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First Constitution Has Poor Physique

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 - 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 .

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