1ST CONSTITUTION BANCORP
CONSOLIDATED BALANCE SHEETS
December 31, 2010 and 2009
 
ASSETS 2010 2009
CASH AND DUE FROM BANKS $17,699,103 $25,842,901
FEDERAL FUNDS SOLD/SHORT TERM INVESTMENTS 11,398 11,384
         Total cash and cash equivalents 17,710,501 25,854,285
INVESTMENT SECURITIES
         Available for sale, at fair value 85,470,993 204,118,850
         Held to maturity (fair value of $81,712,003 and $24,215,530
              at December 31, 2010 and  2009, respectively) 81,889,895 23,608,980
   
Total securities 167,360,888 227,727,830
LOANS HELD FOR SALE 21,219,230 21,514,785
LOANS 411,987,339 379,945,735
            Less- Allowance for loan losses (5,762,712) (4,505,387)
Net loans 406,224,627 375,440,348
PREMISES AND EQUIPMENT, net 6,148,626 4,899,091
ACCRUED INTEREST RECEIVABLE 2,405,741 2,274,087
BANK-OWNED LIFE INSURANCE 11,474,643 10,319,055
OTHER REAL ESTATE OWNED 4,850,818 1,362,621
OTHER ASSETS 7,000,155 8,604,378
Total Assets $644,395,229 $677,996,480
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
    Deposits
                 Non-interest bearing $92,023,123 $82,473,328
                 Interest bearing 451,712,026 489,682,026
Total deposits 543,735,149 572,155,354
BORROWINGS 25,900,000 22,500,000
REDEEMABLE SUBORDINATED DEBENTURES 18,557,000 18,557,000
ACCRUED INTEREST PAYABLE 1,434,338 1,757,151
ACCRUED EXPENSES AND OTHER LIABILITIES 5,087,586 5,625,922
Total liabilities 594,714,073 620,595,427
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
      Preferred Stock, no par value; 5,000,000 shares authorized, of which 12,000  shares 
           of  Series B, $1,000 liquidation preference, 5% cumulative increasing to 9% cumulative
            on February 15, 2014, were issued and outstanding at December 31, 2009  - 11,473,262
      Common Stock, no par value; 30,000,000 shares authorized ; 4,811,294 and
            4,526,827 shares issued and 4,803,459 and 4,515,924 shares outstanding
            as of December 31, 2010 and  2009, respectively 38,899,855 36,774,621
Retained earnings 10,741,779 10,307,331
Treasury Stock, at cost,  8,885 shares and 11,448 shares at December 31,2010
            and 2009, respectively (58,652) (73,492)
Accumulated other comprehensive income (loss) 98,174 (1,080,669)
Total shareholders' equity 49,681,156 57,401,053
Total liabilities and shareholders' equity $644,395,229 $677,996,480

 

 

 

Deposits at FDIC insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014 the standard insurance amount will return to $100,000 per depositor for all account categories except for IRA's and other certain retirement accounts will remain at $250,000. (This supersedes the October 2, 2008 changes.) 1st Constitution Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

Equal Opportunity Housing Lender
Privacy Act
Equal Housing Lenders. 1st Constitution Bank is a member FDIC. © 2000 1st Constitution Bancorp. All Rights Reserved.

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FOR OPENING A NEW ACCOUNT
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