000
$1k-2k 24 $7,180,000 $299,167
$2k-3k 19 $5,895,000 $310,263
$5k+ 9 $3,575,000 $397,222

$4,518 of loans were 1st Constitution Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 656 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 333 $112,955,000 $339,204
3-4% 258 $86,810,000 $336,473
<2.5% 125 $36,735,000 $293,880
4-5% 36 $19,890,000 $552,500
5-6% 20 $20,200,000 $1,010,000

During 2021, 1st Constitution Bank's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 2.5-3%, with 333 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 437 $129,775,000 $296,968 $4,163 3.05%
$400k-600k 139 $66,495,000 $478,381 $5,219 3.01%
$100k-200k 124 $19,580,000 $157,903 $3,044 2.92%
$600k-1MM 43 $31,055,000 $722,209 $5,669 3.15%
$100,000 or less 18 $1,340,000 $74,444 $2,196 4.10%
$1MM+ 11 $28,345,000 $2,576,818 $0 4.94%

2021 saw 1st Constitution Bank place emphasis on $200k-400k loans with 437 originations, totaling $129,775,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 206 $67,760,000 $328,932 $4,168 3.03%
$150k-250k 183 $69,315,000 $378,770 $4,243 2.99%
$50k-75k 123 $30,145,000 $245,081 $4,574 3.02%
$75k-100k 121 $33,805,000 $279,380 $4,052 2.96%
$250k+ 75 $34,315,000 $457,533 $4,298 2.99%
$50k or less 34 $5,860,000 $172,353 $3,578 3.13%

1st Constitution Bank lent most frequently to those with incomes in the $100k-150k range, with 206 originations. The second most popular income band? $150k-250k, with 183 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 158 $50,770,000 $321,329 $3,597 2.88%
30-36% 120 $39,420,000 $328,500 $3,928 2.97%
49% 41 $14,165,000 $345,488 $4,489 3.07%
44% 39 $12,135,000 $311,154 $4,536 3.03%
<20% 38 $11,270,000 $296,579 $3,274 2.88%
42% 37 $11,485,000 $310,405 $4,426 2.91%
39% 31 $10,105,000 $325,968 $3,909 3.06%
43% 30 $10,260,000 $342,000 $4,202 3.01%
40% 30 $10,330,000 $344,333 $4,343 2.91%
50-60% 29 $9,765,000 $336,724 $9,236 3.26%
36% 27 $7,475,000 $276,852 $3,377 3.15%
38% 27 $10,115,000 $374,630 $4,233 3.16%
41% 26 $8,180,000 $314,615 $4,207 3.08%
48% 25 $6,725,000 $269,000 $4,831 3.17%
45% 22 $6,730,000 $305,909 $3,575 3.03%
46% 21 $8,345,000 $397,381 $4,862 2.90%
47% 18 $5,280,000 $293,333 $4,430 3.03%
37% 18 $7,050,000 $391,667 $3,968 2.97%
>60% 6 $1,660,000 $276,667 $5,151 5.04%

1st Constitution Bank lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 471 $155,495,000 $330,138 $4,128 3.03%
Not provided 179 $56,755,000 $317,067 $4,254 2.93%
Not applicable 28 $34,470,000 $1,231,071 $0 4.80%
Asian 49 $17,405,000 $355,204 $4,543 3.03%
Black 44 $12,210,000 $277,500 $4,666 3.15%
American Indian 1 $255,000 $255,000 $3,061 3.25%

Approval Rates

Total approvals of all applications
97.21%

1st Constitution Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
84.56%

1st Constitution Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 772 $276,590,000 $358,277

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
772 $276,590,000 $358,277

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 41 $8,345,000 $203,537 $2,957 3.01%
40-60% 179 $56,595,000 $316,173 $3,268 2.92%
60-80% 362 $136,020,000 $375,746 $3,952 3.13%
80-100% 185 $75,355,000 $407,324 $5,949 3.10%
Under 20% 5 $275,000 $55,000 $959 4.45%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
1st Constitution Bank 1130 East Veterans Highway Jackson, NJ 8527 Full Service B&M $46,868
1st Constitution Bank 1 North Harrison Street Jamesburg, NJ 8831 Full Service B&M $39,151
1st Constitution Bank 1012 Hooper Avenue Toms River, NJ 8753 Full Service B&M $94,861
1st Constitution Bank 11 Schalks Crossing Road Plainsboro, NJ 8536 Full Service B&M $156,789
1st Constitution Bank 32 New Amwell Road Hillsborough, NJ 8844 Full Service B&M $95,950
1st Constitution Bank 3441 Highway 9 Freehold, NJ 7728 Full Service B&M $63,295
1st Constitution Bank 3659 Nottingham Way Hamilton Square, NJ 8690 Full Service B&M $38,054
1st Constitution Bank 444 Ocean Boulevard Long Branch, NJ 7740 Full Service B&M $12,947
1st Constitution Bank 500 Broad Street Shrewsbury, NJ 7702 Full Service B&M $33,028
1st Constitution Bank 511 Cookman Avenue Asbury Park, NJ 7712 Full Service B&M $42,200
1st Constitution Bank 517 Prospect Ave Little Silver, NJ 7739 Full Service B&M $35,353
1st Constitution Bank 517 Prospect Avenue Little Silver, NJ 7739 Full Service B&M $0
1st Constitution Bank 636 River Road Fair Haven, NJ 7704 Full Service B&M $29,307
1st Constitution Bank 74 North Main Street Cranbury, NJ 8512 Full Service B&M $76,327
1st Constitution Bank 86 E. Broad Street Hopewell, NJ 8525 Full Service B&M $30,491
1st Constitution Bank 995 Route 518 Skillman, NJ 8558 Full Service B&M $129,366
1st Constitution Bank 118 Third Avenue Neptune City, NJ 7753 Full Service B&M $19,427
1st Constitution Bank 1216 Route 37 Toms River, NJ 8753 Full Service B&M $84,639
1st Constitution Bank 140 Mercer Street Hightstown, NJ 8520 Full Service B&M $55,195
1st Constitution Bank 145 Fayette Street Perth Amboy, NJ 8861 Full Service B&M $61,527
1st Constitution Bank 150 Lawrenceville-Pennington Rd, Suite # 7 Lawrenceville, NJ 8648 Full Service B&M $9,015
1st Constitution Bank 180 Main Street Fort Lee, NJ 7024 Full Service B&M $37,674
1st Constitution Bank 20 Bingham Avenue Rumson, NJ 7760 Full Service B&M $75,226
1st Constitution Bank 2000 Windrow Drive Princeton, NJ 8540 Full Service B&M $8,322
1st Constitution Bank 2160 N Central Rd, Ste 308 Fort Lee, NJ 7024 Full Service B&M $0
1st Constitution Bank 2650 Route 130 Cranbury, NJ 8512 Full Service B&M $167,905
1st Constitution Bank 280 Route 72 East Manahawkin, NJ 8050 Full Service B&M $103,492

For 2021, 1st Constitution Bank had 27 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $64,460
Net interest income $59,166
Total noninterest income $14,077
Gross Fiduciary activities income $0
Service charges on deposit accounts $771
Trading account gains and fees $0
Additional Noninterest Income $13,306
Pre-tax net operating income $28,076
Securities gains (or losses, -) $186
Income before extraordinary items $20,563
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $20,563
Minority interest net income $0
Net income $20,563
Sale, conversion, retirement of capital stock, net $1,077
Net operating income $20,416

1st Constitution Bank's gross interest income from loans was $64,460,000.
1st Constitution Bank's net interest income from loans was $59,166,000.
1st Constitution Bank's fee based income from loans was $771,000.
1st Constitution Bank's net income from loans was $20,563,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,294
Provision for credit losses $2,100
Total noninterest expense $43,067
Salaries and employee benefits $26,296
Premises and equipment expense $6,160
Additional noninterest expense $10,611
Applicable income taxes $7,699
Net charge-offs $1,060
Cash dividends $4,318

1st Constitution Bank's interest expense for loans was $5,294,000.
1st Constitution Bank's payroll and benefits expense were $26,296,000.
1st Constitution Bank's property, plant and equipment expenses $6,160,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 6.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,658,778
Deposits held in domestic offices $1,658,778
Deposits by Individuals, partnerships, and corporations $1,441,947
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $216,831
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $175,113
Demand deposits $113,460
Nontransaction accounts $1,483,665
Money market deposit accounts (MMDAs) $68,717
Other savings deposits (excluding MMDAs) $1,265,633
Total time deposits $149,315
Total time and savings deposits $1,545,318
Noninterest-bearing deposits $515,602
Interest-bearing deposits $1,143,176
Retail deposits $1,632,406
IRAs and Keogh plan accounts $32,051
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,903,178
Cash & Balances due from depository institutions $324,639
Interest-bearing balances $304,528
Total securities $348,316
Federal funds sold & reverse repurchase $0
Net loans and leases $1,113,125
Loan and leases loss allowance $16,681
Trading account assets $0
Bank premises and fixed assets $28,386
Other real estate owned $0
Goodwill and other intangibles $36,673
All other assets $52,039

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,903,178
Total Liabilities $1,683,155
Total deposits $1,658,778
Interest-bearing deposits $1,143,176
Deposits held in domestic offices $1,658,778
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $15,814
Subordinated debt $0
All other liabilities $8,563

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,113,125
Loan and leases loss allowance $16,681
Total loans and leases (domestic) $1,129,806
All real estate loans $860,552
Real estate loans in domestic offices $860,552
Construction and development loans $112,649
Residential 1-4 family construction $51,546
Other construction, all land development and other land $61,103
Loans secured by nonfarm nonresidential properties $525,265
Nonfarm nonresidential secured by owner-occupied properties $228,264
Commercial real estate & other non-farm, non-residential $297,001
Multifamily residential real estate $91,685
1-4 family residential loans $130,110
Farmland loans $843
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $267,741
To non-U.S. addressees $0
Loans to individuals $1,027
Credit card loans $0
Related Plans $0
Consumer Auto Loans $634
Other loans to individuals $393
All other loans & leases $486
Loans to foreign governments and official institutions $0
Other loans $486
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $4,967
Non 1-4 family restructured loans & leases $4,967
Total loans and leases (foreign) $0

1st Constitution Bank had $1,113,125,000 of loans outstanding in 2021. $860,552,000 of loans were in real estate loans. $112,649,000 of loans were in development loans. $91,685,000 of loans were in multifamily mortgage loans. $130,110,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $634,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 444 $122,483 $275,863
Nonfarm, nonresidential loans - <$100k 54 $1,814 $33,593
Nonfarm, nonresidential loans - $100-250k 104 $11,059 $106,337
Nonfarm, nonresidential loans - $250k-1MM 286 $109,610 $383,252
Commercial & Industrial, US addressed loans - <$1MM 400 $35,387 $88,468
Commercial & Industrial, US addressed loans - <$100k 159 $3,098 $19,484
Commercial & Industrial, US addressed loans - $100-250k 109 $5,796 $53,174
Commercial & Industrial, US addressed loans - $250k-1MM 132 $26,493 $200,705
Farmland loans - <$1MM 2 $381 $190,500
Farmland loans - $250k-1MM 2 $381 $190,500