1ST CONSTITUTION BANCORP
CONSOLIDATED BALANCE SHEETS
December 31, 2009 and 2008
ASSETS 2009 2008
CASH AND DUE FROM BANKS $25,842,901 $14,321,777
FEDERAL FUNDS SOLD/SHORT TERM INVESTMENTS 11,384 11,342
         Total cash and cash equivalents 25,854,285 14,333,119
SECURITIES
         Available for sale, at fair value 204,118,850 93,477,023
         Held to maturity (fair value of $24,215,530 and $36,140,379
              in 2009 and 2008, respectively) 23,608,980 36,550,577
   
Total securities 227,727,830 130,027,600
LOANS HELD FOR SALE 21,514,785 5,702,082
LOANS 379,945,735 377,348,416
            Less- Allowance for loan losses (4,505,387) (3,684,764)
Net loans 375,440,348 373,663,652
PREMISES AND EQUIPMENT, net 4,899,091 2,302,489
ACCRUED INTEREST RECEIVABLE 2,274,087 2,192,601
BANK-OWNED LIFE INSURANCE 10,319,055 9,929,204
OTHER REAL ESTATE OWNED 1,362,621 4,296,536
OTHER ASSETS 8,604,378 3,839,246
Total Assets $677,996,480 $546,286,529
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
    Deposits
                 Non-interest bearing $82,473,328 $71,772,486
                 Interest bearing 489,682,026 342,912,245
Total deposits 572,155,354 414,684,731
BORROWINGS 22,500,000 51,500,000
REDEEMABLE SUBORDINATED DEBENTURES 18,557,000 18,557,000
ACCRUED INTEREST PAYABLE 1,757,151 1,984,102
ACCRUED EXPENSES AND OTHER LIABILITIES 5,625,922 3,941,044
   
Total liabilities 620,595,427 490,666,877
   
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 increading to 9% cumulative on February 15, 2014
          were issued and outstanding. 11,473,262 11,387,828
      Common Stock, no par value; 30,000,000
      shares authorized; 4,526,827 and 4,414,412 shares issued
            and 4,515,924 and 4,408,814 shares outstanding
            as of December 31, 2009 and 2008, respectively 36,774,621 35,180,433
Retained earnings 10,307,331 9,653,923
Treasury Stock, at cost, 10,903 shares and 5,597 shares
       at December 31, 2009 and 2008, respectively (73,492) (53,331)
Accumulated other comprehensive loss (1,080,669) (549,201)
Total shareholders' equity 57,401,053 55,619,652
   
Total liabilities and shareholders' equity $677,996,480 $546,286,529

 

 

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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