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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, 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.
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