1ST Constitution Bancorp (FCCY) has reported a 26.23 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.06 million, or $0.25 a share in the quarter, compared with $1.63 million, or $0.20 a share for the same period last year.
Revenue during the quarter grew 21.74 percent to $11.09 million from $9.11 million in the previous year period. Net interest income for the quarter rose 4.65 percent over the prior year period to $9.10 million. Non-interest income for the quarter rose 117.07 percent over the last year period to $2 million.
Net interest margin contracted 13 basis points to 3.83 percent in the quarter from 3.96 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.80 percent from 68.31 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Robert F. Mangano, president and chief executive officer, stated "The Company’s financial results in 2016 reflected strong operating fundamentals generated by quality loan and core deposit growth. We continued to invest in personnel and systems to support the future growth of the Company." Mr. Mangano added, "We made further progress in reducing our non-performing assets to a historically low level, which also contributed to the Company’s improved financial performance."
Deposits stood at $834.52 million as on Dec. 31, 2016, up 6.07 percent compared with $786.76 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $170.85 million or 20.47 percent of total deposits on Dec. 31, 2016, compared with $159.92 million or 20.33 percent of total deposits on Dec. 31, 2015.
Investments stood at $230.60 million as on Dec. 31, 2016, up 7.42 percent or $15.92 million from year-ago. Shareholders equity was at $104.80 million as on Dec. 31, 2016.
Return on average assets moved up 12 basis points to 0.79 percent in the quarter from 0.67 percent in the last year period. At the same time, return on average equity increased 111 basis points to 7.86 percent in the quarter from 6.75 percent in the last year period.
Nonperforming assets moved down 23.22 percent or $1.62 million to $5.36 million on Dec. 31, 2016 from $6.99 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.52 percent in the quarter, down from 0.72 percent in the last year period.
Tier-1 leverage ratio stood at 10.93 percent for the quarter, up from 10.80 percent for the previous year quarter. Book value per share was $13.11 for the quarter, up 8.26 percent or $1 compared to $12.11 for the same period last year.
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