Business
The Bank of Princeton Announces Second Quarter 2022 Results
PRINCETON, N.J., July 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., July 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 June 30, 2022. The Bank reported net income of $6.3 million, or $0.98 per diluted common share, for the second quarter of 2022, compared to net income of $6.0 million, or $0.91 per diluted common share, for the first quarter of 2022, and net income of $5.5 million, or $0.80 per diluted common share, for the second quarter of 2021. The increase in net income, when compared to the three months ended March 31, 2022, was primarily due to an increase of $433 thousand in net interest income and a $66 thousand increase in non-interest income, partially offset by a $160 thousand increase in non-interest expenses and a $33 thousand increase income taxes payable. The increase in net income, when comparing it to the three months ended June 30, 2021, was primarily due to an increase in net interest income of $552 thousand, a $1.0 million decrease in the provision for loan losses and a $94 thousand increase in non-interest income, partially offset by a $746 thousand increase in non-interest expenses and a $97 thousand increase in income tax expense. For the six-month period ended June 30, 2022, the Bank recorded net income of $12.3 million, or $1.89 per diluted common share, compared to $10.4 million, or $1.50 per diluted common share for the same period in 2021, primarily due to a $2.1 million decrease in the Bank's provision for loan losses, a $1.7 million increase in net interest income and a $277 thousand increase in non-interest income, partially offset by a $1.8 million increase in non-interest expenses and an increase in income taxes of $326 thousand.\n\n \n \n \n \n \n \n\n \nHighlights for the quarter-ended June 30, 2022 are as follows:\nDuring the six months ended June 30, 2022, the Bank purchased 265,341 shares of common stock of the authorized 324,017 shares of common stock from a second 5% stock buyback program which commenced in 2022 at a weighted average price of $29.17.Net income for the second quarter of 2022 increased $803 thousand or 14.5% over the same period in 2021.The Bank decreased its cost of funds on deposits by 15 basis points in the second quarter of 2022 from the same period in 2021.The ratio of nonperforming loan...