Table of Contents
Letter to the Shareholders................... i–ii
2017 Form 10-K ..........................................1
Who We Are.............................................113
• They make me feel like a valued customer
• A bank I can build relationships with for years
Our customers speak
highly of our bank.*
“
• Friendly and professional customer service
• Convenient hours and branch locations
• I’m happy to recommend them to others
”
The power of touch, a smile, a kind word, a listening ear,
an honest compliment, or the smallest act of caring,
all of which have the power to positively affect lives.
It’s how we deliver a unique banking experience,
while providing exceptional products and services to
our customers and surrounding business community.
* Results based on survey conducted by Bruno & Ridgeway. June 2016.
Bank Wisely.
Letter to Shareholders
Dear Fellow Shareholders,
The Bank of Princeton (the “Bank”) completed a successful year
with earnings of $11.0 million, or $1.90 per diluted common share,
and total assets reaching $1.2 billion. These results were a part
of the Bank’s strategic initiative of increasing shareholder value,
by growing the Bank’s earning assets through controlled prudent
growth and the reduction of operating expenses. During 2017,
the Bank increased net interest income by 3.9% or $1.5 million
compared to 2016, reduced operating expenses by $427,000, and
improved non-interest income by $476,000, achieving an efficiency
ratio1 of 55.6%.
The Bank has experienced many changes since its opening in 2007,
when it ended its first year with 3 branches and $66.4 million in
assets, to its current levels of 13 branches and an operations center
along with $1.2 billion in total assets. The Bank has maintained its
success by staying the course with its original core mission of target-
ing the commercial real estate and the small business communities
for their lending needs, and catering to the local community by
offering competitive rates on deposits along with its involvement in
the community. This growth has also provided the Bank the ability
of expanding its market area along the Route 95 corridor to include
as far north as New York City and as far south as Philadelphia.
Edward J. Dietzler
President
Chief Executive Officer
Targeting the
commercial real
estate and the small
business communities
for their lending needs,
and catering to the
local community by
offering competitive
rates on deposits along
with its involvement
in the community.
Notable Highlights for 2017
• On August 4, 2017, the Bank successfully completed a
common stock offering and issued 1.7 million shares of
common stock at a price of $32.00 per share. This offering
raised $51.9 million and our common stock began trading
on the “NASDAQ Global Select Market” under the ticker
symbol “BPRN.” Moving to the NASDAQ market provided
an opportunity for shareholders to enjoy a liquidity event.
Shares closed up on the market at $34.34 at year-end, an
annualized increase of 18.6%, compared to the offering price.
• Achieved a return on average assets of 1.02% and return
on average equity of 8.3% for 2017.
• The year-end closing price of $34.34 reflected a 33.7%
premium compared to the Bank’s book value.
• Net loans at December 31, 2017 increased $108.9 million,
or 12.8%, from the level at December 31, 2016.
• Total deposits at December 31, 2017 increased $166.1
million, or 19.3%, from the level at December 31, 2016.
• The American Bankers Association rated the Bank 35th
in a ranking of the top 200 publicly traded community
banks and thrifts by three-year average in the nation.
This marks the fourth consecutive year the Bank has
achieved a rating in the Top 50.
• The Bank successfully launched a number of products and
promotions in 2017. The addition of the “Princeton Money
Market” and “Princeton Savings” promotions enabled the
Bank to expand existing relationships and increase its
market share.
• Our branch network continued to support the non-profit
organizations and community events in Mercer, Hunterdon,
Middlesex and Somerset counties in New Jersey and in
Philadelphia, Montgomery and Bucks counties in
Pennsylvania.
Providing the highest level of customer service remains a top
priority. A smile, kind word, listening ear, and honest compliment
or the smallest act of caring, all have the power to positively affect
lives. It is how we deliver a unique banking experience, and easily
keeps us focused and motivated on exceeding our goals. With this in
mind, we are extremely grateful for the support from our customers
and community partners.
We appreciate the loyalty and support of you, our valued shareholders.
We are committed to work diligently alongside our directors and man-
agement as stewards of your investment in The Bank of Princeton.
Richard Gillespie
Chairman
of the Board
A smile, kind word,
listening ear, and
honest compliment
or the smallest act of
caring, all have the
power to positively
affect lives. It is how
we deliver a unique
banking experience.
1 This measure of the Bank’s non-interest expenses divided by its net revenue (total revenue less interest expense) is not recognized under generally
accepted accounting principles in the United States of America (“U.S. GAAP”), and is therefore considered to be a non-GAAP financial measure.
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2017 ANNUAL REPORT
Financial
Reports
The Bank of Princeton
Bank Wisely.
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The Bank of Princeton
Who We Are
Board of Directors
Richard Gillespie
Chairman
Stephen A. Distler
Vice Chairman
Edward J. Dietzler
President
Chief Executive Officer
Ross E. Wishnick
Vice Chairman
Judith A. Giacin
Robert N. Ridolfi, Esq.
Stephen K. Shueh
Martin Tuchman
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Who We Are
Executive Management
Edward J. Dietzler
President
Chief Executive Officer
George S. Rapp
Executive Vice President
Chief Financial Officer
Daniel J. O’Donnell
Executive Vice President
Chief Risk Officer
& General Counsel
Carol R. Coles
Executive Vice President
Chief Credit Officer
Stephanie M. Adkins
Executive Vice President
Chief Lending Officer
Paul Y. Hyon
Executive Vice President
Regional President, MoreBank
Established in 2007, The Bank of Princeton opened its Chambers Street doors
for business on the 23rd of April. Since then, the Bank has grown to include ten
branch locations in New Jersey that serve the Mercer, Hunterdon, Middlesex,
and Somerset markets. Through the acquisition of MoreBank in 2010, the Bank
extended its footprint with three branches in nearby Pennsylvania. Together,
The Bank of Princeton and MoreBank branch network consists of thirteen
locations and a comprehensive Operations Center.
114
Finance
Jeffrey T. Hanuscin, VP
Edward P. Hassenkamp, VP
Commercial Lenders
William McCoy, SVP, New Brunswick
Kris Muse, SVP, Nassau Street
Paul M. Bencivengo, VP, Hamilton
William McDowell, VP, Pennington/Lambertville
Michele Lewis Fleming, AVP, Chambers Street
Jennifer Yoo, AVP, Cheltenham
Market Managers
Rose Russo, AVP, Bayard Lane
Darshana Jadav, Chambers Street
Paul Sabol, Nassau Street
Roseanne Maresma, Montgomery
Rhoda Sundhar, Pennington
Nedgine Douge, Hamilton
John Thompson, Monroe
Amy Lavery, Lambertville
Miriam Colón, New Brunswick
Karin Broadway, Lawrenceville
Esther Youngsoon Sim, Cheltenham
Hae Ran Hwangbo, North Wales
Sokha Eng, Arch Street
Marketing
Barbara A. Cromwell, SVP
Human Resources
Anna Maria Miller, SVP
Retail Administration
Debra L. Von Gonten, VP
Information Technology
Matthew T. Clark, VP
Kelly Tarity, VP
Kyndle E. Alig, AVP
Operations, Compliance
& Security
Karen D. Pfeifer, SVP
Vincent Auletta, VP
Angela Bancroft, VP
Keith R. Bietzel, VP
Ronnie Ra, AVP
Loan Administration
Karen A. Collier, SVP
David Geyer, SVP
Mary Beth Gorecki, SVP
Christopher Tonkovich, SVP
Stephen R. Helhowski, VP
Sharon Litchman, VP
Joseph H. Robotin, VP
Lana Tremblay, VP
Incorporators
Gregg E. Chaplin
Andrew M. Chon
Peter M. Crowley
Stephen A. Distler
Richard Gillespie
Bumsung K. Han
John A. Horvath
Kevin R. Kenyon
W. Andrew Krusen, Jr.
Janet M. Lasley
Emmett J. Lescroart
Dennis M. Machulsky
Casey K. Min
J. Scott Needham
Henry S. Opatut
Robert N. Ridolfi, Esq.
James M. Riley
Jeffrey H. Sands
Eric L. Steinfeldt
Ross E. Wishnick
115
Bank Wisely.
“Never underestimate the valuable and important difference
you make in every life you touch, for the impact you make today
has a powerful rippling effect on every tomorrow.”
—Leon Brown
Thank you
to our community
partners for helping
Make a Difference.
ACME Screening Room
Allies, Inc.
Alzheimer’s New Jersey
American Foundation
for Suicide Prevention
Children’s Home Society
of New Jersey, The
Greener New Jersey Productions
Habitat for Humanity of Burlington
Christine’s Hope for Kids Foundation
County and Greater Trenton-Princeton
Civic League of Greater New Brunswick
Habitat for Humanity
American Heart Association
Community Options, Inc.
American Legion,
Communiversity
Community Justice Center
in Monmouth County
Habitat for Humanity
Millstone Basin Area
Hopewell Valley Post 339
Corner House Foundation
Habitat for Humanity Philadelphia
American Red Cross
Crossroads of the American Revolution
Habitat for Humanity
American Repertory Ballet
D&R Greenway Land Trust
Raritan Valley Chapter
Anchor House
Animal Alliance
Delaware River Towns Chamber of
Hamilton Educational Foundation
Commerce & Visitors Bureau, The
Harrington Tournament Foundation
Arc of Hunterdon County, The
Delaware Township Schools,
Hibernia Fire Company
Archangel Raphael’s Mission
Partners in Education
Arm in Arm
Dress for Success Central New Jersey
HiTOPS, Inc.
HomeFront
Arts Council of Princeton
Eden Autism Services Foundation
HomeSharing, Inc.
Bentley Community Services
Elijah’s Promise
Hopewell Harvest Fair
Big Brothers Big Sisters
Family Guidance Center
Hopewell Valley Central High School
of Mercer County
Friendly Sons & Daughters
Hopewell Valley Arts Council
Bridge Academy of New Jersey, The
of St. Patrick of Mercer County, The
Hopewell Valley Education Foundation
Brownie Troop #60119
Capital Health Auxiliary
Capital Health Foundation
Capital Singers of Trenton
Carrier Clinic
Catholic Charities,
Friends of Ely Park
Hopewell Valley Historical Society
Friends of Hopewell Valley Open Space
Hopewell Valley Senior Foundation
Friends of Hopewell Public Library
Hopewell Valley Veterans Association
Friends of Howell Living
History Farm, The
Hopewell Valley YMCA
Hopewell Valley Youth Football
Friends of Princeton Basketball
and Cheer Association, The
Diocese of Trenton
Catholic Youth Organization
Gift of Life Donor Program
Good Grief
of Mercer County
Grand Harmonie
Center for Educational Advancement
Greater Philadelphia
Housing Initiatives of Princeton
Hunterdon County Chamber of Commerce
Hunterdon County YMCA
Hyacinth AIDS Foundation
Jason Fuhr Memorial Charity
Morven Museum & Garden
Robert Wood Johnson
Golf Tournament & Scholarship Fund
National Association for Korean Schools,
Hamilton Foundation
Jewish Family & Children’s Service
The - Mid-Atlantic Chapter
Ronald McDonald House
of Greater Mercer County
National Eating Disorders Association
Rotary Club of Princeton
John Warms Montgomery High School
New Brunswick City Market
Ryan’s Quest
Alumni Association
Joint Effort - Princeton
Safe Streets Weekend
Kalmia Club, The
Knights of Columbus
Trenton Council #355
New Brunswick Domestic Violence
Saint Ann School
Response Team
New Hope Film Festival
Saint Francis Medical Center
Foundation
New Hope Historical Society
Saint John’s Outreach Ministry
New Jersey Association of
Community Providers
Saint Peter the Apostle Church
San Felese Lodge
Korean American Institute of Princeton
New Jersey Bankers Association
Send Hunger Packing Princeton
Korean Community Center
New Jersey Business & Industry
SERV Behavioral Health Systems
of Greater Princeton
Association
Lambertville Area Education Foundation
Notre Dame High School
Shad Run
Sixth Man Club
Lambertville Historical Society
One Simple Wish
Solebury Township Historical Society
Lambertville / New Hope Winter Festival
Parkinson Alliance, The
Lambertville Shad Fest
Pennington Business &
Special Olympics NJ
Special Strides
Lambertville-West Amwell Youth
Professional Association
SPLASH Steamboat Floating Classroom
Baseball & Softball Association
Pennington Day, Inc.
Steinert High School
Lawrence Township Education Foundation
Pennington Volunteer Fire Company
Sustainable Princeton
Lawrenceville Fire Company
People & Stories / Gente y Cuentos
Thomas Edison State University
Lawrenceville Main Street
Lewis School of Princeton
LifeTies, Inc.
Links, Incorporated, The -
Essex County Chapter
Manna on Main Street
March of Dimes
Philadelphia Chinatown
Foundation
Development Corporation
Trenton Area Soup Kitchen, The
Philadelphia Holy Redeemer
Trenton Catholic Academy
Chinese Catholic Church
Trenton Circus Squad
Philadelphia Korean Christian
Trenton Educational Dance Institute
Broadcasting Company
Trenton Public Education Foundation
Princeton Area Alumni Association
Trinity Church
Mary Jacobs Library Foundation
Princeton Battlefield Society, The
UIH Family Partners
Meals on Wheels of Greater
New Brunswick
Princeton Cornerstone
Community Kitchen
United Way of Hunterdon County
Unity Square Trunk or Treat
Meals on Wheels of Mercer County
Princeton Education Foundation
Waldorf School of Princeton
Medina Community Clinic
Mental Health Association
Princeton Family YMCA
Princeton Future
of Monmouth County, The
Princeton Historical Society
Widener University
The Bank of Princeton (cid:127) Brand Standards Guide
Womanspace
YMCA Camp Mason
The MoreBank Signature Logo
Mercer County Community College
Princeton in Africa
YMCA of Trenton
Foundation
Princeton Little League
Full Color
Young Friends of Philadelphia
Grayscale
Mercer County Turkey Trot
Princeton Merchants Association
Mercer Orthodontics
Princeton Pro Musica
Halloween Candy Buy-Back
Princeton Public Library
Mercerville Fire Company
Princeton Recreation Department
MidJersey Chamber of Commerce
Princeton Regional Chamber
Mid-Summer Marketing Showcase
of Commerce
Alt.
Museum of Art
YWCA Princeton
Mil Al Mission
Princeton Senior Resource Center
Black & White
Green & White
Montgomery / Rocky Hill Rotary Club
Princeton Symphony Orchestra
Montgomery Baseball League
Princeton University
Montgomery Business Association
Summer Chamber Concerts
Montgomery High School
Rebuilding Together Essex County
Montgomery Township Economic
Rebuilding Together Philadelphia
Development Commission
Montgomery Township
Fireworks Committee
Recreation Foundation of
Hopewell Valley, Inc
Riders for a Cause
Black & Green
White & Green
Montgomery Township Volunteer
Rise, A Community Service Partnership
Center for Literacy
Asian Social Services Center
Isles, Inc.
Fire Company No. 1 & No. 2
Riverside Symphonia
Bank Wisely.
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117
Green & Black
White & Black
Primary Typeface
Complimentary Typeface
Century Schoolbook Bold
Century Schoolbook Regular
Century Schoolbook Italic
Century Schoolbook Bold Italic
Century Gothic Regular
Century Gothic Bold Italic
Century Gothic Bold
Century Gothic Italic
Primary Color Palette
Grayscale
Pantone
356 C
(Print)
Pantone
173 C
Pantone
5787 C
Black
Pantone
Cool Gray
11 C
Pantone
Cool Gray
9 C
Pantone
Cool Gray
4 C
CMYK
RGB
Hex#
96, 2, 100, 12
0, 132, 61
00843D
0, 82, 94, 2
207, 69, 32
CF4520
18, 4, 41, 10
186, 189, 139
BABD8B
0, 0, 0, 100
35, 31, 32
231F20
44, 34, 22, 77
30, 22, 17, 57
12, 8, 9, 23
83, 86, 90
53565A
117, 120, 123
187, 188, 188
75787B
BBBCBC
Revised July 2016
Bayard
Corporate HQ
183 Bayard Lane
Princeton, NJ 08540
www.thebankofprinceton.com
609.921.1700
www.morebankusa.com
215.224.6400
Cheltenham
470 W. Cheltenham Avenue
Philadelphia, PA 19126
215.224.6400
North Wales
1222 Welsh Road
North Wales, PA 19454
215.631.9911
Chinatown
921 Arch Street
Philadelphia, PA 19107
215.923.6200
Chambers
21 Chambers Street
Princeton, NJ 08542
609.921.6800
Nassau
194 Nassau Street
Princeton, NJ 08542
609.921.3311
Montgomery
1185 Route 206 North
Princeton, NJ 08540
609.497.0500
Pennington
2 Route 31 South
Pennington, NJ 08534
609.730.8500
Hamilton
339 Route 33
Hamilton, NJ 08619
609.584.0011
Monroe
1 Rossmoor Drive, Ste 120
Monroe Twp, NJ 08831
609.655.7790
Lambertville
10 Bridge Street
Lambertville, NJ 08530
609.397.0333
New Brunswick
1 Spring Street, Ste 102
New Brunswick, NJ 08901
732.993.0066
Lawrenceville
2999 Princeton Pike
Lawrenceville, NJ 08648
609.882.0500
Operations Center
403 Wall Street
Princeton, NJ 08540
609.454.0116