The Bank of Princeton Announces Fourth Quarter and Year-end 2021 Results

PRINCETON, N.J., Jan. 27, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported its unaudited results of operations and financial condition for the quarter ended December 31, 2021.  The Bank reported net income of $6.2 million, or $0.92 per diluted common share, for the fourth quarter of 2021, compared to net income of $5.9 million, or $0.88 per diluted common share, for the third quarter of 2021, and net income of $4.1 million, or $0.60 per diluted common share, for the fourth quarter of 2020. The increase in net income, when compared to the three months ended September 30, 2021, was primarily due to a reduction of $900 thousand in the provision for loan loss, and a $149 thousand increase in non-interest income, partially offset by $414 thousand increase in non-interest expense and by a $268 thousand increase in income tax expense.  The increase in net income, when comparing it to the three months ended December 31, 2020, was primarily due to an increase in net interest income of $2.4 million, a $1.4 million decrease in the provision for loan losses and a $297 thousand increase in non-interest income, partially offset by a $1.1 million increase in non-interest expense and a $948 thousand increase in income tax expenses.