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| 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 | ||||||||
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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
Equal Housing Lenders. 1st Constitution Bank is a member FDIC. © 2000 1st Constitution Bancorp. All Rights Reserved.
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IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT
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