The Bank of Princeton Announces Fourth Quarter and Year-End 2022 Results

PRINCETON, N.J., Jan. 26, 2023 /PRNewswire/ -- The Bank of Princeton (the "Bank"), the wholly owned subsidiary of Princeton Bancorp, Inc. (NASDAQ: BPRN), today reported its unaudited financial condition and results of operations at and for the quarter and year ended December 31, 2022.  The Bank reported net income of $7.2 million, or $1.13 per diluted common share, for the fourth quarter of 2022, compared to net income of $7.0 million, or $1.09 per diluted common share, for the third quarter of 2022, and net income of $6.2 million, or $0.92 per diluted common share, for the fourth quarter of 2021. The increase in net income for the fourth quarter of 2022, when compared to the three months ended September 30, 2022, was primarily due to an increase of $550 thousand in net interest income and a $454 thousand decrease in non-interest expenses, partially offset by a $710 thousand decrease in non-interest income and a $98 thousand increase in income tax expense. The increase in net income, when comparing it to the three months ended December 31, 2021, was primarily due to an increase in net interest income of $2.2 million and a $100 thousand decrease in the provision for loan losses, partially offset by a $708 thousand increase in non-interest expenses, a $470 thousand decrease in non-interest income and a $180 thousand increase in income tax expense.   For the year ended December 31, 2022, the Bank recorded net income of $26.5 million, or $4.11 per diluted common share, compared to $22.5 million, or $3.30 per diluted common share for the year ended December 31, 2021, primarily due to a $5.5 million increase in net interest income, a $3.2 million decrease in the Bank's provision for loan losses, and a $196 thousand increase in non-interest income, partially offset by a $4.0 million increase in non-interest expenses and an increase in income taxes of $856 thousand.