1ST CONSTITUTION BANCORP
CONSOLIDATED BALANCE SHEETS
December 31, 2008 and 2007
ASSETS 2008 2007
CASH AND DUE FROM BANKS $14,321,777 $7,517,158
FEDERAL FUNDS SOLD/SHORT TERM INVESTMENTS 11,342 30,944
         Total cash and cash equivalents 14,333,119 7,548,102
SECURITIES
         Available for sale, at fair value 93,477,023 75,192,137
         Held to maturity (fair value of $36,140,379 and $23,411,269
              in 2008 and 2007, respectively) 36,550,577 23,512,346
   
Total securities 130,027,600 98,704,483
LOANS HELD FOR SALE 5,702,082 10,322,005
LOANS 377,348,416 294,760,718
            Less- Allowance for loan losses (3,684,764) (3,348,080)
Net loans 373,663,652 291,412,638
PREMISES AND EQUIPMENT, net 2,302,489 2,760,203
ACCRUED INTEREST RECEIVABLE 2,192,601 2,495,732
BANK-OWNED LIFE INSURANCE 9,929,204 9,545,009
OTHER REAL ESTATE OWNED 4,296,536 2,960,727
OTHER ASSETS 3,839,246 3,402,640
Total Assets $546,286,529 $429,151,539
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
    Deposits
                 Non-interest bearing $71,772,486 $59,055,803
                 Interest bearing 342,912,245 270,276,565
Total deposits 414,684,731 329,332,368
BORROWINGS 51,500,000 35,600,000
REDEEMABLE SUBORDINATED DEBENTURES 18,557,000 18,557,000
ACCRUED INTEREST PAYABLE 1,984,102 1,992,187
ACCRUED EXPENSES AND OTHER LIABILITIES 3,941,044 2,696,667
   
Total liabilities 490,666,877 388,178,222
   
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
      Preferred Stock, no par value; 5,000,000 shares authorized of which
         12,000 and 0 shares of Series B, $1,000 liquidation preference
          5% cumulative increading to 9% cumulative on February 15, 2014
          were issued and outstanding as of December 31, 2008 and 2007 . 11,387,828 -
      Common Stock, no par value; 30,000,000
      shares authorized; 4,204,202 and 3,993,905 shares issued
            and 4,198,871 and 3,992,715 shares outstanding
            as of December 31, 2008 and 2007, respectively 35,180,433 32,514,936
Retained earnings 9,653,923 9,009,955
Treasury Stock, at cost, 5,331 shares and 1,190 shares
       at December 31, 2008 and 2007, respectively (53,331) (18,388)
Accumulated other comprehensive loss (549,201) (533,186)
Total shareholders' equity 55,619,652 40,973,317
   
Total liabilities and shareholders' equity $546,286,529 $429,151,539

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.

Equal Opportunity Housing Lender

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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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