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The Bank of Princeton Announces First Quarter 2022 Results
PRINCETON, N.J., April 21, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported its unaudited results of operations and
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., April 21, 2022 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ: BPRN) today reported its unaudited results of operations and financial condition for and at the quarter ended March 31, 2022. The Bank reported net income of $6.0 million, or $0.91 per diluted common share, for the first quarter of 2022, compared to net income of $6.2 million, or $0.92 per diluted common share, for the fourth quarter of 2021, and net income of $4.9 million, or $0.70 per diluted common share, for the first quarter of 2021. The decrease in net income, when compared to the three months ended December 31, 2021, was primarily due to a reduction of $146 thousand in net-interest income, a $421 thousand reduction in non-interest income and a $305 thousand increase in operating expenses, partially offset by a $410 thousand reduction in income taxes payable and no provision for loan losses recorded for this quarter compared to the $300 thousand recorded in the prior quarter. The increase in net income, when comparing it to the three months ended March 31, 2021, was primarily due to an increase in net interest income of $1.1 million, a $1.1 million decrease in the provision for loan losses and a $183 thousand increase to non-interest income, partially offset by a $1.0 million increase in non-interest operating expenses and a $229 thousand increase in income tax expense. \n\n \n \n \n \n \n \n\n \nHighlights for the quarter-ended March 31, 2022 are as follows:\nThe Bank initiated a second 5% stock buyback program during the first quarter by purchasing 124,440 shares of common stock at a weighted average price of $29.04.Net interest income for the first quarter of 2022 increased $1.1 million or 7.4% over the same period in 2021.The Bank decreased its cost of funds on deposits by 30 basis points in the first quarter of 2022 from the same period in 2021.The ratio of nonperforming loans to total loans continues to be low at 0.08% as of March 31, 2022 compared to 0.09% at December 31, 2021 and compared to 0.14% at March 31, 2021.President/CEO Edward Dietzler stated that, \"The Bank started 2022 with a very strong performance in loan growth with an increase of $102.1 million or 32.4% annualized excluding the Payroll Protection Program loan portfolio, deriving a strong net interest margin of 4.09%.\"\nBalance Sheet Review\nTotal assets we...