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.
Highlights for the quarter-ended June 30, 2022 are as follows:
- During 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 loans to total loans continues to be
low at 0.07% as of June 30, 2022,
compared to 0.09% at December 31,
2021 and 0.23% at June 30,
2021.
President/CEO Edward Dietzler
noted that, "The Bank continues to improve its performance with
continued credit quality and a strong net interest margin of 4.19%
for the quarter and a well-controlled expense base."
Balance Sheet Review
Total assets were $1.63 billion at
June 30, 2022, a decrease of
$62.5 million, or 3.7% when compared
to $1.69 billion at the end of 2021.
The primary reason for the decrease in total assets was a decrease
in cash and cash equivalents of approximately $111.9 million and a $12.9
million decrease in available-for-sale securities, partially
offset by an increase of $61.0
million in net loans. The increase in net loans
primarily consisted of a $104.4
million increase in commercial real estate loans and an
$11.3 million increase in
construction and development loans, partially offset by a decrease
of $54.4 million in Payroll
Protection Program ("PPP") loans which are no longer being offered
by the SBA.
Total deposits at June 30, 2022
decreased $55.1 million, or 3.8%,
when compared to December 31,
2021. When comparing deposit products between the two
periods, certificates of deposit decreased $18.6 million, money market deposits decreased
$12.6 million, interest-bearing
demand deposits decreased $12.2
million, non-interest-bearing demand deposits decreased
$8.4 million and savings decreased
$3.2 million. In addition, the Bank
had no outstanding borrowings at June 30,
2022 and December 31, 2021.
Total stockholders' equity at June 30,
2022 decreased $5.2 million or
2.4% when compared to the end of 2021. This decrease was primarily
due to the $7.8 million of common
stock repurchased in the 2022 buyback program, and a $7.4 million change in the accumulated other
comprehensive income (loss) on the available-for-sale investment
portfolio associated with an increase in unrealized losses due to
the increase in interest rates. These decreases were
partially offset by a $9.0 million
increase in retained earnings consisting of $12.3 million of net income less $3.3 million of cash dividends recorded during
the period. The ratio of equity to total assets at June 30, 2022 and at December 31, 2021, was $13.0% and 12.8%,
respectively.
Asset Quality
At June 30, 2022, non-performing
assets were $965 thousand, a decrease
of $449 thousand, or 31.8%, when
compared to the amount at December
31, 2021. This decrease was primarily due to the sale
of an other real estate owned property in the amount of
$226 thousand and a $203 thousand write-down of a non-performing
loan. Troubled debt restructurings ("TDRs") totaled
$6.6 million at June 30, 2022 and $6.9
million at December 31, 2021.
Three TDR loans totaling $6.0 million
are performing in accordance with the agreed-upon terms and there
is one TDR loan in non-accrual status as of June 30, 2022.
Review of Quarterly Financial Results
Net interest income was $16.3
million for the second quarter of 2022, compared to
$15.9 million for the first quarter
of 2022 and $15.7 million for the
second quarter of 2021. The increase from the previous
quarter was the result of an increase in interest income of
$378 thousand, or 2.2% and a decrease
in interest expense of $55
thousand. The net interest margin for the second
quarter 2022 was 4.19%, increasing 10 basis points when compared to
the first quarter of 2022. This increase was primarily associated
with an increase of eight basis points in the yield on earning
assets. When comparing the same three-month period
ended June 30, 2022 and 2021, net
interest income increased $552
thousand, which was primarily due to a reduction of 19 basis
points on the yield paid on interest-bearing liabilities, partially
offset by a $25.7 million increase in
the average outstanding balance of interest-bearing deposits. For
the six-month period ended June 30,
2022, net interest income was $32.1
million compared to $30.5
million for the six-month period ended June 30, 2021. The increase from the
previous six-month period was the result of an increase in interest
income of $326 thousand, or 1.0% and
a decrease in interest expense of $1.3
million, or 35.6%. The average outstanding balance of
earning assets increased by $36.6
million and average outstanding interest-bearing liabilities
increased $26.2 million. The
rate on total deposits, for the three-month periods ended
June 30, 2022 and 2021 was 0.33% and
0.48%, respectively. For the six-month periods ended
June 30, 2022 and 2021 the rate on
total deposits was 0.34% and 0.54%, respectively.
The Bank did not record a provision for credit losses for both
the three-month and six-month periods ended June 30, 2022. The comparable amounts were
$1.0 million and $2.1 million for the three months and six months
ended June 30, 2021, respectively.
The primary reasons for the provision for credit losses for the
first and second quarters of 2021 were charge-offs in the amounts
of $1.1 million and $1.0 million, respectively. Net recoveries
for the three-month and six-month periods ended June 30, 2022 and the prior three-month period
ended March 31, 2022, were
$12 thousand, $46 thousand and $34
thousand, respectively. The Bank did not make any
material changes to the qualitative factors used in determining the
level of general reserve needed for management's assessment of the
credit quality in the loan portfolio. The coverage ratio of
allowance for credit losses to period end loans was 1.19%
(excluding PPP loans it was 1.21%) at June
30, 2022, compared to 1.24% (excluding PPP loans it was
1.32%) at December 31, 2021.
Total non-interest income for the second quarter of 2022
increased $94 thousand to
$1.1 million, or by 9.2%, when
compared to the same period in 2021. This increase was primarily
due to a $65 thousand increase in
loan fees collected and a $61
thousand increase in service fees, partially offset by a
$40 thousand reduction relating to an
equity investment that incurred startup costs. For the
six-month period ended June 30, 2022,
non-interest income increased $277
thousand, or 14.7%, from the same six-month period in 2021,
primarily due to a $134 thousand
increase in service fees, a $99
thousand increase in other non-interest income and a
$34 thousand increase in loan fees
collected.
Total non-interest expense for the second quarter of 2022
increased $746 thousand, or 8.6%,
when compared to the same period in 2021. This increase was
primarily due to $544 thousand
increase in salaries and benefits expenses, $167 thousand increase in data processing and
communication expenses and a $101
thousand expense related to an OREO property, partially
offset by a $96 thousand reduction in
professional fees and a $93 thousand
reduction in occupancy and equipment expenses. When comparing
the quarter ended June 30, 2022 to
the immediately prior quarter, non-interest expense increased
$160 thousand, or 1.7%, primarily due
to increases in OREO expense and other operating expenses. For the
six-month period ended June 30, 2022,
non-interest expense was $18.7
million, compared to $16.9
million for the same period in 2021. This increase was
primarily due to an increase in additional operating costs
associated with the Bank's expansion strategy.
For the three-month period ended June 30,
2022, the Bank recorded an income tax expense of
$1.6 million, resulting in an
effective tax rate of 20.6%, compared to an income tax expense of
$1.6 million resulting in an
effective tax rate of 21.1% for the three-month period ended
March 31, 2022, and compared to an
income tax expense of $1.5 million
resulting in an effective tax rate of 21.9% for the three-month
period ended June 30, 2021. For
the six-month periods ended June 30,
2022 and 2021, the income tax expense were $3.3 million (effective tax rate of 20.9%) and
$2.9 million (effective tax rate of
22.0%), respectively.
About The Bank of Princeton
The Bank of Princeton is a
community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank
with 19 branches in New Jersey,
including three in Princeton and
others in Bordentown, Browns Mills, Chesterfield, Cream
Ridge, Deptford,
Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe, New Brunswick, Pennington, Piscataway, Princeton Junction, Quakerbridge and
Sicklerville. There are also four branches in the
Philadelphia, Pennsylvania area.
The Bank of Princeton is a member
of the Federal Deposit Insurance Corporation ("FDIC").
Forward-Looking Statements
The Bank of Princeton may from
time to time make written or oral "forward-looking statements,"
including statements contained in the Bank's filings with the FDIC,
in its reports to stockholders and in other communications by the
Bank (including this press release), which are made in good faith
by the Bank pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the
Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and
uncertainties, such as statements of the Bank's plans, objectives,
expectations, estimates and intentions that are subject to change
based on various important factors (some of which are beyond the
Bank's control). The following factors, among others, could cause
the Bank's financial performance to differ materially from the
plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements: the extent of the adverse
impact of the current global coronavirus outbreak on our customers,
prospects and business, including related supply chain shortage of
goods, as well as the impact of any future pandemics or other
natural disasters; civil unrest, rioting, acts or threats of
terrorism, or actions taken by the local, state and Federal
governments in response to such events, which could impact business
and economic conditions in our market area, the strength of
the United States economy in
general and the strength of the local economies in which the Bank
conducts operations; the effects of, and changes in, trade,
monetary and fiscal policies and laws, including interest rate
policies of the Board of Governors of the Federal Reserve System;
inflation, interest rate, market and monetary fluctuations; market
volatility; the value of the Bank's products and services as
perceived by actual and prospective customers, including the
features, pricing and quality compared to competitors' products and
services; the willingness of customers to substitute competitors'
products and services for the Bank's products and services; credit
risk associated with the Bank's lending activities; risks relating
to the real estate market and the Bank's real estate collateral;
the impact of changes in applicable laws and regulations and
requirements arising out of our supervision by banking regulators;
other regulatory requirements applicable to the Bank; and the
timing and nature of the regulatory response to any applications
filed by the Bank; technological changes; acquisitions; changes in
consumer spending and saving habits; those risks set forth in the
Bank's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk
Factors," and the success of the Bank at managing the risks
involved in the foregoing.
The Bank cautions that the foregoing list of important factors
is not exclusive. The Bank does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Bank, except as
required by applicable law or regulation.
The Bank of
Princeton
|
|
Consolidated
Statements of Financial Condition
|
|
(Unaudited)
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022
vs
|
|
|
June 30, 2022
vs
|
|
|
|
June
30,
|
|
December
31,
|
|
June
30,
|
|
December 31,
2021
|
|
|
June 30,
2021
|
|
|
|
2022
|
|
2021
|
|
2021
|
|
$
Change
|
|
%
Change
|
|
$
Change
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 46,771
|
|
$
158,716
|
|
$ 79,939
|
|
$
(111,945)
|
|
(70.53)
|
%
|
|
$
(33,168)
|
|
(41.49)
|
%
|
Securities
available-for-sale taxable
|
|
46,546
|
|
51,690
|
|
25,750
|
|
(5,144)
|
|
(9.95)
|
|
|
20,796
|
|
80.76
|
|
Securities
available-for-sale tax-exempt
|
|
41,693
|
|
49,468
|
|
46,852
|
|
(7,775)
|
|
(15.72)
|
|
|
(5,159)
|
|
(11.01)
|
|
Securities
held-to-maturity
|
|
204
|
|
208
|
|
212
|
|
(4)
|
|
(1.92)
|
|
|
(8)
|
|
(3.77)
|
|
Loans receivable, net
of deferred
|
|
1,396,223
|
|
1,335,163
|
|
1,393,907
|
|
61,060
|
|
4.57
|
|
|
2,316
|
|
0.17
|
|
Allowance for loan
losses
|
|
(16,666)
|
|
(16,620)
|
|
(16,042)
|
|
(46)
|
|
0.28
|
|
|
(624)
|
|
3.89
|
|
Goodwill
|
|
8,853
|
|
8,853
|
|
8,853
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
Core deposit
intangible
|
|
2,093
|
|
2,393
|
|
2,701
|
|
(300)
|
|
(12.54)
|
|
|
(608)
|
|
(22.51)
|
|
Other assets
|
|
99,422
|
|
97,811
|
|
93,292
|
|
1,611
|
|
1.65
|
|
|
6,130
|
|
6.57
|
|
TOTAL
ASSETS
|
|
$ 1,625,139
|
|
$ 1,687,682
|
|
$ 1,635,464
|
|
$
(62,543)
|
|
(3.71)
|
%
|
|
$
(10,325)
|
|
(0.63)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
|
$
277,836
|
|
$
286,247
|
|
$
272,685
|
|
$ (8,411)
|
|
(2.94)
|
%
|
|
$
5,151
|
|
1.89
|
%
|
Interest
checking
|
|
246,792
|
|
259,022
|
|
250,750
|
|
(12,230)
|
|
(4.72)
|
|
|
(3,958)
|
|
(1.58)
|
|
Savings
|
|
222,408
|
|
225,579
|
|
207,656
|
|
(3,171)
|
|
(1.41)
|
|
|
14,752
|
|
7.10
|
|
Money market
|
|
360,426
|
|
373,075
|
|
335,062
|
|
(12,649)
|
|
(3.39)
|
|
|
25,364
|
|
7.57
|
|
Time deposits over
$250,000
|
|
33,517
|
|
33,741
|
|
44,158
|
|
(224)
|
|
(0.66)
|
|
|
(10,641)
|
|
(24.10)
|
|
Other time
deposits
|
|
250,069
|
|
268,479
|
|
288,015
|
|
(18,410)
|
|
(6.86)
|
|
|
(37,946)
|
|
(13.18)
|
|
Total
deposits
|
|
1,391,048
|
|
1,446,143
|
|
1,398,326
|
|
(55,095)
|
|
(3.81)
|
|
|
(7,278)
|
|
(0.52)
|
|
Borrowings
|
|
-
|
|
-
|
|
-
|
|
-
|
|
N/A
|
|
|
-
|
|
N/A
|
|
Other
liabilities
|
|
22,742
|
|
24,961
|
|
24,298
|
|
(2,219)
|
|
(8.89)
|
|
|
(1,556)
|
|
(6.40)
|
|
TOTAL LIABILITIES
|
|
1,413,790
|
|
1,471,104
|
|
1,422,624
|
|
(57,314)
|
|
(3.90)
|
|
|
(8,834)
|
|
(0.62)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
34,338
|
|
34,100
|
|
34,066
|
|
238
|
|
0.70
|
|
|
272
|
|
0.80
|
|
Paid-in
capital
|
|
80,883
|
|
80,220
|
|
80,041
|
|
663
|
|
0.83
|
|
|
842
|
|
1.05
|
|
Treasury
stock
|
|
(17,832)
|
|
(10,032)
|
|
(4,458)
|
|
(7,800)
|
|
77.75
|
|
|
(13,374)
|
|
N/A
|
|
Retained
earnings
|
|
120,487
|
|
111,451
|
|
101,718
|
|
9,036
|
|
8.11
|
|
|
18,769
|
|
18.45
|
|
Accumulated other
comprehensive income (loss)
|
|
(6,527)
|
|
839
|
|
1,473
|
|
(7,366)
|
|
(877.95)
|
|
|
(8,000)
|
|
(543.11)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
211,349
|
|
216,578
|
|
212,840
|
|
(5,229)
|
|
(2.41)
|
|
|
(1,491)
|
|
(0.70)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AND STOCKHOLDERS'
EQUITY
|
|
$ 1,625,139
|
|
$ 1,687,682
|
|
$ 1,635,464
|
|
$
(62,543)
|
|
(3.71)
|
%
|
|
$
(10,325)
|
|
(0.63)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share
|
|
$ 33.74
|
|
$
33.42
|
|
$ 31.96
|
|
$
0.32
|
|
0.96
|
%
|
|
$
1.78
|
|
5.57
|
%
|
Tangible book value
per common share1
|
|
$ 32.00
|
|
$
31.69
|
|
$ 30.23
|
|
$
0.31
|
|
0.99
|
%
|
|
$
1.77
|
|
5.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Tangible
book value per common share is a non-GAAP measure that represents
book value per common share which excludes goodwill and core
deposit intangible.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bank of
Princeton
|
Loan and Deposit
Tables
|
(Unaudited)
|
|
|
|
|
|
|
The components of loans
receivable, net at June 30, 2022 and December 31, 2021 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
|
|
(In
thousands)
|
|
Commercial real
estate
|
|
$
875,395
|
|
$
771,028
|
|
Commercial and
industrial
|
|
29,414
|
|
29,677
|
|
Construction
|
|
415,004
|
|
403,680
|
|
Residential first-lien
mortgages
|
|
47,085
|
|
48,638
|
|
Home equity /
consumer
|
|
8,018
|
|
7,685
|
|
PPP I (SBA
loans)
|
|
4,180
|
|
6,641
|
|
PPP II (SBA
loans)
|
|
21,113
|
|
73,099
|
|
Total loans
|
|
1,400,209
|
|
1,340,448
|
|
Deferred fees and
costs
|
|
(3,986)
|
|
(5,285)
|
|
Allowance for loan
losses
|
|
(16,666)
|
|
(16,620)
|
|
Loans, net
|
|
$ 1,379,557
|
|
$ 1,318,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The components of
deposits at June 30, 2022 and December 31, 2021 were as
follows:
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
|
|
(In
thousands)
|
|
Demand,
non-interest-bearing
|
|
$
277,836
|
|
$
286,247
|
|
Demand,
interest-bearing
|
|
246,792
|
|
259,022
|
|
Savings
|
|
222,408
|
|
225,579
|
|
Money
markets
|
|
360,426
|
|
373,075
|
|
Time
deposits
|
|
283,586
|
|
302,220
|
|
Total deposits
|
|
$ 1,391,048
|
|
$ 1,446,143
|
|
|
|
|
|
|
|
The Bank of Princeton
|
Consolidated Statements of
Income
|
(Unaudited)
|
(Amounts in thousands except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
2022
|
|
2021
|
|
$ Change
|
|
% Change
|
Interest and dividend income
|
|
|
|
|
|
|
|
|
Loans and
fees
|
$
16,768
|
|
$
16,978
|
|
$ (210)
|
|
-1.2 %
|
|
Available-for-sale debt
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
234
|
|
112
|
|
122
|
|
108.9 %
|
|
|
Tax-exempt
|
293
|
|
289
|
|
4
|
|
1.4 %
|
|
Held-to-maturity debt
securities
|
3
|
|
2
|
|
1
|
|
50.0 %
|
|
Other interest and
dividend income
|
158
|
|
41
|
|
117
|
|
285.4 %
|
|
|
Total interest and dividends
|
17,456
|
|
17,422
|
|
34
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,169
|
|
1,687
|
|
(518)
|
|
-30.7 %
|
|
|
Total interest expense
|
1,169
|
|
1,687
|
|
(518)
|
|
-30.7 %
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
16,287
|
|
15,735
|
|
552
|
|
3.5 %
|
Provision for loan losses
|
-
|
|
1,000
|
|
(1,000)
|
|
-100.0 %
|
Net interest income after provision for loan
losses
|
16,287
|
|
14,735
|
|
1,552
|
|
10.5 %
|
|
|
|
|
|
|
|
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
Gain on sale of
securities available-for-sale, net
|
2
|
|
-
|
|
2
|
|
N/A
|
|
Income from bank-owned
life insurance
|
283
|
|
277
|
|
6
|
|
2.2 %
|
|
Fees and service
charges
|
497
|
|
436
|
|
61
|
|
14.0 %
|
|
Loan fees, including
prepayment penalties
|
303
|
|
238
|
|
65
|
|
27.3 %
|
|
Other
|
27
|
|
67
|
|
(40)
|
|
-59.7 %
|
|
|
Total non-interest income
|
1,112
|
|
1,018
|
|
94
|
|
9.2 %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
4,908
|
|
4,364
|
|
544
|
|
12.5 %
|
|
Occupancy and
equipment
|
1,429
|
|
1,522
|
|
(93)
|
|
-6.1 %
|
|
Professional
fees
|
582
|
|
678
|
|
(96)
|
|
-14.2 %
|
|
Data processing and
communications
|
1,056
|
|
889
|
|
167
|
|
18.8 %
|
|
Federal deposit
insurance
|
275
|
|
238
|
|
37
|
|
15.5 %
|
|
Advertising and
promotion
|
120
|
|
63
|
|
57
|
|
90.5 %
|
|
Office
expense
|
62
|
|
44
|
|
18
|
|
40.9 %
|
|
Other real estate owned
expense
|
2
|
|
1
|
|
1
|
|
100.0 %
|
|
Loss on sale of other
real estate owned
|
101
|
|
-
|
|
101
|
|
N/A
|
|
Core deposit
intangible
|
145
|
|
160
|
|
(15)
|
|
-9.4 %
|
|
Other
|
748
|
|
723
|
|
25
|
|
3.5 %
|
|
|
Total non-interest expense
|
9,428
|
|
8,682
|
|
746
|
|
8.6 %
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
7,971
|
|
7,071
|
|
900
|
|
12.7 %
|
Income tax expense
|
1,644
|
|
1,547
|
|
97
|
|
6.3 %
|
Net income
|
$
6,327
|
|
$
5,524
|
|
803
|
|
14.5 %
|
|
|
|
|
|
|
|
|
|
Net income per common share -
basic
|
$
1.00
|
|
$
0.82
|
|
$ 0.18
|
|
22.0 %
|
Net income per common share -
diluted
|
$
0.98
|
|
$
0.80
|
|
$ 0.18
|
|
22.5 %
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding -
basic
|
6,305
|
|
6,725
|
|
(420)
|
|
-6.2 %
|
Weighted average shares outstanding -
diluted
|
6,437
|
|
6,872
|
|
(435)
|
|
-6.3 %
|
The Bank of
Princeton
|
Consolidated
Statements of Income (Current Quarter vs Prior
Quarter)
|
(Unaudited)
|
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
$
Change
|
|
%
Change
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
Loans and
fees
|
$
16,768
|
|
$
16,492
|
|
$
276
|
|
1.7 %
|
|
Available-for-sale debt
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
234
|
|
223
|
|
11
|
|
4.9 %
|
|
|
Tax-exempt
|
293
|
|
303
|
|
(10)
|
|
-3.3 %
|
|
Held-to-maturity debt
securities
|
3
|
|
3
|
|
0
|
|
0.0 %
|
|
Other interest and
dividend income
|
158
|
|
57
|
|
101
|
|
177.2 %
|
|
|
Total interest and
dividends
|
17,456
|
|
17,078
|
|
378
|
|
2.2 %
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,169
|
|
1,224
|
|
(55)
|
|
-4.5 %
|
|
|
Total interest
expense
|
1,169
|
|
1,224
|
|
(55)
|
|
-4.5 %
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
16,287
|
|
15,854
|
|
433
|
|
2.7 %
|
Provision for loan
losses
|
-
|
|
-
|
|
0
|
|
0.0 %
|
Net interest income
after provision for loan losses
|
16,287
|
|
15,854
|
|
433
|
|
2.7 %
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
Gain on sale of
securities available for sale,net
|
2
|
|
-
|
|
2
|
|
N/A
|
|
Income from bank-owned
life insurance
|
283
|
|
282
|
|
1
|
|
0.4 %
|
|
Fees and service
charges
|
497
|
|
475
|
|
22
|
|
4.6 %
|
|
Loan fees, including
prepayment penalties
|
303
|
|
95
|
|
208
|
|
218.9 %
|
|
Other
|
27
|
|
194
|
|
(167)
|
|
-86.1 %
|
|
|
Total non-interest
income
|
1,112
|
|
1,046
|
|
66
|
|
6.3 %
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
4,908
|
|
4,901
|
|
7
|
|
0.1 %
|
|
Occupancy and
equipment
|
1,429
|
|
1,478
|
|
(49)
|
|
-3.3 %
|
|
Professional
fees
|
582
|
|
561
|
|
21
|
|
3.7 %
|
|
Data processing and
communications
|
1,056
|
|
1,035
|
|
21
|
|
2.0 %
|
|
Federal deposit
insurance
|
275
|
|
264
|
|
11
|
|
4.2 %
|
|
Advertising and
promotion
|
120
|
|
119
|
|
1
|
|
0.8 %
|
|
Office
expense
|
62
|
|
54
|
|
8
|
|
14.8 %
|
|
Other real estate owned
expense
|
2
|
|
9
|
|
(7)
|
|
-77.8 %
|
|
Loss on sale of other
real estate owned
|
101
|
|
-
|
|
101
|
|
N/A
|
|
Core deposit
intangible
|
145
|
|
154
|
|
(9)
|
|
-5.8 %
|
|
Other
|
748
|
|
693
|
|
55
|
|
7.9 %
|
|
|
Total non-interest
expense
|
9,428
|
|
9,268
|
|
160
|
|
1.7 %
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
7,971
|
|
7,632
|
|
339
|
|
4.4 %
|
Income tax
expense
|
1,644
|
|
1,611
|
|
33
|
|
2.0 %
|
Net
income
|
$
6,327
|
|
$
6,021
|
|
$
306
|
|
5.1 %
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - basic
|
$
1.00
|
|
$
0.93
|
|
$ 0.07
|
|
7.5 %
|
Net income per
common share - diluted
|
$
0.98
|
|
$
0.91
|
|
$ 0.07
|
|
7.7 %
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
6,305
|
|
6,465
|
|
(160)
|
|
-2.5 %
|
Weighted average
shares outstanding - diluted
|
6,437
|
|
6,614
|
|
(177)
|
|
-2.7 %
|
The Bank of
Princeton
|
Consolidated
Statements of Income
|
(Unaudited)
|
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
$
Change
|
|
%
Change
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
Loans and
fees
|
$ 33,260
|
|
$
33,306
|
|
$
(46)
|
|
-0.1 %
|
|
Available-for-sale debt
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
457
|
|
220
|
|
237
|
|
107.7 %
|
|
|
Tax-exempt
|
596
|
|
590
|
|
6
|
|
1.0 %
|
|
Held-to-maturity debt
securities
|
6
|
|
6
|
|
0
|
|
0.0 %
|
|
Other interest and
dividend income
|
215
|
|
86
|
|
129
|
|
150.0 %
|
|
|
Total interest and
dividends
|
34,534
|
|
34,208
|
|
326
|
|
1.0 %
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
2,393
|
|
3,717
|
|
(1,324)
|
|
-35.6 %
|
|
|
Borrowings
|
-
|
|
1
|
|
(1)
|
|
-100.0 %
|
|
|
Total interest
expense
|
2,393
|
|
3,718
|
|
(1,325)
|
|
-35.6 %
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
32,141
|
|
30,490
|
|
1,651
|
|
5.4 %
|
Provision for loan
losses
|
-
|
|
2,125
|
|
(2,125)
|
|
-100.0 %
|
Net interest income
after provision for loan losses
|
32,141
|
|
28,365
|
|
3,776
|
|
13.3 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
income
|
|
|
|
|
|
|
|
|
Gain on sale of
securities available-for-sale, net
|
2
|
|
7
|
|
(5)
|
|
-71.4 %
|
|
Income from bank-owned
life insurance
|
565
|
|
550
|
|
15
|
|
2.7 %
|
|
Fees and service
charges
|
972
|
|
838
|
|
134
|
|
16.0 %
|
|
Loan fees, including
prepayment penalties
|
398
|
|
364
|
|
34
|
|
9.3 %
|
|
Other
|
221
|
|
122
|
|
99
|
|
81.1 %
|
|
|
Total non-interest
income
|
2,158
|
|
1,881
|
|
277
|
|
14.7 %
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
9,809
|
|
8,474
|
|
1,335
|
|
15.8 %
|
|
Occupancy and
equipment
|
2,907
|
|
3,042
|
|
(135)
|
|
-4.4 %
|
|
Professional
fees
|
1,143
|
|
1,340
|
|
(197)
|
|
-14.7 %
|
|
Data processing and
communications
|
2,091
|
|
1,760
|
|
331
|
|
18.8 %
|
|
Federal deposit
insurance
|
539
|
|
366
|
|
173
|
|
47.3 %
|
|
Advertising and
promotion
|
239
|
|
113
|
|
126
|
|
111.5 %
|
|
Office
expense
|
116
|
|
97
|
|
19
|
|
19.6 %
|
|
Other real estate owned
expense
|
11
|
|
10
|
|
1
|
|
10.0 %
|
|
Loss on sale of other
real estate owned
|
101
|
|
-
|
|
101
|
|
N/A
|
|
Core deposit
intangible
|
299
|
|
334
|
|
(35)
|
|
-10.5 %
|
|
Other
|
1,441
|
|
1,405
|
|
36
|
|
2.6 %
|
|
|
Total non-interest
expense
|
18,696
|
|
16,941
|
|
1,755
|
|
10.4 %
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
15,603
|
|
13,305
|
|
2,298
|
|
17.3 %
|
Income tax
expense
|
3,255
|
|
2,929
|
|
326
|
|
11.1 %
|
Net
income
|
$ 12,348
|
|
$
10,376
|
|
$
1,972
|
|
19.0 %
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - basic
|
$
1.93
|
|
$ 1.54
|
|
$
0.39
|
|
25.6 %
|
Net income per
common share - diluted
|
$
1.89
|
|
$ 1.50
|
|
$
0.39
|
|
26.1 %
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
6,385
|
|
6,760
|
|
(375)
|
|
-5.5 %
|
Weighted average
shares outstanding - diluted
|
6,526
|
|
6,899
|
|
(373)
|
|
-5.4 %
|
|
|
|
|
|
|
|
|
|
|
The Bank of Princeton
|
Consolidated Average Statement of Financial
Condition
|
(Unaudited)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30,
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
|
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
$ Change
|
|
% Change
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
1,391,937
|
|
4.85 %
|
|
$
1,434,187
|
|
4.75 %
|
|
$
(42,250)
|
|
0.10 %
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
available-for-sale
|
48,590
|
|
1.93 %
|
|
24,890
|
|
1.80 %
|
|
23,700
|
|
0.13 %
|
Tax-exempt
available-for-sale
|
43,742
|
|
2.68 %
|
|
46,586
|
|
2.48 %
|
|
(2,844)
|
|
0.88 %
|
Held-to-maturity
|
205
|
|
5.29 %
|
|
213
|
|
5.27 %
|
|
(8)
|
|
2.81 %
|
Securities
|
92,537
|
|
2.29 %
|
|
71,689
|
|
2.25 %
|
|
20,848
|
|
2.29 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
bank accounts
|
72,786
|
|
0.78 %
|
|
46,234
|
|
0.22 %
|
|
26,552
|
|
0.78 %
|
Equities
|
1,307
|
|
5.14 %
|
|
1,402
|
|
4.37 %
|
|
(95)
|
|
4.92 %
|
Other interest-earning assets
|
74,093
|
|
0.86 %
|
|
47,636
|
|
0.35 %
|
|
26,457
|
|
0.86 %
|
Total interest-earning assets
|
1,558,567
|
|
4.49 %
|
|
1,553,512
|
|
4.50 %
|
|
5,055
|
|
4.49 %
|
Total non-earning assets
|
107,194
|
|
|
|
94,629
|
|
|
|
|
|
|
Total assets
|
$
1,665,761
|
|
|
|
$
1,648,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
$ 273,114
|
|
0.26 %
|
|
$ 255,644
|
|
0.26 %
|
|
$
17,470
|
|
0.00 %
|
Savings
|
230,493
|
|
0.24 %
|
|
199,920
|
|
0.25 %
|
|
30,573
|
|
-0.01 %
|
Money market
|
368,704
|
|
0.29 %
|
|
332,467
|
|
0.31 %
|
|
36,237
|
|
-0.02 %
|
Certificates of
deposit
|
277,621
|
|
0.86 %
|
|
336,205
|
|
1.36 %
|
|
(58,584)
|
|
-0.50 %
|
Total interest-bearing deposits
|
1,149,932
|
|
0.41 %
|
|
1,124,236
|
|
0.60 %
|
|
25,696
|
|
-0.19 %
|
Non-interest bearing
deposits
|
278,963
|
|
|
|
283,567
|
|
|
|
|
|
|
Total deposits
|
1,428,895
|
|
0.33 %
|
|
1,407,803
|
|
0.48 %
|
|
21,092
|
|
-0.15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
-
|
|
0.00 %
|
|
610
|
|
0.32 %
|
|
(610)
|
|
-0.32 %
|
Total interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
(excluding
non interest deposits)
|
1,149,932
|
|
0.41 %
|
|
1,124,846
|
|
0.60 %
|
|
25,086
|
|
-0.19 %
|
Non-interest-bearing
deposits
|
278,963
|
|
|
|
283,567
|
|
|
|
|
|
|
Total cost of funds
|
1,428,895
|
|
0.33 %
|
|
1,408,413
|
|
0.48 %
|
|
20,482
|
|
-0.15 %
|
Accrued expenses and
other liabilities
|
23,534
|
|
|
|
26,472
|
|
|
|
|
|
|
Stockholders'
equity
|
213,332
|
|
|
|
213,256
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
$
1,665,761
|
|
|
|
$
1,648,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
4.08 %
|
|
|
|
3.90 %
|
|
|
|
|
Net interest margin
|
|
|
4.19 %
|
|
|
|
4.06 %
|
|
|
|
|
Net interest margin
(FTE)1
|
|
|
4.24 %
|
|
|
|
4.12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes federal and state tax effect of tax-exempt
securities and loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bank of Princeton
|
Consolidated Average Statement of Financial
Condition
|
(Unaudited)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
June 30, 2022
|
|
March 31, 2022
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
|
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
$ Change
|
|
% Change
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
1,391,937
|
|
4.85 %
|
|
$
1,346,733
|
|
4.97 %
|
|
$
45,204
|
|
-0.12 %
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
available-for-sale
|
48,590
|
|
1.93 %
|
|
52,221
|
|
1.73 %
|
|
(3,631)
|
|
0.20 %
|
Tax-exempt
available-for-sale
|
43,742
|
|
2.68 %
|
|
48,605
|
|
2.53 %
|
|
(4,863)
|
|
0.15 %
|
Held-to-maturity
|
205
|
|
5.29 %
|
|
207
|
|
5.35 %
|
|
(2)
|
|
-0.06 %
|
Securities
|
92,537
|
|
2.29 %
|
|
101,033
|
|
2.12 %
|
|
(8,496)
|
|
0.17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
bank accounts
|
72,786
|
|
0.78 %
|
|
122,774
|
|
0.14 %
|
|
(49,988)
|
|
0.64 %
|
Equities
|
1,307
|
|
5.14 %
|
|
1,353
|
|
3.91 %
|
|
(46)
|
|
1.23 %
|
Other interest-earning assets
|
74,093
|
|
0.86 %
|
|
124,127
|
|
0.18 %
|
|
(50,034)
|
|
0.68 %
|
Total interest-earning assets
|
1,558,567
|
|
4.49 %
|
|
1,571,893
|
|
4.41 %
|
|
(13,326)
|
|
0.08 %
|
Total non-earning assets
|
107,194
|
|
|
|
108,280
|
|
|
|
|
|
|
Total assets
|
$
1,665,761
|
|
|
|
$
1,680,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
$ 273,114
|
|
0.26 %
|
|
$
257,978
|
|
0.25 %
|
|
$
15,136
|
|
0.01 %
|
Savings
|
230,493
|
|
0.24 %
|
|
232,136
|
|
0.24 %
|
|
(1,643)
|
|
0.00 %
|
Money market
|
368,704
|
|
0.29 %
|
|
376,517
|
|
0.27 %
|
|
(7,813)
|
|
0.02 %
|
Certificates of
deposit
|
277,621
|
|
0.86 %
|
|
290,686
|
|
0.95 %
|
|
(13,065)
|
|
-0.09 %
|
Total interest-bearing deposits
|
1,149,932
|
|
0.41 %
|
|
1,157,317
|
|
0.43 %
|
|
(7,385)
|
|
-0.02 %
|
Non-interest bearing
deposits
|
278,963
|
|
|
|
285,298
|
|
|
|
|
|
|
Total deposits
|
1,428,895
|
|
0.33 %
|
|
1,442,615
|
|
0.34 %
|
|
(13,720)
|
|
-0.01 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
(excluding
non interest deposits)
|
1,149,932
|
|
0.41 %
|
|
1,157,317
|
|
0.43 %
|
|
(7,385)
|
|
-0.02 %
|
Non-interest-bearing
deposits
|
278,963
|
|
|
|
285,298
|
|
|
|
|
|
|
Total cost of funds
|
1,428,895
|
|
0.33 %
|
|
1,442,615
|
|
0.34 %
|
|
(13,720)
|
|
-0.01 %
|
Accrued expenses and
other liabilities
|
23,534
|
|
|
|
20,505
|
|
|
|
|
|
|
Stockholders'
equity
|
213,332
|
|
|
|
217,053
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
$
1,665,761
|
|
|
|
$
1,680,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
4.08 %
|
|
|
|
3.98 %
|
|
|
|
|
Net interest margin
|
|
|
4.19 %
|
|
|
|
4.09 %
|
|
|
|
|
Net interest margin
(FTE)1
|
|
|
4.24 %
|
|
|
|
4.14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes federal and state tax effect of tax-exempt
securities and loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bank of Princeton
|
Consolidated Average Statement of Financial
Condition
|
(Unaudited)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June
30,
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
|
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
$ Change
|
|
% Change
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
1,369,460
|
|
4.90 %
|
|
$
1,405,901
|
|
4.78 %
|
|
$
(36,441)
|
|
0.12 %
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
available-for-sale
|
50,396
|
|
1.83 %
|
|
25,435
|
|
1.74 %
|
|
24,961
|
|
0.09 %
|
Tax-exempt
available-for-sale
|
46,160
|
|
2.60 %
|
|
47,557
|
|
2.50 %
|
|
(1,397)
|
|
0.10 %
|
Held-to-maturity
|
206
|
|
5.32 %
|
|
214
|
|
5.65 %
|
|
(8)
|
|
-0.33 %
|
Securities
|
96,762
|
|
2.25 %
|
|
73,206
|
|
2.23 %
|
|
23,556
|
|
0.02 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
bank accounts
|
97,642
|
|
0.38 %
|
|
48,100
|
|
0.23 %
|
|
49,542
|
|
0.15 %
|
Equities
|
1,330
|
|
4.51 %
|
|
1,395
|
|
4.46 %
|
|
(65)
|
|
0.05 %
|
Other interest-earning assets
|
98,972
|
|
0.44 %
|
|
49,495
|
|
0.35 %
|
|
49,477
|
|
0.09 %
|
Total interest-earning assets
|
1,565,194
|
|
4.45 %
|
|
1,528,602
|
|
4.51 %
|
|
36,592
|
|
-0.06 %
|
Total non-earning assets
|
94,643
|
|
|
|
103,939
|
|
|
|
|
|
|
Total assets
|
$
1,659,837
|
|
|
|
$
1,632,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
$ 265,588
|
|
0.25 %
|
|
$ 259,484
|
|
0.29 %
|
|
$
6,104
|
|
-0.04 %
|
Savings
|
231,310
|
|
0.24 %
|
|
192,359
|
|
0.26 %
|
|
38,951
|
|
-0.02 %
|
Money market
|
372,575
|
|
0.28 %
|
|
322,612
|
|
0.32 %
|
|
49,963
|
|
-0.04 %
|
Certificates of
deposit
|
284,118
|
|
0.92 %
|
|
352,359
|
|
1.49 %
|
|
(68,241)
|
|
-0.57 %
|
Total interest-bearing deposits
|
1,153,591
|
|
0.42 %
|
|
1,126,814
|
|
0.68 %
|
|
26,777
|
|
-0.26 %
|
Non-interest bearing
deposits
|
278,269
|
|
|
|
266,211
|
|
|
|
|
|
|
Total deposits
|
1,431,860
|
|
0.34 %
|
|
1,393,025
|
|
0.54 %
|
|
38,835
|
|
-0.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
-
|
|
0.00 %
|
|
544
|
|
0.67 %
|
|
(544)
|
|
-0.67 %
|
Total interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
(excluding
non interest deposits)
|
1,153,591
|
|
0.42 %
|
|
1,127,358
|
|
0.66 %
|
|
26,233
|
|
-0.24 %
|
Non-interest-bearing
deposits
|
278,269
|
|
|
|
266,211
|
|
|
|
|
|
|
Total cost of funds
|
1,431,860
|
|
0.34 %
|
|
1,393,569
|
|
0.54 %
|
|
38,291
|
|
-0.20 %
|
Accrued expenses and
other liabilities
|
15,565
|
|
|
|
26,692
|
|
|
|
|
|
|
Stockholders'
equity
|
212,412
|
|
|
|
212,280
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
$
1,659,837
|
|
|
|
$
1,632,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
4.03 %
|
|
|
|
3.84 %
|
|
|
|
|
Net interest margin
|
|
|
4.14 %
|
|
|
|
4.03 %
|
|
|
|
|
Net interest margin
(FTE)1
|
|
|
4.20 %
|
|
|
|
4.08 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes federal and state tax effect of tax-exempt
securities and loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bank of
Princeton
|
Quarterly Financial
Highlights
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
June
|
|
March
|
|
December
|
|
September
|
|
June
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.52 %
|
|
1.45 %
|
|
1.44 %
|
|
1.41 %
|
|
1.34 %
|
Return on average
equity
|
11.90 %
|
|
11.25 %
|
|
11.34 %
|
|
10.95 %
|
|
10.36 %
|
Return on average tangible
equity1
|
12.54 %
|
|
11.86 %
|
|
11.97 %
|
|
11.56 %
|
|
10.95 %
|
Net interest
margin
|
4.19 %
|
|
4.09 %
|
|
3.96 %
|
|
4.08 %
|
|
4.06 %
|
Net interest margin
(FTE)2
|
4.24 %
|
|
4.14 %
|
|
4.02 %
|
|
4.14 %
|
|
4.12 %
|
Efficiency ratio -
non-GAAP3
|
53.36 %
|
|
53.93 %
|
|
50.43 %
|
|
48.16 %
|
|
50.87 %
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
DATA
|
|
|
|
|
|
|
|
|
|
Market value at period
end
|
$ 27.46
|
|
$ 28.85
|
|
$ 29.33
|
|
$ 29.87
|
|
$ 28.67
|
Market range:
|
|
|
|
|
|
|
|
|
|
High
|
$ 30.55
|
|
$ 32.05
|
|
$ 30.89
|
|
$ 20.45
|
|
$ 23.91
|
Low
|
$ 26.57
|
|
$ 28.67
|
|
$ 28.71
|
|
$ 17.40
|
|
$ 17.51
|
Book value per common share
at period end
|
$ 33.74
|
|
$ 33.49
|
|
$ 33.42
|
|
$ 30.26
|
|
$ 29.85
|
Tangible book value per
common share at period end4
|
$ 32.00
|
|
$ 31.75
|
|
$ 31.96
|
|
$ 28.48
|
|
$ 28.04
|
Shares of common stock
outstanding (in thousands)
|
6,263
|
|
6,366
|
|
6,480
|
|
6,588
|
|
6,659
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
Total capital (to
risk-weighted assets)
|
14.13 %
|
|
14.16 %
|
|
15.10 %
|
|
15.60 %
|
|
15.33 %
|
Tier 1 capital (to
risk-weighted assets)
|
13.08 %
|
|
13.10 %
|
|
13.97 %
|
|
14.43 %
|
|
14.19 %
|
Tier 1 capital (to
average assets)
|
12.46 %
|
|
12.36 %
|
|
12.06 %
|
|
12.29 %
|
|
12.22 %
|
Period-end equity to
assets
|
13.00 %
|
|
12.71 %
|
|
12.84 %
|
|
12.89 %
|
|
13.01 %
|
Period-end tangible equity
to tangible assets
|
12.42 %
|
|
12.13 %
|
|
12.26 %
|
|
12.23 %
|
|
12.40 %
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY DATA
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
(12)
|
|
$
(34)
|
|
$ 101
|
|
$ 821
|
|
$ 1,000
|
Annualized net charge-offs
(recoveries) to average loans
|
-0.003 %
|
|
-0.010 %
|
|
0.030 %
|
|
0.240 %
|
|
0.279 %
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming loans
(TDRs not included)
|
$ 402
|
|
$ 406
|
|
$ 422
|
|
$ 1,043
|
|
$ 2,381
|
Other real estate
owned
|
-
|
|
226
|
|
226
|
|
376
|
|
446
|
Troubled debt restructurings
(TDRs)
|
|
|
|
|
|
|
|
|
|
-Performing
|
6,001
|
|
6,066
|
|
6,122
|
|
6,187
|
|
6,241
|
-Non-performing
|
563
|
|
766
|
|
766
|
|
1,092
|
|
1,332
|
Total nonperforming assets
and accruing TDRs
|
$ 6,966
|
|
$ 7,464
|
|
$ 7,536
|
|
$ 8,698
|
|
$
10,400
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
as a percent of:
|
|
|
|
|
|
|
|
|
|
Period-end
loans
|
1.19 %
|
|
1.19 %
|
|
1.24 %
|
|
1.22 %
|
|
1.14 %
|
Nonaccrual
loans
|
1727.05 %
|
|
1420.99 %
|
|
1398.99 %
|
|
769.13 %
|
|
491.03 %
|
Nonperforming
assets
|
1727.05 %
|
|
1191.27 %
|
|
1175.39 %
|
|
653.96 %
|
|
432.05 %
|
|
|
|
|
|
|
|
|
|
|
As a
percent of total loans:
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
0.07 %
|
|
0.08 %
|
|
0.09 %
|
|
0.16 %
|
|
0.23 %
|
Accruing TDRs
|
0.43 %
|
|
0.43 %
|
|
0.46 %
|
|
0.46 %
|
|
0.45 %
|
Nonaccrual loans and accruing TDRs
|
0.50 %
|
|
0.52 %
|
|
0.55 %
|
|
0.62 %
|
|
0.71 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Return
on average tangible equity is a non-GAAP measure that represents
the rate of return on tangible common equity.
|
|
|
|
|
2Includes
the effect of tax exempt securities and loans.
|
|
|
|
|
|
|
|
|
|
3The
efficiency ratio is a non-GAAP measure that represents the ratio of
non-interest expense (excluding amortization of core deposit
intangible)
|
|
|
divided by net
interest income and non-interest income.
|
|
|
|
|
|
|
|
|
|
4Tangible
book value per common share is a non-GAAP measure that represents
book value per common share which
|
|
|
|
|
|
excludes goodwill and
core deposit intangible.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact George
Rapp
609.454.0718
grapp@thebankofprinceton.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-bank-of-princeton-announces-second-quarter-2022-results-301591283.html
SOURCE The Bank of Princeton