Business
The Bank of Princeton Announces Third Quarter 2019 Results
PRINCETON, N.J., Oct. 24, 2019 /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., Oct. 24, 2019 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended September 30, 2019. The Bank reported net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2019, compared to net income of $2.8 million, or $0.41 per diluted common share, for the second quarter of 2019, and net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2018. The increase in net income, when comparing the three months ended June 30, 2019, was primarily due to an increase in net-interest income of approximately $402 thousand, a $225 thousand reduction in the provision for loan losses, an increase of $292,000 in loan fees collected and a $627 thousand one-time expense in the three months ended June 30, 2019 related to the acquisition of five branches that closed during the second quarter. For the nine month period ended September 30, 2019, the Bank recorded net income of $6.8 million, or $0.98 per diluted common share, compared to $10.9 million, or $1.59 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 $4.0 million of which $3.9 million was recorded in the first quarter of 2019. \nHighlights for the quarter-ended September 30, 2019 are as follows:\nTotal deposits increased $143.7 million, or 14.3% from the $1.01 billion at December 31, 2018. Net loans increased $71.1 million (excluding $4.3 million in charge-offs) from the $1.07 billion at December 31, 2018. This reflects an annualized increase of 8.9%. Non-performing assets decreased $3.3 million, or 57.6%, from $5.7 million at December 31, 2018 and decreased $280 thousand from the previous quarter. Interest income for the three month period ended September 30, 2019 increased $1.1 million, or 7.9%, over the same period in 2018. Non-interest income for the three month period ended September 30, 2019 increased $428 thousand, or 65.9%, over the same period in 2018.\"We are pleased with the strong earnings recorded this quarter, which was aided by our growth in loans and the 7 bps improvement in our net interest margin versus the linked quarter,\" stated Edward Dietzler, President/CEO.\nChairman Richard Gillespie no...