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Princeton Bancorp, Inc. (NASDAQ: BPRN) is a prominent financial holding company for The Bank of Princeton. Established in 2007, this community bank offers robust personal and business banking services through its 22 branches across New Jersey, parts of Philadelphia, and the New York City metropolitan area. The company's comprehensive suite of financial products includes checking and savings accounts, attorney trust accounts, money market accounts, and certificates of deposit. It also specializes in a variety of loan products such as commercial real estate, multi-family, industrial loans, construction loans, residential first-lien mortgages, home equity, and consumer loans.
In addition to traditional retail banking, Princeton Bancorp offers enhanced services such as debit and credit cards, money orders, direct deposits, automated teller machines, cashier's checks, safe deposit boxes, wire transfers, and remote deposit capture. Their online and automated telephone banking services ensure seamless, round-the-clock access for customers.
Financially, Princeton Bancorp has demonstrated consistent growth. As of the latest quarter ending March 31, 2024, the company reported a net income of $4.3 million, showcasing resilience amid challenging interest rate environments. Recent strategic moves include the acquisition of Noah Bank in May 2023, which added $239.4 million in assets, and a pending merger with Cornerstone Financial Corporation aimed at expanding their footprint in central and southern New Jersey. The company's solid financial position is further supported by increased deposits and an expanding loan pipeline, reflecting a well-managed growth strategy.
Princeton Bancorp's commitment to community banking is evident through its continuous efforts to enhance its service offerings and maintain strong customer relationships. With a focus on sustainable growth and operational efficiency, the company remains a reliable choice for individuals and businesses seeking comprehensive financial solutions.
Princeton Bancorp reported Q3 2024 financial results, highlighting the completion of the Cornerstone Bank acquisition. The company recorded a net loss of ($3.6) million, or ($0.55) per diluted share, compared to net income of $5.1 million in Q2 2024. Total assets increased 22.87% to $2.35 billion, largely due to the Cornerstone acquisition which added $314.5 million in assets. The acquisition resulted in $6.7 million in merger expenses and a $3.2 million provision for credit loss. Total deposits increased by $410.3 million, with $282.8 million from Cornerstone and $127.5 million from existing operations. Net interest income was $17.1 million, with a net interest margin of 3.41%.
Princeton Bancorp, Inc. (NASDAQ: BPRN), the holding company for The Bank of Princeton, has declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on November 28, 2024, to shareholders of record as of November 5, 2024. Edward Dietzler, President and CEO, stated that this dividend reflects the Board's commitment to providing shareholder returns.
The company notes that future dividends are subject to quarterly determination and declaration by the Board, considering factors such as financial condition and legal restrictions. Princeton Bancorp operates 28 branches in New Jersey, five in the Philadelphia area, and two in the New York City metropolitan area.
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) has declared a quarterly cash dividend of $0.30 per share, payable on August 30, 2024, to shareholders of record as of August 9, 2024. This decision reflects the Board's commitment to providing shareholder returns, as stated by President and CEO Edward Dietzler. However, future dividends are subject to quarterly review and may be reduced or eliminated based on various factors, including the company's financial condition and legal restrictions.
Princeton Bancorp is the holding company for The Bank of Princeton, a community bank founded in 2007. The bank operates 22 branches in New Jersey, 5 in Philadelphia, and 2 in New York, serving a wide range of communities. It is a member of the Federal Deposit Insurance (FDIC).
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