COMPARATIVE CONSOLIDATED
STATEMENTS OF CONDITION  (unaudited)
September 30,
ASSETS     2008   2007
Cash and due from banks $15,848,339 $8,743,801
Federal funds sold / Short term investments   11,289   818,988
Total cash and cash equivalents 15,859,628 9,562,789
Investment securities
     Available for sale 87,063,748 79,815,933
     Held to maturity   16,130,570   26,111,786
Total securities 103,194,318 105,927,719
Loans 374,934,016 299,834,417
     Less - Allowance for  loan losses   (3,728,609)   (3,318,080)
Net loans 371,205,407 296,516,337
Premises and equipment, net 2,421,343 2,912,316
Other assets     20,880,926 15,223,886
  Total assets   $513,561,622   $430,143,047
LIABILITIES          
Non-interest-bearing deposits $70,107,443 $57,674,845
Interest-bearing deposits   320,469,773 275,270,212
Total deposits 390,577,216 332,945,057
Securities sold under agreements to repurchase 0 0
Borrowings 57,200,000 33,300,000
Redeemable subordinated debentures 18,557,000 18,557,000
Accrued expenses and other liabilities   4,158,434   6,118,794
  Total liabilities   470,492,650   390,920,851
SHAREHOLDERS' EQUITY        
     Common stock, no par value; 30,000,000 shares
        authorized; 3,998,844 and 3,969,871  shares issued and
       3,996,529 and 3,969,105 shares outstanding
        as of September 30, 2008 and 2007, respectively 32,753,829 28,968,434
     Retained earnings 10,982,686 11,189,933
     Treasury stock, at cost : 2,315 shares in 2008 and 766 shares in 2007    (29,221) (12,108)
         and 7,300 shares in 2002
     Accumulated other comprehensive loss (638,322) (924,063)
     Total shareholders' equity   43,068,972 39,222,196
           Total liabilities and shareholders' equity   $513,561,622   $430,143,047

 

COMPARATIVE CONSOLIDATED
STATEMENTS OF INCOME  (unaudited)
Three months ended Nine months ended
      September 30, September 30,
INTEREST INCOME   2008 2007 2008 2007
Loans, including fees $6,199,531 $6,493,304 $18,335,949 $18,753,870
Securities 1,133,099 1,324,347 3,309,919 3,833,000
Federal funds sold 
     and short term investments   56,623 8,087 102,571 73,510
Total interest income 7,389,253 7,825,738 21,748,439 22,660,380
INTEREST EXPENSE          
Deposits 2,563,263 2,486,055 7,595,593 7,137,521
Securities sold under agreements 
    to repurchase and other borrowed funds 372,555 498,681 1,151,511 1,131,093
Redeemable subordinated debentures   265,745 322,460 799,742 1,101,034
  Total interest expense   3,201,563 3,307,196 9,546,846 9,369,648
Net interest income 4,187,690 4,518,542 12,201,593 13,290,732
Provision for loan losses   175,000 30,000 535,000 100,000
Net interest income after provision for loan losses 4,012,690 4,488,542 11,666,593 13,190,732
NON-INTEREST INCOME          
Service charges on deposit accounts 257,977 168,578 641,421 493,614
Gain on sale of securities
Loss on sales of securities 0 0 0 0
Gain on sales of loans  298,342 183,750 893,945 604,268
Income on Bank-owned life insurance 97,901 95,446 282,546 274,027
Other income   321,991 197,932 749,580 565,961
Total non-interest income 976,211 645,706 2,567,492 1,937,870
NON-INTEREST EXPENSES          
Salaries and employee benefits 2,177,318 1,810,573 6,228,445 5,361,491
Occupancy expense 459,958 431,888 1,324,396 1,233,948
Other operating expenses   1,290,987 768,910 3,406,914 2,365,493
  Total non-interest expenses   3,928,263 3,011,371 10,959,755 8,960,932
Income before income taxes  1,060,638 2,122,877 3,274,330 6,167,670
Income taxes    278,244 687,147 971,893 1,987,948
  Net income   $782,394   $1,435,730 $2,302,437   $4,179,722
Net Income Per Share - Basic   $0.20   $0.36 $0.58   $1.05
Net Income Per Share - Diluted   $0.19   $0.36 $0.57   $1.04
Book Value Per Share         $10.78   $10.47

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

Privacy Act

Equal Housing Lenders. 1st Constitution Bank is a member FDIC. © 2000 1st Constitution Bancorp. All Rights Reserved.


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