Princeton Bancorp Announces Second Quarter 2024 Results and Approvals of Pending Acquisition
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.
- 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
- 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
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
The bank's balance sheet expanded, with total assets increasing by
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
The increase in money market deposits (
The bank's ability to grow both loans and deposits while maintaining strong asset quality (non-performing assets at only
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.
President/CEO Edward Dietzler remarked on the second quarter results, "The Company continued its strong financial performance with a
HIGHLIGHTS
- Average total loans for the quarter increased by
compared to the first quarter of 2024.$34.7 million - Average total deposits for the quarter increased by
compared to the first quarter of 2024.$50.7 million - Non-performing assets remained low at
, or$3.2 million 0.2% of total loans, compared to at year end 2023.$6.7 million
The Company reported net income of
Review of Statements of Financial Condition
Total assets were
Total deposits on June 30, 2024, increased
Total stockholders' equity on June 30, 2024 increased
Asset Quality
At June 30, 2024, non-performing assets totaled
Review of Quarterly and Six-Month Financial Results
Net interest income was
The Company recorded a reversal of credit losses of
Total non-interest income of
Total non-interest expense of
For the quarter ended June 30, 2024, the Company recorded an income tax expense of
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
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
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 | $ | % | $ | % | ||||||||||
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 | 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 | $ 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
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
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 | ||||||||||
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
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SOURCE The Bank of Princeton
FAQ
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