COMPARATIVE CONSOLIDATED
STATEMENTS OF CONDITION  (unaudited)
June 30,
ASSETS   2009   2008
Cash and due from banks $48,079,083 $18,481,595
Federal funds sold / Short term investments 11,375   11,222
Total cash and cash equivalents 48,090,458 18,492,817
Investment securities
     Available for sale 89,129,081 72,340,516
     Held to maturity   35,400,226   16,295,970
Total securities 124,529,307 88,636,486
Loans 428,662,908 377,361,701
     Less - Allowance for  loan losses (4,208,733)   (3,635,766)
Net loans 424,454,175 373,725,935
Premises and equipment, net 2,118,608 2,568,475
Other assets   19,252,185 20,621,582
  Total assets $618,444,733   $504,045,295
LIABILITIES        
Non-interest-bearing deposits $86,778,192 $87,632,653
Interest-bearing deposits 418,983,332 308,771,142
Total deposits 505,761,524 396,403,795
Securities sold under agreements to repurchase 0 0
Borrowings 30,500,000 43,600,000
Redeemable subordinated debentures 18,557,000 18,557,000
Accrued expenses and other liabilities 6,922,458   3,808,982
  Total liabilities 561,740,982   462,369,777
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 11,419,295 -
     Common stock, no par value; 30,000,000 shares
        authorized; 4,273,314 and 4,191,955 shares issued and
        4,264,396 and 4,191,234 shares outstanding
        as of June 30, 2009 and 2008, respectively 35,426,806 32,566,923
     Retained earnings 10,299,588 10,200,292
     Treasury stock, at cost :8,918 shares in 2009 and 721 shares in 2008    (62,252) (10,999)
     Accumulated other comprehensive loss  (379,686) (1,080,698)
     Total shareholders' equity 56,703,751 41,675,518
           Total liabilities and shareholders' equity $618,444,733   $504,045,295

 

1st Constitution Bancorp
Selected Consolidated Financial Data (Unaudited)
     
($ in thousands, except per share amounts) For the Three Months Six Months Ended
Ended March 31, June 30,
2010   2009 2000 1999
Income Statement Data :
Interest income $6,850 $7,414 $5,850 $4,846
Interest expense 2,411 3,214 2,488 2,174
Net interest income 4,439 4,200 3,361 2,672
Provision for loan losses 300 463 90 105
Net interest income after prov.for loan losses 4,139 3,737 3,271 2,567
Non-interest income 949 847 558 816
Non-interest expense 4,134 4,020 2,616 2,302
Income before income taxes 954 564 1,212 1,082
Income tax expense 255 87 444 399
Net income 699 477 $774 $683
Preferred stock dividends and accretion 177 189
Net income available to common shareholders $522 $288
Per Common Share Data  (a) : 
Earnings per common share - Basic $0.12 $0.07
Earnings per common share - Diluted $0.12 $0.07 $163,141 $138,247
Tangible book value per common share  $10.28 $9.95 103,689 87,440
Average common shares outstanding (1,025) (872)
   Basic 4,525,085 4,429,633 39,330 33,564
   Diluted 4,530,795 4,447,737 7,740 8,346
(a) Includes the effect of the 5% stock dividend paid  127,997 111,193
     February 3, 2010 . 13,271 12,074
Performance Ratios :
Return on average assets 0.43% 0.34% 1.03% 1.01%
Return on average equity 4.86% 3.49%
Net interest margin (tax-equivalent basis) 2.93% 3.30% 4.81% 4.21%
Efficiency ratio 76.7% 79.7% 63.8% 69.1%
March 31, December 31,
2010 2009
Balance Sheet Data :
Total Assets $639,926 $677,996
Investment Securities 217,520 227,728
Loans, including loans held for sale 377,774 401,461 $0 $0
Allowance for  loan losses (4,791) (4,505) $61 $512
Goodwill and other intangible assets 637 646
Deposits 533,701 572,155 $6 $9
Deposits 533,701 474,647
Shareholders' Equity 58,676 57,401 0.99% 1.00%
Asset Quality Data :
$0.61 $0.54
   Loans past due over 90 days and still accruing $5 $146 $0.59 $0.53
   Nonaccrual loans 8,527 4,161 $10.41 $9.47
   OREO property 1,341 1,363
Total non-performing assets : 9,873 5,670
Net charge-offs for the quarter and year, respectively 14 1,732
Allowance for loan losses to total loans 1.33% 1.19%
Nonperforming loans to total loans 2.36% 1.13%
Nonperforming assets to total assets 1.54% 0.84%
Capital Ratios :
1st Constitution Bancorp
   Tier 1 capital to average assets 11.67% 10.99%
   Tier 1 capital to risk weighted assets 17.57% 16.25%
   Total capital to risk weighted assets 18.67% 17.23%
1st Constitution Bank
   Tier 1 capital to average assets 11.36% 10.78%
   Tier 1 capital to risk weighted assets 17.07% 15.91%
   Total capital to risk weighted assets 18.17% 16.90%

 

 

 

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.

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