Princeton Bancorp, Inc. Stock Price, News & Analysis

Princeton Bancorp, Inc. (NASDAQ: BPRN) reported its financial results for Q1 2023, with net income of $6.1 million ($0.95 per share), down from $7.2 million in Q4 2022 and up from $6.0 million in Q1 2022. The decrease from the previous quarter was driven by a $1.6 million dip in net interest income and a $101 thousand rise in non-interest expenses. However, net interest income was $807 thousand higher than in the same quarter last year. Total assets fell 1.0% to $1.59 billion, while total deposits decreased 4.1%, led by drops in various deposit accounts. Non-performing assets surged to $6.5 million due to a delinquent $6.2 million commercial real estate loan. Despite these challenges, the bank improved its net interest margin by 50 basis points year-over-year. The company continues to demonstrate strong earnings performance, reflecting its commitment to risk management and a solid balance sheet.

On April 19, 2023, Princeton Bancorp, Inc. (NASDAQ: BPRN) declared a quarterly cash dividend of $0.30 per share for its common stock. This dividend will be paid on May 26, 2023 to shareholders who are on record by the end of business on May 9, 2023. The announcement reflects the Board's commitment to returning value to shareholders, as stated by CEO Edward Dietzler. However, future dividend payments will depend on various factors including the Company's financial condition and regulatory requirements. Princeton Bancorp operates The Bank of Princeton, with nineteen branches in New Jersey and additional locations in Pennsylvania.

The Bank of Princeton (BPRN) reported a net income of $7.2 million for Q4 2022, an increase from $7.0 million in Q3 2022 and $6.2 million in Q4 2021. This growth was attributed to a $550 thousand rise in net interest income, offset by declines in non-interest income and increases in tax expense. For the full year, net income rose to $26.5 million, up from $22.5 million in 2021, primarily due to a $5.5 million increase in net interest income. However, total assets fell by 5.1% to $1.60 billion, driven by decreases in cash and securities. The non-performing loans ratio was low at 0.02%.

On January 25, 2023, Princeton Bancorp, Inc. (NASDAQ – BPRN) declared a cash dividend of $0.30 per share, demonstrating its commitment to returning value to shareholders. The dividend is set to be paid on March 3, 2023, to those on record by February 10, 2023. CEO Edward Dietzler emphasized this decision reflects the company's strong financial condition. The board will assess future dividends based on various factors, including the company’s financial health and regulatory restrictions. Princeton Bancorp operates The Bank of Princeton, a community bank founded in 2007, with multiple branches across New Jersey and Pennsylvania.

On January 10, 2023, Princeton Bancorp, Inc. (NASDAQ: BPRN) completed a holding company reorganization, making the Company the parent company of The Bank of Princeton. Each share of the Bank's common stock has been converted into one share of the Company's common stock. This new structure allows the Company to pursue strategic growth opportunities and provides greater flexibility in raising capital and expanding non-banking financial activities.

The Bank of Princeton (BPRN) reported a net income of $7.0 million for Q3 2022, a 17.7% increase from Q3 2021, driven by higher net interest income and reduced loan loss provisions. Total assets decreased by 5.0% to $1.60 billion, primarily due to lower cash and cash equivalents. Non-performing loans remained low at 0.05%. The bank's net interest margin was 4.64%, up 45 basis points from the previous quarter. Stock repurchases progressed with 315,058 shares bought back, completing almost the entire buyback program.