Business
The Bank of Princeton Announces Third Quarter 2020 Results
PRINCETON, N.J., Oct. 22, 2020 /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., Oct. 22, 2020 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported its unaudited results of operations and financial condition for the quarter ended September 30, 2020. The Bank reported net income of $3.5 million, or $0.52 per diluted common share, for the third quarter of 2020, compared to net income of $3.1 million, or $0.45 per diluted common share, for the second quarter of 2020, and net income of $3.7 million, or $0.54 per diluted common share, for the third quarter of 2019. The increase in net income, when compared to the three months ended June 30, 2020, was primarily due to a $772 thousand increase in net-interest income, a $405 thousand increase in non-interest income and a $460 thousand reduction in non-interest expense, partially offset by a $925 thousand increase in the Bank's provision for loan losses, and a $291 thousand increase in income tax expense. The decrease in net income, when comparing it to the three months ended September 30, 2019, was primarily due to a $187 thousand increase in income tax expense. For the nine month period ended September 30, 2020, the Bank recorded net income of $9.7 million, or $1.41 per diluted common share, compared to $6.8 million, or $0.98 per diluted common share for the same period in 2019. This increase over 2019's results was primarily due to a $4.2 million increase in net-interest income, a $1.1 million decrease in the Bank's provision for loan losses and a $1.0 million increase in non-interest income, partially offset by $2.4 million increase in non-interest expenses attributed to the Bank's strategy of branch expansion and a $1.1 million increase in income tax expense.\n\n \n \n \n \n \n \n\n \nHighlights for the quarter-ended September 30, 2020 are as follows:\nThe Bank opened three new branches located in Lakewood and Piscataway, New Jersey and Philadelphia, Pennsylvania. Net interest income for the three month period ended September 30, 2020 increased $2.0 million, or 18.7%, over the same period in 2019. The Bank decreased its cost of funds by 79 basis points during the three month period ended September 30, 2020, when compared to the same period in 2019. The Bank's efficiency ratio decreased to 52.91% for the three month period ended September 30, 2020. The ratio of non-performing assets to total assets was 0.15% at Sept...