Business
The Bank of Princeton Announces Fourth Quarter 2019 Results
PRINCETON, N.J., Jan. 29, 2020 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and financial
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., Jan. 29, 2020 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended December 31, 2019. The Bank reported net income of $3.4 million, or $0.49 per diluted common share, for the fourth quarter of 2019, compared to net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2019, and net income of $3.8 million, or $0.55 per diluted common share, for the fourth quarter of 2018. The decrease in net income, when comparing the three months ended September 30, 2019, was primarily due to a decrease in net-interest income of approximately $353 thousand and a reduction of loan fees collected of approximately $295 thousand, partially offset by a $325 thousand reduction in non-interest expenses. The decrease in net income, when comparing the three months ended December 31, 2018, was attributed to an increase in non-interest operating expenses resulting from the acquisition of 5 branches from Beneficial Bank which closed in May 2019 and the recording of a $125 thousand provision for loan losses in the fourth quarter of 2019, partially offset by an increase in service charges collected on deposits of $173 thousand. \nFor the twelve month period ended December 31, 2019, the Bank recorded net income of $10.1 million, or $1.47 per diluted common share, compared to $14.7 million, or $2.14 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 $4.1 million of which $3.9 million was recorded in the first quarter of 2019. \nHighlights for the quarter-ended December 31, 2019 are as follows:\nNet loans increased $109.3 million (excluding $4.5 million in charge-offs) from the $1.07 billion at December 31, 2018. This reflects an annual increase of 10.2%. Total deposits increased $230.6 million, or 22.9% from the $1.01 billion at December 31, 2018. Non-performing assets decreased $3.3 million, or 57.2%, from $5.7 million at December 31, 2018. Interest income for the three month period ended December 31, 2019 increased $1.0 million, or 7.1%, over the same period in 2018. Non-interest income for the three month period ended December 31, 2019 increased $193 thousand, or 32.1%, over the same period in 2018.\"We ...