The Bank of Princeton Announces First Quarter 2017 Results
Apr 28, 2017, 16:53 ET
PRINCETON, N.J., April 28, 2017 /PRNewswire/ -- The Bank of Princeton (the "Bank") (OTC-PINK: BPRN) today announced unaudited results for the quarter ended March 31, 2017.
"The strong first quarter profit is the direct result of the continued increase in the loan portfolio and improved loan quality, complemented by our team's dedication," said Edward Dietzler, the Bank's President.
For the quarter ended March 31, 2017, the Bank's total assets increased to $1.04 billion, an increase of $18.4 million from December 31, 2016. The increase in total assets was primarily the result of the continued growth of the Bank's loan portfolio, as loans, net increased $20.4 million, or 2.4 percent, from December 31, 2016. The increase in loans was partially offset by a decrease in investment securities. Total liabilities increased by $14.5 million from December 31, 2016.
For the quarter ended March 31, 2017, net income was $3.1 million, an increase of 11.6 percent from the same period in 2016. Basic earnings per common share were $0.66, compared to $0.59 in the same period in 2016. Quarter-end net interest income decreased $0.2 million over the same prior year period. However, the banks provision for loan losses decreased by $422,000 from the first quarter of 2016. Non-interest income decreased due to lower level of loan payoff fees. Non-interest expense increased due to increases in salaries and benefits and professional fees, and were partially offset by decreases in most other expense categories.
Ross Wishnick, Director and Chair of the Bank's nomination committee, stated that, "The bank terminated the merger agreement in the early part of the first quarter of 2017, which could have caused a disruption in the business model. In fact, the opposite is true. The first quarter that the bank just experienced was as strong, if not stronger, than any other first quarter during the bank's 10 years of operation. Loan growth and profitability in the first quarter were both at new highs. The bank continues to remain excited about the opportunities to provide the highest level of service we have been accustomed to giving to our customers and community."
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 ten branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville, and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area, operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation ("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 value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Bank; 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, except per share data) |
|||||||||
| March 31, |
December 31, |
$ |
% |
||||||
| ASSETS |
|||||||||
| Cash and cash equivalents |
$ 22,785 |
$ 19,605 |
$ 3,180 |
16 |
% |
||||
| Investment securities |
104,970 |
113,374 |
(8,404) |
(7) |
% |
||||
| Loans receivable, net of allowance for loan losses of $10,650 and |
869,924 |
849,504 |
20,420 |
2 |
% |
||||
| Other assets |
46,729 |
43,513 |
3,216 |
7 |
% |
||||
| TOTAL ASSETS |
$ 1,044,408 |
$ 1,025,996 |
$ 18,412 |
2 |
% |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||
| LIABILITIES |
|||||||||
| Total deposits |
$ 814,555 |
$ 862,521 |
$ (47,966) |
(6) |
% |
||||
| Borrowings |
117,500 |
56,100 |
61,400 |
109 |
% |
||||
| Other liabilities |
4,982 |
3,913 |
1,069 |
27 |
% |
||||
| TOTAL LIABILITIES |
937,037 |
922,534 |
14,503 |
2 |
% |
||||
| TOTAL STOCKHOLDERS' EQUITY |
107,371 |
103,462 |
3,909 |
4 |
% |
||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 1,044,408 |
$ 1,025,996 |
$ 18,412 |
2 |
% |
||||
| Book value per common share |
$ 22.59 |
$ 22.01 |
$ 0.58 |
3 |
% |
||||
| Tangible book value per common share1 |
$ 22.58 |
$ 22.00 |
$ 0.58 |
3 |
% |
||||
| 1Reconciliation of non-GAAP tangible book value per common share: |
|||||||||
| Total stockholders' equity |
$ 107,371 |
$ 103,462 |
|||||||
| Intangible assets |
(27) |
(30) |
|||||||
| Tangible stockholders' equity |
$ 107,344 |
$ 103,432 |
|||||||
| Common shares outstanding |
4,753,245 |
4,700,395 |
|||||||
| Tangible book value per common share |
$ 22.58 |
$ 22.00 |
|||||||
| The Bank of Princeton |
||||||||
| Summary Statement of Operations Data |
||||||||
| (unaudited) |
||||||||
| (dollars in thousands, except per share data) |
||||||||
| Three Months Ended |
||||||||
| March 31, |
March 31, |
$ |
% |
|||||
| Interest income |
$ 11,322 |
$ 11,348 |
$ (26) |
(0) |
% |
|||
| Interest expense |
1,958 |
1,786 |
172 |
10 |
% |
|||
| Net interest income |
9,364 |
9,562 |
(198) |
(2) |
% |
|||
| Provision for loan losses |
- |
422 |
(422) |
(100) |
% |
|||
| Net interest income after provision |
9,364 |
9,140 |
224 |
2 |
% |
|||
| Non-interest income |
364 |
549 |
(185) |
(34) |
% |
|||
| Non-interest expense |
5,960 |
5,870 |
90 |
2 |
% |
|||
| Income before income taxes |
3,768 |
3,819 |
(51) |
(1) |
% |
|||
| Income taxes |
678 |
1,049 |
(371) |
(35) |
% |
|||
| Net Income |
$ 3,090 |
$ 2,770 |
$ 320 |
12 |
% |
|||
| Earnings per share - Basic |
$ 0.66 |
$ 0.59 |
$ 0.07 |
12 |
% |
|||
| Earnings per share - Diluted |
$ 0.61 |
$ 0.56 |
$ 0.05 |
9 |
% |
|||
Contact:
Barbara Cromwell
609.454.0133
[email protected]
SOURCE The Bank of Princeton