1ST CONSTITUTION BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2010 and 2009 
 
2010 2009
INTEREST INCOME:
     Loans, including fees $24,019,866 $24,390,271
     Securities:
           Taxable 4,782,984 5,143,123
           Tax- exempt 453,146 486,652
     Federal funds sold and
           short-term investments 45,023 116,070
Total interest income 29,301,019 30,136,116
INTEREST EXPENSE:
     Deposits 6,647,869 9,829,032
     Borrowings 1,100,354 1,353,489
     Redeemable subordinated debentures 1,071,275 1,072,827
Total interest expense 8,819,498 12,255,348
Net interest income 20,481,521 17,880,768
PROVISION FOR LOAN LOSSES 2,325,000 2,553,000
            Net interest income after provision
            for loan losses 18,156,521 15,327,768
NON-INTEREST INCOME:
     Service charges on deposit accounts 731,244 885,702
     Gain on sales of loans  1,635,903 1,325,274
     Gain on sales of securities available for sale - 1,138,655
     Income on Bank-owned life insurance 405,588 389,851
     Other-than-temporary security impairment :  
Total - (864,727)
Less : Portion recognized in other comprehensive loss - 500,944
Portion recognized in earnings - (363,783)
     Other income 1,464,696 1,129,377
Total other income 4,237,431 4,505,076
NON-INTEREST EXPENSES:
     Salaries and employee benefits 10,087,569 9,352,360
     Occupancy expense 1,903,702 1,783,031
     Data processing expenses 1,121,519 1,085,257
     FDIC insurance expense 816,125 1,193,309
     Other operating expenses 3,890,208 3,701,844
Total other expenses 17,819,123 17,115,801
                  Income before income taxes 4,574,829 2,717,043
INCOME TAXES 1,267,038 156,282
Net Income 3,307,791 2,560,761
Dividends and accretion on preferred stock 1,021,738 719,601
Net income available to common shareholders $2,286,053 $1,841,160
NET INCOME PER COMMON SHARE
          Basic $0.48 $0.39
          Diluted $0.48 $0.39
WEIGHTED AVERAGE SHARES
    OUTSTANDING
           Basic 4,476,809 4,693,941
           Diluted 4,803,503 4,709,909

 

 

 

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.

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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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.