The Bank of Princeton Announces First Quarter 2014 Results

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Apr 23, 2014, 04:54 ET

PRINCETON, N.J., April 23, 2014 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter ended March 31, 2014.

"The Bank of Princeton had a solid start to 2014," said Edward Dietzler, the Bank's President.

For the quarter ended March 31, 2014, the Bank's total assets increased to $882 million, an increase of $4.7 million from December 31, 2013. The increase in total assets was the result of the continued growth of the Bank's loan portfolio, which increased $17.7 million, or three percent from December 31, 2013. The increase in loans was partially offset by a decrease in investment securities.

For the quarter ended March 31, 2014, net income was $2.0 million, an increase of two percent from the same period in 2013. Basic earnings per common share were $0.44, compared to $0.43 in the same period in 2013. While net interest income and non-interest income increased for the quarter ended March 31, 2014 compared to the prior year, these increases were almost entirely offset by an increase in non-interest expense.

Robert Ridolfi, Director, stated, "We are proud of our continued excellent financial performance and remain committed to our focus on establishing, enriching and retaining customer relationships."

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 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 factor, 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 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 our 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; the impact of changes in applicable laws and regulations; the Bank's ability to satisfy the requirements of the FDIC consent order entered into on January 30, 2014 and other regulatory requirements applicable to the Bank; 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.

Contact:
Barbara Cromwell
609.454.0133
[email protected]

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

	March 31, 2014	December 31, 2013	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 28,002	$ 27,425	$ 577	2%
Investment securities	181,261	193,737	(12,476)	-6%
Loans receivable, net of allowance for loan losses of $8,752 and $8,493 at March 31, 2014 and December 31, 2013, respectively	643,049	625,340	17,709	3%
Other assets	29,821	30,926	(1,105)	-4%
TOTAL ASSETS	$ 882,133	$ 877,428	$ 4,705	1%

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Total deposits	$ 738,986	$ 749,010	$(10,024)	-1%
Borrowings	70,188	60,412	9,776	16%
Other liabilities	4,519	3,774	745	20%
TOTAL LIABILITIES	813,693	813,196	497	0%

TOTAL STOCKHOLDERS' EQUITY	68,440	64,232	4,208	7%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 882,133	$ 877,428	$ 4,705	1%

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

	Three Months Ended
	March 31, 2014	March 31, 2013	$ Change	% Change
Interest income	$ 9,694	$ 8,890	$ 804	9%
Interest expense	1,760	1,743	17	1%
Net interest income	7,934	7,147	787	11%
Provision for loan losses	252	84	168	200%
Net interest income after provision	7,682	7,063	619	9%
Non-interest income	552	389	163	42%
Non-interest expense	5,458	4,684	774	17%
Income before income taxes	2,776	2,768	8	0%
Income taxes	766	788	(22)	-3%
Net Income	$ 2,010	$ 1,980	$ 30	2%

Earnings per share - Basic	$ 0.44	$ 0.43	$ 0.01	2%
Earnings per share - Diluted	$ 0.43	$ 0.43	$ -	0%