Business
The Bank of Princeton Announces First Quarter 2019 Results
PRINCETON, N.J., April 22, 2019 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., April 22, 2019 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended March 31, 2019. The Bank reported net income of $229 thousand or $0.03 per diluted common share for the first quarter of 2019, compared to net income of $3.8 million or $0.55 per diluted common share for the fourth quarter of 2018, and net income of $3.6 million or $0.52 per diluted common share for the first quarter of 2018. The decrease in net income, when comparing the three months ended December 31, 2018, was primarily due to an increase in the Bank's provision for loan losses of $4.2 million. The decrease in net income, when comparing the three months ended March 31, 2018, was primarily due to an increase in the Bank's provision for loan losses of $3.9 million.\nDuring the first quarter of 2019, the Bank identified three separate borrowing relationships that required the Bank to record charge-offs. One relationship, a commercial and industrial participation loan with six other banks, with our portion totaling $1.9 million, was fully charged-off due to significant operating losses resulting from the loss of several large contracts, which fully negated the value of the collateral. This loan was placed on non-accrual status in the fourth quarter of 2018. The remaining charge-offs totaling $2.4 million were associated with two separate commercial real estate loans with the primary portion being delinquent taxes associated with the properties and selling costs.\n\"We are disappointed with the credit loss performance during the quarter, however the Bank's fundamental performance remained strong as evidenced by our loan growth,\" stated Edward Dietzler, President/CEO.\nChairman Richard Gillespie noted that, \"It was unfortunate to report the credit losses, but the Bank continues to progress in line with its growth expectations and anticipates opening two new branches in the 3rd quarter and closing on the acquisition of five branches being purchased from Beneficial Bank in the 2nd quarter, all of which will enhance shareholder value.\" \nBalance Sheet Review\nTotal assets were $1.30 billion at March 31, 2019, an increase of $45.7 million or 3.6% when compared to $1.25 billion at the end of 2018. The primary reason for the increase in total a...