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

Review & 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 by origination volume include: New York, Philadelphia, Trenton, East Stroudsburg, and Allentown among others. We have data for 25 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.

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Originations

487

Origination Dollar Volume (All Markets)

$144,645,000

Employee count

218

Awards

1st Constitution Bank 30 Year Conventional Loans bronze

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)	407	$126,255,000	$310,209	$5,134	4.28%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	24	$4,970,000	$207,083	$3,578	4.19%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	12	$3,070,000	$255,833	$4,547	4.30%
EAST STROUDSBURG, PA (FHA\|USDA\|VA)	7	$1,965,000	$280,714	$4,979	4.02%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	7	$1,465,000	$209,286	$4,192	4.25%
OCEAN CITY, NJ (FHA\|USDA\|VA)	3	$955,000	$318,333	$3,448	4.13%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	2	$710,000	$355,000	$2,476	4.00%
Jackson, WY-ID (FHA\|USDA\|VA)	1	$635,000	$635,000	$3,316	3.75%
VINELAND-BRIDGETON, NJ (FHA\|USDA\|VA)	2	$600,000	$300,000	$7,184	4.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$575,000	$575,000	$3,083	3.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	4	$530,000	$132,500	$2,751	4.22%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	2	$320,000	$160,000	$3,818	4.63%
HATTIESBURG, MS (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,827	3.63%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,227	4.00%
SCRANTON--WILKES-BARRE, PA (FHA\|USDA\|VA)	3	$265,000	$88,333	$3,000	4.00%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,928	4.50%
OGDEN-CLEARFIELD, UT (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,292	3.50%
CHARLOTTESVILLE, VA (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,565	4.25%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,452	4.50%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	1	$185,000	$185,000	$6,226	3.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$175,000	$175,000	$5,925	4.13%
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,887	4.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,944	3.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,838	4.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$85,000	$85,000	$4,211	4.95%

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)

Pennsylvania (FHA|USDA|VA)

New York (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

Similar Lenders

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	404	$118,510,000	$293,342	$3,960	4.28%
FHA	83	$26,135,000	$314,880	$9,287	4.17%

For 2019, 1st Constitution Bank's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was FHA, with 83 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	242	$68,730,000	$284,008	$5,415	4.30%
Refi	119	$39,985,000	$336,008	$3,987	4.01%
Cash Out Refi	116	$35,230,000	$303,707	$5,057	4.33%
Home Improvement	7	$535,000	$76,429	$1,467	5.35%
NA	2	$110,000	$55,000	$0	5.63%
Other	1	$55,000	$55,000	$639	5.25%

For 2019, 1st Constitution Bank's most frequently cited loan purpose was Home Purchase, with 242 originations. The 2nd most popular reason was Refi, with 119 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	400	$120,020,000	$300,050	$5,186	4.28%
Other	34	$10,260,000	$301,765	$3,323	4.43%
15 Year	28	$6,750,000	$241,071	$3,187	3.71%
20 Year	14	$4,230,000	$302,143	$3,239	4.00%
10 Year	5	$2,845,000	$569,000	$2,438	4.00%
1 Year	3	$155,000	$51,667	$0	5.67%
5 Year	2	$130,000	$65,000	$639	6.13%
3 Year	1	$255,000	$255,000	$0	5.00%

For 2019, 1st Constitution Bank's most frequently cited loan duration was 30 Year, with 400 originations. The 2nd most popular length was Other, with 34 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	386	$113,820,000	$294,870
$1k-2k	26	$5,050,000	$194,231
$2k-3k	19	$5,085,000	$267,632
$3k-4k	9	$2,505,000	$278,333
$5k+	9	$4,265,000	$473,889
$4k-5k	8	$3,390,000	$423,750

1st Constitution Bank's average total fees were $5,186, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 386 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	223	$69,435,000	$311,368
4-5%	191	$55,235,000	$289,188
5-6%	58	$13,090,000	$225,690
<2.5%	1	$2,105,000	$2,105,000
6-7%	1	$85,000	$85,000

During 2019, 1st Constitution Bank's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was 3-4%, with 223 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	248	$72,810,000	$293,589	$4,951	4.15%
$100k-200k	112	$17,770,000	$158,661	$3,841	4.50%
$400k-600k	87	$39,495,000	$453,966	$6,558	4.19%
$100,000 or less	23	$1,625,000	$70,652	$2,280	4.82%
$600k-1MM	16	$10,840,000	$677,500	$6,680	4.24%
$1MM+	1	$2,105,000	$2,105,000	$0	0.50%

2019 saw 1st Constitution Bank place emphasis on $200k-400k loans with 248 originations, totaling $72,810,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	115	$36,765,000	$319,696	$5,407	4.14%
$150k-250k	100	$36,280,000	$362,800	$4,325	4.14%
$50k-75k	97	$21,615,000	$222,835	$4,766	4.23%
$75k-100k	72	$19,430,000	$269,861	$5,313	4.27%
$50k or less	47	$8,285,000	$176,277	$4,499	4.62%
$250k+	27	$12,095,000	$447,963	$5,182	4.22%

1st Constitution Bank lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $150k-250k, with 100 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	82	$24,780,000	$302,195	$4,467	4.11%
20-30%	67	$21,705,000	$323,955	$3,968	4.14%
50-60%	37	$11,135,000	$300,946	$8,694	4.34%
46%	26	$7,840,000	$301,538	$5,091	4.20%
44%	22	$6,250,000	$284,091	$4,680	4.27%
49%	22	$6,080,000	$276,364	$5,471	4.26%
42%	22	$6,700,000	$304,545	$4,117	4.20%
43%	20	$6,570,000	$328,500	$5,647	4.36%
40%	19	$5,405,000	$284,474	$4,443	4.19%
48%	17	$4,335,000	$255,000	$4,760	4.39%
37%	17	$4,375,000	$257,353	$4,196	4.23%
39%	16	$4,330,000	$270,625	$4,457	4.23%
<20%	15	$3,645,000	$243,000	$3,607	4.09%
36%	14	$3,870,000	$276,429	$4,313	4.14%
45%	13	$3,275,000	$251,923	$4,539	4.16%
47%	12	$2,710,000	$225,833	$4,033	4.28%
38%	12	$4,110,000	$342,500	$4,968	4.10%
41%	11	$3,145,000	$285,909	$4,225	4.41%
>60%	10	$2,760,000	$276,000	$6,551	5.45%

1st Constitution Bank lent most frequently to those with DTI ratios of 30-36%, with 82 originations. The next most common DTI ratio? 20-30%, with 67 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not provided	235	$67,605,000	$287,681	$5,149	4.26%
White	201	$58,955,000	$293,308	$4,490	4.24%
Not applicable	22	$9,010,000	$409,545	$0	4.81%
Black	18	$5,480,000	$304,444	$6,508	4.15%
Asian	10	$3,510,000	$351,000	$5,412	3.98%
American Indian	1	$85,000	$85,000	$0	7.00%

Approval Rates

Total approvals of all applications
96.23%

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
79.06%

1st Constitution Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
900.0	1	$155,000	$155,000
NA	486	$144,490,000	$297,305

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	4	$3,730,000	$932,500
Single Family (1-4 Units):Site-Built	483	$140,915,000	$291,749

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	14	$1,950,000	$139,286	$2,868	4.51%
40-60%	59	$16,375,000	$277,542	$3,699	4.16%
60-80%	205	$63,045,000	$307,537	$4,242	4.34%
80-100%	200	$62,570,000	$312,850	$6,158	4.17%
Under 20%	9	$705,000	$78,333	$1,091	4.83%

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	$101,261
1st Constitution Bank	11 Schalks Crossing Road Plainsboro, NJ 8536	Full Service B&M	$138,989
1st Constitution Bank	118 Third Avenue Neptune City, NJ 7753	Full Service B&M	$15,676
1st Constitution Bank	140 Mercer Street Hightstown, NJ 8520	Full Service B&M	$40,587
1st Constitution Bank	145 Fayette Street Perth Amboy, NJ 8861	Full Service B&M	$50,143
1st Constitution Bank	150 Lawrenceville-Pennington Rd, Suite # 7 Lawrenceville, NJ 8648	Full Service B&M	$7,137
1st Constitution Bank	180 Main Street Fort Lee, NJ 7024	Full Service B&M	$29,197
1st Constitution Bank	20 Bingham Avenue Rumson, NJ 7760	Full Service B&M	$58,570
1st Constitution Bank	2000 Windrow Drive Princeton, NJ 8540	Full Service B&M	$12,452
1st Constitution Bank	2160 North Central Road Suite 308 Fort Lee, NJ 7024	Full Service B&M	$0
1st Constitution Bank	2650 Route 130 Cranbury, NJ 8512	Full Service B&M	$119,824
1st Constitution Bank	32 New Amwell Road Hillsborough, NJ 8844	Full Service B&M	$72,871
1st Constitution Bank	3441 Highway 9 Freehold, NJ 7728	Full Service B&M	$55,009
1st Constitution Bank	3659 Nottingham Way Hamilton Square, NJ 8690	Full Service B&M	$23,667
1st Constitution Bank	444 Ocean Boulevard Long Branch, NJ 7740	Full Service B&M	$1,056
1st Constitution Bank	500 Broad Street Shrewsbury, NJ 7702	Full Service B&M	$29,344
1st Constitution Bank	507 Prospect Avenue Little Silver, NJ 7739	Full Service B&M	$25,660
1st Constitution Bank	511 Cookman Avenue Asbury Park, NJ 7712	Full Service B&M	$25,894
1st Constitution Bank	636 River Road Fair Haven, NJ 7704	Full Service B&M	$26,956
1st Constitution Bank	74 North Main Street Cranbury, NJ 8512	Full Service B&M	$59,822
1st Constitution Bank	86 E. Broad Street Hopewell, NJ 8525	Full Service B&M	$21,883
1st Constitution Bank	995 Route 518 Skillman, NJ 8558	Full Service B&M	$106,355

For 2019, 1st Constitution Bank had 22 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$60,090
Net interest income	$48,084
Total noninterest income	$7,905
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$931
Trading account gains and fees	$0
Additional Noninterest Income	$6,974
Pre-tax net operating income	$19,392
Securities gains (or losses, -)	$30
Income before extraordinary items	$14,227
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$14,227
Minority interest net income	$0
Net income	$14,227
Sale, conversion, retirement of capital stock, net	$1,105
Net operating income	$14,203

1st Constitution Bank's gross interest income from loans was $60,090,000.
1st Constitution Bank's net interest income from loans was $48,084,000.
1st Constitution Bank's fee based income from loans was $931,000.
1st Constitution Bank's net income from loans was $14,227,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$12,006
Provision for credit losses	$1,350
Total noninterest expense	$35,247
Salaries and employee benefits	$21,301
Premises and equipment expense	$5,085
Additional noninterest expense	$8,861
Applicable income taxes	$5,195
Net charge-offs	$481
Cash dividends	$3,369

1st Constitution Bank's interest expense for loans was $12,006,000.
1st Constitution Bank's payroll and benefits expense were $21,301,000.
1st Constitution Bank's property, plant and equipment expenses $5,085,000.

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	0.0%
HELOC loans	1.0%
All other family	0.0%
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	$1,277,956
Deposits held in domestic offices	$1,277,956
Deposits by Individuals, partnerships, and corporations	$1,079,610
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$198,346
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	$128,305
Demand deposits	$78,483
Nontransaction accounts	$1,149,651
Money market deposit accounts (MMDAs)	$67,260
Other savings deposits (excluding MMDAs)	$745,008
Total time deposits	$337,383
Total time and savings deposits	$1,199,473
Noninterest-bearing deposits	$288,149
Interest-bearing deposits	$989,807
Retail deposits	$1,226,865
IRAs and Keogh plan accounts	$34,715
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,585,704
Cash & Balances due from depository institutions	$13,871
Interest-bearing balances	$12,278
Total securities	$232,402
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,212,684
Loan and leases loss allowance	$9,271
Trading account assets	$0
Bank premises and fixed assets	$33,219
Other real estate owned	$571
Goodwill and other intangibles	$39,263
All other assets	$53,694

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,585,704
Total Liabilities	$1,397,447
Total deposits	$1,277,956
Interest-bearing deposits	$989,807
Deposits held in domestic offices	$1,277,956
% insured (estimated)	$83
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$110,667
Subordinated debt	$0
All other liabilities	$8,824

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,212,684
Loan and leases loss allowance	$9,271
Total loans and leases (domestic)	$1,221,955
All real estate loans	$892,631
Real estate loans in domestic offices	$892,631
Construction and development loans	$150,731
Residential 1-4 family construction	$79,438
Other construction, all land development and other land	$71,293
Loans secured by nonfarm nonresidential properties	$503,132
Nonfarm nonresidential secured by owner-occupied properties	$239,774
Commercial real estate & other non-farm, non-residential	$263,358
Multifamily residential real estate	$62,996
1-4 family residential loans	$174,883
Farmland loans	$889
Loans held in foreign offices	$0
Farm loans	$47
Commercial and industrial loans	$325,991
To non-U.S. addressees	$0
Loans to individuals	$1,485
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$732
Other loans to individuals	$753
All other loans & leases	$1,801
Loans to foreign governments and official institutions	$0
Other loans	$1,202
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	$6,132
Non 1-4 family restructured loans & leases	$5,637
Total loans and leases (foreign)	$0

1st Constitution Bank had $1,212,684,000 of loans outstanding in 2019. $892,631,000 of loans were in real estate loans. $150,731,000 of loans were in development loans. $62,996,000 of loans were in multifamily mortgage loans. $174,883,000 of loans were in 1-4 family mortgage loans. $47,000 of loans were in farm loans. $0 of loans were in credit card loans. $732,000 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	494	$143,556	$290,599
Nonfarm, nonresidential loans - <$100k	58	$2,347	$40,466
Nonfarm, nonresidential loans - $100-250k	127	$15,249	$120,071
Nonfarm, nonresidential loans - $250k-1MM	309	$125,960	$407,638
Commercial & Industrial, US addressed loans - <$1MM	368	$33,319	$90,541
Commercial & Industrial, US addressed loans - <$100k	129	$3,640	$28,217
Commercial & Industrial, US addressed loans - $100-250k	106	$5,097	$48,085
Commercial & Industrial, US addressed loans - $250k-1MM	133	$24,582	$184,827
Agriculture operations loans - <$1MM	2	$47	$23,500
Agriculture operations loans - <$100k	2	$47	$23,500