The Bank of Princeton Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 30, 2015 at 08:35 pm
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The Bank of Princeton announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. Full-year 2014 net income was $9.0 million, an increase of $0.2 million, or 2%, from full-year 2013 net income of $8.801 million. Basic earnings per common share were $1.97, an increase of $0.05 per share from 2013. Diluted earnings per common share were $1.92, an increase of $0.02 per share from 2013. Net interest income increased $3.4 million to $33.410 million, or 11%, from 2013 net interest income of $29.998 million. Book value per share was $17.13 at December 31, 2014, an increase of $3.10 per share, or 22%, from December 31, 2013. Income before income taxes was $12.169 million against $11.776 million a year ago.
For the three months ended December 31, 2014, net income was $2.6 million, a slight decrease from the corresponding period in 2013 of $2.688 million. Basic earnings per common share were $0.58, compared to $0.59 for the corresponding period in 2013. Diluted earnings per common share were $0.56 for the three months ended December 31, 2014 compared to $0.58 for the corresponding period in 2013. An increase in net interest income for the three months ended December 31, 2014 was offset by a decrease in non-interest income and an increase in non-interest expense compared to the same period of the prior year. Net interest income was $8.775 million against $7.914 million a year ago. Income before income taxes was $3.379 million against $3.335 million a year ago.
Princeton Bancorp, Inc. is the bank holding company for The Bank of Princeton (the Bank). The Bank is a New Jersey state-chartered commercial bank with 22 branches. The Bank is a full-service bank providing personal and business lending and deposit services. The Bank offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, commercial business loans and consumer loans, including home equity loans and lines of credit. The Bank's loan portfolio consists of variable-rate and fixed-rate loans with a significant concentration on commercial real estate lending. The Bank's commercial real estate and multi-family loan portfolio consists primarily of loans secured by small office buildings, strip shopping centers, small apartment buildings and other properties used for commercial and multi-family purposes located in the Companyâs market area.