| Component: (Network and Table) | |
|---|---|
| Network | 00400 - Statement - Consolidated Statements of Cash Flows (http://www.1stconstitution.com/role/StatementConsolidatedStatementsOfCashFlows) |
| Table | (Implied) |
| Reporting Entity [Axis] | 0001141807 (http://www.sec.gov/CIK) |
| Consolidated Statements of Cash Flows | Period [Axis] | |
|---|---|---|
2011-01-01 - 2011-12-31 | 2010-01-01 - 2010-12-31 | |
Consolidated Statements of Cash Flows | ||
OPERATING ACTIVITIES: | ||
Net income | 3,931,443 | 3,307,791 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Provision for loan losses | 2,558,328 | 2,325,000 |
Provision for loss on other real estate owned | 147,178 | 159,612 |
Depreciation and amortization | 1,060,108 | 648,388 |
Net amortization of premiums on securities | 1,617,464 | 1,090,932 |
(Gains) losses on sales of other real estate owned | 48,459 | (151,532) |
Gains on sales of loans held for sale | (1,776,154) | (1,635,903) |
Originations of loans held for sale | (139,478,341) | (153,818,323) |
Proceeds from sales of loans held for sale | 143,239,614 | 155,749,778 |
Income on bank-owned life insurance | (404,338) | (405,588) |
Share-based compensation expense | 426,730 | 270,416 |
Deferred tax benefit | (218,835) | (969,932) |
(Increase) in accrued interest receivable | (588,093) | (131,654) |
(Increase) decrease in other assets | (305,131) | 1,975,607 |
(Decrease) in accrued interest payable | (340,942) | (322,813) |
(Decrease) increase in accrued expense | (306,984) | 179,550 |
Net cash provided by operating activities | 9,610,506 | 8,271,329 |
INVESTING ACTIVITIES: | ||
Purchase of securities - Available for sale | (69,849,189) | (40,266,910) |
Purchase of securities - Held to maturity | (97,428,222) | (121,763,811) |
Proceeds from maturities and repayments of securities - Available for sale | 62,413,278 | 158,903,787 |
Proceeds from maturities and repayments of securities - Held to maturity | 35,622,119 | 63,292,740 |
Net increase in loans | (75,323,683) | (38,433,491) |
Purchase of bank-owned life insurance | (1,700,000) | (750,000) |
Capital expenditures | (540,632) | (1,861,211) |
Additional investment in other real estate owned | (733,902) | (83,737) |
Proceeds from sales of other real estate owned | 2,934,480 | 1,911,672 |
Cash consideration received in connection with acquisition of branches | 101,539,588 | |
Net cash (used in) provided by investing activities | (43,066,163) | 20,949,039 |
FINANCING ACTIVITIES: | ||
Exercise of stock options and issuance of vested shares | 336,355 | 230,517 |
Issuance (purchase) of treasury stock, net | (33,063) | (4,464) |
Dividend paid on preferred stock | (570,000) | |
Net decrease in demand, savings and time deposits | (31,762,877) | (28,420,205) |
Repayment of long-term borrowings | (12,500,000) | |
Net increase in short-term borrowings | 62,400,000 | 15,900,000 |
Repayment of preferred stock | (12,000,000) | |
Net cash provided by (used in) financing activities | 30,940,415 | (37,364,152) |
(Decrease) in cash and cash equivalents | (2,515,242) | (8,143,784) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 17,710,501 | 25,854,285 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 15,195,259 | 17,710,501 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the year for - Interest | 7,128,306 | 9,142,311 |
Cash paid during the year for - Income taxes | 1,774,256 | 2,630,000 |
Non-cash investing activities | ||
Real estate acquired in full satisfaction of loans in foreclosure | 9,954,598 | 5,324,212 |