1st Constitution Bank Mortgage Rates, Fees & Info

Cranbury, NJ

LEI: 5493002T7QJXHY7QTC73

Tax ID: 22-2937245

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    1st Constitution Bank is a smaller bank specializing in Home Purchase and Refi loans. 1st Constitution Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, East Stroudsburg, and Allentown among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    1st Constitution Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 1st Constitution Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    317

    Origination Dollar Volume (All Markets)

    $99,945,000

    Employee count

    189

    Awards

    1st Constitution Bank 30 Year Conventional Loans silver 1st Constitution Bank FHA Loans silver 1st Constitution Bank 30 Year Conventional Loans silver
    Show all (3) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 264 $89,320,000 $338,333 $5,330 4.91%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 16 $3,730,000 $233,125 $4,310 4.87%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 17 $2,985,000 $175,588 $3,522 5.18%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $1,120,000 $280,000 $7,126 4.59%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $845,000 $281,667 $4,093 4.79%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $335,000 $335,000 $2,513 4.88%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $265,000 $265,000 $1,779 4.63%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $240,000 $120,000 $3,753 5.19%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $230,000 $115,000 $3,048 4.69%
    LANCASTER, PA (FHA|USDA|VA) 1 $175,000 $175,000 $3,117 4.88%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $165,000 $165,000 $3,027 4.63%
    OCALA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,030 4.25%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,951 5.50%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $125,000 $125,000 $3,721 5.50%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,238 4.63%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $45,000 $45,000 $1,969 5.88%
    1st Constitution Bank's top markets include New York, Philadelphia, Trenton, East Stroudsburg, and Allentown among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against 1st Constitution Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Iron Workers Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Haddon Savings Bank
    Similarity Rank: 116
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Freehold Savings Bank
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 126

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 255 $82,545,000 $323,706 $4,073 4.93%
    FHA 62 $17,400,000 $280,645 $9,079 4.88%

    For 2018, 1st Constitution Bank's most frequently originated type of loan was Conventional, with 255 originations. Their 2nd most popular type was FHA, with 62 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 196 $63,660,000 $324,796 $5,721 4.92%
    Refi 76 $22,130,000 $291,184 $4,264 4.84%
    Cash Out Refi 38 $10,450,000 $275,000 $4,396 4.98%
    Home Improvement 4 $230,000 $57,500 $325 5.29%
    Other 3 $3,475,000 $1,158,333 $639 5.42%

    For 2018, 1st Constitution Bank's most frequently cited loan purpose was Home Purchase, with 196 originations. The 2nd most popular reason was Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 277 $79,405,000 $286,661 $5,242 4.88%
    1 Year 11 $3,875,000 $352,273 $0 5.77%
    15 Year 10 $1,640,000 $164,000 $3,063 4.80%
    10 Year 9 $2,405,000 $267,222 $1,122 5.18%
    20 Year 6 $1,470,000 $245,000 $5,155 4.48%
    Other 4 $11,150,000 $2,787,500 $3,027 5.47%

    For 2018, 1st Constitution Bank's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was 1 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 239 $65,945,000 $275,921
    $1k-2k 21 $4,915,000 $234,048
    $2k-3k 17 $4,495,000 $264,412
    $4k-5k 8 $3,240,000 $405,000
    $3k-4k 6 $2,040,000 $340,000
    $5k+ 5 $1,995,000 $399,000

    1st Constitution Bank's average total fees were $5,242, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 239 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 196 $56,320,000 $287,347
    5-6% 102 $36,320,000 $356,078
    3-4% 15 $6,615,000 $441,000
    6-7% 4 $690,000 $172,500

    During 2018, 1st Constitution Bank's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 4-5%, with 196 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 159 $46,415,000 $291,918 $5,675 4.81%
    $100k-200k 88 $13,490,000 $153,295 $3,677 5.05%
    $400k-600k 45 $21,405,000 $475,667 $6,596 4.83%
    $100,000 or less 15 $805,000 $53,667 $1,514 5.34%
    $1MM+ 5 $14,585,000 $2,917,000 $4,287 5.42%
    $600k-1MM 5 $3,245,000 $649,000 $6,784 5.18%

    2018 saw 1st Constitution Bank place emphasis on $200k-400k loans with 159 originations, totaling $46,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $23,470,000 $293,375 $5,147 4.83%
    $50k-75k 70 $13,700,000 $195,714 $4,947 4.77%
    $75k-100k 63 $17,325,000 $275,000 $5,800 4.97%
    $150k-250k 50 $18,400,000 $368,000 $5,098 4.80%
    $250k+ 17 $7,805,000 $459,118 $4,427 4.89%
    $50k or less 17 $2,245,000 $132,059 $3,907 5.26%

    1st Constitution Bank lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $50k-75k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 52 $14,210,000 $273,269 $3,920 4.83%
    50-60% 38 $10,490,000 $276,053 $8,646 5.05%
    20-30% 33 $9,975,000 $302,273 $4,170 4.70%
    49% 19 $4,835,000 $254,474 $4,661 4.68%
    48% 16 $4,430,000 $276,875 $5,286 4.83%
    38% 15 $4,285,000 $285,667 $5,635 4.89%
    42% 12 $3,180,000 $265,000 $5,505 5.00%
    40% 12 $2,940,000 $245,000 $4,383 5.08%
    46% 11 $2,865,000 $260,455 $5,519 5.02%
    47% 11 $3,195,000 $290,455 $4,210 4.74%
    45% 11 $3,455,000 $314,091 $5,394 4.90%
    37% 11 $3,155,000 $286,818 $5,690 4.81%
    36% 10 $3,010,000 $301,000 $3,921 4.73%
    43% 10 $3,250,000 $325,000 $5,046 4.93%
    44% 10 $3,000,000 $300,000 $4,917 4.96%
    41% 9 $2,495,000 $277,222 $4,539 4.89%
    <20% 8 $2,350,000 $293,750 $2,950 4.59%
    39% 5 $1,115,000 $223,000 $4,272 4.80%
    >60% 3 $545,000 $181,667 $4,785 5.58%

    1st Constitution Bank lent most frequently to those with DTI ratios of 30-36%, with 52 originations. The next most common DTI ratio? 50-60%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 156 $43,240,000 $277,179 $4,877 4.93%
    White 121 $33,755,000 $278,967 $5,300 4.85%
    Not applicable 13 $16,495,000 $1,268,846 $0 5.64%
    Black 16 $3,970,000 $248,125 $6,389 4.87%
    Asian 11 $2,485,000 $225,909 $4,791 4.82%

    Approval Rates

    Total approvals of all applications
    94.87%

    1st Constitution Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.93%

    1st Constitution Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 317 $99,945,000 $315,284

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $11,915,000 $3,971,667
    Single Family (1-4 Units):Site-Built 314 $88,030,000 $280,350

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $2,585,000 $235,000 $3,237 4.76%
    40-60% 49 $17,285,000 $352,755 $3,891 4.96%
    60-80% 106 $37,760,000 $356,226 $4,195 4.98%
    80-100% 145 $42,045,000 $289,966 $6,375 4.86%
    Under 20% 6 $270,000 $45,000 $513 5.24%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    1st Constitution Bank 1 North Harrison Street Jamesburg, NJ 8831 Full Service B&M $43,023
    1st Constitution Bank 11 Schalks Crossing Road Plainsboro, NJ 8536 Full Service B&M $157,069
    1st Constitution Bank 118 Third Avenue Neptune City, NJ 7753 Full Service B&M $15,276
    1st Constitution Bank 140 Mercer Street Hightstown, NJ 8520 Full Service B&M $40,282
    1st Constitution Bank 145 Fayette Street Perth Amboy, NJ 8861 Full Service B&M $42,693
    1st Constitution Bank 150 Lawrenceville-Pennington Rd Lawrenceville, NJ 8648 Full Service B&M $7,969
    1st Constitution Bank 180 Main Street Fort Lee, NJ 7024 Full Service B&M $28,064
    1st Constitution Bank 20 Bingham Avenue Rumson, NJ 7760 Full Service B&M $55,791
    1st Constitution Bank 2000 Windrow Drive Princeton, NJ 8540 Full Service B&M $9,742
    1st Constitution Bank 2650 Route 130 Cranbury, NJ 8512 Full Service B&M $108,197
    1st Constitution Bank 32 New Amwell Road Hillsborough, NJ 8844 Full Service B&M $69,156
    1st Constitution Bank 3441 Highway 9 Freehold, NJ 7728 Full Service B&M $75,583
    1st Constitution Bank 3659 Nottingham Way Hamilton Square, NJ 8690 Full Service B&M $23,228
    1st Constitution Bank 500 Broad Street Shrewsbury, NJ 7702 Full Service B&M $21,606
    1st Constitution Bank 507 Prospect Avenue Little Silver, NJ 7739 Full Service B&M $27,108
    1st Constitution Bank 511 Cookman Avenue Asbury Park, NJ 7712 Full Service B&M $17,307
    1st Constitution Bank 636 River Road Fair Haven, NJ 7704 Full Service B&M $32,411
    1st Constitution Bank 74 North Main Street Cranbury, NJ 8512 Full Service B&M $60,180
    1st Constitution Bank 86 E. Broad Street Hopewell, NJ 8525 Full Service B&M $22,528
    1st Constitution Bank 995 Route 518 Skillman, NJ 8558 Full Service B&M $99,965

    For 2018, 1st Constitution Bank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,473
    Net interest income $44,126
    Total noninterest income $7,622
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $887
    Trading account gains and fees $0
    Additional Noninterest Income $6,735
    Pre-tax net operating income $17,047
    Securities gains (or losses, -) $12
    Income before extraordinary items $12,596
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,596
    Minority interest net income $0
    Net income $12,596
    Sale, conversion, retirement of capital stock, net $1,019
    Net operating income $12,586

    1st Constitution Bank's gross interest income from loans was $51,473,000.
    1st Constitution Bank's net interest income from loans was $44,126,000.
    1st Constitution Bank's fee based income from loans was $887,000.
    1st Constitution Bank's net income from loans was $12,596,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,347
    Provision for credit losses $900
    Total noninterest expense $33,801
    Salaries and employee benefits $19,797
    Premises and equipment expense $4,516
    Additional noninterest expense $9,488
    Applicable income taxes $4,463
    Net charge-offs $511
    Cash dividends $2,830

    1st Constitution Bank's interest expense for loans was $7,347,000.
    1st Constitution Bank's payroll and benefits expense were $19,797,000.
    1st Constitution Bank's property, plant and equipment expenses $4,516,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 1.0%
    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 $951,097
    Deposits held in domestic offices $951,097
    Deposits by Individuals, partnerships, and corporations $806,985
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $144,112
    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 $93,078
    Demand deposits $56,167
    Nontransaction accounts $858,019
    Money market deposit accounts (MMDAs) $56,280
    Other savings deposits (excluding MMDAs) $577,163
    Total time deposits $224,576
    Total time and savings deposits $894,930
    Noninterest-bearing deposits $213,406
    Interest-bearing deposits $737,691
    Retail deposits $913,051
    IRAs and Keogh plan accounts $20,778
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,177,275
    Cash & Balances due from depository institutions $16,844
    Interest-bearing balances $12,655
    Total securities $211,794
    Federal funds sold & reverse repurchase $0
    Net loans and leases $877,782
    Loan and leases loss allowance $8,402
    Trading account assets $0
    Bank premises and fixed assets $11,653
    Other real estate owned $2,515
    Goodwill and other intangibles $13,249
    All other assets $43,438

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,177,275
    Total Liabilities $1,032,179
    Total deposits $951,097
    Interest-bearing deposits $737,691
    Deposits held in domestic offices $951,097
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $71,775
    Subordinated debt $0
    All other liabilities $9,307

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $877,782
    Loan and leases loss allowance $8,402
    Total loans and leases (domestic) $886,184
    All real estate loans $655,763
    Real estate loans in domestic offices $655,763
    Construction and development loans $149,595
    Residential 1-4 family construction $79,296
    Other construction, all land development and other land $70,299
    Loans secured by nonfarm nonresidential properties $376,105
    Nonfarm nonresidential secured by owner-occupied properties $165,357
    Commercial real estate & other non-farm, non-residential $210,748
    Multifamily residential real estate $31,436
    1-4 family residential loans $97,877
    Farmland loans $750
    Loans held in foreign offices $0
    Farm loans $2
    Commercial and industrial loans $227,956
    To non-U.S. addressees $0
    Loans to individuals $737
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $329
    Other loans to individuals $408
    All other loans & leases $1,726
    Loans to foreign governments and official institutions $0
    Other loans $686
    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 $4,003
    Non 1-4 family restructured loans & leases $4,003
    Total loans and leases (foreign) $0

    1st Constitution Bank had $877,782,000 of loans outstanding in 2018. $655,763,000 of loans were in real estate loans. $149,595,000 of loans were in development loans. $31,436,000 of loans were in multifamily mortgage loans. $97,877,000 of loans were in 1-4 family mortgage loans. $2,000 of loans were in farm loans. $0 of loans were in credit card loans. $329,000 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 341 $114,082 $334,551
    Nonfarm, nonresidential loans - <$100k 27 $1,096 $40,593
    Nonfarm, nonresidential loans - $100-250k 80 $13,605 $170,063
    Nonfarm, nonresidential loans - $250k-1MM 234 $99,381 $424,705
    Commercial & Industrial, US addressed loans - <$1MM 252 $35,665 $141,528
    Commercial & Industrial, US addressed loans - <$100k 59 $2,112 $35,797
    Commercial & Industrial, US addressed loans - $100-250k 75 $4,939 $65,853
    Commercial & Industrial, US addressed loans - $250k-1MM 118 $28,614 $242,492
    Agriculture operations loans - <$1MM 1 $2 $2,000
    Agriculture operations loans - <$100k 1 $2 $2,000