Business
The Bank of Princeton Announces Fourth Quarter and Year-end 2021 Results
PRINCETON, N.J., Jan. 27, 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., Jan. 27, 2022 /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, 2021. The Bank reported net income of $6.2 million, or $0.92 per diluted common share, for the fourth quarter of 2021, compared to net income of $5.9 million, or $0.88 per diluted common share, for the third quarter of 2021, and net income of $4.1 million, or $0.60 per diluted common share, for the fourth quarter of 2020. The increase in net income, when compared to the three months ended September 30, 2021, was primarily due to a reduction of $900 thousand in the provision for loan loss, and a $149 thousand increase in non-interest income, partially offset by $414 thousand increase in non-interest expense and by a $268 thousand increase in income tax expense. The increase in net income, when comparing it to the three months ended December 31, 2020, was primarily due to an increase in net interest income of $2.4 million, a $1.4 million decrease in the provision for loan losses and a $297 thousand increase in non-interest income, partially offset by a $1.1 million increase in non-interest expense and a $948 thousand increase in income tax expenses. \n\n \n \n \n \n \n \n\n \nHighlights for the quarter-ended December 31, 2021 are as follows:\nThe Bank completed its 2021 stock buyback program during the fourth quarter by purchasing an additional 112,597 shares of common stock at a weighted average price of $30.23. Net interest income for the fourth quarter of 2021 increased $2.4 million or 17.9% over the same period in 2020. The Bank decreased its cost of funds on deposits by 34 basis points in the fourth quarter of 2021 from the same period in 2020. The Bank's efficiency ratio decreased to 50.4% for the fourth quarter of 2021 compared to 52.6% for the fourth quarter of 2020. The ratio of nonperforming loans to total loans continues to be low at 0.09% as of December 31, 2021 compared to 0.12% at December 31, 2020 and compared to 0.16% at September 30, 2021.President/CEO Edward Dietzler stated that, \"The Bank finished up 2021 with a very strong performance overall, including a 63% improvement over last year's net income, along with strong loan growth after backing out the reduction in the Payroll Protection Program loans, and ...