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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.
The Bank of Princeton (BPRN) reported a net income of $5.9 million, or $0.88 per diluted share, for Q3 2021, a rise from $5.5 million in Q2 2021 and $3.5 million in Q3 2020. This increase is attributed to a $376 thousand rise in net-interest income and a $300 thousand increase in non-interest income, despite higher provisions for loan losses. Total assets grew by 4.1% to $1.67 billion, while total deposits increased by 4.7%. The bank continued its stock buyback program, purchasing 73,259 shares. Asset quality remains stable with nonperforming loans at 0.16%. The full impact of COVID-19 on operations remains uncertain.
The Bank of Princeton (NASDAQ – BPRN) has declared a cash dividend of $0.18 per share, set for payment on November 26, 2021. This dividend reflects the commitment of the Board of Directors to return value to shareholders, as stated by President and CEO Edward Dietzler. Shareholders of record by the close of business on November 5, 2021 will receive this payment. The Bank pays dividends quarterly, subject to the Board's discretion based on financial conditions and regulatory considerations.
The Bank of Princeton (BPRN) announced a net income of $5.5 million for Q2 2021, reflecting a 12.24% increase from Q1 2021 and a 77.78% rise compared to Q2 2020. Key drivers included a $980,000 rise in net-interest income and reduced provisions for loan losses. Total assets grew by 2.0% to $1.64 billion, while total loans increased by $33.7 million. The Bank's Stock Buyback Program commenced, repurchasing 153,932 shares at an average price of $28.96. Non-performing assets rose by 121.5% to $3.7 million, emphasizing potential risks amid the ongoing pandemic.
The Bank of Princeton (BPRN) declared a cash dividend of $0.18 per share during its Board meeting on July 21, 2021. Shareholders of record as of August 6, 2021 will receive the dividend on August 27, 2021. This decision underscores the Board's commitment to providing a return to shareholders. Dividends are subject to quarterly determination based on the Bank's financial condition and regulatory constraints, implying potential future changes. The Bank operates 20 branches in New Jersey and 4 in the Philadelphia area, emphasizing its community banking focus.
The Bank of Princeton (NASDAQ: BPRN) reported a strong first-quarter 2021 with a net income of $4.9 million ($0.70 per diluted share), up from $4.1 million in Q4 2020. Key highlights include a $94.2 million increase in total loans and a 40.5% rise in net interest income year-over-year. Despite a 49.1% increase in non-performing assets, the bank's efficiency ratio improved to 51.8%. The financial results were bolstered by strong asset growth and effective cost management, positioning the bank favorably amidst ongoing COVID-19 challenges.
The Bank of Princeton (NASDAQ: BPRN) declared a cash dividend of $0.18 per share, reflecting a 50% increase from the previous quarterly dividend. The dividend will be paid on May 28, 2021, to shareholders of record on May 7, 2021. This decision highlights the Board's commitment to shareholder returns. The Bank pays dividends quarterly, subject to financial condition and regulatory constraints.
The Bank of Princeton (NASDAQ: BPRN) has announced a stock repurchase program set to begin on April 1, 2021, or upon receiving necessary approval. The program will allow the Bank to buy back up to 5% of its outstanding shares, totaling approximately 339,788 shares, with a maximum cost of $10.4 million. The initiative, approved by the FDIC, aims to enhance shareholder value by improving future earnings-per-share and maintaining capital levels. CEO Edward Dietzler emphasized that the plan signals confidence in the Bank's financial health and stock value.
The Bank of Princeton (NASDAQ: BPRN) reported strong unaudited financial results for Q4 2020, with net income of $4.1 million or $0.60 per diluted share, up from $3.5 million in Q3 2020 and $3.4 million in Q4 2019. Key drivers included a $789 thousand increase in net interest income and a $275 thousand reduction in loan loss provisions. Total assets reached $1.60 billion, up 10.2% YoY. Non-performing assets decreased by 31.4%, promoting enhanced asset quality. The bank achieved a 36.1% annual net income growth despite COVID-19 challenges and plans to maintain this momentum into 2021.
The Bank of Princeton (BPRN) announced a cash dividend of $0.12 per share during a board meeting on January 27, 2021. This dividend will be payable on March 1, 2021 to shareholders of record by February 12, 2021. President and CEO Edward Dietzler emphasized the Board's commitment to providing shareholder returns. The Bank pays dividends quarterly, subject to board approval considering its financial condition and regulatory constraints. Future dividends may be altered or suspended.
The Bank of Princeton (BPRN) reported a net income of $3.5 million for Q3 2020, up from $3.1 million in Q2 2020, attributed to a $772,000 rise in net-interest income and a $405,000 growth in non-interest income. Year-over-year, net income slightly decreased from $3.7 million in Q3 2019. Total assets reached $1.55 billion, increasing 6.5% since December 2019. The bank opened three new branches, and non-performing assets decreased to 0.15%. However, provisions for loan losses rose by $925,000 amid economic uncertainty from COVID-19.
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