The Bank of Princeton Announces First Quarter 2019 Results
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E-mailPRINCETON, N.J., April 22, 2019 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended March 31, 2019. The Bank reported net income of $229 thousand or $0.03 per diluted common share for the first quarter of 2019, compared to net income of $3.8 million or $0.55 per diluted common share for the fourth quarter of 2018, and net income of $3.6 million or $0.52 per diluted common share for the first quarter of 2018. The decrease in net income, when comparing the three months ended December 31, 2018, was primarily due to an increase in the Bank's provision for loan losses of $4.2 million. The decrease in net income, when comparing the three months ended March 31, 2018, was primarily due to an increase in the Bank's provision for loan losses of $3.9 million.
During the first quarter of 2019, the Bank identified three separate borrowing relationships that required the Bank to record charge-offs. One relationship, a commercial and industrial participation loan with six other banks, with our portion totaling $1.9 million, was fully charged-off due to significant operating losses resulting from the loss of several large contracts, which fully negated the value of the collateral. This loan was placed on non-accrual status in the fourth quarter of 2018. The remaining charge-offs totaling $2.4 million were associated with two separate commercial real estate loans with the primary portion being delinquent taxes associated with the properties and selling costs.
"We are disappointed with the credit loss performance during the quarter, however the Bank's fundamental performance remained strong as evidenced by our loan growth," stated Edward Dietzler, President/CEO.
Chairman Richard Gillespie noted that, "It was unfortunate to report the credit losses, but the Bank continues to progress in line with its growth expectations and anticipates opening two new branches in the 3rd quarter and closing on the acquisition of five branches being purchased from Beneficial Bank in the 2nd quarter, all of which will enhance shareholder value."
Balance Sheet Review
Total assets were $1.30 billion at March 31, 2019, an increase of $45.7 million or 3.6% when compared to $1.25 billion at the end of 2018. The primary reason for the increase in total assets was an increase of $33.6 million in net loans and the addition of a $12.5 million right-of-use asset resulting from the adoption of FASB Update No. 2016-02, ("Leases"). The loan growth, excluding the $4.2 million in charge-offs, represented a 13.99% increase on an annualized basis.
Total deposits at March 31, 2019 increased by $5.3 million, or 0.5% when compared to December 31, 2018. The increase in deposits consists of increases of $30.7 million in interest checking and $24.4 million in time deposits, partially offset by a $38.5 million decrease in money markets, and decreases of $10.0 million in non-interest deposits and $1.3 million in savings accounts. In addition, during the quarter, the Bank borrowed $79.8 million in short-term advances to fund the loan growth.
Total stockholders' equity increased $1.9 million or 1.0% when compared to the end of 2018. This increase was primarily due to exercises of stock options from the Bank's equity incentive plans and an increase in the fair-value of the available-for-sale investment portfolio. The ratio of equity to total assets was 14.4% compared to 14.7% at December 31, 2018.
Asset Quality
At March 31, 2019, non-performing assets were $9.5 million, an increase of $3.8 million, or 65.7% when compared to $5.7 million at December 31, 2018. This increase was primarily due to the addition of a large commercial real estate loan partially offset by the $4.2 million in charge-offs recorded during the quarter. Total troubled debt restructuring ("TDR") balance totaled $1.3 million at March 31, 2019, a decline of $8 thousand from year-end 2018. 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 2018 and $9.9 million for the first quarter of 2018. The decrease from the previous quarter was a result of an increase in interest expense of $484 thousand, or 12.5%, partially offset by an increase in interest income of $88 thousand. The net interest margin for the first quarter 2019 was 3.34%, declining 13 basis points when compared to the fourth quarter of 2018. This decrease was primarily due to a 19 basis point increase on the rate paid on interest-bearing liabilities. When comparing the same three month period ended March 31, 2019 and 2018, net interest income increased $15 thousand.
The provision for credit losses was $4.2 million for the three months ended March 31, 2019. The comparable amounts were $0 and $255 thousand for the three months ended December 31, 2018 and March 31, 2018, respectively. The primary reason for the provision in the first quarter of 2019 was due to $4.3 million in charge-offs recorded against three separate borrower relationships discussed above. The rate of allowance for credit losses to period end loans was 1.07% at March 31, 2019, compared to 1.10% at December 31, 2018 and 1.19% at March 31, 2018, which reflects management's assessment of the credit quality in the loan portfolio.
Total non-interest income for the first quarter of 2019 was $785 thousand compared to $786 thousand for the same period in 2018 and $601 thousand for the previous quarter. When comparing March 31, 2019 to the prior quarter, non-interest income increased $184 thousand, or 30.6%, which was due to an increase in loan fees collected during the respective periods.
Total non-interest expense for the first quarter of 2019 increased $286 thousand, or 4.7%, when compared to the same period in 2018. This increase was primarily due to increases in occupancy and equipment expense and data processing expenses due to our growth. When comparing March 31, 2019 to the prior quarter, non-interest expense increased $23 thousand, or 0.4%, primarily due to growth-related increases in salaries and employee benefits' expense, occupancy and equipment expense and data processing expense, partially offset by a reduction in both professional fees and advertising expenses.
For the three month period ended March 31, 2019, the Bank recorded an income tax benefit of $74 thousand, resulting in an effective tax rate of -47.7%, compared to an income tax expense of $801 thousand resulting in an effective tax rate of 18.3% for the three month period ended December 31, 2018 and compared to an income tax expense of $790 thousand resulting in an effective tax rate of 18.1% for the three month period ended March 31, 2018. The effective tax rate for the three months ending March 31, 2019 was positively impacted by the exercise of stock option from the Bank's equity incentive plans, when compared to the previous quarter and the three months ended March 31, 2018.
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 11 branches in New Jersey, including three in Princeton and others in Cream Ridge, Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville, and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area. 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; the possibility that expected benefits of the Bank's pending branch acquisition mentioned in this release may not materialize in the timeframe expected or at all, or may be more costly to achieve; that the branch acquisition may not be timely completed, if at all; that prior to the completion of the branch acquisition or thereafter, the Bank's business may not perform as expected due to transaction-related uncertainty or other factors; that Bank is unable to successfully implement integration strategies relating to the branch acquisition; that required regulatory or other approvals are not obtained or other customary closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of the Bank's customers, employees and other constituents to the transaction; the diversion of management time on branch acquisition-related matters; those risks set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" 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 George Rapp609.454.0718[email protected]
The Bank of Princeton Summary Statements of Financial Condition Data (unaudited) (dollars in thousands, except per share data) Mar 31, 2019 vs Dec 31, 2018 Mar 31, 2019vs Dec 31, 2018 Mar 31, 2019 vs Mar 31, 2018 Mar 31, 2019 vs Mar 31, 2018 March 31,2019 Dec 31,2018 March 31,2018 $ Change % Change $ Change % Change ASSETS Cash and cash equivalents $ 23,791 $ 26,384 $ 32,871 $ (2,593) (9.83) % $ (9,080) (27.62) % Securities available for sale taxable 44,297 46,472 54,539 (2,175) (4.68) (10,242) (18.78) Securities available for sale tax exempt 47,417 45,209 49,142 2,208 4.88 (1,725) (3.51) Securities held to maturity 227 228 263 (1) (0.44) (36) (13.69) Loans receivable, net of deferred 1,114,797 1,081,179 998,923 33,618 3.11 115,874 11.60 Allowance for loan losses (11,961) (11,944) (11,849) (17) 0.14 (112) 0.95 Other assets 78,660 64,036 59,991 14,624 22.84 18,669 31.12 TOTAL ASSETS $ 1,297,228 $ 1,251,564 $ 1,183,880 $ 45,664 3.65 % $ 113,348 9.57 % LIABILITIES Non interest checking $ 92,684 $ 102,678 $ 97,282 $ (9,994) (9.73) % $ (4,598) (4.73) % Interest checking 181,767 151,042 205,743 30,725 20.34 (23,976) (11.65) Savings 93,464 94,789 108,146 (1,325) (1.40) (14,682) (13.58) Money market 247,912 286,457 263,702 (38,545) (13.46) (15,790) (5.99) Time deposits over $250,000 100,244 104,104 118,097 (63,246) (60.75) (14,311) (12.12) Other time deposits 296,468 268,177 184,758 87,677 32.69 108,168 58.55 Total Deposits 1,012,539 1,007,247 977,728 5,292 0.53 34,811 3.56 Borrowings 79,800 55,400 30,300 24,400 44.04 49,500 163.37 Other liabilities 18,696 4,599 4,241 14,097 306.52 14,455 340.84 TOTAL LIABILITIES 1,111,035 1,067,246 1,012,269 43,789 4.10 % 98,766 9.76 % STOCKHOLDERS' EQUITY Common stock 33,680 33,278 33,000 402 1.21 680 2.06 Paid-in capital 78,710 77,895 76,864 815 1.05 1,846 2.40 Retained earnings 73,659 73,630 62,702 29 0.04 10,957 17.47 Accumulated other comprehensive income (loss) 144 (485) (955) 629 (129.69) 1,099 (115.08) TOTAL STOCKHOLDERS' EQUITY 186,193 184,318 171,611 1,875 1.02 % 14,582 8.50 % TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,297,228 $ 1,251,564 $ 1,183,880 $ 45,664 3.65 % $ 113,348 9.57 % Book value per common share $ 27.64 $ 27.69 $ 26.00 $ (0.05) (0.18) % $ 1.64 6.31 %
The Bank of Princeton Loan/Deposit Tables March 31, 2019 Loan receivable, net at December 31, 2018 were comprised of the following: March 31, December 31, 2019 2018 (Dollars in thousands) Commercial real estate $ 760,626 $ 729,336 Commercial and industrial 65,567 71,838 Construction 175,117 161,275 Residential first-lien mortgages 99,757 102,008 Home equity 16,084 17,048 Consumer 340 1,987 Total loans 1,117,491 1,083,492 Deferred fees and costs (2,694) (2,313) Allowance for loan losses (11,961) (11,944) Loans, net $ 1,102,836 $ 1,069,235 The components of deposits at December 31, 2018 were as follows: March 31, December 31, 2019 2018 (Dollars in thousands) Demand, non-interest-bearing checking $ 92,684 $ 102,678 Demand, interest-bearing 181,767 151,042 Savings 93,464 94,789 Money Markets 247,912 286,457 Time deposits 396,712 372,281 Total Deposits $ 1,012,539 $ 1,007,247
The Bank of Princeton Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2019 2018 $ Change % Change (Dollars in thousands) Interest and Dividend Income Loans and fees $ 13,519 $ 11,650 1,869 16.04 Available-for-Sale debt securities: Taxable 275 294 (19) (6.46) Tax-exempt 309 335 (26) (7.76) Held-to-Maturity debt securities 3 4 (1) (25.00) Other interest and dividend income 169 309 (140) (45.31) Total Interest and Dividends 14,275 12,592 1,683 13.37 Interest expense Deposits 4,155 2,683 1,472 54.86 Borrowings 209 14 195 1,392.86 Total Interest Expense 4,364 2,697 1,667 61.81 Net Interest Income 9,911 9,895 16 0.16 Provision for Loan Losses 4,200 255 3,945 1,547.06 Net Interest Income after Provision for Loan Losses 5,711 9,640 (3,929) (40.76) Non-Interest income Income from bank-owned life insurance 310 302 8 2.65 Fees and service charges 149 160 (11) (6.88) Loan fees, including prepayment penalties 314 308 6 1.95 Other 12 16 (4) (25.00) Total Non-Interest Income 785 786 (1) (0.13) Non-Interest Expense Salaries and employee benefits 3,696 3,687 9 0.24 Occupancy and equipment 938 858 80 9.32 Professional fees 431 419 12 2.86 Data processing and communications 571 524 47 8.97 Federal deposit insurance 85 88 (3) (3.41) Advertising and promotion 74 61 13 21.31 Office expense 55 66 (11) (16.67) Other 491 352 139 39.49 Total Non-Interest Expense 6,341 6,055 286 4.72 Income before income tax (benefit)/ expense 155 4,371 (4,216) (96.45) Income tax (benefit)/ expense (74) 790 (864) (109.37) Net Income $ 229 $ 3,581 (3,352) (93.61) Net income per common share - basic 0.03 0.55 (0.52) (94.55) Net income per common share - diluted 0.03 0.52 (0.49) (94.23) Weighted average shares outstanding - basic 6,679 6,576 103 1.57 Weighted average shares outstanding - diluted 6,874 6,855 19 0.28
The Bank of Princeton | |||||||||
Consolidated Statements of Operations (Current Quarter vs Prior Quarter) | |||||||||
(unaudited) | |||||||||
Quarter Ending | |||||||||
Mar 31, | Dec 31, | ||||||||
2019 | 2018 | $ Change | % Change | ||||||
(Dollars in thousands) | |||||||||
Interest and Dividend Income | |||||||||
Loans and fees | $ 13,519 | $ 13,437 | 82 | 0.61 | |||||
Available-for-Sale debt securities: | |||||||||
Taxable | 275 | 285 | (10) | (3.51) | |||||
Tax-exempt | 309 | 314 | (5) | (1.59) | |||||
Held-to-Maturity debt securities | 3 | 3 | - | - | |||||
Other interest and dividend income | 169 | 148 | 21 | 14.19 | |||||
Total Interest and Dividends | 14,275 | 14,187 | 88 | 0.62 | |||||
Interest expense | |||||||||
Deposits | 4,155 | 3,729 | 426 | 11.42 | |||||
Borrowings | 209 | 152 | 57 | 37.50 | |||||
Total Interest Expense | 4,364 | 3,881 | 483 | 12.45 | |||||
Net Interest Income | 9,911 | 10,306 | (395) | (3.83) | |||||
Provision for Loan Losses | 4,200 | - | 4,200 | - | |||||
Net Interest Income after Provision for Loan Losses | 5,711 | 10,306 | (4,595) | (44.59) | |||||
Non-Interest income | |||||||||
Income from bank-owned life insurance | 310 | 313 | (3) | (0.96) | |||||
Fees and service charges | 149 | 150 | (1) | (0.67) | |||||
Loan fees, including prepayment penalities | 314 | 119 | 195 | 163.87 | |||||
Other | 12 | 19 | (7) | (36.84) | |||||
Total Non-Interest Income | 785 | 601 | 184 | 30.62 | |||||
Non-Interest Expense | |||||||||
Salaries and employee benefits | 3,696 | 3,654 | 42 | 1.15 | |||||
Occupancy and equipment | 938 | 858 | 80 | 9.32 | |||||
Professional fees | 431 | 527 | (96) | (18.22) | |||||
Data processing and communications | 571 | 519 | 52 | 10.02 | |||||
Federal deposit insurance | 85 | 78 | 7 | 8.97 | |||||
Advertising and promotion | 74 | 134 | (60) | (44.78) | |||||
Office expense | 55 | 61 | (6) | (9.84) | |||||
Other | 491 | 487 | 4 | 0.82 | |||||
Total Non-Interest Expense | |||||||||
6,341 | 6,318 | 23 | 0.36 | ||||||
Income before income tax (benefit)/expense | |||||||||
155 | 4,589 | (4,434) | (96.62) | ||||||
Income tax (benefit)/expense | |||||||||
(74) | 801 | (875) | (109.24) | ||||||
Net Income | |||||||||
$ 229 | $ 3,788 | (3,559) | (93.95) | ||||||
Net income per common share - basic | 0.03 | 0.57 | (0.54) | (94.74) | |||||
Net income per common share - diluted | 0.03 | 0.55 | (0.52) | (94.55) | |||||
Weighted average shares outstanding - basic | 6,679 | 6,550 | 129 | 1.97 | |||||
Weighted average shares outstanding - diluted | 6,874 | 6,868 | 6 | 0.09 | |||||
The Bank of Princeton | |||||||||||
Consolidated Average Balance Sheets | |||||||||||
(unaudited) | |||||||||||
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | ||||||||||
Average | Yield/ | Average | Yield/ | ||||||||
balance | rate | balance | rate | $ Change | % Change | ||||||
Earning assets | |||||||||||
Loans | $ 1,093,377 | 5.01% | $ 963,378 | 4.91% | 129,999 | 0.10% | |||||
Securities | |||||||||||
Taxable AFS | 45,320 | 2.43% | 53,974 | 2.18% | (8,654) | 0.25% | |||||
Tax exempt AFS | 45,408 | 2.72% | 48,792 | 2.75% | (3,384) | -0.03% | |||||
Held-to-maturity | 228 | 5.26% | 264 | 4.55% | (36) | 0.04% | |||||
Securities | 90,956 | 2.58% | 103,030 | 2.46% | (12,074) | 0.12% | |||||
Other interest earning assets | |||||||||||
Interest-bearing bank accounts | 17,400 | 1.66% | 74,013 | 1.66% | (56,613) | 0.00% | |||||
Equities | 2,503 | 7.09% | 1,133 | 7.27% | 1,370 | -0.18% | |||||
Other interest earning assets | 19,903 | 3.44% | 75,146 | 1.67% | (55,243) | 1.77% | |||||
Total interest-earning assets | 1,204,236 | 4.81% | 1,141,554 | 4.48% | 62,682 | 0.33% | |||||
Total non earning assets | 66,579 | 60,778 | |||||||||
Total Assets | $ 1,270,815 | $ 1,202,332 | |||||||||
Interest-bearing liabilities | |||||||||||
Checking | $ 193,103 | 1.38% | $ 281,166 | 0.81% | (88,063) | 0.57% | |||||
Savings | 92,914 | 1.39% | 106,993 | 1.02% | (14,079) | 0.37% | |||||
Money Market | 275,442 | 1.69% | 248,741 | 1.19% | 26,701 | 0.50% | |||||
Certificate of Deposit | 381,394 | 2.15% | 291,990 | 1.55% | 89,404 | 0.61% | |||||
Total interest-bearing deposits | 942,853 | 1.79% | 928,890 | 1.17% | 13,963 | 0.62% | |||||
Non interest bearing deposits | 95,114 | 95,417 | |||||||||
Total deposits | 1,037,967 | 1.65% | 1,024,307 | 1.06% | 13,660 | 0.59% | |||||
Borrowings | 31,615 | 2.68% | 3,438 | 1.64% | 28,177 | 1.04% | |||||
Total interest-bearing liabilities | 974,468 | 1.82% | 932,328 | 1.17% | 42,140 | 0.65% | |||||
(excluding non interest deposits) | |||||||||||
Noninterest-bearing deposits | 95,114 | 95,417 | |||||||||
Total Cost of Funds | 1,069,582 | 1.62% | 1,027,745 | 1.06% | 41,837 | 0.15% | |||||
Accrued expenses and other liabilities | 14,635 | 3,445 | |||||||||
Stockholders' equity | 186,598 | 170,142 | |||||||||
Total liabilities and stockholders' equity | $ 1,270,815 | $ 1,201,332 | |||||||||
Net interest spread | 2.98% | 3.31% | |||||||||
Net interest margin | 3.34% | 3.52% | |||||||||
Net interest margin (FTE)* | 3.46% | 3.58% | |||||||||
*Includes the effect of tax exempt securities and loans | |||||||||||
The Bank of Princeton | |||||||||||
Consolidated Average Balance Sheets | |||||||||||
(unaudited) | |||||||||||
For the Three Months Ended | |||||||||||
31-Mar-19 | 31-Dec-18 | ||||||||||
Average | Yield/ | Average | Yield/ | ||||||||
balance | rate | balance | rate | $ Change | % Change | ||||||
Earning assets | |||||||||||
Loans | $ 1,093,377 | 5.01% | $ 1,062,719 | 5.02% | 30,658 | -0.01% | |||||
Securities | |||||||||||
Taxable AFS | 45,320 | 2.43% | 47,297 | 2.41% | (1,977) | 0.02% | |||||
Tax exempt AFS | 45,408 | 2.72% | 45,212 | 2.78% | 196 | -0.06% | |||||
Held-to-maturity | 228 | 5.26% | 229 | 5.26% | (1) | 0.00% | |||||
Securities | 90,956 | 2.58% | 92,738 | 2.60% | (1,782) | -0.02% | |||||
Other interest earning assets | |||||||||||
Interest-bearing bank accounts | 17,400 | 1.66% | 21,309 | 2.09% | (3,909) | -0.43% | |||||
Equities | 2,503 | 7.09% | 2,131 | 6.75% | 372 | 0.34% | |||||
Other interest earning assets | 19,903 | 3.44% | 23,440 | 2.51% | (3,537) | 0.95% | |||||
Total interest-earning assets | 1,204,236 | 4.81% | 1,178,897 | 4.77% | 25,339 | 0.04% | |||||
Total non earning assets | 66,579 | 56,087 | |||||||||
Total Assets | $ 1,270,815 | $ 1,234,984 | |||||||||
Interest-bearing liabilities | |||||||||||
Checking | $ 193,103 | 1.38% | $ 177,247 | 0.98% | 15,856 | 0.40% | |||||
Savings | 92,914 | 1.39% | 96,310 | 1.28% | (3,396) | 0.11% | |||||
Money Market | 275,442 | 1.69% | 285,683 | 1.61% | (10,241) | 0.08% | |||||
Certificate of Deposit | 381,394 | 2.15% | 364,272 | 1.98% | 17,122 | 0.17% | |||||
Total interest-bearing deposits | 942,853 | 1.79% | 923,512 | 1.60% | 19,341 | 0.19% | |||||
Non interest bearing deposits | 95,114 | 101,838 | |||||||||
Total deposits | 1,037,967 | 1.65% | 1,025,350 | 1.44% | 12,617 | 0.21% | |||||
Borrowings | 31,615 | 2.68% | 23,334 | 2.57% | 8,281 | 0.11% | |||||
Total interest-bearing liabilities | 974,468 | 1.82% | 946,846 | 1.63% | 27,622 | 0.19% | |||||
(excluding non interest deposits) | |||||||||||
Noninterest-bearing deposits | 95,114 | 101,838 | |||||||||
Total Cost of Funds | 1,069,582 | 1.62% | 1,048,684 | 1.47% | 20,898 | 0.15% | |||||
Accrued expenses and other liabilities | 14,635 | 5,166 | |||||||||
Stockholders' equity | 186,598 | 181,134 | |||||||||
Total liabilities and stockholders' equity | $ 1,270,815 | $ 1,234,984 | |||||||||
Net interest spread | 2.98% | 3.15% | |||||||||
Net interest margin | 3.34% | 3.47% | |||||||||
Net interest margin (FTE)* | 3.46% | 3.59% | |||||||||
*Includes the effect of tax exempt securities and loans | |||||||||||
The Bank of Princeton | ||||||||||
Quarterly Financial Highlights | ||||||||||
(unaudited) | ||||||||||
2019 | 2018 | 2018 | 2018 | 2018 | ||||||
Mar | Dec | Sep | Jun | Mar | ||||||
Return on average assets | 0.07% | 1.22% | 1.18% | 1.21% | 1.21% | |||||
Return on average equity | 0.50% | 8.30% | 8.26% | 8.39% | 8.54% | |||||
Net interest margin | 3.34% | 3.47% | 3.51% | 3.57% | 3.52% | |||||
Net interest margin (FTE)* | 3.46% | 3.59% | 3.67% | 3.70% | 3.65% | |||||
Efficiency ratio - Non-GAAP | 59.28% | 57.94% | 59.47% | 57.55% | 56.69% | |||||
Common Stock Data | ||||||||||
Market value at period end | 31.73 | 27.90 | 30.54 | 33.25 | 34.50 | |||||
Market range: | ||||||||||
High | 33.33 | 31.46 | 35.45 | 34.90 | 34.69 | |||||
Low | 27.58 | 26.77 | 30.54 | 32.21 | 32.24 | |||||
Book value per common share at period end | 27.64 | 27.69 | 27.01 | 26.50 | 26.00 | |||||
CAPITAL RATIOS | ||||||||||
Total Capital (to risk-weighted assets) | 16.53% | 17.37% | 17.47% | 16.67% | 17.14% | |||||
Tier 1 Capital (to risk-weighted assets) | 15.53% | 16.31% | 16.36% | 15.61% | 16.04% | |||||
Tier 1 Capital (to average assets) | 14.60% | 14.89% | 14.47% | 14.55% | 14.31% | |||||
Period-end equity to assets | 14.35% | 14.73% | 14.54% | 14.18% | 14.50% | |||||
CREDIT QUALITY DATA AT PERIOD END | ||||||||||
(Dollars in Thousands) | ||||||||||
Net charge-offs and (recoveries) | $ 4,183 | $ 195 | $ (93) | $ 213 | $ 172 | |||||
Annualized net charge-offs to average loans | 1.552% | 0.07% | -0.04% | 0.083% | 0.08% | |||||
Nonaccrual loans | 9,472 | 5,699 | 4,832 | 8,463 | 10,832 | |||||
Other real estate owned | 44 | 44 | 44 | 802 | 802 | |||||
Total nonperforming assets | 9,516 | 5,743 | 4,876 | 9,265 | 11,634 | |||||
Accruing troubled debt restructurings (TDRs) | 1,278 | 1,286 | 1,300 | 1,309 | 4,721 | |||||
Total nonperforming assets and accruing TDRs | $ 10,794 | $ 7,029 | $ 6,176 | $ 10,574 | $ 16,355 | |||||
Nonaccrual loans and TDRs | - | - | - | - | - | |||||
Allowance for credit losses as a percent of: | ||||||||||
Period-end loans | 1.07% | 1.10% | 1.15% | 1.13% | 1.19% | |||||
Nonaccrual loans | 79.19% | 47.71% | 39.81% | 70.26% | 91.42% | |||||
Nonperforming assets | 79.56% | 48.08% | 40.17% | 76.91% | 98.19% | |||||
As a percent of total loans: | ||||||||||
Nonaccrual loans | 0.85% | 0.53% | 0.46% | 0.79% | 1.08% | |||||
Accruing TDRs | 0.11% | 0.12% | 0.12% | 0.12% | 0.47% | |||||
Nonaccrual loans and accruing TDRs | 0.96% | 0.65% | 0.58% | 0.92% | 1.64% | |||||
*Includes the effect of tax exempt securities and loans | ||||||||||
View original content:http://www.prnewswire.com/news-releases/the-bank-of-princeton-announces-first-quarter-2019-results-300835739.html
SOURCE The Bank of Princeton
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