Bank of Princeton Reports Strong Financial Performance in Second Quarter 2024

Strategic Insights -

The Bank of Princeton continued its strong financial performance in the second quarter of 2024, with an 18.0% increase in net income compared to the first quarter of 2024. The company's net income was $5.1 million, or $0.80 per diluted common share, for the second quarter of 2024. The increase in net income was due to an increase in net interest income, a net reduction in the provision for credit losses, and an increase in non-interest income.

Key Takeaways:

  • Average total loans for the quarter increased by $34.7 million compared to the first quarter of 2024.
  • Average total deposits for the quarter increased by $50.7 million compared to the first quarter of 2024.
  • Non-performing assets remained low at $3.2 million, or 0.2% of total loans, compared to $6.7 million at year end 2023.
  • Net income for the second quarter of 2024 increased 18.0% compared to the first quarter of 2024.
  • Total assets increased by $67.4 million, or 3.52%, to $1.98 billion at June 30, 2024.
  • Total deposits increased by $63.3 million, or 3.87%, to $1.72 billion at June 30, 2024.

Statistics:

  • Net income for the second quarter of 2024: $5.1 million
  • Net income per diluted common share for the second quarter of 2024: $0.80
  • Increase in net interest income: $520 thousand
  • Net reduction in the provision for credit losses: $304 thousand
  • Increase in non-interest income: $102 thousand
  • Total assets at June 30, 2024: $1.98 billion
  • Total assets at December 31, 2023: $1.92 billion
  • Increase in total assets: $67.4 million, or 3.52%
  • Total deposits at June 30, 2024: $1.72 billion
  • Total deposits at December 31, 2023: $1.66 billion
  • Increase in total deposits: $63.3 million, or 3.87%

Sources:

  • (Not specified in the original text)

* [1] The Bank of Princeton PR. (2024). Bank of Princeton Reports Second Quarter 2024 Results [Press Release].