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					Tax Reconciliation
December 31, 2005

                                                                                                                                      Fav/(Unfav)
                                                                                      consolidation    Amount        Amount Per           PTR     G/L                Wrkpaper #
                                           Bank           Investment      Elims        adjustment     Per Return      Provision        Difference Acct.

Book Income                                   (187,647)    13,670,774     (106,474)                    13,376,653
Federal Income Tax                            (852,626)     7,362,027          -                        6,509,401                                    809100
State Tax Expense                             (120,363)       785,516          -                          665,153                                    809200


Pre-Tax Income                              (1,160,636)    21,818,317     (106,474)                    20,551,207       20,469,747        (81,460)

Permanent Differences

M&E                                             63,466            -                                        63,466           63,466              -    790310
Tax exempt interest                            (73,812)      (129,309)                                   (203,121)        (203,121)             -    424090
TEFRA interest disallowance                     79,615            -                                        79,615           74,969         (4,646)   510900-525390
BOLI                                          (955,811)           -                                      (955,811)        (955,811)             -    655100
Dividend received Deduction                    (87,716)                                                   (87,716)         (80,791)         6,925    426500
          Total Perm Items                    (974,258)       (129,309)        -                       (1,103,568)      (1,101,288)         2,280

Temporary Differences

Loan loss provision                             32,893             -                                       32,893          360,000        327,107    599200
Tax Bad Debt Deduction                        (171,152)            -                                     (171,152)         171,152        342,304    149190 & 297100
Depreciation                                   495,742             -                                      495,742           76,000       (419,742)   714000, 725000, 726300
Gain/loss on disposition of F/A                 (9,183)            -                                       (9,183)             -            9,183    663100
Pension Plan Expense                          (184,384)            -                                     (184,384)       1,040,460      1,224,844    172000
Directors Retirement Plan                      217,200             -                                      217,200          217,200              -    282080
401K Plan Expense                              314,393             -                                      314,393          314,393              -    281017
NJ Housing Opportunities                       (34,995)            -                                      (34,995)                         34,995
Ironwood Mezzanine                             (39,445)            -                                      (39,445)            -            39,445
Servicing Write-off                             (8,328)            -                                       (8,328)         (8,328)             (0)   180500
Deferred Loan Fees                              76,630             -                                       76,630          76,630               -
State income tax                                                                                              -                                 -
           Total Temp Items                    689,371             -           -                          689,371        2,247,507      1,558,136

Income Before State Tax Dedect.             (1,445,523)    21,689,008     (106,474)                    20,137,010       21,615,966      1,478,956
Less: State Tax Expense                        210,265        785,516                                     995,781          995,781              - 809200

Federal Taxable Income                      (1,655,788)    20,903,492     (106,474)                    19,141,229       20,620,185      1,478,956
Federal Tax (34%)                             (562,968)     7,107,187      (36,201)                     6,699,430        7,217,065        517,634




      D:\Docstoc\Working\pdf\93c013f7-fced-49ae-a1f6-f86de1eceb42.xls
Meals & Entertainment (per G/L acct 790310)   126,932
          50% Limitation                      (63,466)
Meals & Entertainment M-1                      63,466
                                                Qualified Tax
                                               Exempt         Allocable Tax
                 Municipal Interest Percentage Interest       Exempt Interest
Bank                       110,926    0.363388        203,121           73,812
Investment Co.             194,329    0.636612        203,121         129,309
                           305,255                                    203,121
Qualifying Tax-exempt Bonds                          4,371,093
Average Total Assets                             1,674,106,216
% Qualifying Bonds                                    0.002611


Non-Qualifying Tax-exempt Bonds                      2,756,931
Average Total Assets                             1,674,106,216
% Non-Qualifying Bonds                                0.001647

Note: Only 20% of Qualifying Bonds are nondeductible


Qualifying Bonds Nondeductible Interest
            Total Interest Expense                   36705492
                                             x            20%
                                             x       0.002611
                                                       19,168

Nonqualifying Binds Nondeductible Interest
           Total Interest Expense                    36705492
                                             x           100%
                                             x       0.001647
                                                       60,447

TEFRA Interest Disallowance                            79,615
         FMLC Stock Div. Rate Total Dividend
Dec-05      82,440        0.47 38,746.80
Sep-05      82,440        0.35 28,854.00
Jun-05      82,440        0.35 28,854.00
Mar-05      82,440        0.35 28,854.00
                    Total      125,308.80
                    70% DRD     87,716.16
                    Unfav/(Fav)
Book Depreciation      1,799,191
Tax Depreication      (1,303,449)
M-1                      495,742
Bad Debt Reserve G/L Acct. #
BOY                          149190   5,823,345.00
EOY                                   5,925,456.00
M-1 (FAV)/UNFAV                        (102,111.00)

Reserve for Unfunded Commit.
BOY                          297100     300,090.00
EOY                                     402,024.00
M-1 (FAV)/UNFAV                        (101,934.00)

Charge-offs
BOY                         599200      360,000.00
EOY                                     327,107.00
M-1 (FAV)/UNFAV                          32,893.00
M-1 (FAV)/UNFAV                        (171,152.00)
Book Loss on Sale of F/A     3,766
Tax Loss on Sale of F/A    (12,949)

(FAV)/ UNFAV M-1            (9,183)
Pension Plan Book Deduction    1,040,446
Pension Plan Tax Deduction    (1,224,830)

(FAV)/ UNFAV M-1               (184,384)
BOY Balance (Acct 282080)   1,308,360
EOY Balance                 1,525,560

(FAV)/ UNFAV M-1             217,200
BOY Balance (Acct 281017)         350,000
EOY Balance                       664,393

(FAV)/ UNFAV M-1                  314,393

NOTE: See addtl workpaper for explanation of change in ending balance
         Amortization write-off by month

         Jan          (693.99)
         Feb          (693.99)
         Mar          (693.99)
         Apr          (693.99)
         May          (693.99)
         Jun          (693.99)
         Jul          (693.99)
         Aug          (693.99)
         Sep          (693.99)
         Oct          (693.99)
         Nov          (693.99)
         Dec          (693.99)

Total Write-Off         (8,328)
(FAV)/ UNFAV M-1
BOY Balance        1,218,715
EOY Balance        1,142,085

(FAV)/ UNFAV M-1     76,630

				
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