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| Financial Highlights | |||
| For years ended December 31 | 2007 | 2006 | |
| Highlights | |||
| Net income | $5,442,782 | $4,724,962 | |
| Return on average assets | 1.29% | 1.24% | |
| Return on average equity | 14.32% | 14.73% | |
| Net interest margin | 4.57% | 5.03% | |
| Income Statement Data | |||
| Net interest income | $17,778,005 | $17,787,685 | |
| Provision for loan losses | 130,000 | 893,500 | |
| Non-interest income | 2,558,329 | 2,571,448 | |
| Non-interest expenses | 12,101,268 | 12,014,847 | |
| Balance Sheet Data at December 31 | |||
| Total Assets | $429,151,539 | $392,930,704 | |
| Total Deposits | 329,332,368 | 312,724,422 | |
| Total Loans | 294,760,718 | 265,142,313 | |
| Shareholders' Equity | 40,973,317 | 34,947,045 | |
| Intangible Assets | 719,796 | - | |
| Allowance for Loan Losses | 3,348,080 | 3,228,360 | |
| Share Information | |||
| Earnings per share - Basic | $1.37 | $1.21 | |
| Earnings per share - Diluted | $1.35 | $1.18 | |
| Book value per share | $10.26 | $8.81 | |
| Average diluted shares outstanding | 4,025,429 | 3,998,513 | |
| Capital Ratios | |||
| Total capital to risk-weighted assets | 17.75% | 19.93% | |
| Tier 1 capital to risk-weighted assets | 15.58% | 15.26% | |
| Tier 1 capital to average assets | 12.66% | 11.99% | |
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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. 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
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.