Business
The Bank of Princeton Announces Fourth Quarter 2020 Results
PRINCETON, N.J., Jan. 28, 2021 /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., Jan. 28, 2021 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ: BPRN) today reported its unaudited results of operations and financial condition for the quarter ended December 31, 2020. The Bank reported net income of $4.1 million, or $0.60 per diluted common share, for the fourth quarter of 2020, compared to net income of $3.5 million, or $0.52 per diluted common share, for the third quarter of 2020, and net income of $3.4 million, or $0.49 per diluted common share, for the fourth quarter of 2019. The increase in net income, when compared to the three months ended September 30, 2020, was primarily due to a $789 thousand increase in net-interest income and a $275 thousand reduction in the provision for loan losses, partially offset by a $105 thousand decrease in non-interest income and a $316 thousand increase in non-interest expense. The increase in net income, when comparing it to the three months ended December 31, 2019, was primarily due to an increase in net-interest income of $3.2 million and a $376 thousand increase in non-interest income, partially offset by a $1.5 million increase in the provision for loan losses, a $1.0 million increase in non-interest operating expenses and a $256 thousand increase in income tax expense. For the twelve month period ended December 31, 2020, the Bank recorded net income of $13.8 million, or $2.01 per diluted common share, compared to $10.1 million, or $1.47 per diluted common share for the same period in 2019. This increase over 2019's results was primarily due to a $7.4 million increase in net-interest income and a $1.4 million increase in non-interest income, partially offset by $3.4 million increase in non-interest expenses, a $1.3 million increase in income tax expense and a $425 thousand increase in the provision for loan losses. \n\n \n \n \n \n \n \n\n \nHighlights for the quarter-ended December 31, 2020 are as follows:\nNet interest income for the fourth quarter of 2020 increased $3.2 million or 30.3% over the same period in 2019 The Bank decreased its cost of funds by 89 basis points in the fourth quarter 2020 from the fourth quarter 2019. Non-interest income for the fourth quarter 2020 increased $376 thousand or 47.4% from the fourth quarter 2019. The Bank efficiency ratio decreased to 52.6% for the fourth quarter 2020 compared to 59.63% from the f...