1st Constitution Bancorp
Selected Consolidated Financial Data
( Unaudited )
                             
($ in thousands except per share amounts) Three Months Ended Six Months Ended Six Months Ended
June 30, June 30, June 30,
2010 2009 2000 1999 2010 2009
Income Statement Data :
Interest income $7,076 $7,591 $5,850 $4,846 $13,926 $15,006
Interest expense 2,227 3,072 2,488 2,174 4,638 6,287
Net interest income 4,849 4,519 3,361 2,672 9,288 8,719
Provision for loan losses 550 325 90 105 850 788
Net interest income after prov.for loan losses 4,299 4,194 3,271 2,567 8,438 7,931
Non-interest income 1,007 953 558 816 1,956 1,800
Non-interest expenses 4,279 4,801 2,616 2,302 8,413 8,822
Income before income taxes 1,027 346 1,212 1,082 1,981 909
Income tax expense 231 (189) 444 399 486 (102)
Net income 796 535 $774 $683 1,495 1,011
Preferred stock dividends and accretion 177 177 354 365
Net income available to common shareholders $619 $358 $1,141 $646
Per Common Share Data :
Earnings per common share - Basic $0.14 $0.08 $0.61 $0.54 $0.25 $0.15
Earnings per common share - Diluted $0.14 $0.08 $0.59 $0.53 $0.25 $0.15
Tangible book value per common share $10.41 $9.47 $10.54 $9.96
Average common shares outstanding :
   Basic 4,526,811 4,467,766 4,528,001 4,448,805
   Diluted 4,550,545 4,471,357 4,547,109 4,452,102
Performance Ratios :
Return on average assets 0.49% 0.35% 1.03% 1.01% 0.46% 0.35%
Return on average equity 5.42% 3.81% 5.18% 3.65%
Net interest margin (tax-equivalent basis) 3.17% 3.40% 4.81% 4.21% 3.05% 3.34%
Efficiency ratio 73.1% 87.7% 63.8% 69.1% 74.8% 83.9%
June 30, December 31,
2010 2009
Balance Sheet Data:
Total Assets $163,141 $138,247 $714,798 $677,996
Investment securities 103,689 87,440 227,144 227,728
Loans, including loans held for sale (1,025) (872) 448,138 401,461
Allowance for loan losses 39,330 33,564 (4,938) (4,505)
Securities held to maturity 7,740 8,346 35,400 16,296
Goodwill and other intangible assets 127,997 111,193 628 646
Deposits 13,271 12,074 533,470 572,155
Shareholders' equity 59,924 57,401
Asset Quality Data :
  Loans past due over 90 days and still accruing $0 $0 $4 $146
  Nonaccrual loans $61 $512 7,303 4,161
  OREO property 1,714 1,363
Total non-performing assets $6 $9 9,021 5,670
Net charge-offs for the six-month period and year, respectively 417 1,732
Allowance for loan losses to total loans 0.99% 1.00% 1.14% 1.19%
Nonperforming loans to total loans 1.69% 1.13%
Nonperforming assets to total assets 1.26% 0.84%
Capital Ratios :
1st Constitution Bancorp
   Tier 1 capital to average assets 11.92% 10.99%
   Tier 1 capital to risk weighted assets 15.29% 16.25%
   Total capital to risk weighted assets 16.27% 17.23%
1st Constitution Bank
   Tier 1 capital to average assets 11.72% 10.78%
   Tier 1 capital to risk weighted assets 14.99% 15.91%
   Total capital to risk weighted assets 15.96% 16.90%


 
COMPARATIVE CONSOLIDATED
STATEMENTS OF CONDITION  (unaudited)
June 30,
ASSETS   2009   2008
Cash and due from banks $48,079,083 $18,481,595
Federal funds sold / Short term investments 11,375   11,222
Total cash and cash equivalents 48,090,458 18,492,817
Investment securities
     Available for sale 89,129,081 72,340,516
     Held to maturity   35,400,226   16,295,970
Total securities 124,529,307 88,636,486
Loans 428,662,908 377,361,701
     Less - Allowance for  loan losses (4,208,733)   (3,635,766)
Net loans 424,454,175 373,725,935
Premises and equipment, net 2,118,608 2,568,475
Other assets   19,252,185 20,621,582
  Total assets $618,444,733   $504,045,295
LIABILITIES        
Non-interest-bearing deposits $86,778,192 $87,632,653
Interest-bearing deposits 418,983,332 308,771,142
Total deposits 505,761,524 396,403,795
Securities sold under agreements to repurchase 0 0
Borrowings 30,500,000 43,600,000
Redeemable subordinated debentures 18,557,000 18,557,000
Accrued expenses and other liabilities 6,922,458   3,808,982
  Total liabilities 561,740,982   462,369,777
SHAREHOLDERS' EQUITY      
     Preferred stock, no par value; 5,000,000 shares authorized of which
         12,000 shares of Series B, $1,000 liquidation preference, 5%
          cumulative increasing to 9% cumulative on February 15, 2014,
          were issued and outstanding 11,419,295 -
     Common stock, no par value; 30,000,000 shares
        authorized; 4,273,314 and 4,191,955 shares issued and
        4,264,396 and 4,191,234 shares outstanding
        as of June 30, 2009 and 2008, respectively 35,426,806 32,566,923
     Retained earnings 10,299,588 10,200,292
     Treasury stock, at cost :8,918 shares in 2009 and 721 shares in 2008    (62,252) (10,999)
     Accumulated other comprehensive loss  (379,686) (1,080,698)
     Total shareholders' equity 56,703,751 41,675,518
           Total liabilities and shareholders' equity $618,444,733   $504,045,295

 

 
COMPARATIVE CONSOLIDATED
STATEMENTS OF INCOME  (unaudited)
Three months ended Six months ended
    June 30, June 30,
INTEREST INCOME 2009 2008 2009 2008
Loans, including fees $6,261,650 $6,127,318 $12,301,251 $12,136,418
Securities 1,305,618 1,055,820 2,671,828 2,176,820
Federal funds sold 
     and short term investments 24,071 8,992 32,665 45,948
Total interest income 7,591,339 7,192,130 15,005,744 14,359,186
INTEREST EXPENSE        
Deposits 2,443,432 2,494,237 5,028,383 5,032,330
Securities sold under agreements 
    to repurchase and other borrowed funds 361,967 402,929 725,197 778,956
Redeemable subordinated debentures 266,740 284,191 532,975 533,997
  Total interest expense 3,072,139 3,181,357 6,286,555 6,345,283
Net interest income 4,519,200 4,010,773 8,719,189 8,013,903
Provision for loan losses 325,000 195,000 788,000 360,000
Net interest income after provision for loan losses 4,194,200 3,815,773 7,931,189 7,653,903
NON-INTEREST INCOME        
Service charges on deposit accounts 216,235 197,556 454,754 383,444
Gain on sale of securities
Loss on sales of securities 0 0 0 0
Gain on sales of loans  340,993 285,559 613,186 595,603
Income on Bank-owned life insurance 102,305 92,818 193,327 184,645
Other income 293,391 228,971 538,709 427,589
Total non-interest income 952,924 804,904 1,799,976 1,591,281
NON-INTEREST EXPENSES        
Salaries and employee benefits 2,294,066 2,073,066 4,521,395 4,051,127
Occupancy expense 443,007 432,423 895,672 864,438
Other operating expenses 2,064,616 1,111,653 3,405,235 2,115,927
  Total non-interest expenses 4,801,689 3,617,142 8,822,302 7,031,492
Income before income taxes  345,435 1,003,535 908,863 2,213,692
Income taxes  (189,175) 285,689 (102,437) 693,649
  Net income $534,610   $717,846 $1,011,300   $1,520,043
Net Income Per Share - Basic $0.08   $0.17 $0.15   $0.36
Net Income Per Share - Diluted $0.08   $0.17 $0.15   $0.36
Book Value Per Share       $10.46   $9.78

 

 

 

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.

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