Corporate HQ
Bayard Lane
183 Bayard Lane
Princeton, NJ 08540
609.874.7033
www.thebankofprinceton.com
Main: 609.921.1700
Operations Center
403 Wall Street
Princeton, NJ 08540
New Jersey
Bordentown
335 Farnsworth Avenue
Bordentown, NJ 08505
609.291.8200
Browns Mills
101 Pemberton
Browns Mills Road
Browns Mills, NJ 08015
609.893.5540
Chambers St.
21 Chambers Street
Princeton, NJ 08542
609.921.6800
Chesterfield
305 Bordentown–
Chesterfield Road
Chesterfield, NJ 08515
609.324.1256
Cream Ridge
403 Route 539
Cream Ridge, NJ 08514
609.757.1120
Deptford
1895 Hurffville Road
Sewell, NJ 08080
856.227.9440
Hamilton
339 Route 33
Hamilton, NJ 08619
609.584.0011
Lakewood
12 America Avenue, 7B
Lakewood, NJ 08701
732.835.7320
Lambertville
10 Bridge Street
Lambertville, NJ 08530
609.397.0333
Lawrenceville
2999 Princeton Pike
Lawrenceville, NJ 08648
609.882.0500
Monroe
1 Rossmoor Drive, Ste 120
Monroe Twp, NJ 08831
609.655.7790
Quakerbridge Rd.
3745 Quakerbridge Road
Hamilton, NJ 08619
609.981.8900
Montgomery
1185 Route 206 North
Princeton, NJ 08540
609.497.0500
Nassau St.
194 Nassau Street
Princeton, NJ 08542
609.921.3311
New Brunswick
1 Spring Street, Ste 102
New Brunswick, NJ 08901
732.993.0066
Pennington
2 Route 31 South
Pennington, NJ 08534
609.730.8500
Piscataway
1642 Stelton Road, Ste 410
Piscataway, NJ 08854
732.743.3500
Princeton Jct.
11 Cranbury Road
Princeton Junction, NJ 08550
609.759.8100
Sicklerville
483 Cross Keys Road
Sicklerville, NJ 08081
856.728.0343
Pennsylvania
Cheltenham
470 W. Cheltenham Avenue
Philadelphia, PA 19126
215.224.6400
Chestnut St.
1839 Chestnut Street
Philadelphia, PA 19103
215.996.7380
Chinatown
921 Arch Street
Philadelphia, PA 19107
215.923.6200
North Wales
1222 Welsh Road
North Wales, PA 19454
215.631.9911
24 Locations Across
New Jersey and Pennsylvania
2020 ANNUAL REPORT
Expanding Our Reach to be Closer to Where You Need Us.
Adaptable
Resourceful
Diligent
Resilient
Steadfast
Committed
Table of Contents
Letter to the Shareholders.....................i -ii
2020 Form 10-K...................................................1
Who We Are...................................................... 117
Providing Banking Solutions
to Customers Where
and How They Need Them.
Dear Fellow Shareholders,
Despite the economic and social challenges that occurred during 2020 caused
• For the year, the Bank reduced its cost of funds (including non-interest
by the COVID-19 pandemic, our top priorities during this year were to keep our
deposits) by 62 basis points to 0.98%, compared to 2019.
Edward J. Dietzler
President
Chief Executive Officer
The Bank
had a very
strong year
despite
contending
with the
pandemic.
staff safe, continue to assist our customers with their financial needs, and look
for opportunities to enhance the value to you, our shareholders.
The Bank of Princeton completed a successful year with earnings of $13.8 million,
or $2.01 per diluted common share, representing a 36.1% increase over 2019. Total
assets grew to $1.6 billion, a 10.2% increase from the year prior. These results and
increasing the cash dividend were a part of the Bank’s strategic initiative of
increasing shareholder value along with controlled prudent growth of the Bank’s
loan portfolio, which grew $177.0 million during 2020. Total deposits increased
$129.0 million during the same period.
The Bank continued with its branch expansion by the addition of three new
branches during 2020, expanding our territory into Lakewood and Piscataway, and
increasing our presence within the Center City Philadelphia area with our Chestnut
Street branch. With these additions, the Bank’s franchise expanded to twenty-four
branches. Management’s focus is developing and expanding its market footprint
through growth of new banking relationships.
The Bank is approaching its 14th year of operation and continues its success by
staying the course with its original core mission of targeting the commercial
real estate and small business communities for their lending needs, and staying
significantly involved in the community. The Bank’s strong capital position
provides the opportunity for future organic growth, as well as the ability to take
advantage of acquisition opportunities when they present themselves.
Notable Highlights for 2020
• Net loans increased $178.3 million to nearly $1.37 billion at year-end 2020
and reflected a 15% increase year over year.
• The efficiency ratio for 2020 declined to 52.6%, a significant improvement
f rom the same period in 2019 ratio of 59.77%.
• Participation in the Paycheck Protection Program (PPP) provided over
1,500 loans to business and non-profit organizations totaling $183.5 million,
and provided an increase in business checking accounts. Continuing its
support of the community, the Bank is currently participating in the second
phase of PPP loans, which commenced in January 2021, and already has over
$80.0 million in 2021 commitments in this program.
• The Bank successfully opened three new full-service branch locations:
Lakewood in the 2nd Quarter 2020, and Chestnut Street in Center City
Philadelphia and Piscataway, both in the 3rd Quarter 2020.
• The Bank reduced the ratio of nonperforming loans to total loans to
below 0.12% as of December 31, 2020.
Although 2020 was a difficult year for the banking industry, the Bank took
steps to transition its funding structure and decrease its cost of funds by 176%,
going from a 4th Quarter 2019 run rate of 1.57% to 0.68% for the 4th Quarter
2020. This transformational effort increased our net interest margin to 3.63%
from 3.10% for the same comparative period. To help achieve this result, we
repositioned our funding mix by decreasing our time deposits, which
represented 40% of 4th Quarter 2019 funding, to 29% for the 4th Quarter
2020, and for the same period took non-interest-bearing checking from
12% of deposits to 17%.
The uncertainty in credit quality caused by the COVID-19 pandemic made for a
challenging time. Management took various actions to help insulate the Bank
from the harm caused by a downturn in the economy. The Bank first slowed our
traditional commercial production to hold our loans outstanding flat year over
year, and allowed PPP loans (which are loans guaranteed by the Small Business
Administration) to grow to $175.9 million at year-end. In addition, the Bank worked
with its current customers to modify payment terms on $263 million of loans
during the year, of which $218 million returned to their original payments
bringing the total at year-end down to $45 million. Finally, we recorded a $5.2
million credit provision, bringing our credit allowance to $16 million, or 1.35% of
period end loans excluding PPP product. Non-performing loans actually declined
during 2020 to $1.7 million at year-end 2020. Management is very pleased with the
overall result of our credit initiatives.
The Bank continues to make significant investments in digital technologies
which allows our clients to remotely access the many Bank products and services.
In addition, while our existing clients can benefit from this convenience, this
technology also allows the Bank to recruit new consumer and business
customers within our footprint and surrounding market areas.
The Board and Management of the Bank remain committed to providing
the highest level of customer service along with being a strong partner in the
communities we serve. We are extremely proud of our employees for their
response to the challenges of COVID-19.
i
ii
2020
ANNUAL
REPORT
Richard J. Gillespie
Chairman
of the Board
Maintaining
focus on serving
our customers
throughout
the pandemic
remained vital.
2020 Financial Reports
The Bank of Princeton
1
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The Bank of Princeton
TABLE OF CONTENTS
Business
Risk Factors
Unresolved Staff Comments
Properties
Legal Proceedings
Mine Safety
Market for the Registrant's Common Equity, Related Stockholder Matters Issuer
Purchases of Equity Securities
Selected Financial Data
Management's Discussion and Analysis of Financial Condition and Results of Operation
Quantitative and Qualitative Disclosures about Market Risk
Financial State and Supplementary Data
Changes In and Disagreements with Accounts on Accounting Financial Disclosure
Controls and Procedures
Other Information
PART I
Item 1
Item 1A
Item 1B
Item 2
Item 3
Item 4
PART II
Item 5
Item 6
Item 7
Item 7A
Item 8
Item 9
Item 9A
Item 9B
PART III
Item 10
Item 11
Item 12
Item 13
Item 14
Directors, Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholders Matters.
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
PART IV
Item 15
Item 16
Exhibits: Financial Statement Schedules
Form 10-K Summary
Signatures
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THE BANK OF PRINCETON
CONSOLIDATE STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollars in thousands)
Common
stock
Paid-in
Capital
Retained
Earnings
Accumlated
other
comprehensive
(loss) income
Total
Balance, January 1, 2018
Net income
Other comprehensive income
Stock options exercised (97,850 shares)
Directors compensation (6,430 shares)
Dividends declared $0.03 per share
Stock-based compensation expense
Balance, December 31, 2018
Net income
Other comprehensive income
Adoption of ASU Topic 842
Stock options exercised (98,852 shares)
Directors compensation (7,082 shares)
Dividends declared $0.26 per share
Stock-based compensation expense
Balance, December 31, 2019
Net income
Other comprehensive income
Stock options exercised (21,520 shares)
Directors compensation (5,388 shares)
Dividends declared $0.40 per share
Dividend reinvestment plan (1,461 shares)
Stock-based compensation expense
Balance, December 31, 2020
$
$
$
$
$
$
$
$
32,756
-
-
490
32
-
-
33,278
-
-
-
494
35
-
-
33,807
-
-
108
27
-
7
-
33,949
$
76,350
-
-
883
168
-
494
77,895
-
-
-
848
165
-
307
79,215
-
-
179
93
-
24
197
79,708
59,122
14,708
-
-
-
(200)
-
73,630
10,142
-
(219)
-
-
(1,280)
-
82,273
13,806
-
-
-
(2,709)
-
-
93,370
$
67
$
-
(552)
-
-
-
-
(485)
-
1,115
-
-
-
-
-
630
$
-
1,161
-
-
-
-
-
1,791
$
$
$
$
$
$
$
$
168,295
14,708
(552)
1,373
200
(200)
494
184,318
10,142
1,115
(219)
1,342
200
(1,280)
307
195,925
13,806
1,161
287
120
(2,709)
31
197
208,818
56
See notes to consolidated financial statements
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59
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61
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63
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65
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67
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69
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Note 3 – Investment Securities (Continued)
maturities of securities available-for-sale amounted to $11.0 million for the twelve months ended December 31, 2020,
which included approximately $49,000 in gross realized gains. There were no sales of securities available-for-sale for
the twelve months ended December 31, 2019. Proceeds from the calls and maturities of securities available-for-sale
amounted to $16.4 million for the twelve months ended December 31, 2019, which included approximately $31,000
in gross realized gains.
There were no securities pledged as collateral for NJ Governmental Unit Deposit Protection Act (“GUDPA”) deposits
at December 31, 2020 or 2019.
Note 4 – Loans Receivable
Loans receivable, net was comprised of the following:
December 31,
2020
December 31,
2019
Commercial real estate
Commercial and industrial
Construction
Residential first-lien mortgage
Home equity/Consumer
Payroll Protection Program ("PPP")
Total loans
Deferred fees and costs
Allowance for loan losses
Loans, net
$
812,043
40,597
263,032
66,857
9,929
175,878
1,368,336
(4,850)
(16,027)
1,347,459
$
$
853,876
43,504
189,789
89,067
13,753
-
1,189,989
(3,419)
(12,557)
1,174,013
$
The following table presents nonaccrual loans by segment of the loan portfolio:
Commercial real estate
Commercial and industrial
Construction
Residential first-lien mortgage
Total nonaccrual loans
December 31,
2020
$
$
1,030
132
370
144
1,676
December 31,
2019
$
2,071
-
371
-
2,442
$
$
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Note 4 – Loans Receivable (Continued)
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loan receivable
by the length of time a recorded payment is past due. The following table presents the segments of the loan portfolio
summarized by the past due status as of December 31, 2020:
30-59
Days
Past
Due
$
952
39
-
1,274
-
5
2,270
$
60-89
Days
Past
Due
-
$
-
-
-
-
-
$
-
With no related allowance recorded:
Commercial real estate
Commercial and industrial
Construction
Residential first-lien mortgage
Home equity/Consumer
PPP
Total with no related allowance
Greater
than
90 days
Total
Past
Due
(Dollars in thousands)
Current
Total
Loans
Receivable
$
$
$
$
1,030
132
370
-
144
-
1,676
1,982
171
370
1,274
144
5
3,946
810,061
40,426
262,662
65,583
9,785
175,873
1,364,390
812,043
40,597
263,032
66,857
9,929
175,878
1,368,336
$
$
$
$
Loans
Receivable
>90 Days
and
Accruing
-
$
-
-
-
-
-
$
-
The following table presents the segments of the loan portfolio summarized by the past due status as of December 31,
2019:
30-59
Days
Past
Due
566
$
-
-
1,184
42
-
1,792
$
60-89
Days
Past
Due
-
$
-
-
-
-
-
$
-
With no related allowance recorded:
Commercial real estate
Commercial and industrial
Construction
Residential first-lien mortgage
Home equity/Consumer
PPP
Total with no related allowance
Greater
than
90 days
Total
Past
Due
(Dollars in thousands)
$
$
2,064
-
371
-
-
-
2,435
2,630
-
371
1,184
42
-
4,227
$
$
Total
Loans
Receivable
$
853,876
43,504
189,789
89,067
13,753
-
Current
$
851,246
43,504
189,418
87,883
13,711
-
$
1,185,762
$
1,189,989
Loans
Receivable
>90 Days
and
Accruing
-
$
-
-
-
-
-
$
-
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Note 6 – Deposits
The components of deposits at December 31 were as follows (Dollars in thousands):
December 31,
2020
December 31,
2019
Demand, non-interest-bearing checking
Demand, interest-bearing checking
Savings
Money Market
Time deposits, $250,000 and over
Time deposits, other
$
215,381
288,769
178,932
305,290
72,424
306,470
1,367,266
$
15.75%
21.12%
13.09%
22.33%
5.30%
22.41%
100.00%
$
141,338
212,552
154,756
294,940
132,622
301,682
1,237,890
$
11.42%
17.17%
12.50%
23.83%
10.71%
24.37%
100.00%
Money market accounts totaling $20.1 million and $47.7 million at December 31, 2020 and 2019, respectively were
originated through a reciprocal deposit relationship.
2021
2022
2023
2024
2025 and over
$
191,087
61,382
37,683
56,764
31,978
Total
$
378,894
At December 31, 2020, the scheduled maturities of certificates of deposit were as follows (Dollars in thousands):
The Bank’s time deposits of $100,000 or more represent 11.84% of total deposits at December 31, 2020 and are
included in the table above. Approximately $96.1 million and $35.6 million at December 31, 2019 and 2018,
respectively were originated through brokers.
Related party deposits were approximately $4.3 million and $4.4 million at December 31, 2020 and 2019 respectively.
Deposit overdrafts reclassified as loan balances were $552,000 and $590,000 at December 31, 2020 and 2019,
respectively.
Note 7 – Borrowings
The Bank’s borrowings consist of FHLB-NY overnight and short-term advances. The Bank utilizes federal funds
purchased to meet short-term liquidity needs. The FHLB-NY has non-specific blanket collateral on the Bank’s loan
portfolio as of December 31, 2020 and 2019.
At December 31, 2020 and 2019, the Bank had no outstanding borrowings.
At December 31, 2020, the Bank had a maximum borrowing capacity with the FHLB-NY, subject to certain collateral
restrictions, of $252.6 million, with $195.5 million available. The Bank is also a shareholder in Atlantic Community
Bancshares, Inc., the holding company of ACBB. As of December 31, 2020, the Bank had available borrowing
capacity with ACBB of $10.0 million to provide short-term liquidity generally for a period of not more than fourteen
days. No amounts are outstanding with the ACBB at December 31, 2020.
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Note 11 – Leases
On January 1, 2019, the Bank adopted FASB ASU No. 2016-02, “Leases (Topic 842).” Leases (Topic 842) establishes
a right of use model that requires a leasee to record a right of use (“ROU”) and a lease liability for all leases with
terms longer 12 months. The Bank has elected the short-term lease recognition exemption such that the Bank will not
recognize ROU or lease liabilities for leases with a term less than 12 months from the commencement date. The Bank
is obligated under 20 operating leases agreements for 19 branches and its corporate offices with terms extending
through 2039. The Bank’s lease agreements include options to renew at the Bank’s discretion. The extensions are
reasonably certain to be exercised, therefore it was considered in the calculations of the ROU asset and lease liability.
The following table represents the classification of the Bank’s right of use and lease liabilities (Dollars in
thousands):
Operating Lease Right of Use Asset:
Gross carrying amount
Increased asset from new lease
Prior lease liability
Hindsight practical expedient adjustment
Accumulated amortization
Statement of Financial
Condition Location
December 31, 2020
December 31, 2019
$
14,533
5,768
-
-
(1,893)
$
12,817
3,685
(274)
(219)
(1,476)
Net book value
Operating lease right-of-use asset
$
18,408
$
14,533
Operating Lease liabilities:
Lease liabilities
Operating lease liability
$
18,987
$
15,040
For the year ended December 31, 2020, the weighted-average remaining lease terms for operating leases was 12.4
years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.95%. The
Bank used current FHLB fixed rate advances at the time the lease was placed in service for the term most closely
aligning with remaining lease term to determine the discount rate.
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Note 14 – Fair Value Measurements and Disclosure (Continued)
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value
hierarchy used at December 31, 2020, were as follows:
(Level 1)
Quoted Price
in Active
Markets for
Identical
Assets
(Level 2)
Significant
Other
Observable
Inputs
(Level 3)
Significant
Unobservable
Inputs
Total Fair
Value
December 31,
2020
(dollars in thousands)
Description
Impaired loans
$
-
$
-
$
-
$
-
$
$
2,086
2,086
$
$
2,086
2,086
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value
hierarchy used at December 31, 2019, were as follows:
(Level 1)
Quoted Price
in Active
Markets for
Identical
Assets
(Level 2)
Significant
Other
Observable
Inputs
(Level 3)
Significant
Unobservable
Inputs
Total Fair
Value
December 31,
2019
(dollars in thousands)
Description
Impaired loans
$
-
$
-
$
-
$
-
$
$
2,115
2,115
$
$
2,115
2,115
The following table presents quantitative information with regards to Level 3 fair value measurements at December
31, 2020.
Description
Fair Value
December 31,
2020
Valuation
Technique
Unobservable
Input
(dollars in thousands)
Discount
Range
(Weighted
Average)
0.0% -29.1%
Impaired loans
$
2,086
Collateral 1
adjustment
(11.1%)
1 Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales.
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Note 14 – Fair Value Measurements and Disclosure (Continued)
The following table presents quantitative information with regards to Level 3 fair value measurements at December
31, 2019.
Description
Fair Value
December 31,
2019
Valuation
Technique
Unobservable
Input
(dollars in thousands)
Discount
Impaired loans
Impaired loans
$
2
Cashflow 1
$
2,113
Collateral 2
adjustment
Discount
adjustment
Range
(Weighted
Average
6.0%
( 6.0%)
0.0% -23.8%
( 9.2%)
1 Fair value for this loan was determined through calculating the present value of future cash flows.
2 Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales.
The following methods and assumptions were used by the Bank in estimating fair value disclosures:
Investment Securities
The fair value of securities available-for-sale (carried at fair value) and held-to-maturity (carried at amortized cost)
are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix
pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without
relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’
relationship to other benchmark quoted prices. Level 2 debt securities are valued by a third-party pricing service
commonly used in the banking industry. Level 2 fair value
measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury
yield curve, live trading levels, trade execution date, market consensus prepayment speeds, credit information and the
security’s terms and conditions, among other things.
Impaired loans (generally carried at fair value)
Impaired loans carried at fair value are those impaired loans in which the Bank has measured impairment generally
based on the fair value of the related loan’s collateral. Fair value is generally determined based upon independent
third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds, discounted for
estimated selling costs or other
factors the Bank determines will impact collection of proceeds. These assets are included as Level 3 fair values, based
upon the lowest level of input that is significant to the fair value measurements.
Other real estate owned (generally carried at fair value)
Other real estate owned is adjusted to fair value, less estimated selling costs, upon transfer of loans to other real estate
owned. Subsequently, other real estate owned is carried at the lower of carrying value or fair value less cost to
sell. Fair value is based upon independent market prices, appraised values of the collateral or management’s
estimation of the value of the collateral. The discount adjustment from the appraised value is a significant
unobservable input in the determination of the fair value for other real estate owned. These assets are included as
Level 3 fair values.
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Note 18 – Subsequent Events
On March 9, 2021, the Board of Directors announced that is has adopted a stock repurchase program to commence on
the later of April 1, 2021 or the date approval of such program is received from the New Jersey Department of Banking
and Insurance. Under the stock repurchase program, management is authorized to repurchase up to 5% of the Bank’s
outstanding shares of common stock, with a total cost not to exceed $10.4 million. As of today, the Bank had 6,795,779
shares of common stock outstanding and five percent of such amount would be 339,788 shares. The stock repurchase
program does not obligate the Bank to acquire any particular amount of common stock, and it may be limited,
suspended or terminated at any time without prior notice. This program has been approved by the FDIC.
On January 27, 2021, the Board of Directors declared a cash dividend of $0.12 per share of common stock. The
dividend was paid on March 1, 2021 to shareholders of record at the close of business on February 12, 2021.
Note 19 – Risk and Uncertainties
On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which
continues to spread throughout the United States and around the world. The COVID-19 pandemic has adversely
affected, and continue to adversely affect economic activity globally, nationally and locally. Actions taken around the
world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced
closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate the spread of it
have had and are expected to continue to have an adverse impact on the economies and financial markets of many
countries, including the geographical area in which the Bank operates. Due to the COVID-19 pandemic, market
interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020
for the first time. Such events also have adversely affected business and consumer confidence, generally, and the Bank
and its customers, and their respective suppliers, vendors and processors, have been adversely affected. On March 3,
2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to
1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March
27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to, among other
provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19
pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic will likely adversely affect
the Bank's financial condition, results of operations, liquidity and capital in future periods. It is unknown how long
the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will
be to the Bank. It is reasonably possible that estimates made in the financial statements could be materially and
adversely impacted in the near term as a result of these conditions, including expected credit losses on loan receivables.
On March 22, 2020, the federal banking agencies issued an “Interagency Statement on Loan Modifications and
Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”. This guidance
encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual
obligations because of the effects of COVID-19. The guidance goes on to explain that in consultation with the FASB
staff that the federal banking agencies conclude that short-term modifications (e.g. six months) made on a good faith
basis to borrowers who were current as of the implementation date of a relief program are not Troubled Debt
Restructurings (“TDRs”). Section 4013 of the CARES Act also addressed COVID-19 related modifications and
specified that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. The
Bank is actively assisting customers by providing short-term modifications in the form of deferrals of interest,
principal and/or escrow for terms ranging from one to six months. On December 27, 2020, the 2021 Consolidated
Appropriations Act (“CAA”) was signed into law, providing for, among other things, further suspension (ending on
the earlier of January 1, 2022 or 60 days after the date the national emergency concerning COVID-19 terminates) of
the exception for loan modifications to not be classified as TDRs if certain criteria are met. As of December 31, 2020,
the Bank had 14 loans with a balance of $45.0 million remaining on deferral. Since December 31, 2020, there have
been no new borrower request to have their loan modified using the guidelines set forth in the CARES Act.
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Notes
Who We Are
Board of Directors
Richard J. 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
Daniel J. O’Donnell, Esq.
Executive Vice President
Chief Operating Officer
& General Counsel
George S. Rapp
Executive Vice President
Chief Financial Officer
Christopher M. Tonkovich
Executive Vice President
Chief Credit Officer
Stephanie M. Adkins
Executive Vice President
Chief Lending Officer
Established in 2007, The Bank of Princeton opened its first branch for business
on the 23rd of April. Since then the Bank has grown to include twenty-four branch
locations and a comprehensive Operations Center that serve the Mercer, Burlington,
Camden, Gloucester, Hunterdon, Middlesex, Monmouth, Ocean, and Somerset
counties in New Jersey along with four branches in the Montgomery County and
Philadelphia markets in Pennsylvania.
Our Team
Marketing
Barbara A. Cromwell, SVP
Human Resources
Anna Maria Miller, SVP
Retail Administration
Debra L. Von Gonten, SVP
Rose Russo, AVP
Amy Zuccarello, AVP
Information Technology
Matthew T. Clark, SVP
Kyndle E. Alig, VP
John Critelli, AVP
Operations & Compliance
Karen D. Pfeifer, SVP
Angela Bancroft, VP
Jamie Wilson, VP
Justin Naidoo, AVP
Security & Facilities
Keith R. Bitzel, VP
Ryan M. Cavicchio, AVP
Loan Administration
Mary Beth Gorecki, SVP
Lukasz Gargas, VP
Michelle Goldstein, VP
Amela Muslic, VP
Stanley Plytynski, VP
Lana Tremblay, VP
Denise Youn, VP
Steven Beck, AVP
Theresa Harris-Norfleet, AVP
Ann Marie Hennelly, AVP
Eileen McBride, AVP
David Mulryne, AVP
Wanda Szymanski, AVP
Thomas Waszkiewicz, AVP
Finance
Jeffrey T. Hanuscin, SVP
Carmen Lloja-MacKenzie, AVP
Rosemary Tumino, AVP
Commercial Lenders
Arthur M. Birenbaum, SVP
William McCoy, SVP
Kris Muse, SVP
Paul Bencivengo, VP
William McDowell, VP
Michele Lewis-Fleming, AVP
Market Managers
Princeton Region
Roseanne Maresma, AVP, RRM*
Henrry Polanco, Bayard Lane
Daniel Pereira, Lakewood
Patricia Kilgannon, Montgomery
Wendy J. Evans, Monroe
Darshana Jadav, Nassau Street
Central Region
Nedgine Douge, AVP, RRM*
Paul Sabol, Bordentown
Donna Craddock, Browns Mills
Shannon Bennett, Chesterfield
Jeralyn H. Lang, Cream Ridge
Barbara Brehaut, Hamilton
Lourdes Pagan, Quakerbridge Road
Southern Region
Kelly Zane, AVP, RRM*
ShaQuanna Moss, Arch Street
Sera Yu, Cheltenham
Sokha Eng, Chestnut Street
Christina Lerro, Deptford
Mi Kyung Kim, North Wales
Carole McGuirl, Sicklerville
Western Region
Karin van Garderen, AVP, RRM*
Jonathan Collins, Lambertville
Yvette Windsor, Lawrenceville
Keisha Patrick-Davey, New Brunswick
Nathalie Cassion, Pennington
Miriam Colón, Piscataway
Rhoda Sundhar, Princeton Junction
* Regional Retail Manager
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101 Foundation
Aim2Place
Arm in Arm
Arts Council of Princeton
Big Brothers Big Sisters
of Mercer County
Housing Initiatives of Princeton
Philadelphia Chinatown
Hunterdon Healthcare Foundation
Development Corporation
I Believe in Pink
Isles, Inc.
Planned Lifetime Assistance
Network of NJ
Jamesburg Parent-Teacher Association
Police Unity Tour Inc., Chapter 10
Jewish Family & Children’s Service
Princeton Family YMCA
Bordentown Historical Society
of Greater Mercer County
Princeton Mercer Regional Chamber
Calvary Chapel Gloucester County
JFCS Mobile Food Pantry
Princeton Public Library
Catholic Charities Diocese of Metuchen
Joint Effort - Princeton
Catholic Charities Diocese of Trenton
Safe Streets Weekend
Central Jersey Housing Resource Center
KinderSmile Foundation
Chapin School Princeton
Korean American Association
Princeton Senior Resource Center
Princeton University Summer
Chamber Concerts
Project Freedom
Chesterfield Township School
of Greater Philadelphia
Puerto Rican Action Board
District Parent-Teacher Association
Lambertville Area Education
Rebuilding Together Philadelphia
Clarifi
Foundation
Send Hunger Packing Princeton
Thank You to Our Community Partners
for the Difference You Make.
Lambertville-West Amwell Youth
Society of Saint Vincent de Paul
Corner House Foundation
The greatness of a community
is most accurately measured by the
compassionate actions of its members.
— Coretta Scott King
Delaware River Steamboat Floating
Baseball & Softball Association
Sourland Conservancy
Classroom, Inc., SPLASH
Lawrence Township Education
Spread the Joy
Delaware River Towns Chamber
Foundation
Thomas Edison State University
of Commerce & Visitors Bureau, The
Lawrenceville Main Street
Foundation
Downtown Bordentown Association
LifeTies, Inc.
Elijah’s Promise
Mainstage Center for the Arts
Foundation for Bordentown
Meals on Wheels in Greater
Traditions, Inc., The
New Brunswick
Town Clock Community
Development Corporation
Trenton Area Soup Kitchen, The
Trenton Catholic Academy
Friendly Sons & Daughters of
Mercer County Community
Trinity Church
St. Patrick of Mercer County, The
College Foundation
Girls on the Run
Mercer County Turkey Trot
Global Connections Foundation NJ Corp
Mercerville Fire Company
Gloucester Township Fire District #5
Middlesex County Regional
Grant Chapel AME Church
Greater Philadelphia Asian
Social Services Center
Chamber of Commerce
Monroe Township Girls Softball
Montgomery Baseball League
United Nations Association
of the United States of America,
Southern New Jersey Chapter
United Way of Hunterdon County
Veterans of Foreign Wars Post #3525,
District #18
West Windsor Arts Council
Greater Philadelphia Coalition
Montgomery / Rocky Hill Rotary Club
West Windsor - Plainsboro
Against Hunger
Grounds for Sculpture
Montgomery Township -
Regional School District
Economic Development Commission
Yeshivas Ohr Hatorah
Habitat for Humanity of Burlington
Montgomery Township
County and Greater Philadelphia
Education Foundation
YMCA Camp Mason
YWCA Princeton
Habitat for Humanity Philadelphia
Montgomery Township Volunteer
Habitat for Humanity,
Raritan Valley Chapter
Hamilton Area YMCA
Fire Company No. 1
Montgomery Township Volunteer
Fire Company No. 2
Hamilton Educational Foundation
Morven Museum & Garden
Hamilton Township Board of Education
Mount Carmel Guild of Trenton
Hatzola EMS of Central Jersey
HomeFront
Notre Dame High School
Parkinson Alliance, The
Hopewell Valley Arts Council
Pennington Public Library
Hopewell Valley Veterans Association
Pennington Volunteer Fire Company
Hopewell Valley YMCA
Philabundance
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