This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Constitution Has Poor Physique

Stocks in this article: FCCY

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

On Jan. 30, 2009, First Constitution Bancorp (FCCY) 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 .

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs