The Bank of Princeton Announces First Quarter 2015 Results

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Apr 24, 2015, 04:52 ET

PRINCETON, N.J., April 24, 2015 /PRNewswire/ -- The Bank of Princeton (the "Bank") today announced unaudited results for the quarter ended March 31, 2015.

"The Bank's continued focus on a strong balance sheet resulted in a solid start for 2015," said Edward Dietzler, the Bank's President.

For the quarter ended March 31, 2015, the Bank's total assets increased to $957 million, an increase of $1.4 million from December 31, 2014. The increase in total assets was primarily the result of the continued growth of the Bank's loan portfolio, as loans, net increased $6.3 million, or one percent, from December 31, 2014. The increase in loans was partially offset by a decrease in investment securities.

For the quarter ended March 31, 2015, net income was $2.5 million, an increase of 25 percent from the same period in 2014. Basic earnings per common share were $0.55, compared to $0.44 in the same period in 2014. For the quarter ended March 31, 2015 compared to the same period in the prior year, net interest income increased as a result of the growth in the loan portfolio, while non-interest income decreased due to reduced gains on sale of investment securities. Non-interest expense increased marginally for the same comparative periods.

Ross Wishnick, Director, stated, "Since its founding, The Bank of Princeton has worked to position itself as a bank that works to meet the unique needs of each borrower and each depositor. We know our customers have many choices. It's why we work hard every day for their business, one customer at a time, one loan at a time."

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 (the "Bank") may from time to time make written or oral "forward-looking statements," including statements contained in the Bank's filings with the Federal Deposit Insurance Corporation (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 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 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; our borrowers' ability to repay their loans; changes in the real estate market that can affect real estate that serves as collateral for some of our loans; the adequacy of our allowance for loan losses and our methodology for determining such allowance; 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; changes in technology or interruptions and breaches in security of our information systems; 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, 2015	December 31, 2014	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 32,490	$ 31,872	$ 618	2%
Investment securities	159,141	164,220	(5,079)	-3%
Loans receivable, net of allowance for loan losses of $10,235 and $10,008 at March 31, 2015 and December 31, 2014, respectively	729,464	723,131	6,333	1%
Other assets	35,551	36,039	(488)	-1%
TOTAL ASSETS	$ 956,646	$ 955,262	$ 1,384	0%

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Total deposits	$ 835,589	$ 847,857	$ (12,268)	-1%
Borrowings	35,000	24,300	10,700	44%
Other liabilities	4,181	4,603	(422)	-9%
TOTAL LIABILITIES	874,770	876,760	(1,990)	0%

TOTAL STOCKHOLDERS' EQUITY	81,876	78,502	3,374	4%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 956,646	$ 955,262	$ 1,384	0%

Book value per common share	$ 17.87	$ 17.13	$ 0.74	4%

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

	Three Months Ended
	March 31, 2015	March 31, 2014	$ Change	% Change
Interest income	$ 10,532	$ 9,694	$ 838	9%
Interest expense	1,742	1,760	(18)	-1%
Net interest income	8,790	7,934	856	11%
Provision for loan losses	233	252	(19)	-8%
Net interest income after provision	8,557	7,682	875	11%
Non-interest income	476	552	(76)	-14%
Non-interest expense	5,649	5,458	191	3%
Income before income taxes	3,384	2,776	608	22%
Income taxes	880	766	114	15%
Net Income	$ 2,504	$ 2,010	$ 494	25%

Earnings per share - Basic	$ 0.55	$ 0.44	$ 0.11	25%
Earnings per share - Diluted	$ 0.53	$ 0.43	$ 0.10	23%