Business
The Bank of Princeton Announces First Quarter 2020 Results
PRINCETON, N.J., April 23, 2020 /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 23, 2020 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended March 31, 2020. The Bank reported net income of $3.0 million, or $0.44 per diluted common share, for the first quarter of 2020, compared to net income of $3.4 million, or $0.49 per diluted common share, for the fourth quarter of 2019, and net income of $229 thousand, or $0.03 per diluted common share, for the first quarter of 2019. The decrease in net income, when comparing this most recent quarter to the three months ended December 31, 2019, was primarily due to a $708 thousand increase in non-interest expense and a $525 thousand increase in the Bank's provision for loan losses, partially offset by a $697 thousand increase in non-interest income. The increase in net income, when comparing it to the three months ended March 31, 2019, was primarily due to an increase of $706 thousand in the Bank's non-interest income and a decrease in the Bank's provision for loan losses of $3.6 million, partially offset by a $1.2 million increase in operating expenses attributed to the Bank's strategy of branch expansion.\nHighlights for the quarter-ended March 31, 2020 are as follows:\nNet interest income for the three month period ended March 31, 2020 increased $591 thousand, or 6.0%, over the same period in 2019. The Bank decreased its cost of funds by 11 basis points during the three month period ended March 31, 2020, when compared to the same period in 2019. Non-interest income for the three month period ended March 31, 2020 increased $706 thousand, or 89.9%, over the same period in 2019. The ratio of non-performing assets to total assets was 0.18% at March 31, 2020.\"During the first quarter, less expensive core deposits continued to grow, which has a positive impact on our cost of funds,\" stated Edward Dietzler, President/CEO.\nBalance Sheet Review\nTotal assets were $1.43 billion at March 31, 2020, a decrease of $30.3 million or 2.0% when compared to $1.45 billion at the end of 2019. The primary reason for the decrease in total assets was a result of the Bank's strategic initiative to reduce its cost of funds by reducing interest rates offered on higher costing deposit products. \nTotal deposits at March 31, 2020 decreased by $37.5 million, or 3....