Business
The Bank of Princeton Announces Third Quarter 2022 Results
PRINCETON, N.J., Oct. 20, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported its unaudited financial condition and results
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., Oct. 20, 2022 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ: BPRN) today reported its unaudited financial condition and results of operations at and for the quarter ended September 30, 2022. The Bank reported net income of $7.0 million, or $1.09 per diluted common share, for the third quarter of 2022, compared to net income of $6.3 million, or $0.98 per diluted common share, for the second quarter of 2022, and net income of $5.9 million, or $0.88 per diluted common share, for the third quarter of 2021. The increase in net income, when compared to the three months ended June 30, 2022, was primarily due to an increase of $1.4 million in net interest income and a $595 thousand increase in non-interest income, partially offset by a $697 thousand increase in non-interest expenses and a $459 thousand increase income tax expense. The increase in net income, when comparing it to the three months ended September 30, 2021, was primarily due to an increase in net interest income of $1.6 million, a $1.0 million decrease in the provision for loan losses and a $389 thousand increase in non-interest income, partially offset by a $1.6 million increase in non-interest expenses and a $350 thousand increase in income tax expense. For the nine-month period ended September 30, 2022, the Bank recorded net income of $19.3 million, or $2.98 per diluted common share, compared to $16.3 million, or $2.38 per diluted common share for the same period in 2021, primarily due to a $3.2 million increase in net interest income a $3.1 million decrease in the Bank's provision for loan losses, and a $666 thousand increase in non-interest income, partially offset by a $3.3 million increase in non-interest expenses and an increase in income taxes of $676 thousand.\n\n \n \n \n \n \n \n\n \nHighlights for the three and nine month periods ended September 30, 2022 are as follows:\nDuring the nine months ended September 30, 2022, the Bank purchased 315,058 shares of common stock nearly completing the authorized 324,017 shares of common stock from the 5% stock buyback program that commenced in 2022 at a weighted average price of $29.07.Net income for the third quarter of 2022 increased $1.0 million or 17.7% over the same period in 2021.The Bank maintained its low total cost of funds on deposits at 40 basis points for the third quarter of 20...