1ST CONSTITUTION BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2009 and 2008 
2009 2008
INTEREST INCOME:
     Loans, including fees $24,390,271 $24,288,658
     Securities:
           Taxable 5,143,123 4,158,923
           Tax- exempt 486,652 560,303
      Federal funds sold and
           short-term investments 116,070 112,427
Total interest income 30,136,116 29,120,311
INTEREST EXPENSE:
     Deposits 9,829,032 10,106,856
     Securities sold under
          agreements to repurchase
                and other borrowed funds 1,353,489 1,556,240
     Redeemable subordinated debentures 1,072,827 1,069,351
Total interest expense 12,255,348 12,732,447
Net interest income 17,880,768 16,387,864
PROVISION FOR LOAN LOSSES 2,553,000 640,000
            Net interest income after provision
                 for loan losses 15,327,768 15,747,864
NON-INTEREST INCOME:
     Service charges on deposit accounts 885,702 883,882
     Gain on sales of loans held for sale  1,325,274 1,040,916
     Gain on sales of securities available for sale 1,138,655 0
     Income on Bank-owned life insurance 389,851 378,852
     Other-than-temporary security impairment :  
Total (864,727) 0
Less : Portion recognized in other comprehensive loss 500,944 0
Portion recognized in earnings (363,783) 0
     Other income 1,129,377 976,226
Total other income 4,505,076 3,279,876
NON-INTEREST EXPENSES:
     Salaries and employee benefits 9,352,360 8,426,729
     Occupancy expense 1,783,031 1,802,723
     Data processing expenses 1,085,257 896,724
     FDIC insurance expense 1,193,309 196,072
     Other operating expenses 3,701,844 3,706,693
Total other expenses 17,115,801 15,028,941
                  Income before income taxes 2,717,043 3,998,799
INCOME TAXES 156,282 1,239,341
Net Income 2,560,761 2,759,458
Dividends and accretion on preferred stock 719,601 0
Net income available to common shareholders $1,841,160 $2,759,458
NET INCOME PER COMMON SHARE
          Basic $0.41 $0.63
          Diluted $0.41 $0.62
WEIGHTED AVERAGE SHARES
    OUTSTANDING
           Basic 4,470,420 4,402,368
           Diluted 4,485,628 4,425,753

 

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 December 31, 2009, 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.

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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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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.