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Princeton Bancorp Announces Second Quarter 2024 Results and Approvals of Pending Acquisition

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Princeton Bancorp (NASDAQ: BPRN) reported strong Q2 2024 results with an 18% increase in net income over Q1 2024. Key highlights include:

  • Net income of $5.1 million ($0.80 per diluted share)
  • Net interest margin increased to 3.44%
  • Average loans up by $34.7 million
  • Average deposits up by $50.7 million
  • Non-performing assets at 0.2% of total loans

The company also announced regulatory and shareholder approvals for its acquisition of Cornerstone Financial , expected to close on August 23, 2024. This acquisition will strengthen Princeton Bancorp's presence in central and southern New Jersey.

Princeton Bancorp (NASDAQ: BPRN) ha riportato risultati solidi per il secondo trimestre del 2024, con un aumento del 18% nel reddito netto rispetto al primo trimestre del 2024. I punti salienti includono:

  • Reddito netto di 5,1 milioni di dollari (0,80 dollari per azione diluita)
  • Margine d'interesse netto aumentato al 3,44%
  • Prestiti medi aumentati di 34,7 milioni di dollari
  • Depositi medi aumentati di 50,7 milioni di dollari
  • Attività non performanti al 0,2% del totale dei prestiti

La società ha anche annunciato le approvazioni regolatorie e degli azionisti per l'acquisizione di Cornerstone Financial, prevista per il 23 agosto 2024. Questa acquisizione rafforzerà la presenza di Princeton Bancorp nel centro e nel sud del New Jersey.

Princeton Bancorp (NASDAQ: BPRN) reportó sólidos resultados en el segundo trimestre de 2024, con un aumento del 18% en los ingresos netos en comparación con el primer trimestre de 2024. Los aspectos destacados incluyen:

  • Ingresos netos de $5.1 millones ($0.80 por acción diluida)
  • El margen de interés neto aumentó al 3.44%
  • Préstamos promedio aumentados en $34.7 millones
  • Depósitos promedio aumentados en $50.7 millones
  • Activos no productivos al 0.2% del total de préstamos

La empresa también anunció aprobaciones regulatorias y de accionistas para su adquisición de Cornerstone Financial, que se espera cierre el 23 de agosto de 2024. Esta adquisición fortalecerá la presencia de Princeton Bancorp en el centro y sur de Nueva Jersey.

프린스턴 뱅코프(NASDAQ: BPRN)는 2024년 2분기 실적을 발표했으며, 2024년 1분기 대비 18% 증가한 순이익을 기록했습니다. 주요 하이라이트는 다음과 같습니다:

  • 순이익 510만 달러 ($0.80의 희석 주당 순이익)
  • 순이자 마진이 3.44%로 증가
  • 평균 대출이 3470만 달러 증가
  • 평균 예금이 5070만 달러 증가
  • 부실 자산이 총 대출의 0.2%

회사는 또한 Cornerstone Financial의 인수에 대한 규제 및 주주 승인을 발표했으며, 이 인수는 2024년 8월 23일에 마무리될 예정입니다. 이 인수는 프린스턴 뱅코프의 중앙 및 남부 뉴저지 내 존재감을 강화할 것입니다.

Princeton Bancorp (NASDAQ: BPRN) a annoncé de solides résultats pour le deuxième trimestre de 2024, avec une augmentation de 18% du revenu net par rapport au premier trimestre 2024. Les points clés incluent :

  • Revenu net de 5,1 millions de dollars (0,80 dollar par action diluée)
  • La marge d'intérêt nette a augmenté à 3,44%
  • Les prêts moyens ont augmenté de 34,7 millions de dollars
  • Les dépôts moyens ont augmenté de 50,7 millions de dollars
  • Les actifs non performants représentent 0,2% du total des prêts

L'entreprise a également annoncé l'approbation réglementaire et des actionnaires pour son acquisition de Cornerstone Financial, qui devrait se conclure le 23 août 2024. Cette acquisition renforcera la présence de Princeton Bancorp dans le centre et le sud du New Jersey.

Princeton Bancorp (NASDAQ: BPRN) berichtete über starke Ergebnisse im 2. Quartal 2024, mit einer 18%igen Steigerung des Nettogewinns im Vergleich zum 1. Quartal 2024. Zu den wichtigsten Punkten gehören:

  • Nettogewinn von 5,1 Millionen US-Dollar (0,80 US-Dollar pro verwässerter Aktie)
  • Nettomarge stieg auf 3,44%
  • Durchschnittliche Kredite um 34,7 Millionen US-Dollar gestiegen
  • Durchschnittliche Einlagen um 50,7 Millionen US-Dollar gestiegen
  • Problematische Vermögenswerte bei 0,2% der Gesamtkredite

Das Unternehmen gab außerdem bekannt, dass die regulatorischen und die Aktionärsabschlüsse für die Übernahme von Cornerstone Financial vorliegen, die voraussichtlich am 23. August 2024 abgeschlossen wird. Diese Übernahme wird die Präsenz von Princeton Bancorp in Zentral- und Süd-New Jersey stärken.

Positive
  • 18% increase in net income from Q1 2024 to Q2 2024
  • Net interest margin improved to 3.44% in Q2 2024
  • Average loans increased by $34.7 million compared to Q1 2024
  • Average deposits grew by $50.7 million compared to Q1 2024
  • Non-performing assets remained low at 0.2% of total loans
  • Total assets increased by 3.52% to $1.98 billion since end of 2023
  • Total deposits increased by 3.87% since December 31, 2023
  • Stockholders' equity increased by 1.93% since December 31, 2023
  • Received approvals for acquisition of Cornerstone Financial
Negative
  • Net income decreased by $1.7 million compared to Q2 2023
  • Non-interest income decreased by $9.5 million or 82.0% compared to Q2 2023
  • Effective tax rate increased to 16.8% from 2.32% in Q2 2023

Insights

Princeton Bancorp's Q2 2024 results demonstrate a solid financial performance with some notable highlights:

  • Net income increased by 18.0% quarter-over-quarter to $5.1 million
  • Earnings per diluted share rose to $0.80 from $0.68 in Q1 2024
  • Net interest margin improved slightly to 3.44%
  • Average loans and deposits showed modest growth
  • Asset quality remained strong with non-performing assets at just 0.2% of total loans

However, when compared to Q2 2023, net income decreased by $1.7 million, primarily due to the absence of acquisition-related gains from the Noah Bank purchase in 2023. This highlights the impact of one-time events on year-over-year comparisons.

The bank's balance sheet expanded, with total assets increasing by 3.52% since the end of 2023. This growth was primarily driven by increases in available-for-sale securities and net loans, funded by deposit growth. The 1.93% increase in stockholders' equity suggests a strengthening capital position.

The upcoming acquisition of Cornerstone Financial , expected to close in August 2024, could be a significant catalyst for future growth, potentially expanding Princeton Bancorp's market presence and scale of operations.

While the bank's performance appears solid, investors should monitor the integration costs and potential synergies from the Cornerstone acquisition, as well as the bank's ability to maintain its improved net interest margin in a challenging interest rate environment.

Princeton Bancorp's Q2 2024 results and the impending Cornerstone Financial acquisition present an interesting market positioning strategy:

  • The bank is actively expanding its footprint in the lucrative New Jersey-Philadelphia-New York corridor
  • The Cornerstone acquisition will strengthen Princeton's presence in central and southern New Jersey
  • This strategic expansion could potentially lead to increased market share and competitive advantage

The bank's focus on commercial real estate loans, which increased by $51.4 million, suggests a bullish outlook on the commercial property market in its operating regions. However, the $22.9 million decrease in construction loans might indicate caution in the new development sector.

The increase in money market deposits ($49.9 million) and certificates of deposit ($41.3 million) suggests that Princeton is successfully attracting customers in a competitive deposit market. This could be important for funding future loan growth and maintaining a stable cost of funds.

The bank's ability to grow both loans and deposits while maintaining strong asset quality (non-performing assets at only 0.2% of total loans) is commendable in the current economic environment. This performance could position Princeton Bancorp favorably among regional banks, potentially attracting investor interest.

However, the banking sector faces challenges, including potential economic slowdowns and regulatory pressures. Investors should watch how Princeton navigates these headwinds while integrating Cornerstone and pursuing its growth strategy.

PRINCETON, N.J. , July 25, 2024 /PRNewswire/ -- Princeton Bancorp, Inc. (the "Company") (NASDAQ - BPRN), the bank holding company for The Bank of Princeton (the "Bank"), today reported its unaudited financial condition and results of operations at and for the quarter ended June 30, 2024. The Company also announced that it has received the necessary approvals from shareholders and all applicable regulatory authorities in connection with its acquisition of Cornerstone Financial Corporation, which is expected to close on August 23, 2024. 

President/CEO Edward Dietzler remarked on the second quarter results, "The Company continued its strong financial performance with a 18.0% increase in net income over the first quarter of 2024, along with a modest increase in the net interest margin to 3.44% for the second quarter. The Company continues to increase average loan and deposit balances while maintaining strong liquidity and credit quality. The anticipated addition of Cornerstone Bank in the third quarter will contribute to the Company's central and southern New Jersey footprint by strengthening our existing valuable franchise spanning from New York to Philadelphia."

HIGHLIGHTS

  • Average total loans for the quarter increased by $34.7 million compared to the first quarter of 2024.
  • Average total deposits for the quarter increased by $50.7 million compared to the first quarter of 2024.
  • Non-performing assets remained low at $3.2 million, or 0.2% of total loans, compared to $6.7 million at year end 2023.

The Company reported net income of $5.1 million, or $0.80 per diluted common share, for the second quarter of 2024, compared to net income of $4.3 million, or $0.68 per diluted common share, for the first quarter of 2024, and net income of $6.8 million, or $1.07 per diluted common share, for the second quarter of 2023. The increase in net income for the second quarter of 2024 when compared to the first quarter of 2024 was due to an increase of $520 thousand in net interest income, a net reduction in the provision for credit losses of $304 thousand due to a provision reversal of $118 thousand recorded in the second quarter of 2024, an increase in non-interest income of $102 thousand, partially offset by an increase of $173 thousand in non-interest expense. The $1.7 million decrease in net income for the second quarter of 2024 compared to the same period in 2023  was primarily due to acquisition-related items recorded in the second quarter of 2023 due to the Company's acquisition of Noah Bank, resulting in a decrease in non-interest income of $9.5 million and an increase in income tax expense of $877 thousand, partially offset by a decrease in non-interest expenses of $5.8 million, and a decrease in the provision for credit losses of $2.6 million when compared to the second quarter of 2024.

Review of Statements of Financial Condition

Total assets were $1.98 billion at June 30, 2024, an increase of $67.4 million, or 3.52% when compared to $1.92 billion at the end of 2023. The primary reason for the increase in total assets was attributable to increases in available for sale securities of $40.3 million and net loans of $25.0 million, which were funded in part by an increase in deposits. The increase in the Company's net loans consisted of a $51.4 million increase in commercial real estate loans, partially offset by decreases of $22.9 million in construction loans and $2.0 million in residential mortgages.

Total deposits on June 30, 2024, increased $63.3 million, or 3.87%, when compared to December 31, 2023. Money market deposits increased $49.9 million, and certificates of deposit increased $41.3 million, partially offset by decreases in interest-bearing demand deposits of $24.2 million and non-interest-bearing deposits of $4.2 million.

Total stockholders' equity on June 30, 2024 increased $4.6 million or 1.93% when compared to December 31, 2023. The increase was primarily due to the $5.7 million increase in retained earnings, consisting of $9.5 million in net income partially offset by $3.8 million of cash dividends recorded during the period. The ratio of equity to total assets at June 30, 2024 and at December 31, 2023 was 12.34% and 12.53%, respectively.

Asset Quality

At June 30, 2024, non-performing assets totaled $3.2 million, a decrease of $3.5 million when compared to the amount at December 31, 2023.

Review of Quarterly and Six-Month Financial Results

Net interest income was $16.0 million for the second quarter of 2024, compared to $15.4 million for the first quarter of 2024 and $15.7 million for the second quarter of 2023. The increase from the previous quarter was the result of an increase in interest income of $1.3 million, or 4.8%, partially offset by an increase in interest expense of $824 thousand, or 6.5%. The net interest margin for the second quarter of 2024 was 3.44%, increasing by 2 basis points when compared to the first quarter of 2024. This increase was primarily associated with an increase in average interest-earning assets of $50.1 million, resulting in an increase of 12 basis points, partially offset by an increase in total interest-bearing deposits of $51.5 million, resulting in an increase in the cost of funds of 10 basis points. For the six-month period ended June 30, 2024, the Company recorded net income of $9.5 million, or $1.48 per diluted common share, compared to $12.9 million, or $2.02 per diluted common share, for the same period in 2023. The decrease was primarily due to acquisition-related items recorded during 2023 due to the acquisition of Noah Bank.

The Company recorded a reversal of credit losses of $118 thousand during the second quarter of 2024, which consisted of $169 thousand decrease recorded to the allowance of credit losses, offset by an increase to the provision for credit losses of $51 thousand related to unfunded commitments, which are recorded in other liabilities on the Company's statements of financial condition. The current quarters' reversal of provision recorded on the Company's statements of income was $304 thousand lower when compared to the provision for credit losses for the quarter ended March 31, 2024, and was $2.6 million lower than the provision for the same period in 2023, which can be attributed to the acquisition of Noah Bank, which closed in May 2023.  For the quarter ended June 30, 2024, the Company recorded charge-offs of $84 thousand and recoveries of $99 thousand. The coverage ratio of the allowance for credit losses to period end loans was 1.17% at June 30, 2024 and 1.19% at December 31, 2023.

Total non-interest income of $2.1 million for the second quarter of 2024 increased $102 thousand or 5.1% when compared to the first quarter of 2024 and decreased $9.5 million or 82.0% when compared to the quarter ended June 30, 2023. When comparing the results from the second quarter 2024 to the same period of 2023, the decrease was primarily due to the bargain purchase gain of $9.7 million attributed to the acquisition of Noah Bank, which closed in May 2023.

Total non-interest expense of $12.0 million for the second quarter of 2024 increased $173 thousand, or 1.5%, when compared to the first quarter of 2024. The increase compared to the first quarter of 2024 was primarily related to data processing and communications expense increasing $244 thousand, professional fees increasing $78 thousand and other expenses increasing $60 thousand, partially offset by a decrease in occupancy and equipment expense of $179 thousand and salaries and benefits expense of $77 thousand.  Total non-interest expense for the second quarter of 2024 decreased $5.8 million or 32.6% when compared to the second quarter of 2023.  The decrease was due primarily to $7.0 million in merger-related expenses recorded, a $667 thousand increase in salaries and benefits expense and a $145 thousand increase in occupancy and equipment expenses that were all primarily associated with the Noah Bank acquisition in 2023.

For the quarter ended June 30, 2024, the Company recorded an income tax expense of $1.0 million, resulting in an effective tax rate of 16.8%, compared to an income tax expense of $1.0 million resulting in an effective tax rate of 19.7% for the first quarter ended March 31, 2024, and compared to an income tax expense of $161 thousand resulting in an effective tax rate of 2.32% for the quarter ended June 30, 2023. The effective tax rate in the second quarter of 2023 was lower than the current quarter's rate because of the non-taxable $9.7 million bargain purchase gain from the Noah bank acquisition.

About Princeton Bancorp, Inc. and The Bank of Princeton

Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007.  The Bank is a New Jersey state-chartered commercial bank with 22 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Monroe, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, and Sicklerville.  There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation. On January 18, 2024, the Company announced that it has entered into a definitive agreement and plan of merger with Cornerstone Financial Corporation ("Cornerstone"), the parent company of Cornerstone Bank, headquartered in Mount Laurel, New Jersey, pursuant to which the Company will acquire Cornerstone in a transaction that is expected to close in the third quarter of 2024 (the "Transaction").

Forward-Looking Statements

The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the Federal Reserve. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the integration of the businesses of the Company and Cornerstone following the completion of the Transaction may be more difficult, time-consuming or costly than expected; the ability to obtain required regulatory approvals, and the ability to complete the Transaction on the expected timeframe may be more difficult, time-consuming or costly than expected; the global impact of the military conflicts in the Ukraine and the Middle East; the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; and the timing and nature of the regulatory response to any applications filed by the Company and the Bank; technological changes; other acquisitions; changes in consumer spending and saving habits; those risks under the heading "Risk Factors" set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2023,  and the success of the Company at managing the risks involved in the foregoing.

The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.

Princeton Bancorp, Inc.


Consolidated Statements of Financial Condition


(Unaudited)


(Dollars in thousands, except per share data)












































June 30, 2024 vs



June 30, 2024 vs




June 30,


December 31,


June 30,


December 31, 2023



June 30, 2023




2024


2023


2023


$
Change


%
 Change


$
Change


%
 Change


















ASSETS







Cash and cash equivalents


$        151,305


$        150,557


$        143,001


$         748


0.50

%


$         8,304


5.81

%

Securities available-for-sale taxable


92,001


50,544


44,083


41,457


82.02



47,918


108.70


Securities available-for-sale tax-exempt


39,688


40,808


40,538


(1,120)


(2.74)



(850)


(2.10)


Securities held-to-maturity


165


193


197


(28)


(14.51)



(32)


(16.24)


Loans receivable, net of deferred loan fees


1,573,352


1,548,335


1,499,691


25,017


1.62



73,661


4.91


Allowance for credit losses


(18,464)


(18,492)


(17,970)


28


(0.15)



(494)


2.75


Goodwill


8,853


8,853


8,853


-


-



-


-


Core deposit intangible


1,191


1,422


1,662


(231)


(16.24)



(471)


(28.34)


Equity method investments


9,426


8,296


2,551


1,130


13.62



6,875


269.50


Other real estate owned


-


-


33


-


       N/A



(33)


(100.00)


Other assets


126,424


125,981


120,387


443


0.35



6,037


5.01


TOTAL ASSETS


$     1,983,941


$     1,916,497


$     1,843,026


$    67,444


3.52

%


$     140,915


7.65

%



































LIABILITIES

















Non-interest checking


$        245,073


$        249,282


$        258,014


$     (4,209)


(1.69)

%


$      (12,941)


(5.02)

%

Interest checking


223,759


247,939


224,328


(24,180)


(9.75)



(569)


(0.25)


Savings


146,935


146,484


152,695


451


0.31



(5,760)


(3.77)


Money market


403,926


354,005


321,840


49,921


14.10



82,086


25.51


Time deposits over $250,000


154,605


150,113


142,674


4,492


2.99



11,931


8.36


Other time deposits


524,774


487,918


473,347


36,856


7.55



51,427


10.86


Total deposits


1,699,072


1,635,741


1,572,898


63,331


3.87



126,174


8.02


Borrowings


-


-


-


-


-



-


       N/A


Other liabilities


40,028


40,545


41,229


(517)


(1.28)



(1,201)


(2.91)


    TOTAL LIABILITIES


1,739,100


1,676,286


1,614,127


62,814


3.75



124,973


7.74



















STOCKHOLDERS' EQUITY

















Paid-in capital


99,179


98,291


97,103


888


0.90



2,076


2.14


Treasury stock 1


(842)


-


-


(842)


100.00



(842)


100.00


Retained earnings


155,083


149,414


140,310


5,669


3.79



14,773


10.53


Accumulated other comprehensive income (loss)


(8,579)


(7,494)


(8,514)


(1,085)


14.48



(65)


0.76


     TOTAL STOCKHOLDERS' EQUITY


244,841


240,211


228,899

#

4,630


1.93



15,942


6.96



















TOTAL LIABILITIES

















     AND STOCKHOLDERS' EQUITY


$     1,983,941


$     1,916,497


$     1,843,026


$    67,444


3.52

%


$     140,915


7.65

%


















Book value per common share


$           38.54


$           38.04


$           36.45


$        0.50


1.31

%


$          2.09


5.73

%

Tangible book value per common share 2


$           36.96


$           36.41


$           34.78


$        0.55


1.51

%


$          2.18


6.27

%


















1Treasury stock repurchases commenced March 8, 2024,  associated with the stock repurchase program announced August 10, 2023.













2Tangible book value per common share is a non-GAAP measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.











 

Princeton Bancorp, Inc.

Loan and Deposit Tables

(Unaudited)







The components of loans receivable, net at June 30, 2024 and December 31, 2023 were as follows:










June 30,


December 31,




2024


2023




(In thousands)


Commercial real estate


$      1,194,279


$      1,142,864


Commercial and industrial


50,290


50,961


Construction


287,290


310,187


Residential first-lien mortgages


36,075


38,040


Home equity / consumer


7,583


8,081


     Total loans


1,575,517


1,550,133


Deferred fees and costs


(2,165)


(1,798)


Allowance for credit losses


(18,464)


(18,492)


     Loans, net


$      1,554,888


$      1,529,843














The components of deposits at June 30, 2024 and December 31, 2023 were as follows:










June 30,


December 31,




2024


2023




(In thousands)


Demand, non-interest-bearing


$        245,073


$        249,282


Demand, interest-bearing


223,759


247,939


Savings


146,935


146,484


Money market


403,926


354,005


Time deposits


679,379


638,031


     Total deposits


$      1,699,072


$      1,635,741








 

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands except per share data)














Three Months Ended June 30,








2024


2023


$ Change


% Change

Interest and dividend income









Loans and fees

$              26,034


$              21,517


$    4,517


21.0 %


Available-for-sale debt securities:










Taxable

1,001


292


709


242.8 %



Tax-exempt

286


284


2


0.7 %


Held-to-maturity debt securities

3


2


1


50.0 %


Other interest and dividend income

2,086


919


1,167


127.0 %



Total interest and dividends

29,410


23,014


6,396


27.8 %











Interest expense










Deposits

13,442


7,321


6,121


83.6 %



Borrowings

-


32


(32)


-100.0 %



Total interest expense

13,442


7,353


6,089


82.8 %











Net interest income

15,968


15,661


307


2.0 %

Provision for (reversal of) credit losses

(118)


2,463


(2,581)


-104.8 %

Net interest income after provision for (reversal of) credit losses

16,086


13,198


2,888


21.9 %











Non-interest income









Income from bank-owned life insurance

388


295


93


31.5 %


Fees and service charges

465


464


1


0.2 %


Loan fees, including prepayment penalties

937


1,030


(93)


-9.0 %


Bargain purchase gain

-


9,696


(9,696)


-100.0 %


Other


297


80


217


271.3 %



Total non-interest income

2,087


11,565


(9,478)


-82.0 %











Non-interest expense









Salaries and employee benefits

6,443


5,776


667


11.5 %


Occupancy and equipment

1,850


1,705


145


8.5 %


Professional fees

602


556


46


8.3 %


Data processing and communications

1,404


1,318


86


6.5 %


Federal deposit insurance

279


253


26


10.3 %


Advertising and promotion

156


126


30


23.8 %


Office expense

155


178


(23)


-12.9 %


Other real estate owned expense

-


1


(1)


-100.0 %


Core deposit intangible

111


127


(16)


-12.6 %


Merger-related expenses

-


7,026


(7,026)


-100.0 %


Other


1,009


748


261


34.9 %



Total non-interest expense

12,009


17,814


(5,805)


-32.6 %











Income before income tax expense

6,164


6,949


(785)


-11.3 %

Income tax expense

1,038


161


877


544.7 %

Net income


$                5,126


$                6,788


(1,662)


-24.5 %











Net income per common share - basic

$                  0.81


$                  1.08


$     (0.27)


-25.0 %

Net income per common share - diluted

$                  0.80


$                  1.07


$     (0.27)


-25.2 %











Weighted average shares outstanding - basic

6,334


6,270


64


1.0 %

Weighted average shares outstanding - diluted

6,420


6,366


54


0.8 %

 

Princeton Bancorp, Inc.

Consolidated Statements of Income (Current Quarter vs Prior Quarter)

(Unaudited)

(Amounts in thousands, except per share data)














Three Months Ended








June 30,


March 31,








2024


2024


$ Change


% Change

Interest and dividend income









Loans and fees

$        26,034


$        24,940


$      1,094


4.4 %


Available-for-sale debt securities:










Taxable

1,001


564


437


77.5 %



Tax-exempt

286


286


0


0.0 %


Held-to-maturity debt securities

3


2


1


50.0 %


Other interest and dividend income

2,086


2,274


(188)


-8.3 %



Total interest and dividends

29,410


28,066


1,344


4.8 %











Interest expense










Deposits

13,442


12,618


824


6.5 %



Borrowings

-


-


-


       N/A



Total interest expense

13,442


12,618


824


6.5 %











Net interest income

15,968


15,448


520


3.4 %

Provision for (reversal of) credit losses

(118)


186


(304)


-163.4 %

Net interest income after provision for (reversal of) credit losses

16,086


15,262


824


5.4 %











Non-interest income









Income from bank-owned life insurance

388


381


7


1.8 %


Fees and service charges

465


432


33


7.6 %


Loan fees, including prepayment penalties

937


724


213


29.4 %


Other

297


448


(151)


-33.7 %



Total non-interest income

2,087


1,985


102


5.1 %











Non-interest expense









Salaries and employee benefits

6,443


6,520


(77)


-1.2 %


Occupancy and equipment

1,850


2,029


(179)


-8.8 %


Professional fees

602


524


78


14.9 %


Data processing and communications

1,404


1,160


244


21.0 %


Federal deposit insurance

279


273


6


2.2 %


Advertising and promotion

156


142


14


9.9 %


Office expense

155


119


36


30.3 %


Core deposit intangible

111


120


(9)


-7.5 %


Other

1,009


949


60


6.3 %



Total non-interest expense

12,009


11,836


173


1.5 %











Income before income tax expense

6,164


5,411


753


13.9 %

Income tax expense

1,038


1,066


(28)


-2.6 %

Net income


$          5,126


$          4,345


$         781


18.0 %











Net income per common share - basic

$           0.81


$           0.69


$        0.12


17.4 %

Net income per common share - diluted

$           0.80


$           0.68


$        0.12


17.6 %











Weighted average shares outstanding - basic

6,334


6,328


6


0.1 %

Weighted average shares outstanding - diluted

6,420


6,418


2


0.0 %

 

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands, except per share data)














Six Months Ended








June 30,








2024


2023


$ Change


% Change

Interest and dividend income









Loans and fees

$ 50,974


$  41,411


$       9,563


23.1 %


Available-for-sale debt securities:










Taxable

1,565


570


995


174.6 %



Tax-exempt

572


568


4


0.7 %


Held-to-maturity debt securities

5


5


0


0.0 %


Other interest and dividend income

4,360


1,072


3,288


306.7 %



Total interest and dividends

57,476


43,626


13,850


31.7 %











Interest expense










Deposits

26,060


11,186


14,874


133.0 %



Borrowings

-


118


(118)


-100.0 %



Total interest expense

26,060


11,304


14,756


130.5 %











Net interest income

31,416


32,322


(906)


-2.8 %

Provision for credit losses

68


2,728


(2,660)


-97.5 %

Net interest income after provision for credit losses

31,348


29,594


1,754


5.9 %











Non-Interest income









Income from bank-owned life insurance

769


585


184


31.5 %


Fees and service charges

897


912


(15)


-1.6 %


Loan fees, including prepayment penalties

1,661


1,381


280


20.3 %


Bargain purchase gain

-


9,696


(9,696)


-100.0 %


Other


745


365


380


104.1 %



Total non-interest income

4,072


12,939


(8,867)


-68.5 %











Non-interest expense









Salaries and employee benefits

12,963


11,175


1,788


16.0 %


Occupancy and equipment

3,879


3,046


833


27.3 %


Professional fees

1,126


1,021


105


10.3 %


Data processing and communications

2,564


2,618


(54)


-2.1 %


Federal deposit insurance

552


443


109


24.6 %


Advertising and promotion

298


236


62


26.3 %


Office expense

274


275


(1)


-0.4 %


Other real estate owned expense

-


1


(1)


-100.0 %


Core deposit intangible

231


262


(31)


-11.8 %


Merger-related expenses

-


7,026


(7,026)


-100.0 %


Other


1,958


1,483


475


32.0 %



Total non-interest expense

23,845


27,586


(3,741)


-13.6 %











Income before income tax expense

11,575


14,947


(3,372)


-22.6 %

Income tax expense

2,104


2,062


42


2.0 %

Net income


$   9,471


$  12,885


$      (3,414)


-26.5 %











Net income per common share - basic

$    1.50


$     2.06


$        (0.56)


-27.3 %

Net income per common share - diluted

$    1.48


$     2.02


$        (0.54)


-26.9 %











Weighted average shares outstanding - basic

6,331


6,263


68


1.1 %

Weighted average shares outstanding - diluted

6,411


6,376


35


0.5 %

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)














For the Three Months Ended June 30,






2024


2023


Change in


Change in


Average


Yield/


Average


Yield/


Average


Yield/


Balance


Rate


Balance


Rate


Balance


Rate

Earning assets












Loans

$     1,585,876


6.60 %


$    1,432,680


6.02 %


$       153,196


0.58 %

Securities












  Taxable available-for-sale

89,547


4.47 %


44,669


2.63 %


44,878


1.85 %

  Tax-exempt available-for-sale

39,756


2.88 %


41,187


2.76 %


(1,431)


0.12 %

  Held-to-maturity

166


5.33 %


198


5.28 %


(32)


0.04 %

Securities

129,469


3.98 %


86,054


2.69 %


43,415


1.29 %













Other interest earning assets












  Federal funds sold

133,336


5.45 %


65,383


5.16 %


67,953


0.29 %

  Other interest-earning assets

19,338


5.78 %


5,691


5.31 %


13,647


0.47 %

Other interest-earning assets

152,674


5.49 %


71,074


5.17 %


81,600


0.32 %

Total interest-earning assets

1,868,019


6.33 %


1,589,808


5.81 %


278,211


0.53 %

Total non-earning assets

141,377




110,384







Total assets

$     2,009,396




$    1,700,192































Interest-bearing liabilities












Checking

$        231,895


1.94 %


$       242,667


1.38 %


$       (10,772)


0.56 %

Savings

148,377


2.64 %


158,937


1.73 %


(10,560)


0.91 %

Money market

390,019


3.99 %


285,021


2.97 %


104,998


1.02 %

Certificates of deposit

713,433


4.22 %


516,252


2.87 %


197,181


1.35 %

    Total interest-bearing deposits

1,483,724


3.64 %


1,202,877


2.44 %


280,847


1.20 %

Non-interest bearing deposits

243,248




235,423




7,825



    Total  deposits

1,726,972


3.13 %


1,438,300


2.04 %


288,672


1.09 %

Borrowings

-


      N/A


2,482


5.08 %


(2,482)


          N/A

    Total interest-bearing liabilities












       (excluding non interest deposits)

1,483,724


3.64 %


1,205,359


2.45 %


278,365


1.20 %

Non-interest-bearing deposits

243,248




235,423







Total cost of funds

1,726,972


3.13 %


1,440,782


2.04 %


286,190


1.09 %

Accrued expenses and other liabilities

40,874




32,232







Stockholders' equity

241,550




227,178







Total liabilities and stockholders' equity

$     2,009,396




$    1,700,192



















Net interest spread



2.69 %




3.36 %





Net interest margin



3.44 %




3.95 %





Net interest margin (FTE) 1,2



3.48 %




3.99 %








  1Includes federal and state tax effect of tax-exempt securities and loans.












  2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)














For the Six Months Ended June 30,






2024


2023


Change in


Change in


Average


Yield/


Average


Yield/


Average


Yield/


Balance


Rate


Balance


Rate


Balance


Rate

Earning assets












Loans

$    1,568,541


6.54 %


$    1,404,421


5.95 %


$        164,119


0.59 %

Securities












  Taxable available-for-sale

74,144


4.21 %


43,458


2.63 %


30,686


1.58 %

  Tax-exempt available-for-sale

40,257


2.84 %


41,409


2.75 %


(1,152)


0.10 %

  Held-to-maturity

174


5.21 %


199


5.28 %


(25)


-0.07 %

Securities

114,576


3.74 %


85,067


2.69 %


29,509


1.05 %













Other interest earning assets












  Federal funds sold

140,703


5.45 %


37,076


5.09 %


103,627


0.36 %

  Other interest-earning assets

19,146


5.71 %


5,348


5.06 %


13,798


0.66 %

Other interest-earning assets

159,848


5.48 %


42,424


5.09 %


117,425


0.39 %

Total interest-earning assets

1,842,965


6.27 %


1,531,912


5.74 %


311,053


0.53 %

Total non-earning assets

141,019




126,444







Total assets

$    1,983,984




$    1,658,356































Interest-bearing liabilities












Checking

$       236,963


1.96 %


$       253,527


1.10 %


$         (16,564)


0.86 %

Savings

148,024


2.57 %


170,785


1.30 %


(22,760)


1.28 %

Money market

377,084


3.96 %


276,962


2.38 %


100,122


1.58 %

Certificates of deposit

695,870


4.17 %


440,780


2.48 %


255,090


1.68 %

    Total interest-bearing deposits

1,457,941


3.59 %


1,142,053


1.98 %


315,888


1.62 %

Non-interest bearing deposits

243,669




239,098







    Total  deposits

1,701,610


3.08 %


1,381,152


1.63 %


320,458


1.45 %













Borrowings

-


0.00 %


4,725


5.01 %


(4,725)


-5.01 %

    Total interest-bearing liabilities












       (excluding non interest deposits)

1,457,941


3.59 %


1,146,779


1.99 %


311,163


1.61 %

Non-interest-bearing deposits

243,669




239,098







Total cost of funds

1,701,610


3.08 %


1,385,877


1.63 %


315,733


1.45 %

Accrued expenses and other liabilities

41,484




46,991







Stockholders' equity

240,890




225,488







Total liabilities and stockholders' equity

$    1,983,984




$    1,658,356



















Net interest spread



2.68 %




3.76 %





Net interest margin



3.43 %




4.25 %





Net interest margin (FTE) 1,2



3.47 %




4.35 %

















  1Includes federal and state tax effect of tax-exempt securities and loans.












   2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)














For the Three Months Ended






June 30, 2024


March 31, 2024


Change in


Change in


Average 


Yield/


Average 


Yield/


Average 


Yield/


Balance


Rate 


Balance


Rate 


Balance


Rate 

Earning assets












Loans 

$    1,585,876


6.60 %


$       1,551,206


6.47 %


$        34,670


0.14 %

Securities












  Taxable available-for-sale

89,547


4.47 %


58,742


3.84 %


30,805


0.63 %

  Tax-exempt available-for-sale

39,756


2.88 %


40,758


2.81 %


(1,002)


0.07 %

  Held-to-maturity

166


5.33 %


183


5.10 %


(17)


0.22 %

Securities

129,469


3.98 %


99,683


3.42 %


29,786


0.57 %













Other interest earning assets












  Federal funds sold

133,336


5.45 %


148,069


5.45 %


(14,733)


0.00 %

  Other interest-earning assets

19,338


5.78 %


18,954


5.65 %


384


0.13 %

Other interest-earning assets

152,674


5.49 %


167,023


5.48 %


(14,349)


0.02 %

Total interest-earning assets

1,868,019


6.33 %


1,817,912


6.21 %


50,107


0.12 %

Total non-earning assets

141,377




140,659







Total assets

$    2,009,396




$       1,958,571































Interest-bearing liabilities












Checking

$       231,895


1.94 %


$          242,030


1.98 %


$       (10,135)


-0.04 %

Savings

148,377


2.64 %


147,672


2.51 %


705


0.13 %

Money market

390,019


3.99 %


364,150


3.93 %


25,869


0.06 %

Certificates of deposit

713,433


4.22 %


678,306


4.12 %


35,127


0.10 %

    Total interest-bearing deposits

1,483,724


3.64 %


1,432,158


3.54 %


51,566


0.10 %

Non-interest bearing deposits

243,248




244,089




(841)



    Total  deposits

1,726,972


3.13 %


1,676,247


3.03 %


50,725


0.10 %

Borrowings

-


      N/A


-


      N/A


0


            N/A

    Total interest-bearing liabilities 












       (excluding non interest deposits)

1,483,724


3.64 %


1,432,158


3.54 %


51,566


0.10 %

Non-interest-bearing deposits

243,248




244,089







Total cost of funds

1,726,972


3.13 %


1,676,247


3.03 %


50,725


0.10 %

Accrued expenses and other liabilities

40,874




42,094







Stockholders' equity

241,550




240,230







Total liabilities and stockholders' equity

$    2,009,396




$       1,958,571



















Net interest spread



2.69 %




2.67 %





Net interest margin



3.44 %




3.42 %





Net interest margin (FTE) 1, 2



3.48 %




3.47 %

















  1Includes federal and state tax effect of tax-exempt securities and loans.











  2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.




 

Princeton Bancorp, Inc.

Quarterly Financial Highlights

(Unaudited)
















2024


2024


2023


2023


2023



June


March


December


September


June













     Return on average assets

1.03 %


0.89 %


1.09 %


1.60 %


1.60 %


     Return on average equity

8.54 %


7.27 %


8.93 %


13.20 %


11.98 %


     Return on average tangible equity1

8.91 %


7.60 %


9.34 %


13.83 %


12.57 %


     Net interest margin

3.44 %


3.42 %


3.55 %


3.76 %


3.95 %


     Net interest margin (FTE)1

3.48 %


3.47 %


3.60 %


3.81 %


3.99 %


     Efficiency ratio1

65.90 %


67.21 %


61.01 %


59.89 %


60.82 %













COMMON STOCK DATA











     Market value at period end

$     33.10


$     30.78


$     35.90


$     28.99


$     27.32


     Market range:











        High

$     33.10


$     36.25


$     37.60


$     31.69


$     33.00


        Low

$     29.15


$     29.72


$     28.21


$     27.37


$     24.09


     Book value per common share at period end

$     38.54


$     38.26


$     38.04


$     36.86


$     36.45


     Tangible book value per common share1

$     36.96


$     36.65


$     36.41


$     35.21


$     34.78


     Shares of common stock outstanding (in thousands)

6,353


6,320


6,314


6,299


6,279













CAPITAL RATIOS











Total capital (to risk-weighted assets)

14.66 %


14.31 %


14.68 %


14.96 %


14.57 %


Tier 1 capital (to risk-weighted assets)

13.62 %


13.26 %


13.61 %


13.89 %


13.50 %


Tier 1 capital (to average assets)

12.21 %


11.99 %


12.29 %


12.38 %


13.43 %


     Equity to assets

12.34 %


12.16 %


12.53 %


12.14 %


12.42 %


     Tangible equity to tangible assets1

11.90 %


11.71 %


12.06 %


11.66 %


11.92 %













CREDIT QUALITY DATA (Dollars in thousands)











     Net charge-offs (recoveries)

$        (15)


$        176


$        (10)


$        (23)


$     1,842


     Annualized net charge-offs (recoveries) to average loans

-0.004 %


0.045 %


-0.003 %


-0.006 %


0.514 %













     Nonperforming loans

$     3,198


$     2,115


$     6,708


$     6,755


$     9,753


     Other real estate owned

-


-


-


-


33


     Total nonperforming assets

$     3,198


$     2,115


$     6,708


$     6,755


$     9,786













     Allowance for credit losses as a percent of:











     Period-end loans, net of deferred fees and costs     

1.17 %


1.18 %


1.19 %


1.20 %


1.20 %


     Nonperforming loans

577.36 %


880.28 %


275.67 %


266.35 %


184.25 %


     Nonperforming assets

577.36 %


880.28 %


275.67 %


266.35 %


183.63 %













    Nonaccrual loans as a percent of total loans, net of deferred fees and costs

0.20 %


0.13 %


0.43 %


0.45 %


0.65 %













1This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.











 

Princeton Bancorp, Inc
Supplemental Information – Non-GAAP Financial Measures
(Unaudited)

This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of its performance. These non-GAAP financial measures are "tangible book value per common share," "return on average tangible equity," "efficiency ratio," "tangible equity to tangible assets," and "net interest margin on a fully taxable equivalent." For the purpose of calculating return on average tangible equity, net income for such period is annualized and divided by average tangible equity during such period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible equity to tangible assets, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, tangible equity is divided by the number of common shares outstanding, in each case at period end.  For the purpose of calculating efficiency ratio, total operating expense is divided by total revenue for the period. For the purpose of calculating net interest margin on a fully taxable equivalent, fully taxable equivalent adjustments are added to net interest income for the period, net interest income fully taxable equivalent for such period is annualized and divided by average interest earning assets during such period. Management believes these non- GAAP financial measures provide information useful to investors in understanding its financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and the Company strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

In addition to the items noted above, defined footnotes are included in the Supplemental Information – Non-GAAP Financial Measures table below. Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year. Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%.

Princeton Bancorp, Inc.

Supplemental Information - Non-GAAP Financial Measures

(Unaudited)

(Dollars in thousands)













Three months ended



2024


2024


2023


2023


2023



June


March


December


September


June













Net income (annualized)1

$         20,617


$         17,475


$         20,956


$         30,144


$         27,227


Average equity2

241,550


240,230


234,628


228,404


227,178


Less: intangible assets

(10,044)


(10,154)


(10,275)


(10,399)


(10,515)


Average Tangible Equity

$       231,506


$       230,076


$       224,353


$       218,005


$       216,663


Return on average tangible equity

8.91 %


7.60 %


9.34 %


13.83 %


12.57 %













Net interest income

$         15,968


$         15,448


$         16,010


$         16,684


$         15,661


Other income

2,087


1,985


1,734


2,403


11,565


Less: bargain purchase gain

-


-


-


-


(9,696)


Total revenue

18,055


17,433


17,744


19,087


17,530


Non-interest expenses

$         12,009


$         11,836


$         10,949


$         10,159


$         17,814


Less: core deposit intangible amortization

(111)


(120)


(124)


(119)


(127)


Less: merger-related expenses

-


-


-


1,391


(7,026)


Total operating expenses

$         11,898


$         11,716


$         10,825


$         11,431


$         10,661


Efficiency ratio

65.90 %


67.21 %


61.01 %


59.89 %


60.82 %













Total Assets

$    1,983,941


$    1,988,001


$    1,916,497


$    1,913,123


$    1,843,026


Less: intangible assets

(10,044)


(10,154)


(10,275)


(10,399)


(10,515)


Tangible assets

$    1,973,897


$    1,977,847


$    1,906,222


$    1,902,724


$    1,832,511













Stockholders' equity

$       244,841


$       241,808


$       240,211


$       232,208


$       228,899


Less: intangible assets

(10,044)


(10,154)


(10,275)


(10,399)


(10,515)


Tangible equity

$       234,797


$       231,654


$       229,936


$       221,809


$       218,384













Tangible equity to tangible assets

11.90 %


11.71 %


12.06 %


11.66 %


11.92 %













Tangible equity

$       234,797


$       231,654


$       229,936


$       221,809


$       218,384


Shares outstanding (in thousands)

6,353


6,320


6,314


6,299


6,279


Tangible book value per share

$          36.96


$          36.65


$          36.41


$          35.21


$          34.78













1Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year.


2Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period.
















Three months ended



2024


2024


2023


2023


2023



June


March


December


September


June













Net interest income

$         15,968


$         15,448


$         16,010


$         16,684


$         15,661


FTE adjustment3

213


226


224


215


158


Net interest income FTE

$         16,181


$         15,674


$         16,234


$         16,899


$         15,819


Net interest income FTE (annualized)1

$         65,078


$         63,041


$         64,408


$         67,045


$         63,451


Average interest earning assets

1,868,019


1,817,912


1,789,624


1,761,567


1,589,808


Net interest margin FTE

3.48 %


3.47 %


3.60 %


3.81 %


3.99 %














Six months ended









2024


2023









June


June



















Net interest income

$         31,416


$         32,322








FTE adjustment3

401


751








Net interest income FTE

$         31,817


$         33,073








Net interest income FTE (annualized)1

$         63,984


$         66,694








Average interest earning assets

1,842,965


1,531,912








Net interest margin FTE

3.47 %


4.35 %



















1Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year.


3Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%.













 

Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com

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SOURCE The Bank of Princeton

FAQ

What was Princeton Bancorp's (BPRN) net income for Q2 2024?

Princeton Bancorp (BPRN) reported a net income of $5.1 million, or $0.80 per diluted common share, for Q2 2024.

How did Princeton Bancorp's (BPRN) Q2 2024 net income compare to Q1 2024?

Princeton Bancorp's (BPRN) Q2 2024 net income increased by 18% compared to Q1 2024, rising from $4.3 million to $5.1 million.

What was the net interest margin for Princeton Bancorp (BPRN) in Q2 2024?

Princeton Bancorp (BPRN) reported a net interest margin of 3.44% for Q2 2024, an increase of 2 basis points from Q1 2024.

When is Princeton Bancorp's (BPRN) acquisition of Cornerstone Financial expected to close?

Princeton Bancorp's (BPRN) acquisition of Cornerstone Financial is expected to close on August 23, 2024.

How did Princeton Bancorp's (BPRN) total assets change in Q2 2024?

Princeton Bancorp's (BPRN) total assets increased by $67.4 million, or 3.52%, to $1.98 billion at the end of Q2 2024 compared to the end of 2023.

Princeton Bancorp, Inc.

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