The Bank of Princeton Announces Second Quarter 2013 Results

PRINCETON, N.J., July 26, 2013 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter and six-months ended June 30, 2013.

  • Second quarter 2013 net income of $2.1 million, or $0.45 per share
  • Net income for the six months ended June 30, 2013 was $4.1 million, or $0.88 per share
  • Total deposits increased $51.1 million, or eight percent, from December 31, 2012 to June 30, 2013
  • Total assets grew $43.7 million, or six percent, from December 31, 2012 to June 30, 2013
  • Loans receivable, net increased $18.6 million, or three percent, from December 31, 2012 to June 30, 2013

"We are pleased with our continued momentum from our solid start to 2013," said Edward Dietzler, the Bank's President.

For the quarter ended June 30, 2013, net income was $2.1 million, an increase of $664,000, or 47 percent, from the same period in 2012.  Basic earnings per common share were $0.45, an increase of $0.14 from the same period in 2012.  The increase in net income was primarily attributable to a 21 percent increase in net interest income after provision for loan losses compared to the same period in the prior year. 

For the six months ended June 30, 2013, net income was $4.1 million, an increase of $1.5 million, or 61 percent, from the same period in 2012.  Basic earnings per common share were $0.88, an increase of $0.33 from the same period in 2012.   The increase in net income was primarily attributable to a 24 percent increase in net interest income after provision for loan losses for the six months ended June 30, 2013 compared to the same period in the prior year.

As of June 30, 2013, the Bank's total assets increased to $812.7 million, an increase of $43.7 million, or six percent, from December 31, 2012.  Additionally, total deposits increased to $723.4 million, an increase of $51.1 million, or eight percent, from December 31, 2012.  This was the result of organic growth from the Bank's existing branch network. 

Andrew M. Chon, Chairman of the Board, stated, "Our second quarter operating performance remained strong with an improvement in our asset quality profile. We are pleased with our earnings results and believe that this continued improvement in our performance demonstrates the Company's commitment to achieving meaningful growth and returns for our shareholders. Our 2013 year-to-date operating performance continues to rank among the highest compared to our peer group. We were somewhat challenged this quarter by the level of loan payoffs that we experienced in the latter part of the quarter, which dampened the solid new loan growth that we achieved. However, our loan pipeline remains strong and should serve us well as the year continues."

About The Bank of Princeton

The Bank of Princeton is a community bank founded in 2007. It was recently named one of New Jersey's 50 Fastest Growing Companies by NJBIZ for the second consecutive year, moving up twelve spots to the third fastest-growing company in New Jersey. 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 regulations (including laws concerning taxes, banking, securities and insurance); 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.

Contact:
Barbara Cromwell
609.454.0133
bcromwell@thebankofprinceton.com

The Bank of Princeton

Summary Statement of Financial Condition Data

(unaudited)

(dollars in thousands)












June 30,
 2013


December 31,

2012


$
Change


%

Change










ASSETS

Cash and cash equivalents


$           24,796


$            24,619


$      177


1%

Investment securities


210,079


186,641


23,438


13%

Loans receivable, net of allowance for loan losses of $7,277 and
     $7,033 at June 30, 2013 and December 31, 2012, respectively


550,739


532,115


18,624


3%

Bank-owned life insurance


9,051


8,918


133


1%

Other assets


18,000


16,709


1,291


8%

TOTAL ASSETS


$         812,665


$          769,002


$  43,663


6%










LIABILITIES AND STOCKHOLDERS' EQUITY










LIABILITIES









Total deposits


$         723,446


$          672,364


$  51,082


8%

Borrowings


24,264


28,246


(3,982)


-14%

Other liabilities


4,276


6,109


(1,833)


-30%

    TOTAL LIABILITIES


751,986


706,719


45,267


6%










TOTAL STOCKHOLDERS' EQUITY


60,679


62,283


(1,604)


-3%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$         812,665


$          769,002


$  43,663


6%

 

The Bank of Princeton

Summary Statement of Operations Data

(unaudited)

(dollars in thousands, except per share data)










Three Months Ended






June 30,
 2013


June 30,
 
2012


$

Change


%

Change

Interest income

$               9,041


$               8,268


$     773


9%

Interest expense

1,765


1,850


(85)


-5%

Net interest income

7,276


6,418


858


13%

Provision for loan losses

513


813


(300)


-37%

Net interest income after provision

6,763


5,605


1,158


21%

Non-interest income

693


761


(68)


-9%

Non-interest expense

4,631


4,363


268


6%

Income before income taxes

2,825


2,003


822


41%

Income taxes

755


597


158


26%

Net Income

$               2,070


$               1,406


$     664


47%









Earnings per share - Basic

$                 0.45


$                 0.31


$    0.14


45%

Earnings per share - Diluted

$                 0.45


$                 0.30


$    0.15


50%

 

The Bank of Princeton

Summary Statement of Operations Data

(unaudited)

(dollars in thousands, except per share data)










Six Months Ended






June 30,
 2013


June 30,
 2012


$

Change


%

Change

Interest income

$             17,931


$             16,106


$  1,825


11%

Interest expense

3,508


3,706


(198)


-5%

Net interest income

14,423


12,400


2,023


16%

Provision for loan losses

597


1,269


(672)


-53%

Net interest income after provision

13,826


11,131


2,695


24%

Non-interest income

1,082


986


96


10%

Non-interest expense

9,315


8,412


903


11%

Income before income taxes

5,593


3,705


1,888


51%

Income taxes

1,543


1,188


355


30%

Net Income

$               4,050


$               2,517


$  1,533


61%









Earnings per share - Basic

$                 0.88


$                 0.55


$    0.33


60%

Earnings per share - Diluted

$                 0.87


$                 0.54


$    0.33


61%

SOURCE The Bank of Princeton



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