The Bank of Princeton Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 26, 2018 at 03:43 am IST
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The Bank of Princeton announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company, net interest income of $10,343,000 against $9,352,000 a year ago. Income before income taxes was $2,734,000 against $4,282,000 a year ago. Net income was $1,707,000 against $3,018,000 a year ago. Earnings per share – Diluted was $0.25 against $0.60 a year ago.
For the full year, net interest income of $39,132,000 against $37,670,000 a year ago. Income before income taxes was $14,863,000 against $16,304,000 a year ago. Net income was $11,014,000 against $11,843,000 a year ago. Earnings per share – Diluted was $1.90 against $2.36 a year ago. Book value per share was $25.69 at December 31, 2017 compared to $22.01 a year ago. Tangible book value per common share as on December 31, 2017 was $25.69 compared to $22.00 a year ago. Return on average assets was 0.59% compared to 1.18% a year ago. Return on average equity was 4.02% compared to 11.68% 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.