This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Constitution Has Poor Physique

Once these most recent quarterly results are finalized, they will be run through Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit Ratings Screener.

On Jan. 30, 2009, First Constitution Bancorp (FCCY - Get Report) reported that its Q4 FY08 earnings plunged 63.8%, hurt by increased provision for loan losses and reduced interest income. Net income declined to $457,000 or $0.11 per share from $1.26 million or $0.30 per share in Q4 FY07. The latest quarterly earnings missed the consensus estimate of $0.16 per share.

Total interest income during Q4 FY08 fell 4.4% to $7.37 million from $7.71 million in the prior-year quarter, while interest expense inched down 1.1% to $3.19 million from $3.22 million a year ago. As a result, net interest income dipped 6.7% to $4.19 million from $4.49 million in the same quarter of the last year. Subsequently, net interest margin (on a tax-equivalent basis) contracted 93 basis points to 3.64% from 4.57%. On the flip side, noninterest income rose 18.4% to $734,000 from $620,000; whereas noninterest expenses surged 30.3% to $4.09 million from $3.14 million a year ago. Meanwhile, income before income tax shrunk 62.6% to $724,000 million from $1.94 million in the year-ago quarter.

During the latest fourth quarter, the bank's provision for loan losses more than tripled to $105,000 from $30,000. Furthermore, FCCY's efficiency ratio deteriorated, as it rose to 76.4% from 59.5%, while net charge-offs were $303,000 as of Dec. 31, 2008 compared to $10,000 as of Dec. 31, 2007, mainly led by an increase in provision for loan losses. Moreover, nonperforming loans as a percentage of total loans advanced to 0.89% from 0.69%, while allowance for loan losses to total loans came down to 0.98% from 1.14%. Finally, as on Dec. 31, 2008, total loans mounted 25.6% to $383.05 million, while total deposits climbed 25.9% to $414.69 million.

For FY08, FCCY's net income plunged 49.3% to $2.76 million or $0.65 per share from $5.44 million or $1.29 per share in FY07. Furthermore, interest income fell 4.1% to $29.12 million, while non-interest income ascended 29.0% to $3.30 million.

A detailed report covering this quarterly release is now available. To purchase the report, click here .

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FCCY $12.50 0.00%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs