Welcome to our dedicated page for Princeton Bancorp news (Ticker: BPRN), a resource for investors and traders seeking the latest updates and insights on Princeton Bancorp stock.
Princeton Bancorp, Inc. (NASDAQ: BPRN) is the bank holding company for The Bank of Princeton, a New Jersey state‑chartered commercial bank and FDIC member. This news page aggregates company‑specific announcements and financial updates so readers can follow developments that affect BPRN and its community banking operations.
News items for Princeton Bancorp, Inc. frequently include quarterly and annual earnings releases, where the company reports net income, net interest income, net interest margin, provisions for credit losses, non‑interest income and expense, and changes in total assets, loans, deposits, and stockholders’ equity. These releases also discuss asset quality metrics such as non‑performing assets and the allowance for credit losses, as well as the impact of acquisitions on the balance sheet and income statement.
Investors can also expect dividend declarations and related Form 8‑K filings, in which the Board of Directors announces quarterly cash dividends per share, record dates, and payment dates. The company has described how its board evaluates dividends each quarter in light of financial condition and regulatory considerations, and it has reported both regular dividends and dividend increases.
Additional news may cover acquisition activity and integration, such as the completion of the Cornerstone Bank acquisition and references to the prior Noah Bank acquisition, as well as updates on branch network expansion and management appointments within The Bank of Princeton. These items provide context on the company’s growth strategy along its regional footprint.
Because press releases include forward‑looking statement disclaimers and references to risk factors in SEC filings, this news feed is a useful companion to formal reports for understanding how Princeton Bancorp, Inc. communicates its performance, risk considerations, and strategic direction. Readers interested in BPRN stock and The Bank of Princeton’s community banking activities can use this page to monitor ongoing corporate and financial developments.
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.
The Bank of Princeton (NASDAQ – BPRN) has announced a definitive merger agreement to acquire Noah Bank for approximately $25.4 million, or $6.00 per share. This all-cash transaction aims to strengthen the Bank's market presence, particularly in northern New Jersey and New York City. The deal, which is subject to regulatory and stockholder approvals, is anticipated to close in Q2 2023. The merger is projected to be accretive to the Bank’s earnings in its first year and will increase its total assets to around $1.9 billion.
The Bank of Princeton (NASDAQ: BPRN) declared a cash dividend of $0.25 per share, payable on November 25, 2022, to shareholders of record by November 4, 2022. This decision reflects the Board's commitment to shareholder returns, according to President and CEO Edward Dietzler. The dividends are subject to regular evaluation by the Board considering the Bank's financial condition and regulatory constraints, indicating that future payments may vary.
The Bank of Princeton (NASDAQ: BPRN) reported unaudited results for Q2 2022, showing net income of $6.3 million ($0.98 per diluted share), a 14.5% increase from Q2 2021. This growth was driven by a $433,000 rise in net interest income and a $66,000 increase in non-interest income, despite rising non-interest expenses. For the first half of 2022, net income reached $12.3 million, up from $10.4 million year-over-year. The bank also initiated a stock buyback program, repurchasing 265,341 shares at an average price of $29.17. Total assets decreased by 3.7% to $1.63 billion.
The Bank of Princeton (NASDAQ: BPRN) declared a cash dividend of $0.25 per share at a Board meeting on July 20, 2022. This dividend will be distributed on August 26, 2022 to shareholders recorded by August 5, 2022. The Board emphasized their commitment to returning value to shareholders. Future dividends depend on the Bank's financial health and regulatory compliance, with the possibility of adjustments in future periods.
The Bank of Princeton reported a net income of $6.0 million or $0.91 per diluted share for Q1 2022, a slight decrease from $6.2 million in Q4 2021, but an increase from $4.9 million in Q1 2021. This decline is attributed to a $146 thousand decrease in net-interest income and a $421 thousand drop in non-interest income. However, net-interest income rose 7.4% compared to the same quarter last year. The bank implemented a 5% stock buyback program and reported a low nonperforming loans ratio of 0.08%.
The Bank of Princeton (NASDAQ – BPRN) declared a cash dividend of $0.25 per share on April 20, 2022. This dividend will be paid on May 27, 2022 to shareholders of record by the close of business on May 6, 2022. The Board of Directors emphasized its commitment to returning value to shareholders. The Bank pays dividends quarterly, subject to their financial condition and regulatory considerations. Future dividends may be reduced or eliminated based on several factors, including economic conditions and regulatory requirements.
The Bank of Princeton (NASDAQ – BPRN) announced plans to form a bank holding company, Princeton Bancorp, Inc., pending stockholder and regulatory approvals. This restructuring aims to enhance financial and operational flexibility and maintain shareholder rights and ownership percentages. Chairman Richard Gillespie and CEO Edward Dietzler emphasized the benefits of improved capital access and adaptability to market conditions. The transition is expected to conclude by the mid-2022, without affecting the Bank's operations or services, which will continue as usual.
The Bank of Princeton (BPRN) reported a net income of $6.2 million or $0.92 per diluted share for Q4 2021, a rise from $5.9 million in Q3 2021 and $4.1 million in Q4 2020. Key drivers included a $900 thousand reduction in loan loss provisions and a $149 thousand increase in non-interest income, despite a $414 thousand rise in non-interest expenses. Total assets reached $1.69 billion, with a 5.2% increase year-over-year. The efficiency ratio improved to 50.4%.