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The Bank of Princeton Announces Third Quarter 2019 Results


News provided by

The Bank of Princeton

Oct 24, 2019, 16:00 ET

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PRINCETON, N.J., Oct. 24, 2019 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended September 30, 2019.  The Bank reported net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2019, compared to net income of $2.8 million, or $0.41 per diluted common share, for the second quarter of 2019, and net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2018. The increase in net income, when comparing the three months ended June 30, 2019, was primarily due to an increase in net-interest income of approximately $402 thousand, a $225 thousand reduction in the provision for loan losses, an increase of $292,000 in loan fees collected and a $627 thousand one-time expense in the three months ended June 30, 2019 related to the acquisition of five branches that closed during the second quarter. For the nine month period ended September 30, 2019, the Bank recorded net income of $6.8 million, or $0.98 per diluted common share, compared to $10.9 million, or $1.59 per diluted common share for the same period in 2018. The decline in earnings was primarily due to an increase in the Bank's provision for loan losses of $4.0 million of which $3.9 million was recorded in the first quarter of 2019. 

Highlights for the quarter-ended September 30, 2019 are as follows:

  • Total deposits increased $143.7 million, or 14.3% from the $1.01 billion at December 31, 2018.
  • Net loans increased $71.1 million (excluding $4.3 million in charge-offs) from the $1.07 billion at December 31, 2018. This reflects an annualized increase of 8.9%.
  • Non-performing assets decreased $3.3 million, or 57.6%, from $5.7 million at December 31, 2018 and decreased $280 thousand from the previous quarter.
  • Interest income for the three month period ended September 30, 2019 increased $1.1 million, or 7.9%, over the same period in 2018.
  • Non-interest income for the three month period ended September 30, 2019 increased $428 thousand, or 65.9%, over the same period in 2018.

"We are pleased with the strong earnings recorded this quarter, which was aided by our growth in loans and the 7 bps improvement in our net interest margin versus the linked quarter," stated Edward Dietzler, President/CEO.

Chairman Richard Gillespie noted that, "Our plan to build a substantial and valuable footprint along the I95 corridor continues with the opening of a new branch during the third quarter, another branch expected in the fourth quarter and 3 more branches planed for the first half of 2020."

Balance Sheet Review

Total assets were $1.38 billion at September 30, 2019, an increase of $128.0 million or 10.2% when compared to $1.25 billion at the end of 2018. The primary reason for the increase in total assets was a result of the Bank's branch acquisition from Beneficial Bank and WSFS Bank in which the Bank received $159.9 million in cash and recorded $15.7 in intangible and other assets. The Bank also recorded a $15.0 million right-of-use asset resulting from the adoption of FASB Update No. 2016-02 ("Leases"). Net loans also increased $71.1 million (excluding $4.3 million in net charge-offs) from the $1.07 billion at December 31, 2018. Investment securities classified available-for-sale increased $17.3 million from the $91.7 million as of December 31, 2018.

Total deposits at June 30, 2019 increased by $143.7 million, or 14.3%, when compared to December 31, 2018, primarily due to acquiring $177.9 million in deposits in the Beneficial branch acquisition, partially offset by not renewing $39.1 million of brokered deposits which carry a higher cost.  When comparing September 30, 2019 to balances at December 31, 2018, interest checking increased $46.7 million, savings accounts increased $61.2 million, time deposits increased $35.5 million and non-interest deposits increased $44.5 million, partially offset by a $44.1 million decrease in money markets. In addition, during the quarter, the Bank borrowed $13.4 million in overnight FHLB short-term advances down from the $55.4 million level at December 31, 2018.    

Total stockholders' equity increased $8.8 million or 4.77% when compared to the end of 2018. This increase was primarily due to earnings recorded during the first nine months of 2019, exercises of stock options from the Bank's equity incentive plans and an increase of $1.4 million in the fair-value of the available-for-sale investment portfolio.   The ratio of equity to total assets was 14.0% compared to 14.7% at December 31, 2018.

Asset Quality

At September 30, 2019, non-performing assets were $2.4 million, a decrease of $3.3 million, or 57.6%, when compared to $5.7 million at December 31, 2018, and a decrease of $280 thousand when compared to the previous quarter.  This decrease at September 30, 2019 from December 31, 2018 was primarily due to $2.6 million in charge-offs recorded in the first quarter consisting of a $1.9 million commercial and industrial loan and a $750 thousand partial charge-off of a commercial real estate loan.  Total troubled debt restructurings ("TDR") totaled $9.8 million at September 30, 2019, an increase of $8.6 million from year-end 2018 resulting from the restructure of three commercial real estate loans to two separate borrowers. All TDR's are performing to their agreed upon terms.

Review of Quarterly Financial Results

Net interest income was $10.8 million for the third quarter of 2019, compared to $10.4 million for the second quarter of 2019 and $10.5 million for the third quarter of 2018.  The increase from the previous quarter was a result of an increase in interest and dividend income of $253 thousand, or 1.7%, and a decrease in interest expense of $149 thousand.  The net interest margin for the third quarter 2019 was 3.37%, increasing 7 basis points, when compared to the second quarter of 2019. This increase was primarily associated with an increase of 1 basis point of yield on earning assets and a reduction of 5 basis points in total cost of funds.   When comparing the three month periods ended September 30, 2019 and 2018, net interest income increased $224 thousand, which was primarily due to a higher volume of average earnings assets of approximately $76.4 million.  Interest and dividend income increased by $1.1 million, offset by an increase in interest expense of $898 thousand. The total rate on interest-bearing liabilities, which includes non-interest-bearing deposits, for the three month period ended September 30, 2019 and 2018 was 1.55% and 1.32%, respectively. For the nine month period ended September 30, 2019, net interest income was $31.0 million, an increase of $336 thousand, or 1.1%, over the same period in 2018.  This slight increase was primarily due to a higher volume of average earning assets of approximately $83.0 million, partially offset by a 20 basis points reduction in net interest margin. 

The provision for credit losses was $125 thousand and $4.7 million for the three and nine months ended September 30, 2019, respectively, compared to no provision recorded and $665 thousand for the same periods in 2018, respectively.  When compared to the three months ended June 30, 2019, the provision for credit losses decreased by $225 thousand. The primary reason behind the reduction in the amount of provision required in the third quarter of 2019 was a decrease in the qualitative factors, specifically in the delinquency risk factor component, of the Bank's methodology used in determining the overall allowance. The ratio of allowance for credit losses to period end loans was 1.09% at September 30, 2019, 1.10% at December 31, 2018 and 1.15% at September 30, 2018, which reflects management's assessment of the credit quality in the loan portfolio.

Total non-interest income for the third quarter of 2019 increased $428 thousand to $1.1 million, or 65.9%, when compared to the same period in 2018. This increase was primarily due to an increase in service charges on deposits and loan fees collected.  Total non-interest income, comparing the three month periods ended September 30, 2019 and June 30, 2019, reflected an increase of $348 thousand, or 47.7%, primarily due to a higher level of fees generated on loans recorded between the two periods.  For the nine month period ended September 30, 2019, non-interest income increased $530 thousand, or 25.7%, primarily due to increases in service charges on deposits and loan fees collected.  

Total non-interest expense for the third quarter of 2019 increased $544 thousand, or 8.2%, when compared to the same period in 2018.  This increase was primarily due to an increase in salaries and benefits expense, occupancy and equipment expenses, data processing communications expenses and core deposit intangible expense, all related to the Beneficial branch acquisition, partially offset by a $540 thousand loss from the sale of an OREO property recorded in the third quarter of 2018. Also, during the third quarter of 2019, the Bank received notification from the Federal Deposit Insurance Corporation ("FDIC"), that the Deposit Insurance Fund exceeded the reserve ratio of 1.38%.  The FDIC issued a Small Bank Assessment Credit which allowed the Bank to reverse any expenses that were recorded during the period covered which included the second, third and fourth quarter of 2019.  For the nine month period ended September 30, 2019, non-interest expense was $20.9 million, compared to $19.0 million for the same period in 2018. The $1.9 million increase was attributed to expenses recorded relating to the Beneficial branch acquisition and its impact on other operating expenses.

For the three month period ended September 30, 2019, the Bank recorded income tax expense of $801 thousand, resulting in an effective tax rate of 17.7%, compared to $618 thousand income tax expense, resulting in an effective tax rate of 18.0%, for the three month period ended June 30, 2019, and compared to an income tax expense of $830 thousand, resulting in an effective tax rate of 18.3%, for the three month period ended September 30, 2018. The current effective tax yields for the three and nine months ended September 30, 2019, were reduced, in part, by the level of non-taxable income the Bank earns and the impact by recording a tax benefit related to the exercise of warrants and stock options. 

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 18 branches in New Jersey, including four in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lambertville, Lawrenceville, Monroe, New Brunswick, Pennington, Princeton Junction, Quakerbridge and Sicklerville.  There are also three branches in the Philadelphia, Pennsylvania area. 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; those risks set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" 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)

       
                                   
                 

Sep 30, 2019 
vs 
Dec 31, 2018

 

Sep 30, 2019 
vs 
Dec 31, 2018

   

Sep 30, 2019 
vs 
Sep 30, 2018

 

Sep 30, 2019 
vs 
Sep 30, 2018

 
   

Sep 30, 
2019

 

Dec 31, 
2018

 

Sep 30, 
2018

   

$
Change

 

% 
Change

 

$
Change

 

%
 Change

                                   

ASSETS

           

Cash and cash equivalents

 

$       38,516

 

$       26,384

 

$      31,918

   

$        12,132

 

45.98

%

 

$           6,598

 

20.67

%

Securities available for sale taxable

 

52,288

 

46,472

 

46,249

   

5,816

 

12.52

   

6,039

 

13.06

 

Securities available for sale tax exempt

 

56,680

 

45,209

 

48,558

   

11,471

 

25.37

   

8,122

 

16.73

 

Securities held to maturity

 

224

 

228

 

230

   

(4)

 

(1.75)

   

(6)

 

(2.61)

 

Loans receivable, net of deferred

 

1,148,601

 

1,081,179

 

1,060,025

   

67,422

 

6.24

   

88,576

 

8.36

 

Allowance for loan losses

 

(12,543)

 

(11,944)

 

(12,139)

   

(599)

 

5.02

   

(404)

 

3.33

 

Other assets

 

95,832

 

64,036

 

60,071

   

31,796

 

49.65

   

35,761

 

59.53

 

TOTAL ASSETS

 

$  1,379,598

 

$  1,251,564

 

$ 1,234,912

   

$      128,034

 

10.23

%

 

$       144,686

 

11.72

%

                                   
                                   

LIABILITIES

                                 

Non interest checking

 

$    147,222

 

$     102,678

 

$      98,538

   

$        44,544

 

43.38

%

 

$         48,684

 

49.41

%

Interest checking

 

197,699

 

151,042

 

184,915

   

46,657

 

30.89

   

12,784

 

6.91

 

Savings

 

155,944

 

94,789

 

99,391

   

61,155

 

64.52

   

56,553

 

56.90

 

Money market

 

242,320

 

286,457

 

286,751

   

(44,137)

 

(15.41)

   

(44,431)

 

(15.49)

 

Time deposits over $250,000

 

104,880

 

167,032

 

161,423

   

(62,152)

 

(37.21)

   

(56,543)

 

(35.03)

 

Other time deposits

 

302,856

 

205,249

 

194,752

   

97,607

 

47.56

   

108,104

 

55.51

 

Total Deposits

 

1,150,921

 

1,007,247

 

1,025,770

   

143,674

 

14.26

   

125,151

 

12.20

 

Borrowings

 

13,400

 

55,400

 

25,000

   

(42,000)

 

(75.81)

   

(11,600)

 

(46.40)

 

Other liabilities

 

22,160

 

4,599

 

4,633

   

17,561

 

381.84

   

17,527

 

378.31

 

    TOTAL LIABILITIES

 

1,186,481

 

1,067,246

 

1,055,403

   

119,235

 

11.17

%

 

131,078

 

12.42

%

                                   

STOCKHOLDERS' EQUITY

                                 

 Common stock

 

33,754

 

33,278

 

33,236

   

476

 

1.43

   

518

 

1.56

 

 Paid-in capital

 

79,022

 

77,895

 

77,664

   

1,127

 

1.45

   

1,358

 

1.75

 

 Retained earnings

 

79,560

 

73,630

 

70,042

   

5,930

 

8.05

   

9,518

 

13.59

 

 Accumulated other comprehensive income (loss)

 

781

 

(485)

 

(1,433)

   

1,266

 

(261.03)

   

2,214

 

(154.50)

 

     TOTAL STOCKHOLDERS' EQUITY

 

193,117

 

184,318

 

179,509

   

8,799

 

4.77

%

 

13,608

 

7.58

%

                                   

TOTAL LIABILITIES

                                 

     AND STOCKHOLDERS' EQUITY

 

$ 1,379,598

 

$  1,251,564

 

$ 1,234,912

   

$      128,034

 

17.02

%

 

$      144,686

 

11.72

%

                                   

Book value per common share

 

$        28.61

 

$         27.69

 

$        27.01

   

$             0.92

 

3.32

%

 

$             1.60

 

5.92

%

Tangible book value per common share1

 

$        26.71

 

$         27.69

 

$        27.01

   

$           (0.98)

 

(3.54)

%

 

$           (0.30)

 

(1.11)

%

                                   

1Refer to non-gaap disclosure for explanation. 

                                 

The Bank of Princeton

           

Loan/Deposit Tables

           
             
             

Loan receivable, net at September 30, 2019 and December 31, 2018 were comprised of the following:

             
             
   

September 30,

 

December 31,

   
   

2019

 

2018

   
   

(Dollars in thousands)

   

Commercial real estate

 

$        794,279

 

$        729,336

   

Commercial and industrial

 

79,512

 

71,838

   

Construction

 

168,737

 

161,275

   

Residential first-lien mortgages

 

94,682

 

102,008

   

Home equity

 

14,197

 

17,048

   

Consumer

 

281

 

1,987

   

     Total loans

 

1,151,688

 

1,083,492

   

Deferred fees and costs

 

(3,087)

 

(2,313)

   

Allowance for loan losses

 

(12,543)

 

(11,944)

   

     Loans, net

 

$     1,136,058

 

$     1,069,235

   
             
             

The components of deposits at September 30, 2019 and December 31, 2018 were as follows:

 
             
   

September 30,

 

December 31,

   
   

2019

 

2018

   
   

(Dollars in thousands)

   

Demand, non-interest-bearing checking

 

$        147,222

 

$        102,678

   

Demand, interest-bearing

 

197,699

 

151,042

   

Savings

 

155,944

 

94,789

   

Money Markets

 

242,320

 

286,457

   

Time deposits

 

407,736

 

372,281

   

     Total Deposits

 

$     1,150,921

 

$     1,007,247

   

The Bank of Princeton

             

Consolidated Statements of Operations

             

(unaudited)

             
     

Three Months Ended

       
     

Sep 30,

       
     

2019

 

2018

 

$ Change

 

% Change

     

(Dollars in thousands)

       

Interest and Dividend Income

             
                   
 

Loans and fees

$ 14,412

 

$  13,314

 

$       1,098

 

8.2%

 

Available-for-Sale debt securities:

             
   

Taxable

276

 

297

 

-21

 

-7.1%

   

Tax-exempt

341

 

323

 

18

 

5.6%

 

Held-to-Maturity debt securities

3

 

3

 

0

 

0.0%

 

Other interest and dividend income

219

 

192

 

27

 

14.1%

                   
   

Total Interest and Dividends

15,251

 

14,129

 

1,122

 

7.9%

                   
 

Interest expense

             
                   
   

Deposits

4,468

 

3,476

 

992

 

28.5%

   

Borrowings

18

 

112

 

-94

 

-83.9%

                   
   

Total Interest Expense

4,486

 

3,588

 

898

 

25.0%

                   
   

Net Interest Income

10,765

 

10,541

 

224

 

2.1%

                   

Provision for Loan Losses

125

 

-

 

125

 

-

                   

Net Interest Income after Provision for Loan Losses

10,640

 

10,541

 

99

 

0.9%

                   

Non-Interest income

             
                   
 

Gain on sale of securities available for sale,net

3

 

-

 

-

 

-

 

Income from bank-owned life insurance

308

 

305

 

3

 

1.0%

 

Fees and service charges

339

 

145

 

194

 

133.8%

 

Loan fees, including prepayment penalities

417

 

179

 

238

 

133.0%

 

Other

10

 

20

 

-10

 

-50.0%

                   
   

Total Non-Interest Income

1,077

 

649

 

428

 

65.9%

                   

Non-Interest Expense

             
                   
 

Salaries and employee benefits

4,060

 

3,507

 

553

 

15.8%

 

Occupancy and equipment

1,189

 

839

 

350

 

41.7%

 

Professional fees

518

 

485

 

33

 

6.8%

 

Data processing and communications

708

 

534

 

174

 

32.6%

 

Federal deposit insurance

(87)

 

84

 

-171

 

-203.6%

 

Advertising and promotion

123

 

128

 

-5

 

-3.9%

 

Office expense

106

 

72

 

34

 

47.2%

 

OREO Expense 

5

 

1

 

4

 

400.0%

 

Core deposit intangible

193

 

-

 

193

 

-

 

Loss on sale of other real estate owned

-

 

540

 

-540

 

-100.0%

 

Other

385

 

466

 

-81

 

-17.4%

                   
   

Total Non-Interest Expense

7,200

 

6,656

 

544

 

8.2%

                   

Income before income tax expense

4,517

 

4,534

 

-17

 

-0.4%

                   

Income tax expense

801

 

830

 

-29

 

-3.5%

                   

Net Income

$  3,716

 

$   3,704

 

$           12

 

0.3%

                   

Net income per common share - basic

0.55

 

0.56

 

-0.01

 

-1.8%

Net income per common share - diluted

0.54

 

0.54

 

0.00

 

0.0%

                   

Weighted average shares outstanding - basic

6,749

 

6,644

 

105

 

1.6%

Weighted average shares outstanding - diluted

6,903

 

6,903

 

0

 

0.0%

The Bank of Princeton

             

Consolidated Statements of Operations (Current Quarter vs Prior Quarter)

       

(unaudited)

             
     

Quarter Ending

       
     

Sep 30,

 

Jun 30,

       
     

2019

 

2019

 

$ Change

 

% Change

     

(Dollars in thousands)

       

Interest and Dividend Income

             
                   
 

Loans and fees

$      14,412

 

$   14,058

 

$        354

 

2.5%

 

Available-for-Sale debt securities:

             
   

Taxable

276

 

260

 

16

 

6.2%

   

Tax-exempt

341

 

329

 

12

 

3.6%

 

Held-to-Maturity debt securities

3

 

3

 

-

 

0.0%

 

Other interest and dividend income

219

 

348

 

(129)

 

-37.1%

                   
   

Total Interest and Dividends

15,251

 

14,998

 

253

 

1.7%

                   
 

Interest expense

             
                   
   

Deposits

4,468

 

4,399

 

69

 

1.6%

   

Borrowings

18

 

236

 

(218)

 

-92.4%

                   
   

Total Interest Expense

4,486

 

4,635

 

(149)

 

-3.2%

                   
   

Net Interest Income

10,765

 

10,363

 

402

 

3.9%

                   

Provision for Loan Losses

125

 

350

 

(225)

 

-64.3%

                   

Net Interest Income after Provision for Loan Losses

10,640

 

10,013

 

627

 

6.3%

                   

Non-Interest income

             
                   
 

Gain on sale of securities available for sale,net

3

 

1

 

2

 

200.0%

 

Income from bank-owned life insurance

308

 

312

 

(4)

 

-1.3%

 

Fees and service charges

339

 

251

 

88

 

35.1%

 

Loan fees, including prepayment penalities

417

 

125

 

292

 

233.6%

 

Other

10

 

40

 

(30)

 

-75.0%

                   
   

Total Non-Interest Income

1,077

 

729

 

348

 

47.7%

                   

Non-Interest Expense

             
                   
 

Salaries and employee benefits

4,060

 

3,875

 

185

 

4.8%

 

Occupancy and equipment

1,189

 

914

 

275

 

30.1%

 

Professional fees

518

 

484

 

34

 

7.0%

 

Data processing and communications

708

 

470

 

238

 

50.6%

 

Federal deposit insurance

(87)

 

83

 

(170)

 

-204.8%

 

Advertising and promotion

123

 

90

 

33

 

36.7%

 

Office expense

106

 

119

 

(13)

 

-10.9%

 

OREO Expense 

5

 

1

 

4

 

400.0%

 

Acquistion Expense

-

 

(627)

 

(96)

 

-100.0%

 

Core deposit intangible

193

 

97

 

(434)

 

101.0%

 

Other

385

 

557

 

(172)

 

-30.9%

   

Total Non-Interest Expense

             
     

7,200

 

7,316

 

(116)

 

-1.6%

Income before income tax expense

             
     

4,517

 

3,426

 

1,091

 

31.8%

Income tax expense

             
     

801

 

618

 

183

 

29.6%

Net Income

             
     

$        3,716

 

$     2,808

 

$        908

 

32.3%

                   

Net income per common share - basic

0.55

 

0.42

 

0.01

 

2.4%

Net income per common share - diluted

0.54

 

0.41

 

0.01

 

2.4%

                   

Weighted average shares outstanding - basic

6,749

 

6,679

 

70

 

1.0%

Weighted average shares outstanding - diluted

6,903

 

6,874

 

29

 

0.4%

The Bank of Princeton

             

Consolidated Statements of Operations

             

(unaudited)

             
     

Nine  Months Ended

       
     

Sep 30,

       
     

2019

 

2018

 

$ Change

 

% Change

     

(Dollars in thousands)

       

Interest and Dividend Income

             
                   
 

Loans and fees

$   41,988

 

$    37,648

 

$       4,340

 

11.5%

 

Available-for-Sale debt securities:

             
   

Taxable

811

 

891

 

(80)

 

-9.0%

   

Tax-exempt

979

 

992

 

(13)

 

-1.3%

 

Held-to-Maturity debt securities

9

 

10

 

(1)

 

-10.0%

 

Other interest and dividend income

737

 

637

 

100

 

15.7%

                   
   

Total Interest and Dividends

44,524

 

40,178

 

4,346

 

10.8%

                   
 

Interest expense

             
                   
   

Deposits

13,022

 

9,233

 

3,789

 

41.0%

   

Borrowings

463

 

242

 

221

 

91.3%

                   
   

Total Interest Expense

13,485

 

9,475

 

4,010

 

42.3%

                   
   

Net Interest Income

31,039

 

30,703

 

336

 

1.1%

                   

Provision for Loan Losses

4,675

 

665

 

4,010

 

603.0%

                   

Net Interest Income after Provision for Loan Losses

26,364

 

30,038

 

(3,674)

 

-12.2%

                   

Non-Interest income

             
                   
 

Gain on sale of securities available for sale,net

4

 

1

 

3

 

300.0%

 

Income from bank-owned life insurance

930

 

913

 

17

 

1.9%

 

Fees and service charges

739

 

463

 

276

 

59.6%

 

Loan fees, including prepayment penalities

857

 

636

 

221

 

34.7%

 

Other

62

 

49

 

13

 

26.5%

                   
   

Total Non-Interest Income

2,592

 

2,062

 

530

 

25.7%

                   

Non-Interest Expense

             
                   
 

Salaries and employee benefits

11,631

 

10,876

 

755

 

6.9%

 

Occupancy and equipment

3,041

 

2,529

 

512

 

20.2%

 

Professional fees

1,432

 

1,412

 

20

 

1.4%

 

Data processing and communications

1,749

 

1,582

 

167

 

10.6%

 

Federal deposit insurance

81

 

260

 

(179)

 

-68.8%

 

Advertising and promotion

288

 

287

 

1

 

0.3%

 

Office expense

281

 

206

 

75

 

36.4%

 

Other real estate owned expense 

6

 

2

 

4

 

200.0%

 

Acquistion Expense

627

 

-

 

627

 

0.0%

 

Core deposit intangible

289

 

-

 

289

 

0.0%

 

Loss on sale of other real estate owned

-

 

540

       
 

Other

1,432

 

1,287

 

145

 

11.3%

                   
   

Total Non-Interest Expense

20,857

 

18,981

 

1,876

 

9.9%

                   

Income before income tax expense

8,099

 

13,119

 

(5,020)

 

-38.3%

                   

Income tax expense

1,345

 

2,199

 

(854)

 

-38.8%

                   

Net Income

$    6,754

 

$   10,920

 

$     (4,166)

 

-38.2%

                   

Net income per common share - basic

1.00

 

1.65

 

(0.65)

 

-39.4%

Net income per common share - diluted

0.98

 

1.59

 

(0.61)

 

-38.4%

                   

Weighted average shares outstanding - basic

6,721

 

6,620

 

101

 

1.5%

Weighted average shares outstanding - diluted

6,891

 

6,878

 

13

 

0.2%

The Bank of Princeton

                     

Consolidated Average Balance Sheets

                     

(unaudited)

                     
                       
 

For the Three Months Ended

       
 

Sept 30,

       
 

2019

 

2018

       
 

Average

 

Yield/

 

Average

 

Yield/

       
 

balance

 

rate

 

balance

 

rate

 

$ Change

 

% Change

Earning assets

                     

  Loans

$    1,132,154

 

5.05%

 

$    1,059,316

 

4.99%

 

$        72,838

 

0.06%

                       

Securities

                     
                       

  Taxable AFS

46,329

 

2.38%

 

50,661

 

2.34%

 

(4,332)

 

0.04%

  Tax exempt AFS

51,484

 

2.65%

 

46,788

 

2.76%

 

4,696

 

-0.11%

  Held-to-maturity

225

 

5.25%

 

250

 

5.03%

 

(25)

 

0.22%

                       

Securities

98,038

 

2.53%

 

97,699

 

2.31%

 

339

 

0.22%

                       

Other interest earning assets

                     

  Interest-bearing bank accounts

34,744

 

2.27%

 

30,938

 

2.05%

 

3,806

 

0.22%

  Equities

1,384

 

6.00%

 

1,986

 

6.41%

 

(602)

 

-0.41%

                       

Other interest earning assets

36,128

 

2.41%

 

32,924

 

2.31%

 

3,204

 

0.10%

                       

Total interest-earning assets

1,266,320

 

4.78%

 

1,189,939

 

4.71%

 

76,381

 

0.07%

                       

Total non earning assets

92,446

     

54,916

           
                       

Total Assets

$    1,358,766

     

$    1,244,855

           
                       
                       

Interest-bearing liabilities

                     

Checking

$       205,155

 

1.05%

 

$       200,635

 

0.85%

 

$           4,520

 

0.20%

Savings

155,953

 

1.28%

 

100,496

 

1.22%

 

55,457

 

0.06%

Money Market

237,697

 

1.63%

 

284,651

 

1.48%

 

(46,954)

 

0.15%

Certificate of Deposit

404,982

 

2.40%

 

354,563

 

1.87%

 

50,419

 

0.53%

                       

    Total interest-bearing deposits

1,003,787

 

1.77%

 

940,345

 

1.47%

 

63,442

 

0.30%

                       

Non interest bearing deposits

140,640

     

101,923

           
                       

    Total  deposits

1,144,427

 

1.55%

 

1,042,268

 

1.32%

 

102,159

 

0.23%

                       

Borrowings

3,074

 

2.30%

 

20,128

 

2.23%

 

(17,054)

 

0.07%

    Total interest-bearing liabilities

                     

       (excluding non interest deposits)

1,006,861

 

1.77%

 

960,473

 

1.48%

 

46,388

 

0.29%

                       

Noninterest-bearing deposits

140,640

     

101,923

           

Total Cost of Funds

1,147,501

 

1.55%

 

1,062,396

 

1.34%

 

85,105

 

0.21%

                       

Accrued expenses and other liabilities

19,923

     

4,543

           

Stockholders' equity

191,342

     

177,916

           

Total liabilities and stockholders' equity

$    1,358,766

     

$     1,244,855

           
                       
                       

Net interest spread

   

3.01%

     

3.23%

       

Net interest margin

   

3.37%

     

3.51%

       
                       

Net interest margin (FTE)*

   

3.46%

     

3.67%

       
                       

  *Includes federal and state tax effect of tax exempt

                   

       securities and loans

                     

The Bank of Princeton

                     

Consolidated Average Balance Sheets

                     

(unaudited)

                     
                       
 

For the Quarter Ended

       
           
 

Sept 2019

 

June 2019

       
 

Average

 

Yield/

 

Average

 

Yield/

       
 

balance

 

rate

 

balance

 

rate

 

$ Change

 

% Change

Earning assets

                     

  Loans

$    1,132,154

 

5.05%

 

$       1,113,199

 

5.07%

 

$       18,955

 

-0.02%

                       

Securities

                     
                       

  Taxable AFS

46,329

 

2.38%

 

43,186

 

2.41%

 

3,143

 

-0.03%

  Tax exempt AFS

51,484

 

2.65%

 

48,470

 

2.72%

 

3,014

 

-0.07%

  Held-to-maturity

225

 

5.25%

 

226

 

5.26%

 

(1)

 

-0.01%

                       

Securities

98,038

 

2.53%

 

91,882

 

2.58%

 

6,156

 

-0.05%

                       

Other interest earning assets

                     

  Interest-bearing bank accounts

34,744

 

2.27%

 

53,243

 

2.32%

 

(18,499)

 

-0.05%

  Equities

1,384

 

6.00%

 

2,826

 

5.57%

 

(1,442)

 

0.43%

                       

Other interest earning assets

36,128

 

2.41%

 

56,069

 

2.49%

 

(19,941)

 

-0.08%

                       

Total interest-earning assets

1,266,320

 

4.78%

 

1,261,150

 

4.77%

 

5,170

 

0.01%

                       

Total non earning assets

92,446

     

85,157

           
                       

Total Assets

$    1,358,766

     

$       1,346,307

           
                       
                       

Interest-bearing liabilities

                     

Checking

$      205,155

 

1.05%

 

$         208,315

 

1.23%

 

$        (3,160)

 

-0.18%

Savings

155,953

 

1.28%

 

123,362

 

1.27%

 

32,591

 

0.01%

Money Market

237,697

 

1.63%

 

238,746

 

1.65%

 

(1,049)

 

-0.02%

Certificate of Deposit

404,982

 

2.40%

 

414,669

 

2.31%

 

(9,687)

 

0.09%

                       

    Total interest-bearing deposits

1,003,787

 

1.77%

 

985,092

 

1.79%

 

18,695

 

-0.02%

                       

Non interest bearing deposits

140,640

     

114,265

           
                       

    Total  deposits

1,144,427

 

1.55%

 

1,099,357

 

1.60%

 

45,070

 

-0.05%

                       

Borrowings

3,074

 

2.30%

 

35,293

 

2.68%

 

(32,219)

 

-0.38%

                       

    Total interest-bearing liabilities

1,006,861

 

1.77%

 

1,020,385

 

1.82%

 

(13,524)

 

-0.05%

       (excluding non interest deposits)

                     
 

140,640

     

114,265

           

Noninterest-bearing deposits

1,147,501

 

1.55%

 

1,134,650

 

1.64%

 

12,851

 

-0.09%

Total Cost of Funds

                     
 

19,923

     

23,597

           

Accrued expenses and other liabilities

191,342

     

188,060

           

Stockholders' equity

$    1,358,766

     

$       1,346,307

           

Total liabilities and stockholders' equity

                     
                       
                       

Net interest spread

   

3.01%

     

2.95%

       

Net interest margin

   

3.37%

     

3.30%

       
                       

Net interest margin (FTE)*

   

3.46%

     

3.40%

       
                       

  *Includes federal and state tax effect of tax exempt

                   

    securities and loans

                     

The Bank of Princeton

                     

Consolidated Average Balance Sheets

                     

(unaudited)

                     
                       
 

For the Nine Months Ended

       
 

Sept 30,

       
 

2019

 

2018

       
 

Average

 

Yield/

 

Average

 

Yield/

       
 

balance

 

rate

 

balance

 

rate

 

$ Change

 

% Change

Earning assets

                     

  Loans

$    1,113,052

 

5.04%

 

$    1,015,900

 

4.95%

 

$         97,152

 

0.09%

                       

Securities

                     
                       

  Taxable AFS

44,949

 

2.41%

 

52,822

 

2.25%

 

(7,873)

 

0.16%

  Tax exempt AFS

48,476

 

2.69%

 

48,000

 

2.76%

 

476

 

-0.07%

  Held-to-maturity

226

 

5.26%

 

259

 

5.16%

 

(33)

 

0.10%

                       

Securities

93,651

 

2.56%

 

101,081

 

2.50%

 

(7,430)

 

0.06%

                       

Other interest earning assets

                     

  Interest-bearing bank accounts

35,569

 

2.38%

 

42,804

 

1.73%

 

(7,235)

 

0.65%

  Equities

2,234

 

6.22%

 

1,726

 

6.52%

 

508

 

-0.30%

                       

Other interest earning assets

37,803

 

2.61%

 

44,530

 

1.91%

 

(6,727)

 

0.70%

                       

Total interest-earning assets

1,244,506

 

4.78%

 

1,161,511

 

4.62%

 

82,995

 

0.16%

                       

Total non earning assets

81,112

     

57,737

           
                       

Total Assets

$    1,325,618

     

$    1,219,248

           
                       
                       

Interest-bearing liabilities

                     

Checking

$      202,235

 

1.20%

 

$      228,229

 

0.83%

 

$        (25,994)

 

0.37%

Savings

124,307

 

1.31%

 

104,210

 

1.13%

 

20,097

 

0.18%

Money Market

250,490

 

1.67%

 

269,224

 

1.36%

 

(18,734)

 

0.31%

Certificate of Deposit

400,600

 

2.29%

 

324,842

 

1.73%

 

75,758

 

0.56%

                       

    Total interest-bearing deposits

977,632

 

1.78%

 

926,505

 

1.33%

 

51,127

 

0.45%

                       

Non interest bearing deposits

116,840

     

99,485

           
                       

    Total  deposits

1,094,472

 

1.59%

 

1,025,990

 

1.20%

 

68,482

 

0.39%

                       

Borrowings

23,223

 

2.66%

 

15,128

 

2.14%

 

8,095

 

0.52%

    Total interest-bearing liabilities

                     

       (excluding non interest deposits)

1,000,855

 

1.80%

 

941,633

 

1.35%

 

59,222

 

0.45%

                       

Noninterest-bearing deposits

116,840

     

99,485

           

Total Cost of Funds

1,117,695

 

1.61%

 

1,041,118

 

1.22%

 

76,577

 

0.39%

                       

Accrued expenses and other liabilities

19,239

     

4,140

           

Stockholders' equity

188,684

     

173,990

           

Total liabilities and stockholders' equity

$    1,325,618

     

$    1,219,248

           
                       

Net interest spread

   

2.98%

     

3.28%

       

Net interest margin

   

3.33%

     

3.53%

       
                       

Net interest margin (FTE)*

   

3.42%

     

3.69%

       
                       

  *Includes federal and state tax effect of tax exempt

                   

       securities and loans

                     

The Bank of Princeton

                 

Quarterly Financial Highlights

                 

(unaudited)

                 
                   
 

2019

 

2019

 

2019

 

2018

 

2018

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

                   

     Return on average assets

1.10%

 

0.84%

 

0.07%

 

1.22%

 

1.18%

     Return on average equity

7.84%

 

5.99%

 

0.50%

 

8.30%

 

8.26%

     Return on average tangible equity *

8.26%

 

6.40%

 

0.50%

 

8.30%

 

8.26%

     Net interest margin

3.37%

 

3.30%

 

3.34%

 

3.47%

 

3.51%

     Net interest margin (FTE)**

3.46%

 

3.40%

 

3.46%

 

3.59%

 

3.67%

     Efficiency ratio - Non-GAAP *

60.80%

 

65.96%

 

59.28%

 

57.94%

 

59.47%

                   

Common Stock Data

                 

     Market value at period end

29.06

 

30.00

 

31.73

 

27.90

 

30.54

     Market range:

                 

        High

30.20

 

32.75

 

33.33

 

31.46

 

35.45

        Low

25.92

 

27.42

 

27.58

 

26.77

 

30.54

     Book value per common share at period end

28.61

 

28.08

 

27.64

 

27.69

 

27.01

     Tangible book value per common share at period end *

26.71

 

26.15

 

27.64

 

27.69

 

27.01

                   

CAPITAL RATIOS

                 

Total Capital (to risk-weighted assets)

15.42%

 

15.43%

 

16.53%

 

17.37%

 

17.47%

Tier 1 Capital (to risk-weighted assets)

14.41%

 

14.41%

 

15.53%

 

16.31%

 

16.36%

Tier 1 Capital (to average assets)

13.31%

 

13.15%

 

14.60%

 

14.89%

 

14.47%

     Period-end equity to assets

14.00%

 

13.91%

 

14.35%

 

14.73%

 

14.54%

     Period-end tangible equity to tangible assets

13.19%

 

13.08%

 

14.35%

 

14.73%

 

14.54%

                   

CREDIT QUALITY DATA AT PERIOD END

                 

(Dollars in Thousands)

                 

     Net charge-offs and  (recoveries)

$            3

 

$       (110)

 

$      4,183

 

$       195

 

$        (93)

     Annualized net charge-offs (recoveries) to average loans

0.001%

 

-0.040%

 

1.552%

 

0.073%

 

-0.035%

                   

     Nonaccrual loans

2,434

 

2,700

 

9,472

 

5,699

 

4,832

     Other real estate owned

-

 

44

 

44

 

44

 

44

     Total nonperforming assets

2,434

 

2,744

 

9,516

 

5,743

 

4,876

     Accruing troubled debt restructurings (TDRs)

9,828

 

7,606

 

1,278

 

1,286

 

1,300

     Total nonperforming assets and accruing TDRs

$   12,262

 

$   10,350

 

$    10,794

 

$     7,029

 

$     6,176

     Nonaccrual loans and TDRs hfs

-

 

-

 

-

 

-

 

-

                   

     Allowance for credit losses as a percent of:

                 

     Period-end loans     

1.09%

 

1.10%

 

1.07%

 

1.10%

 

1.15%

     Nonaccrual loans

515.32%

 

460.04%

 

126.28%

 

209.58%

 

251.22%

     Nonperforming assets

515.32%

 

452.66%

 

125.69%

 

207.97%

 

248.95%

                   

    As a percent of total loans:

                 

    Nonaccrual loans

0.21%

 

0.24%

 

0.85%

 

0.53%

 

0.46%

    Accruing TDRs

0.86%

 

0.68%

 

0.11%

 

0.12%

 

0.12%

    Nonaccrual loans and accruing TDRs

1.07%

 

0.92%

 

0.96%

 

0.65%

 

0.58%

                   
                   

* Refer to non-gaap disclosure for explantion

                 

**Includes the effect of tax exempt securities and loans

                 

Non-GAAP Measures Disclosure

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").  The Bank's management believes that the supplemental non-GAAP information provided in the press release is utilized by market analysts and others to evaluate a company's financial condition and, therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures presented by other companies.

The following table shows the reconciliation of net income and core net income (a non-GAAP measure which excludes the effects of one-time acquisition costs related to the 5-branch acquisition from Beneficial Savings and the one-time charge-offs related two borrowers that occurred during the first quarter (management believes many investors desire to evaluate net income with regard to such expenses)

   

At or For the Three

 

At or For the Nine

   

Months Ended September 30,

 

Months Ended September 30,

   

2019

 

2018

 

2019

 

2018

   

(Dollars in thousands)

Income before income taxes

$       4,517

 

$     4,534

 

$      8,099

 

$     13,119

Income taxes expenses

801

 

830

 

1,345

 

2,199

Net Income

 

3,716

 

3,704

 

6,754

 

10,920

One-time charge-off (net of taxes)

-

 

-

 

2,600

 

-

One-time acquisition cost (net of taxes)

-

 

-

 

466

 

-

Core net income

 

3,716

 

3,704

 

9,820

 

10,920

                 

Earnings per common share - basic

$        0.55

 

$       0.56

 

$       1.46

 

$        1.65

Earnings per common share - diluted

$        0.54

 

$       0.54

 

$       1.42

 

$        1.59

The following table shows the reconciliation of the Bank's book value and tangible book value (a non-GAAP measure which excludes goodwill and core deposit intangible resulting from the Beneficial branch acquisition from total stockholders' equity as calculated in accordance with GAAP).

   

As of September 30, 2019

 

As of December 31, 2018

   

(Dollars in thousands, except per share data)

Total stockholders' equity

$   193,117

 

$  193,117

 

$ 184,318

 

$  184,318

Less intangible assets:

             

   Goodwill

 

8,853

 

-

 

-

 

-

   Core deposit intangible

3,956

 

-

 

-

 

-

   Total intangibles

12,809

 

-

 

-

 

-

Adjusted stockholders' equity

$180,308

 

$193,117

 

$184,318

 

$184,318

Shares of common stock outstanding

6,750,797

 

6,750,797

 

6,655,509

 

6,655,509

Adjusted book value per share

$      26.71

 

$     28.61

 

$     27.69

 

$     27.69

Return on tangible equity noted page 13 of this press release is a non-GAAP measure that represents the rate of return on tangible common equity.   

The efficiency ratio noted on page 13 of this press release is a non-GAAP measure that represents the ratio of non-interest expenses divided by the sum of net-interest income and non-interest income.  

Contact George Rapp
609.454.0718
[email protected]

SOURCE The Bank of Princeton

Related Links

http://www.thebankofprinceton.com

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