The Bank of Princeton Announces First Quarter 2012 Results

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Apr 23, 2012, 01:26 ET

PRINCETON, N.J., April 23, 2012 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter ended March 31, 2012.

First Quarter 2012 Net income of $1.1 million, or $0.24 basic earnings per common share
Total deposits increased $16.3 million, or three percent, from December 31, 2011
Net loans receivable grew $35.7 million, or nine percent, from December 31, 2011

"We are excited about our first quarter results," said Edward Dietzler, the Bank's Acting President. "We were able to continue the strong momentum built in 2011, and we will continue to seek further growth opportunities for the bank throughout 2012," he added.

For the quarter ended March 31, 2012, net income was $1.1 million, an increase of $490,000, or 79 percent, from the same period in 2011. Basic earnings per common share were $0.24, an increase of $0.08 from the same period in 2011. The increase in net income was primarily attributable to a 45 percent increase in net interest income after provision for loan losses for the quarter ended March 31, 2012 compared to the same period in the prior year.

The Bank's total assets increased to $716 million at March 31, 2012, an increase of $51 million, or 8 percent, from December 31, 2011. Additionally, total deposits increased to $612 million at March 31, 2012, a three percent increase from the prior year end. The growth in assets and deposits was the result of continuing organic growth through the Bank's existing branch network.

"Our discipline in the execution of our strategies produced excellent first quarter results," said Stephen Distler, Vice Chairman of the Board of Directors. "We are pleased with the continuing trend of our operating results. Our focused management of all of our banking operations is expected to deliver solid growth into the future and enhanced shareholder value," he added.

About The Bank of Princeton

The Bank of Princeton is a community bank founded in 2007, and has been profitable since 2009. It was recently named one of New Jersey's 50 Fastest Growing Companies by NJBIZ. It is a New Jersey state-chartered commercial bank with eight branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe Township and Lambertville. There are also three branches in the Philadelphia area, operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (the 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.

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 strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; credit risk associated with our lending activities; risks relating to our significant real estate collateral and the real estate market; 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 timely development of and acceptance of new products and services of the Bank and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; the willingness of users to substitute competitors' products and services for the Bank's products and services; the impact of changes in applicable laws and regulations; technological changes; acquisitions; changes in consumer spending and saving habits; 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 may be required by applicable law or regulation.


The Bank of Princeton
Summary Statements of Financial Condition Data
(unaudited)
(dollars in thousands)

	March 31, 2012	December 31, 2011	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 18,018	$ 59,215	$ (41,197)	-70%
Investment securities	231,554	177,237	54,317	31%
Loans receivable, net of allowance for loan losses of $5,819 and $5,362 at March 31, 2012 and December 31, 2011, respectively	441,585	405,861	35,724	9%
Bank-owned life insurance	8,707	8,639	68	1%
Other assets	15,646	13,919	1,727	12%
TOTAL ASSETS	$ 715,510	$ 664,871	$ 50,639	8%

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Total deposits	$ 611,860	$ 595,573	$ 16,287	3%
Borrowings	42,696	11,344	31,352	276%
Accrued interest payable and other liabilities	5,875	3,636	2,239	62%
TOTAL LIABILITIES	660,431	610,553	49,878	8%

TOTAL STOCKHOLDERS' EQUITY	55,079	54,318	761	1%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 715,510	$ 664,871	$ 50,639	8%


The Bank of Princeton
Summary Statement of Operations Data
(unaudited)
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2012	March 31, 2011	$ Change	% Change
Interest income	$ 7,838	$ 5,614	$ 2,224	40%
Interest expense	1,856	1,677	179	11%
Net interest income	5,982	3,937	2,045	52%
Provision for loan losses	456	128	328	256%
Net interest income after provision	5,526	3,809	1,717	45%
Non-interest income	225	275	(50)	-18%
Non-interest expense	4,049	3,137	912	29%
Income before income taxes	1,702	947	755	80%
Income taxes	591	326	265	81%
Net Income	$ 1,111	$ 621	$ 490	79%

Earnings per share - Basic and Diluted	$ 0.24	$ 0.16	$ 0.08	50%