This decrease was primarily due to the $7.8 million of common stock repurchased in the 2022 buyback program, and a $7.4 million change in the accumulated other comprehensive income (loss) on the available-for-sale investment portfolio associated with an increase in unrealized losses due to the increase in interest rates. Total stockholders' equity at Jdecreased $5.2 million or 2.4% when compared to the end of 2021. In addition, the Bank had no outstanding borrowings at Jand December 31, 2021. When comparing deposit products between the two periods, certificates of deposit decreased $18.6 million, money market deposits decreased $12.6 million, interest-bearing demand deposits decreased $12.2 million, non-interest-bearing demand deposits decreased $8.4 million and savings decreased $3.2 million. Total deposits at Jdecreased $55.1 million, or 3.8%, when compared to December 31, 2021. The increase in net loans primarily consisted of a $104.4 million increase in commercial real estate loans and an $11.3 million increase in construction and development loans, partially offset by a decrease of $54.4 million in Payroll Protection Program ("PPP") loans which are no longer being offered by the SBA. The primary reason for the decrease in total assets was a decrease in cash and cash equivalents of approximately $111.9 million and a $12.9 million decrease in available-for-sale securities, partially offset by an increase of $61.0 million in net loans. Total assets were $1.63 billion at June 30, 2022, a decrease of $62.5 million, or 3.7% when compared to $1.69 billion at the end of 2021. President/CEO Edward Dietzler noted that, "The Bank continues to improve its performance with continued credit quality and a strong net interest margin of 4.19% for the quarter and a well-controlled expense base."
The Bank decreased its cost of funds on deposits by 15 basis points in the second quarter of 2022 from the same period in 2021.Net income for the second quarter of 2022 increased $803 thousand or 14.5% over the same period in 2021.During the six months ended June 30, 2022, the Bank purchased 265,341 shares of common stock of the authorized 324,017 shares of common stock from a second 5% stock buyback program which commenced in 2022 at a weighted average price of $29.17.Highlights for the quarter-ended Jare as follows: For the six-month period ended June 30, 2022, the Bank recorded net income of $12.3 million, or $1.89 per diluted common share, compared to $10.4 million, or $1.50 per diluted common share for the same period in 2021, primarily due to a $2.1 million decrease in the Bank's provision for loan losses, a $1.7 million increase in net interest income and a $277 thousand increase in non-interest income, partially offset by a $1.8 million increase in non-interest expenses and an increase in income taxes of $326 thousand.
The increase in net income, when comparing it to the three months ended June 30, 2021, was primarily due to an increase in net interest income of $552 thousand, a $1.0 million decrease in the provision for loan losses and a $94 thousand increase in non-interest income, partially offset by a $746 thousand increase in non-interest expenses and a $97 thousand increase in income tax expense. The increase in net income, when compared to the three months ended March 31, 2022, was primarily due to an increase of $433 thousand in net interest income and a $66 thousand increase in non-interest income, partially offset by a $160 thousand increase in non-interest expenses and a $33 thousand increase income taxes payable. The Bank reported net income of $6.3 million, or $0.98 per diluted common share, for the second quarter of 2022, compared to net income of $6.0 million, or $0.91 per diluted common share, for the first quarter of 2022, and net income of $5.5 million, or $0.80 per diluted common share, for the second quarter of 2021. PRINCETON, N.J., J/PRNewswire/ - The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today reported its unaudited results of operations and financial condition for and at the quarter ended June 30, 2022.
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