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The Bank of Princeton Announces Second Quarter 2021 Results

PRINCETON, N.J., July 22, 2021 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported its unaudited results of operations and financial condition for the quarter ended June 30, 2021.A  The Bank reported net income of $5.5 million, or $0.80 per diluted common share, for the second quarter of 2021, compared to net income of $4.9 million, or $0.70 per diluted common share, for the first quarter of 2021, and net income of $3.1 million, or $0.45 per diluted common share, for the second quarter of 2020. The increase in net income, when compared to the three months ended March 31, 2021, was primarily due to a $980 thousand increase in net-interest income, a $125 thousand reduction in the provision for loan losses, and a $155 thousand increase in non-interest income, partially offset by a $423 thousand increase in non-interest expense and a $165 thousand increase in income tax expense. The increase in net income, when comparing it to the three months ended June 30, 2020, was primarily due to an increase in net-interest income of $3.7 million and a $148 thousand increase in non-interest income, partially offset by a $628 thousand increase in non-interest expenses and an $850 thousand increase in income tax expenses.A A For the six month period ended June 30, 2021, the Bank recorded net income of $10.4 million, or $1.50 per diluted common share, compared to $6.2 million, or $0.89 per diluted common share for the same period in 2020, primarily due to an $8.0 million increase in net-interest income, partially offsetA by an increase in income taxes of $1.5 million, a $1.3 million increase in non-interest expenses, a $480 thousand decrease in non-interest income, and a $475 thousand increase in the Bank's provision for loan losses.
The Bank of Princeton Announces Second Quarter 2021 Results
Highlights for the quarter-ended June 30, 2021 are as follows:

The Bank commenced its "Stock Buyback Program" during the second quarter by purchasing 153,932 shares of common stock at a weighted average price of $28.96.



Total loans increased $33.7 million since December 31, 2020, to $1.4 billion or by 2.46%.



Net interest income for the second quarter of 2021 increased $3.7 million or 31.1% over the same period in 2020.



The Bank decreased its cost of funds on deposits by 66 basis points in the second quarter of 2021 from the same period in 2020.



The Bank's efficiency ratio decreased to 50.9% for the second quarter of 2021 compared to 61.1% for the second quarter of 2020.



The ratio of nonperforming loans to total loans continues to be low at 0.23% as of June 30, 2021 compared to 0.12% at December 31, 2020 and compared to 0.18% at June 30, 2020.

President/CEO Edward Dietzler stated that, "The Bank during the current quarter provided very strong earnings performance with a 78.2% increase in diluted earnings per share as well as a 63 basis point increase in our net interest margin, when comparing to the same period in 2020." Chairman Richard Gillespie added, "The Bank's exceptional earnings performance continues for yet another quarter.A  The $0.10 per share improvement over the first quarter positions the Bank for an overall strong 2021.A  Our Board is proud of the manner management and the whole team have navigated through the pandemic period."
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