The Bank of Princeton Announces Fourth Quarter and Full-Year 2013 Results

PRINCETON, N.J., Feb. 6, 2014 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the fourth quarter and twelve months ended December 31, 2013.

As of December 31, 2013, the Bank's total assets increased to $877.4 million, an increase of $108.4 million, or 14 percent, from December 31, 2012.  Loans increased to $625.3 million, an increase of $93.2 million, or 18%, while total deposits increased to $749.0 million, an increase of $76.6 million, or 11 percent, from December 31, 2012.  The Bank's deposit growth was the result of organic growth from the Bank's existing branch network.

Net income for the twelve months ended December 31, 2013 was $8.8 million, with $1.92 basic earnings per common share and $1.90 diluted earnings per common share.

"We continue to produce solid financial results and are encouraged with our 2013 fourth quarter and full-year earnings," said Edward Dietzler, the Bank's President.

Full-year 2013 net income increased $2.5 million, or 39 percent, from the same period in 2012.  Basic earnings per common share increased $0.54, or 39% from the same period in 2012.  The increase in full-year 2013 net income was primarily attributable to a 14 percent increase in net interest income after provision for loan losses compared to the same period in the prior year.

Judith Giacin, Chair of the Audit Committee, stated, "Today, more than ever, people have many choices for their personal and business banking. Our continued, dynamic growth in both assets and earnings indicates that our customer-centric banking model is meeting the needs of the communities we serve. We are grateful for the support of our customers."

The Bank also noted that it and the Federal Deposit Insurance Corporation agreed to a Stipulation and Consent to the Issuance of a Consent Order.  The Consent Order, which was issued January 30, 2014, requires the Bank to strengthen its Bank Secrecy Act/anti-money laundering program and its internal audit function, and to address other related matters. The Bank consented to the issuance of the Consent Order without admitting any charges of unsafe or unsound banking practices or violations of law or regulation, and the Consent Order does not include any monetary penalties or restrictions on growth.  

About The Bank of Princeton
The Bank of Princeton is a community bank founded in 2007.  The Bank is a New Jersey state-chartered commercial bank with nine branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, and New Brunswick.  There are also three branches in the Philadelphia area, operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (the "FDIC").

Forward-Looking Statements
The Bank of Princeton may from time to time make written or oral "forward-looking statements," including statements contained in the Bank's filings with the FDIC, in its reports to stockholders and in other communications by the Bank (including this press release), which are made in good faith by the Bank pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Bank's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Bank's control). The following factors, among others, could cause the Bank's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; market volatility; the timely development of and acceptance of new products and services of the Bank and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; the willingness of users to substitute competitors' products and services for the Bank's products and services; the success of the Bank in gaining regulatory approval of its products and services, when required; the impact of changes in financial services' laws and regulatory requirements, including laws concerning taxes, banking, securities and insurance and requirements arising out of our supervision by banking regulators; technological changes; acquisitions; changes in consumer spending and saving habits; and the success of the Bank at managing the risks involved in the foregoing.

The Bank cautions that the foregoing list of important factors is not exclusive. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank, except as required by applicable law or regulation.

 

The Bank of Princeton

Summary Statements of Financial Condition Data

(unaudited)

(dollars in thousands)












December 31, 2013


December 31, 2012


$
Change


% Change










ASSETS

Cash and cash equivalents


$           27,425


$            24,619


$    2,806


11%

Investment securities


193,737


186,641


7,096


4%

Loans receivable, net of allowance for loan losses of $8,493 and
     $7,033 at December 31, 2013 and 2012, respectively


625,340


532,115


93,225


18%

Other assets


30,926


25,627


5,299


21%

TOTAL ASSETS


$         877,428


$          769,002


$108,426


14%










LIABILITIES AND STOCKHOLDERS' EQUITY










LIABILITIES









Total deposits


$         749,010


$          672,364


$  76,646


11%

Borrowings


60,412


28,246


32,166


114%

Other liabilities


3,764


6,109


(2,345)


-38%

    TOTAL LIABILITIES


813,186


706,719


106,467


15%










TOTAL STOCKHOLDERS' EQUITY


64,242


62,283


1,959


3%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$         877,428


$          769,002


$108,426


14%










 

 


The Bank of Princeton

Summary Statement of Operations Data

(unaudited)

(dollars in thousands, except per share data)










Three Months Ended






December 31, 2013


December 31, 2012


$ Change


% Change

Interest income

$               9,712


$               8,749


$     963


11%

Interest expense

1,798


1,776


22


1%

Net interest income

7,914


6,973


941


13%

Provision for loan losses

858


307


551


179%

Net interest income after provision

7,056


6,666


390


6%

Non-interest income

1,269


1,135


134


12%

Non-interest expense

4,990


5,170


(180)


-3%

Income before income taxes

3,335


2,631


704


27%

Income taxes

647


644


3


0%

Net income

$               2,688


$               1,987


$     701


35%









Earnings per common share - Basic

$                0.59


$                0.44


$    0.15


34%

Earnings per common share - Diluted

$                0.58


$                0.43


$    0.15


35%









 

 

The Bank of Princeton

Summary Statement of Operations Data

(unaudited)

(dollars in thousands, except per share data)










Year Ended






December 31, 2013


December 31, 2012


$ Change


% Change

Interest income

$             37,113


$             33,673


$  3,440


10%

Interest expense

7,115


7,254


(139)


-2%

Net interest income

29,998


26,419


3,579


14%

Provision for loan losses

2,032


1,968


64


3%

Net interest income after provision

27,966


24,451


3,515


14%

Non-interest income

2,675


2,584


91


4%

Non-interest expense

18,865


18,039


826


5%

Income before income taxes

11,776


8,996


2,780


31%

Income taxes

2,975


2,685


290


11%

Net income

$               8,801


$               6,311


$  2,490


39%









Earnings per common share - Basic

$                1.92


$                1.38


$    0.54


39%

Earnings per common share - Diluted

$                1.90


$                1.36


$    0.54


40%









 

Contact Barbara Cromwell 
609.454.0133
bcromwell@thebankofprinceton.com 

SOURCE The Bank of Princeton



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