Business
The Bank of Princeton Announces Third Quarter 2021 Results
PRINCETON, N.J., Oct. 21, 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., Oct. 21, 2021 /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, 2021. The Bank reported net income of $5.9 million, or $0.88 per diluted common share, for the third quarter of 2021, compared to net income of $5.5 million, or $0.80 per diluted common share, for the second quarter of 2021, and net income of $3.5 million, or $0.52 per diluted common share, for the third quarter of 2020. The increase in net income, when compared to the three months ended June 30, 2021, was primarily due to a $376 thousand increase in net-interest income, a $300 thousand increase in non-interest income, and a $133 thousand reduction in non-interest expense, partially offset by a $200 thousand increase in the provision for loan losses and a $206 thousand increase in income tax expense. The increase in net income, when comparing it to the three months ended September 30, 2020, was primarily due to an increase in net-interest income of $3.3 million and a $42 thousand increase in non-interest income, partially offset by a $955 thousand increase in non-interest expense and a $765 thousand increase in income tax expenses. \n\n \n \n \n \n \n \n\n \nFor the nine month period ended September 30, 2021, the Bank recorded net income of $16.3 million, or $2.38 per diluted common share, compared to $9.7 million, or $1.41 per diluted common share, for the same period in 2020, primarily due to an $11.3 million increase in net-interest income and a $250 thousand reduction in the Bank's provision for loan losses, partially offset by an increase in income taxes of $2.3 million, a $2.3 million increase in non-interest expense, and a $437 thousand decrease in non-interest income. \nHighlights for the quarter-ended September 30, 2021 are as follows:\nThe Bank continued its stock buyback program during the third quarter by purchasing an additional 73,259 shares of common stock at a weighted average price of $29.63. Net interest income for the third quarter of 2021 increased $3.3 million or 26.1% over the same period in 2020. The Bank decreased its cost of funds on deposits by 37 basis points in the third quarter of 2021 from the same period in 2020. The Bank's efficiency ratio decreased to 48.2% for the third quarter of 2021 com...