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