









|
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| 1ST CONSTITUTION BANCORP |
| CONSOLIDATED BALANCE SHEETS |
| December 31, 2007 and 2006 |
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| ASSETS |
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2007 |
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2006 |
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| CASH AND DUE FROM BANKS |
$7,517,158 |
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$10,336,334 |
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| FEDERAL FUNDS SOLD/SHORT TERM INVESTMENTS |
30,944 |
|
25,478 |
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| Total cash and cash equivalents |
7,548,102 |
|
10,361,812 |
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| SECURITIES |
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| Available for sale, at fair value |
75,192,137 |
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70,421,328 |
| Held to maturity (fair value of $23,411,269 and $19,164,679 |
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| in 2007 and 2006, respectively) |
23,512,346 |
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19,254,476 |
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Total securities |
98,704,483 |
|
89,675,804 |
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| LOANS HELD FOR SALE |
10,322,005 |
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13,608,942 |
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| LOANS |
|
294,760,718 |
|
265,142,313 |
| Less- Allowance for loan losses |
(3,348,080) |
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(3,228,360) |
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Net loans |
291,412,638 |
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261,913,953 |
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| PREMISES AND EQUIPMENT, net |
2,760,203 |
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3,033,618 |
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| ACCRUED INTEREST RECEIVABLE |
2,495,732 |
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2,235,671 |
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| BANK-OWNED LIFE INSURANCE |
9,545,009 |
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9,179,408 |
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| OTHER REAL ESTATE OWNED |
2,960,727 |
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- |
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| OTHER ASSETS |
3,402,640 |
|
2,921,496 |
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| Total Assets |
$429,151,539 |
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$392,930,704 |
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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 |
$59,055,803 |
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$64,305,445 |
| Interest bearing |
270,276,565 |
|
248,418,977 |
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Total deposits |
329,332,368 |
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312,724,422 |
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| OTHER BORROWINGS |
35,600,000 |
|
17,200,000 |
| REDEEMABLE SUBORDINATED DEBENTURES |
18,557,000 |
|
23,712,000 |
| ACCRUED INTEREST PAYABLE |
1,992,187 |
|
1,957,574 |
| ACCRUED EXPENSES AND OTHER LIABILITIES |
2,696,667 |
|
2,389,663 |
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Total liabilities |
388,178,222 |
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357,983,659 |
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| COMMITMENTS AND CONTINGENCIES |
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| SHAREHOLDERS' EQUITY |
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| Common Stock, no par value; 30,000,000 |
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| shares authorized; 3,993,905 and 3,967,431 shares issued |
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| and 3,992,715 and 3,967,222 shares outstanding |
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| as of December 31, 2007 and 2006, respectively |
32,514,936 |
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28,886,105 |
| Retained earnings |
9,009,955 |
|
7,010,211 |
| Treasury Stock, at cost, 1,190 shares and 209 shares |
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| at December 31, 2007 and 2006, respectively |
(18,388) |
|
(3,545) |
| Accumulated other comprehensive (loss) |
(533,186) |
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(945,726) |
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Total shareholders' equity |
40,973,317 |
|
34,947,045 |
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| Total liabilities and shareholders' equity |
$429,151,539 |
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$392,930,704 |
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On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009
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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