Princeton Bancorp Announces First Quarter 2024 Results
President/CEO
HIGHLIGHTS
- Announced the acquisition of Cornerstone Financial Corporation with total assets of over
$300 million - Net loans for the quarter increased by
$22.9 million , representing a 5.9% annualized growth rate - Total deposits for the quarter increased
$69.9 million , representing a 17.1% annualized growth rate - Non-performing assets decreased to
$2.1 million from$6.7 million at year end 2023
The Company reported net income of
Balance Sheet Review
Total assets were
Total deposits on
Total stockholders' equity on
Asset Quality
At
Review of Quarterly Financial Results
Net interest income was
The Company recorded a provision for credit losses of
Total non-interest income of
Total non-interest expense of
For the quarter ended
About
Princeton Bancorp, Inc. is the holding company for
Forward-Looking Statements
The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the
These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the
The Company cautions that the foregoing list of important factors is not exclusive. The Company 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 Company, except as required by applicable law or regulation.
Princeton Bancorp, Inc. |
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Consolidated Statements of Financial Condition |
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(Unaudited) |
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(Dollars in thousands, except per share data) |
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2024 |
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2023 |
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2023 |
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$ Change |
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% Change |
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$ Change |
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% Change |
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ASSETS |
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Cash and cash equivalents |
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$ 172,067 |
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$ 150,557 |
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$ 18,024 |
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$ 21,510 |
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14.29 |
% |
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$ 154,043 |
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854.65 |
% |
Securities available-for-sale taxable |
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77,418 |
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50,544 |
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39,935 |
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26,874 |
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53.17 |
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37,483 |
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93.86 |
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Securities available-for-sale tax-exempt |
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40,680 |
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40,808 |
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42,284 |
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(128) |
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(0.31) |
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(1,604) |
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(3.79) |
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Securities held-to-maturity |
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167 |
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193 |
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199 |
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(26) |
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(13.47) |
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(32) |
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(16.08) |
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Loans receivable, net of deferred loan fees |
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1,571,231 |
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1,548,335 |
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1,388,575 |
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22,896 |
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1.48 |
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182,656 |
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13.15 |
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Allowance for credit losses |
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(18,618) |
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(18,492) |
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(16,507) |
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(126) |
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0.68 |
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(2,111) |
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12.79 |
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8,853 |
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8,853 |
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8,853 |
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- |
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- |
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- |
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- |
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Core deposit intangible |
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1,301 |
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1,422 |
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1,690 |
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(121) |
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(8.51) |
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(389) |
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(23.02) |
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Equity method investments |
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9,051 |
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8,296 |
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2,293 |
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755 |
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9.10 |
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6,758 |
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294.72 |
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Other assets |
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125,851 |
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125,981 |
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99,974 |
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(130) |
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(0.10) |
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25,877 |
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25.88 |
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TOTAL ASSETS |
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$ 1,916,497 |
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$ 1,585,320 |
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$ 71,504 |
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3.73 |
% |
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$ 402,681 |
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25.40 |
% |
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LIABILITIES |
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Non-interest checking |
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$ 247,056 |
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$ 249,282 |
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$ 218,709 |
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$ (2,226) |
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(0.89) |
% |
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$ 28,347 |
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12.96 |
% |
Interest checking |
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215,364 |
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247,939 |
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244,889 |
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(32,575) |
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(13.14) |
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(29,525) |
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(12.06) |
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Savings |
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149,386 |
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146,484 |
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173,502 |
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2,902 |
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1.98 |
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(24,116) |
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(13.90) |
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Money market |
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378,652 |
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354,005 |
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263,874 |
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24,647 |
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6.96 |
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114,778 |
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43.50 |
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Time deposits over |
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179,479 |
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150,113 |
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88,378 |
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29,366 |
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19.56 |
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91,101 |
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103.08 |
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Other time deposits |
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535,683 |
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487,918 |
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302,748 |
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47,765 |
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9.79 |
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232,935 |
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76.94 |
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Total deposits |
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1,705,620 |
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1,635,741 |
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1,292,100 |
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69,879 |
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4.27 |
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413,520 |
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32.00 |
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Borrowings |
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- |
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- |
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44,500 |
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- |
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- |
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(44,500) |
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(100.00) |
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Other liabilities |
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40,573 |
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40,545 |
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23,447 |
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28 |
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0.07 |
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17,126 |
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73.04 |
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TOTAL LIABILITIES |
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1,746,193 |
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1,676,286 |
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1,360,047 |
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69,907 |
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4.17 |
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386,146 |
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28.39 |
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STOCKHOLDERS' EQUITY |
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Paid-in capital |
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98,312 |
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98,291 |
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96,880 |
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21 |
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0.02 |
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1,432 |
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1.48 |
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(579) |
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- |
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- |
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(579) |
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100.00 |
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(579) |
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100.00 |
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Retained earnings |
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151,860 |
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149,414 |
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135,425 |
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2,446 |
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1.64 |
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16,435 |
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12.14 |
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Accumulated other comprehensive income (loss) |
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(7,785) |
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(7,494) |
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(7,032) |
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(291) |
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3.88 |
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(753) |
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10.71 |
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TOTAL STOCKHOLDERS' EQUITY |
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241,808 |
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240,211 |
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225,273 |
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1,597 |
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0.66 |
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16,535 |
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7.34 |
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TOTAL LIABILITIES |
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AND STOCKHOLDERS' EQUITY |
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$ 1,916,497 |
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$ 1,585,320 |
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$ 71,504 |
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3.73 |
% |
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$ 402,681 |
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25.40 |
% |
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Book value per common share |
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$ 38.26 |
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$ 38.04 |
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$ 35.98 |
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$ 0.22 |
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0.58 |
% |
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$ 2.28 |
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6.34 |
% |
Tangible book value per common share 2 |
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$ 36.65 |
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$ 36.41 |
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$ 34.29 |
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$ 0.24 |
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0.66 |
% |
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$ 2.36 |
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6.88 |
% |
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1 |
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2 |
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. |
Princeton Bancorp, Inc. |
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Loan and Deposit Tables |
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(Unaudited) |
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The components of loans receivable, net at |
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2024 |
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2023 |
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(In thousands) |
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Commercial real estate |
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$ 1,142,864 |
Commercial and industrial |
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45,930 |
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50,961 |
Construction |
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321,009 |
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310,187 |
Residential first-lien mortgages |
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36,565 |
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38,040 |
Home equity / consumer |
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7,311 |
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8,081 |
Total loans |
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1,573,556 |
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1,550,133 |
Deferred fees and costs |
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(2,325) |
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(1,798) |
Allowance for credit losses |
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(18,618) |
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(18,492) |
Loans, net |
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$ 1,529,843 |
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The components of deposits at |
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2024 |
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2023 |
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(In thousands) |
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Demand, non-interest-bearing |
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$ 247,056 |
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$ 249,282 |
Demand, interest-bearing |
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215,364 |
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247,939 |
Savings |
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149,386 |
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146,484 |
Money market |
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378,652 |
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354,005 |
Time deposits |
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715,162 |
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638,031 |
Total deposits |
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$ 1,635,741 |
Princeton Bancorp, Inc. |
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Consolidated Statements of Income |
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(Unaudited) |
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(Amounts in thousands except per share data) |
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Three Months Ended |
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2024 |
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2023 |
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$ Change |
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% Change |
Interest and dividend income |
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Loans and fees |
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$ 5,046 |
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25.4 % |
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Available-for-sale debt securities: |
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Taxable |
564 |
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278 |
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286 |
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102.9 % |
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Tax-exempt |
286 |
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284 |
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2 |
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0.7 % |
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Held-to-maturity debt securities |
2 |
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3 |
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(1) |
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-33.3 % |
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Other interest and dividend income |
2,274 |
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153 |
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2,121 |
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1386.3 % |
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Total interest and dividends |
28,066 |
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20,612 |
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7,454 |
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36.2 % |
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Interest expense |
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Deposits |
12,618 |
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3,865 |
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8,753 |
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226.5 % |
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Borrowing |
- |
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86 |
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(86) |
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-100.0 % |
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Total interest expense |
12,618 |
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3,951 |
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8,667 |
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219.4 % |
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Net interest income |
15,448 |
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16,661 |
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(1,213) |
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-7.3 % |
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Provision for credit losses |
186 |
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265 |
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(79) |
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-29.8 % |
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Net interest income after provision for credit losses |
15,262 |
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16,396 |
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(1,134) |
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-6.9 % |
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Non-interest income |
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Income from bank-owned life insurance |
381 |
|
290 |
|
91 |
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31.4 % |
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Fees and service charges |
432 |
|
448 |
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(16) |
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-3.6 % |
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Loan fees, including prepayment penalties |
724 |
|
351 |
|
373 |
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106.3 % |
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Other |
448 |
|
285 |
|
163 |
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57.2 % |
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Total non-interest income |
1,985 |
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1,374 |
|
611 |
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44.5 % |
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Non-interest expense |
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Salaries and employee benefits |
6,520 |
|
5,399 |
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1,121 |
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20.8 % |
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Occupancy and equipment |
2,029 |
|
1,341 |
|
688 |
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51.3 % |
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Professional fees |
524 |
|
465 |
|
59 |
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12.7 % |
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Data processing and communications |
1,160 |
|
1,300 |
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(140) |
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-10.8 % |
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Federal deposit insurance |
273 |
|
190 |
|
83 |
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43.7 % |
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Advertising and promotion |
142 |
|
110 |
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32 |
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29.1 % |
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Office expense |
119 |
|
97 |
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22 |
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22.7 % |
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Core deposit intangible |
120 |
|
135 |
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(15) |
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-11.1 % |
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Other |
949 |
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735 |
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214 |
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29.1 % |
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Total non-interest expense |
11,836 |
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9,772 |
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2,064 |
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21.1 % |
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Income before income tax expense |
5,411 |
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7,998 |
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(2,587) |
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-32.3 % |
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Income tax expense |
1,066 |
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1,901 |
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(835) |
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-43.9 % |
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Net income |
$ 4,345 |
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$ 6,097 |
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(1,752) |
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-28.7 % |
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Net income per common share - basic |
$ 0.69 |
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$ 0.97 |
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$ (0.28) |
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-28.9 % |
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Net income per common share - diluted |
$ 0.68 |
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$ 0.95 |
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$ (0.27) |
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-28.4 % |
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Weighted average shares outstanding - basic |
6,328 |
|
6,257 |
|
71 |
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1.1 % |
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Weighted average shares outstanding - diluted |
6,418 |
|
6,386 |
|
32 |
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0.5 % |
Princeton Bancorp, Inc. |
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Consolidated Statements of Income ( |
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(Unaudited) |
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(Amounts in thousands, except per share data) |
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Three Months Ended |
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2024 |
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2023 |
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$ Change |
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% Change |
Interest and dividend income |
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Loans and fees |
$ 24,940 |
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$ 24,364 |
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$ 576 |
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2.4 % |
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Available-for-sale debt securities: |
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Taxable |
564 |
|
412 |
|
152 |
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36.9 % |
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Tax-exempt |
286 |
|
285 |
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1 |
|
0.4 % |
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Held-to-maturity debt securities |
2 |
|
2 |
|
0 |
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0.0 % |
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Other interest and dividend income |
2,274 |
|
2,491 |
|
(217) |
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-8.7 % |
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Total interest and dividends |
28,066 |
|
27,554 |
|
512 |
|
1.9 % |
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Interest expense |
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Deposits |
12,618 |
|
11,544 |
|
1,074 |
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9.3 % |
|
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Borrowings |
- |
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- |
|
- |
|
N/A |
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Total interest expense |
12,618 |
|
11,544 |
|
1,074 |
|
9.3 % |
|
|
|
|
|
|
|
|
|
|
Net interest income |
15,448 |
|
16,010 |
|
(562) |
|
-3.5 % |
||
Provision for credit losses |
186 |
|
562 |
|
(376) |
|
-66.9 % |
||
Net interest income after provision for credit losses |
15,262 |
|
15,448 |
|
(186) |
|
-1.2 % |
||
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|
|
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|
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Non-interest income |
|
|
|
|
|
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|
||
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Gain on call/sale of securities available-for-sale |
- |
|
45 |
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(45) |
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-100.0 % |
|
|
Income from bank-owned life insurance |
381 |
|
377 |
|
4 |
|
1.1 % |
|
|
Fees and service charges |
432 |
|
462 |
|
(30) |
|
-6.5 % |
|
|
Loan fees, including prepayment penalties |
724 |
|
656 |
|
68 |
|
10.4 % |
|
|
Other |
448 |
|
239 |
|
209 |
|
87.4 % |
|
|
|
Total non-interest income |
1,985 |
|
1,779 |
|
206 |
|
11.6 % |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
||
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Salaries and employee benefits |
6,520 |
|
6,034 |
|
486 |
|
8.1 % |
|
|
Occupancy and equipment |
2,029 |
|
1,849 |
|
180 |
|
9.7 % |
|
|
Professional fees |
524 |
|
425 |
|
99 |
|
23.3 % |
|
|
Data processing and communications |
1,160 |
|
1,166 |
|
(6) |
|
-0.5 % |
|
|
Federal deposit insurance |
273 |
|
190 |
|
83 |
|
43.7 % |
|
|
Advertising and promotion |
142 |
|
129 |
|
13 |
|
10.1 % |
|
|
Office expense |
119 |
|
116 |
|
3 |
|
2.6 % |
|
|
Core deposit intangible |
120 |
|
124 |
|
(4) |
|
-3.2 % |
|
|
Other |
949 |
|
916 |
|
33 |
|
3.6 % |
|
|
|
Total non-interest expense |
11,836 |
|
10,949 |
|
887 |
|
8.1 % |
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
5,411 |
|
6,278 |
|
(867) |
|
-13.8 % |
||
Income tax expense |
1,066 |
|
996 |
|
70 |
|
7.0 % |
||
Net income |
$ 4,345 |
|
$ 5,282 |
|
$ (937) |
|
-17.7 % |
||
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
$ 0.69 |
|
$ 0.84 |
|
$ (0.15) |
|
-17.9 % |
||
Net income per common share - diluted |
$ 0.68 |
|
$ 0.82 |
|
$ (0.14) |
|
-17.1 % |
||
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
6,328 |
|
6,300 |
|
28 |
|
0.4 % |
||
Weighted average shares outstanding - diluted |
6,418 |
|
6,414 |
|
4 |
|
0.1 % |
Princeton Bancorp, Inc. |
|||||||||||
Consolidated Average Statement of Financial Condition |
|||||||||||
(Unaudited) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
||||||
|
2024 |
|
2023 |
|
Change in |
|
Change in |
||||
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
6.47 % |
|
|
|
5.86 % |
|
|
|
0.60 % |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable available-for-sale |
58,742 |
|
3.84 % |
|
42,235 |
|
2.66 % |
|
16,507 |
|
1.18 % |
Tax-exempt available-for-sale |
40,758 |
|
2.81 % |
|
41,634 |
|
2.77 % |
|
(876) |
|
0.03 % |
Held-to-maturity |
183 |
|
5.10 % |
|
200 |
|
5.36 % |
|
(17) |
|
-0.25 % |
Securities |
99,683 |
|
3.42 % |
|
84,069 |
|
2.72 % |
|
15,614 |
|
0.70 % |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
148,069 |
|
5.45 % |
|
8,454 |
|
4.56 % |
|
139,615 |
|
0.90 % |
Other interest-earning assets |
18,954 |
|
5.65 % |
|
5,001 |
|
4.77 % |
|
13,953 |
|
0.87 % |
Other interest-earning assets |
167,023 |
|
5.48 % |
|
13,455 |
|
4.64 % |
|
153,568 |
|
0.84 % |
Total interest-earning assets |
1,817,912 |
|
6.21 % |
|
1,473,373 |
|
5.67 % |
|
344,539 |
|
0.54 % |
Total non-earning assets |
140,659 |
|
|
|
109,354 |
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Checking |
$ 242,030 |
|
1.98 % |
|
$ 264,507 |
|
0.84 % |
|
|
|
1.14 % |
Savings |
147,672 |
|
2.51 % |
|
182,763 |
|
0.92 % |
|
(35,091) |
|
1.58 % |
Money market |
364,150 |
|
3.93 % |
|
268,814 |
|
1.75 % |
|
95,336 |
|
2.18 % |
Certificates of deposit |
678,306 |
|
4.12 % |
|
364,470 |
|
1.94 % |
|
313,836 |
|
2.18 % |
Total interest-bearing deposits |
1,432,158 |
|
3.54 % |
|
1,080,554 |
|
1.45 % |
|
351,604 |
|
2.09 % |
Non-interest bearing deposits |
244,089 |
|
|
|
242,814 |
|
|
|
1,275 |
|
|
Total deposits |
1,676,247 |
|
3.03 % |
|
1,323,368 |
|
1.18 % |
|
352,879 |
|
1.84 % |
Borrowings |
- |
|
N/A |
|
6,993 |
|
4.99 % |
|
(6,993) |
|
N/A |
Total interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
(excluding non interest deposits) |
1,432,158 |
|
3.54 % |
|
1,087,547 |
|
1.47 % |
|
344,611 |
|
2.07 % |
Non-interest-bearing deposits |
244,089 |
|
|
|
242,814 |
|
|
|
|
|
|
Total cost of funds |
1,676,247 |
|
3.03 % |
|
1,330,361 |
|
1.18 % |
|
345,886 |
|
1.84 % |
Accrued expenses and other liabilities |
42,094 |
|
|
|
28,587 |
|
|
|
|
|
|
Stockholders' equity |
240,230 |
|
|
|
223,779 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
2.67 % |
|
|
|
4.20 % |
|
|
|
|
Net interest margin |
|
|
3.42 % |
|
|
|
4.59 % |
|
|
|
|
Net interest margin (FTE) 1 |
|
|
3.47 % |
|
|
|
4.66 % |
|
|
|
|
|
|
1 |
Includes federal and state tax effect of tax-exempt securities and loans. |
Princeton Bancorp, Inc. |
|||||||||||
Consolidated Average Statement of Financial Condition |
|||||||||||
(Unaudited) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
||||||
|
|
|
|
|
Change in |
|
Change in |
||||
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 1,551,206 |
|
6.47 % |
|
|
|
6.35 % |
|
$ 28,300 |
|
0.12 % |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable available-for-sale |
58,742 |
|
3.84 % |
|
47,566 |
|
3.46 % |
|
11,176 |
|
0.37 % |
Tax-exempt available-for-sale |
40,758 |
|
2.81 % |
|
38,157 |
|
2.99 % |
|
2,601 |
|
-0.18 % |
Held-to-maturity |
183 |
|
5.10 % |
|
194 |
|
5.28 % |
|
(11) |
|
-0.18 % |
Securities |
99,683 |
|
3.42 % |
|
85,917 |
|
3.26 % |
|
13,766 |
|
0.16 % |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
148,069 |
|
5.45 % |
|
161,903 |
|
5.44 % |
|
(13,834) |
|
0.01 % |
Other interest-earning assets |
18,954 |
|
5.65 % |
|
18,898 |
|
5.71 % |
|
56 |
|
-0.07 % |
Other interest-earning assets |
167,023 |
|
5.48 % |
|
180,801 |
|
5.47 % |
|
(13,778) |
|
0.01 % |
Total interest-earning assets |
1,817,912 |
|
6.21 % |
|
1,789,624 |
|
6.11 % |
|
28,288 |
|
0.10 % |
Total non-earning assets |
140,659 |
|
|
|
138,225 |
|
|
|
|
|
|
Total assets |
$ 1,958,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Checking |
$ 242,030 |
|
1.98 % |
|
$ 250,941 |
|
1.96 % |
|
$ (8,911) |
|
0.03 % |
Savings |
147,672 |
|
2.51 % |
|
146,294 |
|
2.32 % |
|
1,378 |
|
0.19 % |
Money market |
364,150 |
|
3.93 % |
|
353,372 |
|
3.72 % |
|
10,778 |
|
0.21 % |
Certificates of deposit |
678,306 |
|
4.12 % |
|
639,547 |
|
3.81 % |
|
38,759 |
|
0.31 % |
Total interest-bearing deposits |
1,432,158 |
|
3.54 % |
|
1,390,154 |
|
3.29 % |
|
42,004 |
|
0.25 % |
Non-interest bearing deposits |
244,089 |
|
|
|
258,663 |
|
|
|
(14,574) |
|
|
Total deposits |
1,676,247 |
|
3.03 % |
|
1,648,817 |
|
2.78 % |
|
27,430 |
|
0.25 % |
Borrowings |
- |
|
N/A |
|
- |
|
N/A |
|
0 |
|
N/A |
Total interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
(excluding non interest deposits) |
1,432,158 |
|
3.54 % |
|
1,390,154 |
|
3.29 % |
|
42,004 |
|
0.25 % |
Non-interest-bearing deposits |
244,089 |
|
|
|
258,663 |
|
|
|
|
|
|
Total cost of funds |
1,676,247 |
|
3.03 % |
|
1,648,817 |
|
2.78 % |
|
27,430 |
|
0.25 % |
Accrued expenses and other liabilities |
42,094 |
|
|
|
44,404 |
|
|
|
|
|
|
Stockholders' equity |
240,230 |
|
|
|
234,628 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 1,958,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
2.67 % |
|
|
|
2.81 % |
|
|
|
|
Net interest margin |
|
|
3.42 % |
|
|
|
3.55 % |
|
|
|
|
Net interest margin (FTE) 1 |
|
|
3.47 % |
|
|
|
3.60 % |
|
|
|
|
|
|
1 |
Includes federal and state tax effect of tax-exempt securities and loans. |
Princeton Bancorp, Inc. |
|||||||||
Quarterly Financial Highlights |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
March |
|
December |
|
September |
|
June |
|
March |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
0.89 % |
|
1.09 % |
|
1.60 % |
|
1.60 % |
|
1.56 % |
Return on average equity |
7.27 % |
|
8.93 % |
|
13.20 % |
|
11.98 % |
|
11.05 % |
Return on average tangible equity1 |
7.60 % |
|
9.34 % |
|
13.83 % |
|
12.57 % |
|
11.60 % |
Net interest margin |
3.42 % |
|
3.55 % |
|
3.76 % |
|
3.95 % |
|
4.59 % |
Net interest margin (FTE)2 |
3.47 % |
|
3.60 % |
|
3.81 % |
|
3.99 % |
|
4.66 % |
Efficiency ratio - non-GAAP3 |
67.21 % |
|
61.01 % |
|
59.89 % |
|
60.82 % |
|
53.43 % |
|
|
|
|
|
|
|
|
|
|
COMMON STOCK DATA |
|
|
|
|
|
|
|
|
|
Market value at period end |
|
|
$ 35.90 |
|
$ 28.99 |
|
|
|
|
Market range: |
|
|
|
|
|
|
|
|
|
High |
|
|
$ 37.60 |
|
$ 31.69 |
|
|
|
|
Low |
|
|
$ 28.21 |
|
$ 27.37 |
|
|
|
|
Book value per common share at period end |
|
|
$ 38.04 |
|
$ 36.86 |
|
|
|
|
Tangible book value per common share at period end4 |
|
|
$ 36.41 |
|
$ 35.21 |
|
|
|
|
Shares of common stock outstanding (in thousands) |
6,320 |
|
6,314 |
|
6,299 |
|
6,279 |
|
6,262 |
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
Total capital (to risk-weighted assets) |
14.31 % |
|
14.68 % |
|
14.96 % |
|
14.57 % |
|
15.43 % |
Tier 1 capital (to risk-weighted assets) |
13.26 % |
|
13.61 % |
|
13.89 % |
|
13.50 % |
|
14.36 % |
Tier 1 capital (to average assets) |
11.99 % |
|
12.29 % |
|
12.38 % |
|
13.43 % |
|
14.00 % |
Period-end equity to assets |
12.16 % |
|
12.53 % |
|
12.14 % |
|
12.42 % |
|
14.21 % |
Period-end tangible equity to tangible assets5 |
11.71 % |
|
12.06 % |
|
11.66 % |
|
11.92 % |
|
13.64 % |
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY DATA (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
$ 176 |
|
$ (10) |
|
$ (23) |
|
|
|
$ (3) |
Annualized net charge-offs (recoveries) to average loans |
0.045 % |
|
-0.003 % |
|
-0.006 % |
|
0.514 % |
|
-0.001 % |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
|
$ 6,708 |
|
$ 6,755 |
|
|
|
|
Other real estate owned |
- |
|
- |
|
- |
|
33 |
|
- |
Total nonperforming assets |
|
|
$ 6,708 |
|
$ 6,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses as a percent of: |
|
|
|
|
|
|
|
|
|
Period-end loans, net of deferred fees and costs |
1.18 % |
|
1.19 % |
|
1.20 % |
|
1.20 % |
|
1.19 % |
Nonperforming loans |
880.28 % |
|
275.67 % |
|
266.35 % |
|
184.25 % |
|
255.68 % |
Nonperforming assets |
880.28 % |
|
275.67 % |
|
266.35 % |
|
183.63 % |
|
255.68 % |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans as a percent of total loans, net of deferred fees and costs |
0.13 % |
|
0.43 % |
|
0.45 % |
|
0.65 % |
|
0.46 % |
|
|
1 |
Return on average tangible equity is a non-GAAP measure that represents the rate of return on tangible common equity. |
2 |
Includes the effect of tax-exempt securities and loans. |
3 |
The efficiency ratio is a non-GAAP measure that represents the ratio of non-interest expense (excluding amortization of core deposit intangible and merger-related expenses) divided by net interest income and non-interest income (excluding bargain purchase gain). |
4 |
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. |
5 |
Tangible equity to tangible assets is a non-GAAP measure that represents equity to assets which exludes goodwill and core deposit intagible. |
Contact
609.454.0718
grapp@thebankofprinceton.com
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