The Bank of Princeton Announces First Quarter 2020 Results

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April 23, 2020 4:01 PM EDT

PRINCETON, N.J., April 23, 2020 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended March 31, 2020.  The Bank reported net income of $3.0 million, or $0.44 per diluted common share, for the first quarter of 2020, compared to net income of $3.4 million, or $0.49 per diluted common share, for the fourth quarter of 2019, and net income of $229 thousand, or $0.03 per diluted common share, for the first quarter of 2019. The decrease in net income, when comparing this most recent quarter to the three months ended December 31, 2019, was primarily due to a $708 thousand increase in non-interest expense and a $525 thousand increase in the Bank's provision for loan losses, partially offset by a $697 thousand increase in non-interest income.  The increase in net income, when comparing it to the three months ended March 31, 2019, was primarily due to an increase of $706 thousand in the Bank's non-interest income and a decrease in the Bank's provision for loan losses of $3.6 million, partially offset by a $1.2 million increase in operating expenses attributed to the Bank's strategy of branch expansion.

Highlights for the quarter-ended March 31, 2020 are as follows:

  • Net interest income for the three month period ended March 31, 2020 increased $591 thousand, or 6.0%, over the same period in 2019.
  • The Bank decreased its cost of funds by 11 basis points during the three month period ended March 31, 2020, when compared to the same period in 2019.
  • Non-interest income for the three month period ended March 31, 2020 increased $706 thousand, or 89.9%, over the same period in 2019.
  • The ratio of non-performing assets to total assets was 0.18% at March 31, 2020.

"During the first quarter, less expensive core deposits continued to grow, which has a positive impact on our cost of funds," stated Edward Dietzler, President/CEO.

Balance Sheet Review

Total assets were $1.43 billion at March 31, 2020, a decrease of $30.3 million or 2.0% when compared to $1.45 billion at the end of 2019. The primary reason for the decrease in total assets was a result of the Bank's strategic initiative to reduce its cost of funds by reducing interest rates offered on higher costing deposit products.

Total deposits at March 31, 2020 decreased by $37.5 million, or 3.0%, when compared to December 31, 2019, primarily due to the impact of reducing rates on some of its higher costing deposit products.  When comparing deposit products between the two periods, money markets decreased by $35.1 million, interest-bearing checking decreased by $12.1 million and time deposits decreased by $6.3 million, partially offset by increases in non-interest checking of $8.8 million and savings of $7.2 million. In addition, at March 31, 2020 and at December 31, 2019, the Bank did not have an outstanding balance in borrowings.  

Total stockholders' equity at March 31, 2020 increased $3.1 million or 1.6% when compared to the end of 2019. This increase was primarily due to earnings recorded during the three months of 2020, and an increase of $550 thousand in the fair-value of the available-for-sale investment portfolio.   The ratio of equity to total assets at March 31, 2020 was 14.0% compared to 13.5% at December 31, 2019.

Asset Quality

At March 31, 2020, non-performing assets were $2.6 million, an increase of $154 thousand, or 6.3%, when compared to $2.4 million at December 31, 2019.  This increase at March 31, 2020 from December 31, 2019 was primarily due the addition of a single-family residential loan.  Total troubled debt restructurings ("TDR") totaled $9.3 million at March 31, 2020 and December 31, 2019. All TDR's are performing to their agreed upon terms.

Review of Quarterly Financial Results

Net interest income was $10.5 million for the first quarter of 2020, compared to $10.4 million for the fourth quarter of 2019 and $9.9 million for the first quarter of 2019.  The increase from the previous quarter was a result of a decrease in interest paid on liabilities of $246 thousand, or 5.1%, partially offset by a decrease in interest income of $156 thousand.  The net interest margin for the first quarter 2020 was 3.13%, increasing 3 basis points when compared to the fourth quarter of 2019. This increase was primarily associated with a reduction of 9 basis points in total cost of funds offset by a 5 basis points reduction in the yield on earning assets. When comparing the three month periods ended March 31, 2020 and 2019, net interest income increased $591 thousand, which was primarily due to a higher volume of average earnings assets of approximately $145.7 million.  Interest and dividend income increased by $762 thousand, offset by an increase in interest expense of $171 thousand. The total rate on interest-bearing liabilities, which includes non-interest-bearing deposits, for the three month periods ended March 31, 2020 and 2019 was 1.46% and 1.60%, respectively. 

The provision for credit losses was $650 thousand for the three months ended March 31, 2020.  The comparable amounts were $125 thousand and $4.2 million for the three months ended December 31, 2019 and March 31, 2019, respectively. The primary reason for the provision in the first quarter of 2020 was due to an $886 thousand charge-off recorded against a borrower of a commercial real estate loan.  The rate of allowance for credit losses to period end loans was 1.03% at March 31, 2020, compared to 1.06% at December 31, 2019 and 1.07% at March 31, 2019, which reflects management's assessment of the credit quality in the loan portfolio.

Total non-interest income for the first quarter of 2020 increased $706 thousand to $1.5 million, or 89.9%, when compared to the same period in 2019. This increase was primarily due to a $505 thousand gain record on the sale of investment securities held as available-for-sale, and an increase in service charges on deposits and loan fees collected.  Total non-interest income, comparing the three month periods ended March 31, 2020 and December 31, 2019, reflected an increase of $697 thousand, or 87.8%, primarily due to the aforementioned gain recorded on the sale investment securities held as available-for-sale, and a higher level of fees generated on loans recorded between the two periods.    

Total non-interest expense for the first quarter of 2020 increased $1.2 million, or 19.6%, when compared to the same period in 2019.  This increase was primarily due to an increase in additional operating cost associated with the Bank's branch expansion strategy.  When comparing March 31, 2020 to the immediately prior quarter, non-interest expense increased $708 thousand, or 10.3%, primarily due to growth-related increases in salaries and employee benefits' expense, data processing expense, professional fees, and FDIC insurance premiums, partially offset by a reduction in advertising expenses, occupancy and equipment expense and other expense.

For the three month period ended March 31, 2020, the Bank recorded an income tax expense of $726 thousand, resulting in an effective tax rate of 19.3%, compared to an income tax expense of $817 thousand resulting in an effective tax rate of 19.4% for the three month period ended December 31, 2019, and compared to an income tax benefit of $74 thousand for the three month period ended March 31, 2019. The effective tax rate for the three months ended March 31, 2020 and December 31, 2019 were both positively impacted by the exercise of stock options from the Bank's equity incentive plans. The tax benefit for March 31, 2019 was impacted by the level of tax-free income against the level of taxable earnings.

COVID-19

The full impact of the coronavirus continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Bank's financial condition, liquidity and future results of operations.  

The Bank is working closely with its loan customers to educate and guide them on their options for financial assistance, including the Paycheck Protection Program ("PPP") and payment relief through deferral and waived fees.  The Bank will continue to provide a fast and flexible response to the quickly changing circumstances and is confident it will navigate successfully through these trying times. 

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 18 branches in New Jersey, including four in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lambertville, Lawrenceville, Monroe, New Brunswick, Pennington, Princeton Junction, Quakerbridge and Sicklerville.  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 impact of the recent global coronavirus outbreak, 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; those risks set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2019 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 Rapp 609.454.0718 [email protected]

                                                                  

The Bank of Princeton

Summary Statements of Financial Condition Data

(unaudited)

(dollars in thousands, except per share data)

Mar 31, 2020 vs Dec 31, 2019

Mar 31, 2020           vs           Dec 31, 2019

Mar 31, 2020vsMar 31, 2019

Mar 31, 2020vsMar 31, 2019

Mar 31, 2020

Dec 31, 2019

Mar 31, 2019

$ Change

% Change

$ Change

% Change

ASSETS

Cash and cash equivalents

$     51,437

$     72,598

$     23,791

$     (21,161)

(29.15)

%

$      27,646

116.20

%

Securities available for sale taxable

36,738

55,951

44,297

(19,213)

(34.34)

(7,559)

(17.06)

Securities available for sale tax exempt

56,347

56,361

47,417

(14)

(0.02)

8,930

18.83

Securities held to maturity

220

222

227

(2)

(0.90)

(7)

(3.08)

Loans receivable, net of deferred

1,191,812

1,186,570

1,114,797

5,242

0.44

77,015

6.91

Allowance for loan losses

(12,322)

(12,557)

(11,961)

235

(1.87)

(361)

3.02

Other assets

100,344

95,749

78,660

4,595

4.80

21,684

27.57

TOTAL ASSETS

$ 1,424,576

$ 1,454,894

$ 1,297,228

$     (30,318)

(2.08)

%

$     127,348

9.82

%

LIABILITIES

Non interest checking

$   150,184

$   141,338

$     92,684

$        8,846

6.26

%

$      57,500

62.04

%

Interest checking

200,405

212,552

181,767

(12,147)

(5.71)

18,638

10.25

Savings

161,921

154,756

93,464

7,165

4.63

68,457

73.24

Money market

259,885

294,940

247,912

(35,055)

(11.89)

11,973

4.83

Time deposits over $250,000 

120,062

121,122

100,244

(1,060)

(0.88)

19,818

19.77

Other time deposits

307,898

313,182

296,468

(5,284)

(1.69)

11,430

3.86

Total Deposits

1,200,355

1,237,890

1,012,539

(37,535)

(3.03)

187,816

18.55

Borrowings

-

-

79,800

-

(79,800)

(79,800)

(100.00)

Other liabilities

25,207

21,079

18,696

4,128

19.58

6,511

34.83

    TOTAL LIABILITIES

1,225,562

1,258,969

1,111,035

(33,407)

(2.65)

%

114,527

10.31

%

STOCKHOLDERS' EQUITY

 Common stock 

33,855

33,807

33,680

48

0.14

175

0.52

 Paid-in capital 

79,349

79,215

78,710

134

0.17

639

0.81

 Retained earnings 

84,630

82,273

73,659

2,357

2.86

10,971

14.89

 Accumulated other comprehensive income (loss) 

1,180

630

144

550

87.30

1,036

719.44

     TOTAL STOCKHOLDERS' EQUITY 

199,014

195,925

186,193

3,089

1.58

%

12,821

6.89

%

TOTAL LIABILITIES 

     AND STOCKHOLDERS' EQUITY

$ 1,424,576

$ 1,454,894

$ 1,297,228

$     (30,318)

17.02

%

$     127,348

9.82

%

Book value per common share

$      29.39

$      28.98

$      27.64

$          0.41

1.43

%

$          1.75

6.33

%

Tangible book value per common share1

$      27.56

$      27.11

$      27.98

$          0.45

1.66

%

$        (0.42)

(1.50)

%

1Tangible book value per common share is a non-GAAP measure that represents book value per common share which excludes goodwill and core deposit intangible.  

 

 

The Bank of Princeton

Loan/Deposit Tables

Loan receivable, net at March 31, 2020 and December 31, 2019 were comprised of the following:

March 31,

December 31,

2020

2019

(Dollars in thousands)

Commercial real estate

$        836,727

$        853,876

Commercial and industrial

46,402

43,504

Construction

213,147

189,789

Residential first-lien mortgages

86,631

89,067

Home equity

12,338

12,959

Consumer

220

794

     Total loans

1,195,465

1,189,989

Deferred fees and costs

(3,653)

(3,419)

Allowance for loan losses

(12,322)

(12,557)

     Loans, net

$     1,179,490

$     1,174,013

The components of deposits at September 30, 2019 and December 31, 2019 were as follows:

September 30,

December 31,

2019

2019

(Dollars in thousands)

Demand, non-interest-bearing checking

$        150,184

$        141,338

Demand, interest-bearing 

200,405

212,552

Savings

161,921

154,756

Money Markets

259,885

294,940

Time deposits

427,960

434,304

     Total Deposits

$     1,200,355

$     1,237,890

 

 

The Bank of Princeton

Consolidated Statements of Operations

(unaudited)

Three Months Ended

Mar 31,

2020

2019

$ Change

% Change

(Dollars in thousands)

Interest and Dividend Income

Loans and fees

$ 14,199

$  13,519

$         680

5.0%

Available-for-Sale debt securities:

Taxable

310

275

35

12.7%

Tax-exempt

363

309

54

17.5%

Held-to-Maturity debt securities

3

3

0

0.0%

Other interest and dividend income

162

169

-7

-4.1%

Total Interest and Dividends

15,037

14,275

762

5.3%

Interest expense

Deposits

4,532

4,155

377

9.1%

Borrowings

3

209

-206

-98.6%

Total Interest Expense

4,535

4,364

171

3.9%

Net Interest Income

10,502

9,911

591

6.0%

Provision for Loan Losses

650

4,200

-3,550

-84.5%

Net Interest Income after Provision for Loan Losses

9,852

5,711

4,141

72.5%

Non-Interest income

Gain on sale of securities available for sale,net

505

-

505

 N/A 

Income from bank-owned life insurance

296

310

-14

-4.5%

Fees and service charges

333

149

184

123.5%

Loan fees, including prepayment penalities

304

314

-10

-3.2%

Other 

53

12

41

341.7%

Total Non-Interest Income

1,491

785

706

89.9%

Non-Interest Expense

Salaries and employee benefits

4,122

3,696

426

11.5%

Occupancy and equipment

1,202

938

264

28.1%

Professional fees

521

431

90

20.9%

Data processing and communications

803

571

232

40.6%

Federal deposit insurance

88

85

3

3.5%

Advertising and promotion

90

74

16

21.6%

Office expense

80

55

25

45.5%

Core deposit intangible

193

-

193

 N/A 

Other 

484

491

-7

-1.4%

Total Non-Interest Expense

7,583

6,341

1,242

19.6%

Income before income tax expense

3,760

155

3,605

2325.8%

Income tax expense (benefit)

726

(74)

800

-1081.1%

Net Income

$  3,034

$      229

$       2,805

1224.9%

Net income per common share - basic

0.45

0.03

0.42

1400.0%

Net income per common share - diluted

0.44

0.03

0.41

1366.7%

Weighted average shares outstanding - basic

6,766

6,679

87

1.3%

Weighted average shares outstanding - diluted

6,920

6,874

46

0.7%

 

 

The Bank of Princeton

Consolidated Statements of Operations (Current Quarter vs Prior Quarter)

(unaudited)

Quarter Ending

Mar 31,

Dec 31,

2020

2019

$ Change

% Change

(Dollars in thousands)

Interest and Dividend Income

Loans and fees

$    14,199

$ 14,263

$         (64)

-0.4%

Available-for-Sale debt securities:

Taxable

310

315

(5)

-1.6%

Tax-exempt

363

358

5

1.4%

Held-to-Maturity debt securities

3

3

-

0.0%

Other interest and dividend income

162

254

(92)

-36.2%

Total Interest and Dividends

15,037

15,193

(156)

-1.0%

Interest expense

Deposits

4,532

4,762

(230)

-4.8%

Borrowings

3

19

(16)

-84.2%

Total Interest Expense

4,535

4,781

(246)

-5.1%

Net Interest Income

10,502

10,412

90

0.9%

Provision for Loan Losses

650

125

525

420.0%

Net Interest Income after Provision for Loan Losses

9,852

10,287

(435)

-4.2%

Non-Interest income

Gain on sale of securities available for sale,net

505

27

478

1770.4%

Income from bank-owned life insurance

296

299

(3)

-1.0%

Fees and service charges

333

323

10

3.1%

Loan fees, including prepayment penalities

304

122

182

149.2%

Other 

53

23

30

130.4%

Total Non-Interest Income

1,491

794

697

87.8%

Non-Interest Expense

Salaries and employee benefits

4,122

3,643

479

13.1%

Occupancy and equipment

1,202

1,219

(17)

-1.4%

Professional fees

521

340

181

53.2%

Data processing and communications

803

658

145

22.0%

Federal deposit insurance

88

-

88

N/A

Advertising and promotion

90

98

(8)

-8.2%

Office expense

80

152

(72)

-47.4%

OREO Expense  

-

4

(4)

-100.0%

Core deposit intangible

193

193

-

0.0%

Other 

484

568

(84)

-14.8%

Total Non-Interest Expense

7,583

6,875

708

10.3%

Income before income tax expense

3,760

4,206

(446)

-10.6%

Income tax expense

726

817

(91)

-11.1%

Net Income

$     3,034

$  3,389

$       (355)

-10.5%

Net income per common share - basic

0.45

0.51

0.01

2.0%

Net income per common share - diluted

0.44

0.49

0.01

2.0%

Weighted average shares outstanding - basic

6,766

6,757

9

0.1%

Weighted average shares outstanding - diluted

6,920

6,922

(2)

0.0%

 

 

The Bank of Princeton

Consolidated Average Balance Sheets

(unaudited)

For the Three Months Ended

Mar 31,

2020

2019

Average 

Yield/

Average 

Yield/

balance

rate 

balance

rate 

$ Change

% Change

Earning assets

  Loans 

$    1,197,745

4.77%

$    1,093,377

5.01%

$      104,368

-0.24%

Securities

  Taxable AFS 

56,641

2.18%

45,320

2.42%

11,321

-0.24%

  Tax exempt AFS

56,875

2.55%

45,408

2.73%

11,467

-0.18%

  Held-to-maturity

221

5.26%

228

5.26%

(7)

0.00%

Securities

113,737

2.37%

90,956

2.58%

22,781

-0.21%

Other interest earning assets

  Interest-bearing bank accounts

38,302

1.52%

18,543

2.75%

19,759

-1.23%

  Equities

1,281

5.61%

2,503

7.09%

(1,222)

-1.48%

Other interest earning assets

39,583

1.65%

21,046

3.27%

18,537

-1.62%

Total interest-earning assets

1,351,065

4.48%

1,205,379

4.80%

145,686

-0.32%

Total non earning assets

95,402

65,436

Total Assets

$    1,446,467

$    1,270,815

Interest-bearing liabilities

Checking

$      220,018

1.00%

$      193,103

1.33%

$        26,915

-0.33%

Savings

157,263

1.16%

92,914

1.39%

64,349

-0.23%

Money Market

268,257

1.44%

275,442

1.73%

(7,185)

-0.29%

Certificate of Deposit

435,835

2.37%

381,895

2.15%

53,940

0.22%

    Total interest-bearing deposits

1,081,373

1.69%

943,354

1.79%

138,019

-0.10%

Non interest bearing deposits

143,747

95,114

    Total  deposits

1,225,120

1.48%

1,038,468

1.62%

186,652

-0.14%

Borrowings

803

1.64%

31,615

2.68%

(30,812)

-1.04%

    Total interest-bearing liabilities 

       (excluding non interest deposits)

1,082,176

1.68%

974,969

1.82%

107,207

-0.14%

Noninterest-bearing deposits

143,747

95,114

Total Cost of Funds

1,225,923

1.48%

1,070,083

1.65%

155,840

-0.17%

Accrued expenses and other liabilities

22,791

14,134

Stockholders' equity

197,753

186,598

Total liabilities and stockholders' equity

$    1,446,467

$    1,270,815

Net interest spread

2.79%

2.98%

Net interest margin

3.13%

3.33%

Net interest margin (FTE)*

3.20%

3.46%

  *Includes federal and state tax effect of tax exempt

       securities and loans

 

 

The Bank of Princeton

Consolidated Average Balance Sheets

(unaudited)

For the Quarter Ended

Mar 2020

Dec 2019

Average 

Yield/

Average 

Yield/

balance

rate 

balance

rate 

$ Change

% Change

Earning assets

  Loans 

$    1,197,745

4.77%

$       1,159,919

4.88%

$       37,826

-0.11%

Securities

  Taxable AFS 

56,641

2.18%

54,811

2.30%

1,830

-0.12%

  Tax exempt AFS

56,875

2.65%

55,388

2.59%

1,487

0.06%

  Held-to-maturity

221

5.26%

223

5.26%

(2)

0.00%

Securities

113,737

2.37%

110,422

2.45%

3,315

-0.08%

Other interest earning assets

  Interest-bearing bank accounts

38,302

1.52%

59,753

1.54%

(21,451)

-0.02%

  Equities

1,281

5.61%

1,416

5.90%

(135)

-0.29%

Other interest earning assets

39,583

1.65%

61,169

1.64%

(21,586)

0.01%

Total interest-earning assets

1,351,065

4.48%

1,331,510

4.53%

19,555

-0.05%

Total non earning assets

95,402

95,094

Total Assets

$    1,446,467

$       1,426,604

Interest-bearing liabilities

Checking

$      220,018

1.00%

$         216,489

1.03%

$         3,529

-0.03%

Savings

157,263

1.16%

154,934

1.28%

2,329

-0.12%

Money Market

268,257

1.44%

265,015

1.67%

3,242

-0.23%

Certificate of Deposit

435,835

2.37%

425,626

2.41%

10,209

-0.04%

    Total interest-bearing deposits

1,081,373

1.69%

1,062,064

1.78%

19,309

-0.09%

Non interest bearing deposits

143,747

144,538

    Total  deposits

1,225,120

1.48%

1,206,602

1.57%

18,518

-0.09%

Borrowings

803

1.64%

3,795

2.01%

(2,992)

-0.37%

    Total interest-bearing liabilities 

1,082,176

1.68%

1,065,859

1.78%

16,317

-0.10%

       (excluding non interest deposits)

143,747

144,538

Noninterest-bearing deposits

1,225,923

1.48%

1,210,397

1.57%

1,204,062

-0.09%

Total Cost of Funds

Accrued expenses and other liabilities

22,791

21,861

Stockholders' equity

197,753

194,346

Total liabilities and stockholders' equity

$    1,446,467

$       1,426,604

Net interest spread

2.79%

2.75%

Net interest margin

3.13%

3.10%

Net interest margin (FTE)*

3.20%

3.21%

  *Includes federal and state tax effect of tax exempt

    securities and loans

 

 

The Bank of Princeton

Quarterly Financial Highlights

(unaudited)

2020

2019

2019

2019

2019

Mar

Dec

Sep

Jun

Mar

     Return on average assets 

0.84%

0.94%

1.10%

0.84%

0.07%

     Return on average equity 

6.17%

6.92%

7.84%

5.99%

0.50%

     Return on average tangible equity *

6.59%

7.40%

8.26%

6.40%

0.50%

     Net interest margin

3.13%

3.10%

3.37%

3.30%

3.34%

     Net interest margin (FTE)**

3.20%

3.21%

3.46%

3.40%

3.46%

     Efficiency ratio - Non-GAAP ***

64.32%

61.35%

60.80%

65.96%

59.28%

Common Stock Data

     Market value at period end

$     23.25

$     31.49

$     29.06

$     30.00

$     31.73

     Market range:

        High

$     32.25

$     32.12

$     30.20

$     32.75

$     33.33

        Low

$     19.09

$     27.34

$     25.92

$     27.42

$     27.58

     Book value per common share at period end

$     29.39

$     28.98

$     28.61

$     28.08

$     27.64

     Tangible book value per common share at period end ****

$     27.56

$     27.11

$     26.71

$     26.15

$     27.64

CAPITAL RATIOS

Total Capital (to risk-weighted assets)

15.32%

15.11%

15.42%

15.43%

16.53%

Tier 1 Capital (to risk-weighted assets)

14.36%

14.13%

14.41%

14.41%

15.53%

Tier 1 Capital (to average assets)

12.91%

12.89%

13.31%

13.15%

14.60%

     Period-end equity to assets

13.97%

13.47%

14.00%

13.91%

14.35%

     Period-end tangible equity to tangible assets 

13.21%

12.71%

13.19%

13.08%

14.35%

CREDIT QUALITY DATA AT PERIOD END

(Dollars in Thousands)

     Net charge-offs and  (recoveries)

$       884

$       112

$           3

$      (110)

$     4,183

     Annualized net charge-offs (recoveries) to average loans

0.001%

-0.040%

0.001%

-0.040%

1.552%

     Nonaccrual loans 

$     2,596

$     2,442

$     2,434

$     2,700

$     9,472

     Other real estate owned

-

-

-

44

44

     Total nonperforming assets 

2,596

2,442

2,434

2,744

9,516

     Accruing troubled debt restructurings (TDRs)

9,247

9,293

9,828

7,606

1,278

     Total nonperforming assets and accruing TDRs 

$   11,843

$   11,735

$   12,262

$   10,350

$   10,794

     Nonaccrual loans and TDRs 

-

-

-

-

-

     Allowance for credit losses as a percent of:

     Period-end loans      

1.03%

1.06%

1.09%

1.10%

1.07%

     Nonaccrual loans 

474.65%

514.21%

515.32%

460.04%

126.28%

     Nonperforming assets 

474.65%

514.21%

515.32%

452.66%

125.69%

    As a percent of total loans:

    Nonaccrual loans 

0.22%

0.21%

0.21%

0.24%

0.85%

    Accruing TDRs 

0.78%

0.78%

0.86%

0.68%

0.11%

    Nonaccrual loans and accruing TDRs 

0.99%

0.99%

1.07%

0.92%

0.96%

* Return on average tangible equity is a non-GAAP measure that represents the rate of return on tangible common equity.

** Includes the effect of tax exempt securities and loans

*** The efficiency ratio is a non-GAAP measure that represents the ratio of non-interest expenses divided by the net-interest income 

        and non-interest income.

**** Tangible book value per common share is a non-GAAP measure that represents book value per common share which excludes goodwill and core deposit intangible.  

 

Cision View original content:http://www.prnewswire.com/news-releases/the-bank-of-princeton-announces-first-quarter-2020-results-301046401.html

SOURCE The Bank of Princeton


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