The Bank of Princeton Announces Third Quarter 2013 Results

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Oct 31, 2013, 05:15 ET

PRINCETON, N.J., Oct. 31, 2013 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter and nine-months ended September 30, 2013.

As of September 30, 2013, the Bank's total assets increased to $853.0 million, an increase of $84.0 million, or 11 percent, from December 31, 2012. Additionally, total deposits increased to $768.9 million, an increase of $96.6 million, or 14 percent, from December 31, 2012. The Bank's deposit growth was the result of organic growth from the Bank's existing branch network.

Third quarter 2013 net income of $2.1 million, or $0.45 per share
Net income for the nine months ended September 30, 2013 was $6.1 million, or $1.34 per share
Total deposits increased $96.6 million, or 14 percent, from December 31, 2012 to September 30, 2013
Total assets grew $84.0 million, or 11 percent, from December 31, 2012 to September 30, 2013
Loans receivable, net increased $62.7 million, or 12 percent, from December 31, 2012 to September 30, 2013

"We are pleased with the Bank's earnings and continued growth during the third quarter," said Edward Dietzler, the Bank's President.

For the quarter ended September 30, 2013, net income was $2.1 million, an increase of $256,000, or 14 percent, from the same period in 2012. Basic earnings per common share were $0.45, an increase of $0.06 from the same period in 2012. The increase in net income was primarily attributable to a six percent increase in net interest income after provision for loan losses compared to the same period in the prior year.

For the nine months ended September 30, 2013, net income was $6.1 million, an increase of $1.8 million, or 41 percent, from the same period in 2012. Basic earnings per common share were $1.34, an increase of $0.40 from the same period in 2012. The increase in net income was primarily attributable to an 18 percent increase in net interest income after provision for loan losses for the nine months ended September 30, 2013 compared to the same period in the prior year.

Stephen Distler, Vice Chairman of the Board, stated, "The Bank continued its growth in both loans and deposits despite an increasingly competitive banking environment. This is a testament to the hard work and persistence of our excellent employees and a recognition in the marketplace of the myriad of products and services that we provide."

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.

Contact:
Barbara Cromwell
609.454.0133
[email protected]

The Bank of Princeton
Summary Statements of Financial Condition Data
(unaudited)
(dollars in thousands)

	September 30, 2013	December 31, 2012	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 29,309	$ 24,619	$ 4,690	19%
Investment securities	201,576	186,641	14,935	8%
Loans receivable, net of allowance for loan losses of $7,860 and $7,033 at September 30, 2013 and December 31, 2012, respectively	594,850	532,115	62,735	12%
Bank-owned life insurance	9,117	8,918	199	2%
Other assets	18,187	16,709	1,478	9%
TOTAL ASSETS	$ 853,039	$ 769,002	$ 84,037	11%

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Total deposits	$ 768,925	$ 672,364	$ 96,561	14%
Borrowings	17,820	28,246	(10,426)	-37%
Other liabilities	3,834	6,109	(2,275)	-37%
TOTAL LIABILITIES	790,579	706,719	83,860	12%

TOTAL STOCKHOLDERS' EQUITY	62,460	62,283	177	0%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 853,039	$ 769,002	$ 84,037	11%

The Bank of Princeton
Summary Statement of Operations Data
(unaudited)
(dollars in thousands, except per share data)

	Three Months Ended
	September 30, 2013	September 30, 2012	$ Change	% Change
Interest income	$ 9,470	$ 8,818	$ 652	7%
Interest expense	1,809	1,772	37	2%
Net interest income	7,661	7,046	615	9%
Provision for loan losses	577	392	185	47%
Net interest income after provision	7,084	6,654	430	6%
Non-interest income	324	463	(139)	-30%
Non-interest expense	4,560	4,457	103	2%
Income before income taxes	2,848	2,660	188	7%
Income taxes	785	853	(68)	-8%
Net income	$ 2,063	$ 1,807	$ 256	14%

Earnings per share - Basic	$ 0.45	$ 0.39	$ 0.06	15%
Earnings per share - Diluted	$ 0.44	$ 0.39	$ 0.05	13%

The Bank of Princeton
Summary Statement of Operations Data
(unaudited)
(dollars in thousands, except per share data)

	Nine Months Ended
	September 30, 2013	September 30, 2012	$ Change	% Change
Interest income	$ 27,401	$ 24,924	$ 2,477	10%
Interest expense	5,317	5,478	(161)	-3%
Net interest income	22,084	19,446	2,638	14%
Provision for loan losses	1,174	1,661	(487)	-29%
Net interest income after provision	20,910	17,785	3,125	18%
Non-interest income	1,406	1,449	(43)	-3%
Non-interest expense	13,875	12,869	1,006	8%
Income before income taxes	8,441	6,365	2,076	33%
Income taxes	2,328	2,041	287	14%
Net income	$ 6,113	$ 4,324	$ 1,789	41%

Earnings per share - Basic	$ 1.34	$ 0.94	$ 0.40	43%
Earnings per share - Diluted	$ 1.32	$ 0.93	$ 0.39	42%