The Bank of Princeton Announces First Quarter 2013 Results

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Apr 26, 2013, 03:33 ET

PRINCETON, N.J., April 26, 2013 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter ended March 31, 2013.

First Quarter 2013 Net income of $2.0 million, or $0.43 per share
Total deposits increased $25 million, or four percent, from December 31, 2012 to March 31, 2013
Total assets grew $40 million, or five percent, from December 31, 2012 to March 31, 2013

"The Bank of Princeton began 2013 with another solid quarter," said Edward Dietzler, the Bank's President.

For the quarter ended March 31, 2013, net income was $2.0 million, an increase of $869,000, or 78 percent, from the same period in 2012. Earnings per common share were $0.43, an increase of $0.19 from the same period in 2012. The increase in net income was primarily attributable to a 28 percent increase in net interest income after provision for loan losses.

For the quarter ended March 31, 2013, the Bank's total assets increased to $809 million, an increase of $40 million, or five percent, from December 31, 2012. Additionally, total deposits increased to $697 million, an increase of $25 million, or four percent, from December 31, 2012. This was the result of growing the Bank through "de novo" branch openings and organic growth through the Bank's existing branch network.

"We are pleased with our ongoing performance," commented Stephen K. Shueh, board member. "It is said that 'All that glitters is not gold.' In an environment of increasing competitiveness, our focus is on disciplined capital allocation. We must not chase business that only glitters. The key is to continue cultivating strong relationships in the communities we serve," continued Shueh.

About The Bank of Princeton

The Bank of Princeton is a community bank founded in 2007. It was recently named one of New Jersey's 50 Fastest Growing Companies by NJBIZ for the second consecutive year, moving up twelve spots to the third fastest-growing company in New Jersey. The Bank is a New Jersey state-chartered commercial bank with nine branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, and New Brunswick. 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 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 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 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 success of the Bank in gaining regulatory approval of its products and services, when required; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); 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 required by applicable law or regulation.

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

	March 31, 2013	December 31, 2012	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 25,775	$ 24,619	$ 1,156	5%
Investment securities	219,346	186,641	32,705	18%
Loans receivable, net of allowance for loan losses of $7,091 and $7,033 at March 31, 2013 and December 31, 2012, respectively	536,876	532,115	4,761	1%
Bank-owned life insurance	8,982	8,918	64	1%
Other assets	17,816	16,709	1,107	7%
TOTAL ASSETS	$ 808,795	$ 769,002	$ 39,793	5%

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Total deposits	$ 697,112	$ 672,364	$ 24,748	4%
Borrowings	40,506	28,246	12,260	43%
Other liabilities	7,544	6,109	1,435	23%
TOTAL LIABILITIES	745,162	706,719	38,443	5%

TOTAL STOCKHOLDERS' EQUITY	63,633	62,283	1,350	2%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 808,795	$ 769,002	$ 39,793	5%

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

	Three Months Ended
	March 31, 2013	March 31, 2012	$ Change	% Change
Interest income	$ 8,890	$ 7,838	$ 1,052	13%
Interest expense	1,743	1,856	(113)	-6%
Net interest income	7,147	5,982	1,165	19%
Provision for loan losses	84	456	(372)	-82%
Net interest income after provision	7,063	5,526	1,537	28%
Non-interest income	389	225	164	73%
Non-interest expense	4,684	4,049	635	16%
Income before income taxes	2,768	1,702	1,066	63%
Income taxes	788	591	197	33%
Net Income	$ 1,980	$ 1,111	$ 869	78%

Earnings per share - Basic	$ 0.43	$ 0.24	$ 0.19	79%
Earnings per share - Diluted	$ 0.43	$ 0.24	$ 0.19	79%