1st Constitution Bancorp (FCCY) has reported a 12.29 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $1.95 million, or $0.23 a share in the quarter, compared with $2.22 million, or $0.27 a share for the same period last year.

Revenue during the quarter grew 5.78 percent to $10.90 million from $10.30 million in the previous year period. Net interest income for the quarter rose 1.63 percent over the prior year period to $8.65 million. Non-interest income for the quarter rose 50.63 percent over the last year period to $2.40 million.

1St Constitution Bancorp has made provision of $0.15 million for loan losses during the quarter, compared with a negative provision of $0.20 million in the same period last year.

Net interest margin contracted 9 basis points to 3.83 percent in the quarter from 3.92 percent in the last year period. Efficiency ratio for the quarter deteriorated to 71.60 percent from 67.90 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 "Our first quarter of 2017 financial results reflected several important operating fundamentals. We have good momentum in our lending operations as we generated growth in our commercial business, commercial real estate and construction loan portfolio segments. Our new residential lending team contributed to a significant increase in non-interest income in the first quarter through the sale of $38 million of mortgages." Mr. Mangano added, "We are beginning to see a positive effect of the increase in short-term interest rates through increasing yields on our variable rate commercial business, SBA, construction and consumer loans."

Investments stood at $231.50 million as on Mar. 31, 2017. Shareholders equity was at $106.64 million as on Mar. 31, 2017.

Return on average assets moved down 15 basis points to 0.79 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity was stable at 7.54 percent in the quarter, when compared with the last year period.

Nonperforming assets moved up 46.35 percent or $2.49 million to $7.85 million on Mar. 31, 2017 from $5.36 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, up from 0.52 percent in the last year period.

Tier-1 leverage ratio stood at 11.46 percent for the quarter, up from 10.93 percent for the previous year quarter. Book value per share was $13.28 for the quarter, up 6.92 percent or $0.86 compared to $12.42 for the same period last year.