The Bank of Princeton Announces First Quarter 2018 Results

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PRINCETON, N.J., April 26, 2018 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported unaudited results of operations and financial condition for the quarter ended March 31, 2018. The Bank reported net income of $3.6 million or $0.52 per diluted common share for the first quarter of 2018, compared to net income of $1.7 million or $0.25 per diluted common share for the fourth quarter of 2017, and net income of $3.1 million or $0.61 per diluted common share for the first quarter of 2017. The increase in net income, when comparing the three months ended December 31, 2017, was primarily due a decline in the Bank's provision for loan losses of $2.7 million. The increase of $531 thousand when comparing the three months ended March 31, 2017 was primarily due to an increase of the net-interest income, and a $277 thousand increase in non-interest income, partially offset with a $255 thousand in provision for loan losses and a modest increase in non-interest expenses for the three month period ended March 31, 2018.

Highlights for the quarter-ended March 31, 2018 are as follows:

Net interest income for the three month period ended March 31, 2018 increased $531 thousand or 5.7% over the same period in 2017.
Non-interest income for the three month period ended March 31, 2018 increased $422 thousand, or 115.9% over the same period in 2017.
Total net-income before income taxes for the first quarter of 2018 increased $603 thousand or 16.0% when compared to the same period in 2017.
Net loans increased an additional $28.7 million from $958.4 million at December 31, 2017.

"We are pleased to report loan growth and positive earnings," stated Edward Dietzler, President/CEO.

Chairman Richard Gillespie noted that, "The Bank began the fiscal 2018 by increasing net loans and recording an earnings level that exceeded the prior year. The Bank is progressing with its growth expectations, along with continuing its efforts to enhance shareholder value."

Balance Sheet Review

Total assets were $1.18 billion at March 31, 2018, a decline of $16.7 million or 1.4% when compared to $1.20 billion at the end of 2017. The primary reason for the decrease in total assets was a reduction of $50.0 million in cash and cash equivalents, related to a decline in deposit accounts connected with a cyclical reduction of municipal deposits. Loans increased $28.7 million, primarily in commercial real estate credits.

Total deposits at March 31, 2018 decreased by $50.9 million, or 5.0% when compared to December 31, 2017. The decrease in deposits consists of decreases of $76.3 million in interest checking, partially offset by a $16.8 million increase in money markets, increases of $9.3 million in time deposits and $2.9 million in savings accounts. In addition, during the quarter the Bank borrowed $30.3 million in short-term advances to fund the loan growth.

Total stockholders' equity increased $3.3 million or 2.0% when compared to the end of 2017. This increase was primarily due to earnings recorded during the first three months of 2018. The ratio of equity to total assets was 14.5%, 0.5% higher than year-end 2017.

Asset Quality

At March 31, 2018, non-performing assets were $11.6 million, an increase of $1.6 million, or 16.4% when compared to $10.0 million at December 31, 2017. This increase was primarily the result of one large credit placed on non-accrual during the quarter. Total troubled debt restructuring ("TDR's) balance totaled $6.3 million at March 31, 2018, a decline of $88 thousand from year-end 2017. All TDR's are performing to their agreed upon terms.

Review of Quarterly Financial Results

Net interest income was $9.9 million for the first quarter of 2018 compared to $10.3 million for the fourth quarter of 2017 and $9.4 million for the first quarter of 2017. The decrease from the previous quarter was a result of a decline in interest income of $198 thousand, or 1.5%, along with an increase in interest expense of $250 thousand. The net interest margin for the first quarter 2018 was 3.52%, declining 27 basis points, when compared to the fourth quarter of 2017. This decrease was primarily associated with the high level of average short-term assets maintained during the quarter. When comparing the same three month period ended March 31, 2018 and 2017, net interest income increased $532 thousand, which was primarily due to a higher volume of average earnings assets of approximately $147.9 million.

The provision for credit losses was $255 thousand for the three months ended March 31, 2018. The comparable amounts were $2.9 million and $0 for the three months ended December 31, 2017 and March 31, 2017, respectively. The primary reason for the provision in the first quarter of 2018 was due to an increase in the outstanding loans. The rate of allowance for credit losses to period end loans was 1.19% at March 31, 2018, compared to 1.20% at December 31, 2017 and 1.20% at March 31, 2017, which reflects management's assessment of the credit quality in the loan portfolio.

Total non-interest income for the first quarter of 2018 increased $422 thousand, to $786 thousand, or 115.9%, when compared to the same period in 2017. This increase was primarily due to an increase in income from bank-owned life insurance, and loan prepayment penalties. Total non-interest income, compared to the three month periods ended March 31, 2018 and December 31, 2017, reflected a small decrease of $14 thousand, primarily due to a lower level of fees generated on loans recorded between the two periods.

Total non-interest expense for the first quarter of 2018 increased $95 thousand, or 1.6% when compared to the same period in 2017. This increase was primarily due to increases in salaries and employees benefit expense and data processing expense, partially offset by a reduction in professional fees and FDIC deposit insurance. When comparing March 31, 2018 to the prior quarter, non-interest expense increased $562 thousand, or 10.2%, primarily due to an increase in salaries and employees benefits' expense and FDIC deposit insurance expense, partially offset by a reduction in professional fees expense and other operating expenses. The increase attributed to salaries and benefits expense was due to the hiring of new employees at the end of 2017 and early 2018 connected with the strategic initiatives, higher benefit cost and salary merit increases.

For the three month period ended March 31, 2018, the Bank recorded income tax expense of $790 thousand, resulting in an effective tax rate of 18.1%, compared to $1.0 million resulting in an effective tax rate of 37.6% for the three month period ended December 31, 2017 and compared to $678 thousand resulting in an effective tax rate of 18.0% for the three month period ended March 31, 2017. The current effective tax yield for the quarter ended March 31, 2018, was reduced as a result of the new corporate tax rate of 21.0% from the prior rate of 34.0%. With respect to the effective tax rate of 37.6% in the fourth quarter of 2017, tax expense included a one-time excise tax related to the Bank's REIT subsidiary and the first quarter of 2017 effective tax rate was impacted by a tax benefit related to the exercise of warrants and stock options.

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 ten branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville, and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area, operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation ("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 value of the Bank's 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; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; 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.

The Bank of Princeton
Summary Statements of Financial Condition Data
(unaudited).
(dollars in thousands, except per share data)

				Mar 31, 2018 vs Dec 31, 2017	Mar 31, 2018 vs Dec 31, 2017	Mar 31, 2018 vs Mar 31, 2017	Mar 31, 2018 vs Mar 31, 2017
	March 31, 2018	Dec 31, 2017	March 31, 2017	$ Change	% Change	$ Change	% Change

ASSETS
Cash and cash equivalents	$ 32,871	$ 82,822	$ 22,785	$ (49,951)	(60.31)%	$ 10,086	44.27%
Securities available for sale taxable	54,539	53,770	56,187	769	1.43	(1,648)	(2.93)
Securities available for sale tax exempt	49,142	47,974	48,444	1,168	2.43	698	1.44
Securities held to maturity	263	264	339	(1)	(0.38)	(76)	(22.42)
Loans receivable, net of deferred	998,923	969,947	880,573	28,976	2.99	118,350	13.44
Allowance for loan losses	(11,849)	(11,591)	(10,649)	(258)	2.23	(1,200)	11.27
Other assets	59,991	57,405	46,729	2,586	4.50	13,262	28.38
TOTAL ASSETS	$ 1,183,880	$ 1,200,591	$ 1,044,408	$ (16,711)	(1.39)%	$ 139,472	13.35%


LIABILITIES
Non interest checking	$ 97,282	$ 100,633	$ 97,307	$ (3,351)	(3.33)%	$ (25)	(0.03)%
Interest checking	205,743	282,076	139,676	(76,333)	(27.06)	66,067	47.30
Savings	108,146	105,475	102,852	2,671	2.53	5,294	5.15
Money market	263,702	246,898	277,404	16,804	6.81	(13,702)	(4.94)
Time deposits over $250,000	118,097	102,586	39,490	15,511	15.12	78,607	199.06
Other time deposits	184,758	191,000	157,826	(6,242)	(3.27)	26,932	17.06
Total Deposits	977,728	1,028,668	814,555	(50,940)	(4.95)	163,173	20.03
Borrowings	30,300	-	117,500	30,300	-	(87,200)	(74.21)
Other liabilities	4,241	3,628	4,982	613	16.90	(741)	(14.87)
TOTAL LIABILITIES	1,012,269	1,032,296	937,037	(20,027)	(2.14)%	75,232	8.03%

STOCKHOLDERS' EQUITY
Common stock	33,000	32,756	23,766	244	0.74	9,234	38.85
Paid-in capital	76,864	76,350	32,386	514	0.67	44,478	137.34
Retained earnings	62,702	59,122	51,198	3,580	6.06	11,504	22.47
Accumulated other comprehensive (loss) income	(955)	67	21	(1,022)	(1,525.37)	(976)	(4,647.62)
TOTAL STOCKHOLDERS' EQUITY	171,611	168,295	107,371	3,316	1.97%	64,240	59.83%

TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY	$ 1,183,880	$ 1,200,591	$ 1,044,408	$ (16,711)	(1.39)%	$ 139,472	13.35%

Book value per common share	$ 26.00	$ 25.69	$ 22.84	$ 0.31	1.22%	$ 3.16	13.83%
Tangible book value per common share1	$ 26.00	$ 25.69	$ 22.84	$ 0.31	1.22%	$ 3.16	13.86%

1Reconciliation of non-GAAP tangible
book value per common share:
Total stockholders' equity	$ 171,611	$ 168,295	$ 107,371
Intangible assets	-	-	(28)
Tangible stockholders' equity	$ 171,611	$ 168,295	$ 107,343

Common shares outstanding	6,599,929	6,551,229	4,700,395

Tangible book value per common share	$ 26.00	$ 25.69	$ 22.84

The Bank of Princeton
Consolidated Statements of Operations
(unaudited)
	Three Months Ended
	March 31,
	2018	2017	$ Change	% Change
	(Dollars in thousands)
Interest and Dividend Income

Loans and fees	$ 11,650	$ 10,589	1,061	10.0%
Available-for-Sale debt securities:
Taxable	294	292	2	0.7
Tax-exempt	335	349	(14)	(4.0)
Held-to-Maturity debt securities	4	4	-	-
Other interest and dividend income	309	88	221	251.1

Total Interest and Dividends	12,592	11,322	1,270	11.2

Interest expense

Deposits	2,683	1,796	887	49.4
Borrowings	14	162	(148)	(91.4)

Total Interest Expense	2,697	1,958	739	37.7

Net Interest Income	9,895	9,364	531	5.7

Provision for Loan Losses	255	-	255	-

Net Interest Income after Provision for Loan Losses	9,640	9,364	276	2.9

Non-Interest income

Gain on sale of securities available for sale,net	-	4	(4)	(100.0)
Income from bank-owned life insurance	302	174	128	73.6
Fees and service charges	160	144	16	11.1
Loan fees, including prepayment penalities	308	32	276	862.5
Other	16	10	6	60.0

Total Non-Interest Income	786	364	422	115.9

Non-Interest Expense

Salaries and employee benefits	3,687	3,460	227	6.6
Occupancy and equipment	858	840	18	2.1
Professional fees	419	560	(141)	(25.2)
Data processing and communications	524	460	64	13.9
Federal deposit insurance	88	158	(70)	(44.3)
Advertising and promotion	61	47	14	29.8
Office expense	66	51	15	29.4
Other	352	384	(32)	(8.3)

Total Non-Interest Expense	6,055	5,960	95	1.6

Income before income tax expense/(benefit)	4,371	3,768	603	16.0

Income tax expense/(benefit)	790	678	112	16.5

Net Income	$ 3,581	$ 3,090	491	15.9%

Net income per common share - basic	0.55	0.66	(0.11)	(16.7)%
Net income per common share - diluted	0.52	0.61	(0.09)	(14.8)%

Weighted average shares outstanding - basic	6,576	4,716	1,860	39.4%
Weighted average shares outstanding - diluted	6,855	5,036	1,819	36.1%

The Bank of Princeton
Consolidated Statements of Operations (Current Quarter vs Prior Quarter)
(unaudited)
	Quarter Ending
	Mar 31,	Dec 31,
	2018	2017	$ Change	% Change
	(Dollars in thousands)
Interest and Dividend Income

Loans and fees	$ 11,650	$ 12,082	$ (432)	(3.6)%
Available-for-Sale debt securities:
Taxable	294	289	5	1.7
Tax-exempt	335	295	40	13.6
Held-to-Maturity debt securities	4	3	1	33.3
Other interest and dividend income	309	121	188	155.4

Total Interest and Dividends	12,592	12,790	(198)	(1.5)

Interest expense

Deposits	2,683	2,432	251	10.3
Borrowings	14	15	(1)	(6.7)

Total Interest Expense	2,697	2,447	250	10.2

Net Interest Income	9,895	10,343	(448)	(4.3)

Provision for Loan Losses	255	2,915	(2,660)	(91.3)

Net Interest Income after Provision for Loan Losses	9,640	7,428	2,212	29.8

Non-Interest income

Income from bank-owned life insurance	302	298	4	1.3
Fees and service charges	160	160	-	-
Loan fees, including prepayment penalities	308	327	(19)	(5.8)
Other	16	15	1	6.7

Total Non-Interest Income	786	800	(14)	(1.8)

Non-Interest Expense

Salaries and employee benefits	3,687	3,073	614	20.0
Occupancy and equipment	858	874	(16)	(1.8)
Professional fees	419	481	(62)	(12.9)
Data processing and communications	524	511	13	2.5
Federal deposit insurance	88	(19)	107	(563.2)
Advertising and promotion	61	58	3	5.2
Office expense	66	70	(4)	(5.7)
OREO Expense	-	2	(2)	(100.0)
Other	352	443	(91)	(20.5)

Total Non-Interest Expense	6,055	5,493	562	10.2

Income before income tax expense/(benefit)	4,371	2,734	1,637	59.9

Income tax expense/(benefit)	790	1,028	(238)	(23.2)

Net Income	$ 3,581	$ 1,707	$ 1,874	109.8%

Net income per common share - basic	0.55	0.26	0.29	110.1%
Net income per common share - diluted	0.52	0.25	0.27	109.6%

Weighted average shares outstanding - basic	6,576	6,550	26	0.4%
Weighted average shares outstanding - diluted	6,855	6,859	(4)	(0.1)%

The Bank of Princeton
Consolidated Average Balance Sheets
(unaudited)

	For the Three Months Ended
	March 31,
	2018		2017
	Average	Yield/	Average	Yield/
	balance	rate	balance	rate	$ Change	% Change
Earning assets
Loans	$ 962,378	4.91%	$ 863,692	4.97%	98,686	-0.06%

Securities

Taxable AFS	53,974	2.18%	58,173	2.01%	(4,199)	0.17%
Tax exempt AFS	48,792	2.75%	50,599	2.76%	(1,807)	-0.01%
Held-to-maturity	264	5.22%	339	5.15%	(75)	0.07%

Securities	103,030	2.46%	109,111	2.37%	(6,081)	0.09%

Other interest earning assets
Interest-bearing bank accounts	74,013	1.66%	15,304	0.88%	58,709	0.78%
Equities	1,133	7.27%	4,549	4.84%	(3,416)	2.43%

Other interest earning assets	75,146	1.67%	19,853	1.79%	55,293	-0.12%

Total interest-earning assets	1,140,554	4.48%	992,656	4.63%	147,898	-0.15%

Total non earning assets	60,778		37,512

Total Assets	$ 1,201,332		$ 1,030,168


Interest-bearing liabilities
Checking	$ 281,166	0.81%	$ 161,292	0.66%	119,874	0.15%
Savings	106,993	1.02%	104,957	0.78%	2,036	0.24%
Money Market	248,741	1.19%	279,741	0.88%	(31,000)	0.31%
Certificate of Deposit	291,990	1.55%	205,504	1.43%	86,486	0.12%

Total interest-bearing deposits	928,890	1.17%	751,494	0.97%	177,396	0.20%

Non interest bearing deposits	95,417		93,439
Total deposits	1,024,307	1.06%	844,933	0.86%	179,374	0.20%

Borrowings	3,438	1.64%	76,131	0.86%	(72,693)	0.78%

Total interest-bearing liabilities	932,328	1.17%	827,625	0.96%	104,703	0.21%
(excluding non interest deposits)

Noninterest-bearing deposits	95,417		93,440
Total Cost of Funds	1,027,745	1.06%	921,066	0.86%	106,679	0.20%

Accrued expenses and other liabilities	3,445		3,865
Stockholders' equity	170,142		105,238
Total liabilities and stockholders' equity	$ 1,201,332		$ 1,030,168

Net interest spread		3.31%		3.67%
Net interest margin		3.52%		3.83%

Net interest margin (FTE)*		3.58%		3.83%

*Includes the effect of tax exempt securities and loans.

The Bank of Princeton
Consolidated Average Balance Sheets
(unaudited)

	For the Quarter Ended

	March 2018		December 2017
	Average	Yield/	Average	Yield/
	balance	rate	balance	rate	$ Change	% Change
Earning assets
Loans	$ 962,378	4.91%	$ 948,724	5.05%	13,654	-0.14%

Securities

Taxable AFS	53,974	2.18%	55,831	2.07%	(1,857)	0.11%
Tax exempt AFS	48,792	2.75%	44,404	2.66%	4,388	0.09%
Held-to-maturity	264	5.15%	265	5.21%	(1)	-0.06%

Securities	103,030	2.46%	100,500	2.34%	2,530	0.12%

Other interest earning assets
Interest-bearing bank accounts	74,013	1.66%	33,379	1.18%	40,634	0.48%
Equities	1,133	7.27%	1,179	7.35%	(46)	-0.08%

Other interest earning assets	75,146	1.67%	34,558	1.39%	40,588	0.28%

Total interest-earning assets	1,140,554	4.48%	1,083,782	4.68%	56,772	-0.20%

Total non earning assets	60,778		57,756

Total Assets	$ 1,201,332		$ 1,141,538


Interest-bearing liabilities
Checking	$ 281,166	0.81%	$ 209,337	0.75%	71,829	0.06%
Savings	106,993	1.02%	$ 108,988	0.92%	(1,995)	0.10%
Money Market	248,741	1.19%	253,908	1.06%	(5,167)	0.13%
Certificate of Deposit	291,990	1.55%	287,497	1.53%	4,493	0.02%
						0.00%
Total interest-bearing deposits	928,890	1.17%	859,730	1.12%	69,160	0.05%
						0.00%
Non interest bearing deposits	95,417		105,586		(10,169)	0.00%

Total deposits	1,024,307	1.06%	965,316	1.00%	58,991	0.06%

Borrowings	3,438	1.64%	4,450	1.36%	(1,012)	0.28%

Total interest-bearing liabilities	932,328	1.17%	864,180	1.12%	68,148	0.05%
(excluding non interest deposits)

Noninterest-bearing deposits	95,417		105,586
Total Cost of Funds	1,027,745	1.06%	969,766	1.01%	57,979	0.05%

Accrued expenses and other liabilities	3,445		3,390
Stockholders' equity	170,142		168,382
Total liabilities and stockholders' equity	$ 1,201,332		$ 1,141,538


Net interest spread		3.31%		3.56%
Net interest margin		3.52%		3.79%

Net interest margin (FTE)*		3.58%		3.97%

*Includes the effect of tax exempt securities and loans.

The Bank of Princeton
Quarterly Financial Highlights
(unaudited)

	2018	2017	2017	2017	2017
	Mar	Dec	Sep	Jun	Mar


Return on average assets	1.21%	0.59%	1.17%	1.17%	1.22%
Return on average equity	8.54%	4.02%	8.60%	11.10%	11.91%
Return on average tangible equity (1)	8.54%	4.02%	8.60%	11.10%	11.91%
Net interest margin	3.52%	3.79%	3.82%	3.78%	3.83%
Net interest margin (FTE)*	3.58%	3.92%	3.96%	3.91%	3.96%
Efficiency ratio - Non-GAAP	56.70%	49.40%	52.67%	60.43%	61.28%

Common Stock Data
Market value at period end	$ 34.50	$ 34.34	$ 31.99	-	-
Market range:
High	$ 34.69	$ 34.95	$ 33.49	-	-
Low	$ 31.50	$ 31.10	$ 29.43	-	-
Book value per common share at period end	$ 26.00	$ 25.69	$ 25.47	$ 23.15	$ 22.84
Tangible book value per common share at period end (1)	$ 26.00	$ 25.69	$ 25.46	$ 23.14	$ 22.84

CAPITAL RATIOS
Total Capital (to risk-weighted assets)	17.04%	17.12%	17.15%	12.34%	12.25%
Tier 1 Capital (to risk-weighted assets)	15.94%	16.01%	16.06%	11.25%	11.14%
Tier 1 Capital (to average assets)	14.30%	14.64%	15.29%	10.55%	10.32%
Period-end equity to assets	14.50%	14.02%	14.90%	10.58%	10.28%
Period-end tangible equity to tangible assets (1)	14.50%	14.02%	14.90%	10.58%	10.28%

CREDIT QUALITY DATA AT PERIOD END
(Dollars in Thousands)
Net charge-offs and (recoveries)	$ (3)	$ 2,584	$ 235	$ 5	$ 172

Annualized net charge-offs to average loans	-0.001%	1.08%	0.10%	0.002%	0.08%

Nonaccrual loans	10,832	9,199	11,240	7,258	3,282
Other real estate owned	802	802	179	179	179
Total nonperforming assets	11,634	10,001	11,419	7,437	3,461

Accruing troubled debt restructurings (TDRs)	4,721	4,796	4,846	4,775	4,896

Total nonperforming assets and accruing TDRs	$ 16,355	$ 14,797	$ 16,265	$ 12,212	$ 8,357

Allowance for credit losses as a percent of:
Period-end loans	1.19%	1.20%	1.19%	1.20%	1.21%
Nonaccrual loans	91.42%	79.36%	99.82%	68.18%	30.82%
Nonperforming assets	98.19%	86.28%	101.41%	69.86%	32.50%

As a percent of total loans:
Nonaccrual loans	1.08%	0.95%	1.19%	0.82%	0.37%
Accruing TDRs	0.47%	0.49%	0.51%	0.54%	0.56%
Nonaccrual loans and accruing TDRs	1.64%	1.53%	1.72%	1.37%	0.95%



*Includes the effect of tax exempt securities and loans (21.0% was used for March 2018 and 34.0 was used for prior quarters).