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1st Constitution Bancorp (FCCY) filed Quarterly Report for the period ended 2011-09-30.
1st Constitution Bancorp has a market cap of $31.4 million; its shares were traded at around $6.54 with a P/E ratio of 8.2 and P/S ratio of 0.9.
This is the annual revenues and earnings per share of FCCY over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FCCY.
Highlight of Business Operations:
Average interest earning assets increased by $38,911,333, or 6.0%, to $688,407,360 for the three month period ended September 30, 2011 from $649,496,027 for the three month period ended September 30, 2010. However, the overall yield on interest earning assets, on a tax-equivalent basis, decreased 30 basis points to 4.43% for the three month period ended September 30, 2011 when compared to 4.73% for the three month period ended September 30, 2010.Average interest earning assets increased by $21,614,695, or 3.4%, to $651,073,848 for the nine month period ended September 30, 2011 from $629,459,153 for the nine month period ended September 30, 2010. The average investment securities portfolio increased by $27,568,638, or 12.6%, to $246,922,175 for the nine month period ended September 30, 2011 compared to $219,353,537 for the nine month period ended September 30, 2010, as funds were invested during the 2011 period in low risk U.S. Treasury securities, U.S. Government sponsored agency bonds and obligations of states and political subdivisions rather than being invested in the relatively higher risk loan portfolio. The average loan portfolio decreased by $42,572,874, or 10.9%, to $347,160,549 for the nine month period ended September 30, 2011 compared to $389,733,423 for the nine month period ended September 30, 2010. The overall risk profile of the loan portfolio was reduced by a change in its composition via a reduction in average construction loans of $9,264,138, or 12.8%, to $62,875,175 for the nine month period ended September 30, 2011 compared to $72,139,313 for the nine month period ended September 30, 2010, as the current adverse economic conditions have resulted in depreciation of collateral values securing these loans. Overall, the yield on interest earning assets, on a tax-equivalent basis, decreased 10 basis points to 4.52% for the nine month period ended September 30, 2011 when compared to 4.62% for the nine month period ended September 30, 2010.
Service charges on deposit accounts represent a significant source of non-interest income. Service charges on deposit accounts revenues increased by $98,186, or 17.8%, to $648,456 for the nine months ended September 30, 2011 from the $550,270 for the nine months ended September 30, 2010. This increase was primarily the result of an increase in the number of deposit accounts subject to service charges due to the March 2011 Acquisition, which was completed on March 25, 2011.
Gain on sales of loans increased by $226,866, or 20.1%, to $1,356,741 for the nine months ended September 30, 2011 when compared to $1,129,875 for the nine months ended September 30, 2010. The Bank sells both residential mortgage loans and SBA loans in the secondary market. Although the absolute volume of sales declined for the nine month period ended September 30, 2011 compared to the nine month period ended September 30, 2010, the Bank s pricing on these transactions was revised in the second quarter of 2011 such that the Bank earned a 160 basis points return on sales compared to a return of 110 basis points in the year ended December 31, 2010.
Loans held for sale at September 30, 2011 amounted to $9,848,248 compared to $21,219,230 at December 31, 2010. The primary cause for this decrease was a high volume of sales of existing loans held for sale combined with a lower volume of mortgage loan refinance activity during the first nine months of 2011 compared with the level of activity during the last nine months of 2010. The amount of loans originated for sale was $83,022,941 for the first nine months of 2011 compared with $99,507,515 for the first nine months of 2010.
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