The Bank of Princeton Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 29, 2016 at 09:17 pm
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The Bank of Princeton announced unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported interest income was $11,218,000 against $10,590,000 for the same period a year ago. Net interest income was $9,520,000 against $8,776,000 for the same period a year ago. Net interest income after provision was $8,649,000 against $8,179,000 for the same period a year ago. Income before income taxes was $3,672,000 against $3,379,000 for the same period a year ago. Net income was $2,734,000 or $0.56 diluted earnings per common share against $2,635,000 or $ 0.56 diluted earnings per common share for the same period a year ago. Increase in net interest income was offset by a $0.1 million decrease in non-interest income and a $0.1 million increase in non-interest expense compared to the same period of the prior year.
For the year, the company reported interest income was $43,221,000 against $40,567,000 for the same period a year ago. Net interest income was $36,384,000 against $33,410,000 for the same period a year ago. Net interest income after provision was $34,480,000 against $31,830,000 for the same period a year ago. Income before income taxes was $14,707,000 against $12,169,000 for the same period a year ago. Net income was $11,005,000 or $2.30 diluted earnings per common share against $9,001,000 or $1.92 diluted earnings per common share for the same period a year ago. Book value per common share was $19.51 against $17.13 for the same period 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.