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Articles 

1st Constitution Bancorp Reports Operating Results (10-Q)

November 14, 2012 | About:

1st Constitution Bancorp (NASDAQ:FCCY) filed Quarterly Report for the period ended 2012-09-30.

1st Constitution Bancorp has a market cap of $46.2 million; its shares were traded at around $8.95 with a P/E ratio of 9.4 and P/S ratio of 1.3.

Highlight of Business Operations:

Average interest earning assets increased by $37,183,999, or 5.4%, to $725,591,359 for the three month period ended September 30, 2012 from $688,407,360 for the three month period ended September 30, 2011. The overall yield on interest earning assets, on a tax-equivalent basis, increased 33 basis points to 4.76% for the three month period ended September 30, 2012 when compared to 4.43% for the three month period ended September 30, 2011. The portfolio yield increased despite declining market rates due to a shift in average assets away from securities and into loans.

The net interest margin (on a tax-equivalent basis), which is net interest income divided by average interest earning assets, was 4.08% for the three months ended September 30, 2012 compared to 3.49% the three months ended September 30, 2011.

Average interest earning assets increased by $56,714,570, or 8.7%, to $707,788,418 for the nine month period ended September 30, 2012 from $651,073,848 for the nine month period ended September 30, 2011. The average investment securities portfolio decreased by $24,642,736, or 10.0%, to $222,279,439 for the nine month period ended September 30, 2012 compared to $246,922,175 for the nine month period ended September 30, 2011, as proceeds from maturities and prepayments of U.S. Government sponsored agency bonds and obligations of states and political subdivisions during the 2012 period were being invested in the loan portfolio. The average loan portfolio increased by $109,397,542, or 31.5%, to $456,558,091 for the nine month period ended September 30, 2012 compared to $347,160,549 for the nine month period ended September 30, 2011. The overall risk profile of the loan portfolio was reduced by a change in its composition via a reduction in average construction loans of $5,571,314, or 8.9%, to $57,303,861 for the nine month period ended September 30, 2012 compared to $62,875,175 for the nine month period ended September 30, 2011, 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, increased 21 basis points to 4.73% for the nine month period ended September 30, 2012 when compared to 4.52% for the nine month period ended September 30, 2011.

The net interest margin (on a tax-equivalent basis), which is net interest income divided by average interest earning assets, was 3.99% for the nine months ended September 30, 2012 compared to 3.44% the nine months ended September 30, 2011.

Gain on sales of loans increased by $115,761, or 8.5%, to $1,472,502 for the nine months ended September 30, 2012 compared to $1,356,741 for the nine months ended September 30, 2011. The Bank sells both residential mortgage loans and SBA loans in the secondary market. The volume of mortgage loan sales increased for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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