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 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.
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%.
The Bank of Princeton (NASDAQ – BPRN) declared a cash dividend of $0.25 per share, a 39% increase from the previous quarter, scheduled for February 28, 2022. This move reflects the Board's commitment to returning value to shareholders. Additionally, a new stock repurchase program will allow management to buy back up to 5% of outstanding shares, with a maximum expenditure of $10.3 million, pending regulatory approval. These initiatives signal a strong focus on enhancing shareholder value.
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