Princeton Bancorp Announces Third Quarter 2024 Results
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 ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando il completamento dell'acquisizione di Cornerstone Bank. L'azienda ha registrato una perdita netta di ($3.6) milioni, ovvero ($0.55) per azione diluita, rispetto a un utile netto di $5.1 milioni nel secondo trimestre del 2024. Gli attivi totali sono aumentati del 22.87% a $2.35 miliardi, principalmente a causa dell'acquisizione di Cornerstone che ha aggiunto $314.5 milioni in attivi. L'acquisizione ha comportato spese di fusione pari a $6.7 milioni e una svalutazione di $3.2 milioni per perdite su crediti. I depositi totali sono aumentati di $410.3 milioni, con $282.8 milioni provenienti da Cornerstone e $127.5 milioni dalle operazioni esistenti. Il reddito netto da interessi è stato di $17.1 milioni, con un margine di interesse netto del 3.41%.
Princeton Bancorp informó los resultados financieros del tercer trimestre de 2024, destacando la finalización de la adquisición de Cornerstone Bank. La compañía registró una pérdida neta de ($3.6) millones, o ($0.55) por acción diluida, en comparación con una ganancia neta de $5.1 millones en el segundo trimestre de 2024. Los activos totales aumentaron un 22.87% a $2.35 mil millones, principalmente debido a la adquisición de Cornerstone, que añadió $314.5 millones en activos. La adquisición resultó en $6.7 millones en gastos de fusión y una provisión de $3.2 millones para pérdidas crediticias. Los depósitos totales aumentaron en $410.3 millones, con $282.8 millones de Cornerstone y $127.5 millones de operaciones existentes. Los ingresos netos por intereses fueron de $17.1 millones, con un margen de interés neto del 3.41%.
프린스턴 뱅카프는 2024년 3분기 재무 결과를 발표하며 코너스톤 뱅크 인수 완료를 강조했습니다. 회사는 2024년 2분기 $5.1 백만의 순이익에 비해 $3.6 백만(주당 $0.55)의 순손실을 기록했습니다. 총 자산은 $2.35억 달러로 22.87% 증가했으며, 이는 주로 $314.5 백만의 자산을 추가한 코너스톤 인수 덕분입니다. 인수로 인해 $6.7 백만의 합병 비용과 $3.2 백만의 대출 손실 준비금이 발생했습니다. 총 예금은 $410.3 백만 증가했으며, 코너스톤에서 $282.8 백만, 기존 운영에서 $127.5 백만이 포함되었습니다. 순 이자 수익은 $17.1 백만으로 이자 마진은 3.41%였습니다.
Princeton Bancorp a publié les résultats financiers du troisième trimestre 2024, soulignant l'achèvement de l'acquisition de Cornerstone Bank. L'entreprise a enregistré une perte nette de ($3.6) millions, soit ($0.55) par action diluée, comparée à un bénéfice net de $5.1 millions au deuxième trimestre 2024. Les actifs totaux ont augmenté de 22.87% pour atteindre $2.35 milliards, principalement en raison de l'acquisition de Cornerstone qui a ajouté $314.5 millions d'actifs. L'acquisition a entraîné des frais de fusion de $6.7 millions et une provision de $3.2 millions pour pertes sur crédits. Les dépôts totaux ont augmenté de $410.3 millions, dont $282.8 millions provenant de Cornerstone et $127.5 millions des opérations existantes. Les revenus nets d'intérêts se sont élevés à $17.1 millions, avec une marge d'intérêt nette de 3.41%.
Princeton Bancorp berichtete über die finanziellen Ergebnisse im 3. Quartal 2024 und hob den Abschluss der Übernahme von Cornerstone Bank hervor. Das Unternehmen verzeichnete einen Nettoverlust von ($3.6) Millionen oder ($0.55) pro verwässerter Aktie, im Vergleich zu einem Nettogewinn von $5.1 Millionen im 2. Quartal 2024. Die GesamAssets stiegen um 22.87% auf $2.35 Milliarden, hauptsächlich aufgrund der Übernahme von Cornerstone, die $314.5 Millionen an Vermögenswerten hinzufügte. Die Übernahme führte zu $6.7 Millionen an Fusionskosten und einer Rückstellung für Kreditausfälle in Höhe von $3.2 Millionen. Die Gesamteinlagen stiegen um $410.3 Millionen, davon $282.8 Millionen von Cornerstone und $127.5 Millionen aus bestehenden Geschäften. Die Nettozinseinnahmen betrugen $17.1 Millionen, mit einer Nettomarge von 3.41%.
- Total assets increased 22.87% to $2.35 billion
- Net interest income grew to $17.1 million from $16.0 million in Q2
- Total deposits increased by $410.3 million (25.08%)
- Non-performing assets decreased by $4.4 million
- Net loss of ($3.6) million in Q3 2024 vs. net income of $5.1 million in Q2
- Merger-related expenses of $6.7 million impacted earnings
- Net interest margin decreased by 3 basis points from Q2
- Equity to total assets ratio declined from 12.5% to 11.1%
Insights
The Q3 2024 results reflect significant strategic moves but temporary earnings pressure. The
Key positives include total assets growing
The acquisition execution demonstrates strong operational capabilities while maintaining solid fundamentals. The allowance for credit losses coverage ratio improved to
Integration costs are front-loaded but the expanded 28-branch network across three states positions the bank for enhanced economies of scale. The increase in commercial real estate loans by
The Bank's third quarter was highlighted by the closing of the Cornerstone Bank acquisition. This acquisition will be immediately accretive to earnings with an expected 2.5 year earn back of tangible book value dilution. While the costs related to this acquisition naturally impacted our reported numbers, the core earnings of the Bank remain consistently strong. Please refer to the reconciliation table below that compares Non-GAAP net income to GAAP net income.
President/CEO Edward Dietzler commented, "We are thrilled with the Cornerstone acquisition. This acquisition, along with our recent one of Noah Bank, continues our long-term strategy of becoming the community bank of choice up and down the I95 corridor. Core loans and deposits are both up while asset quality and our capital position remain strong. The Bank is well positioned to continue our strong growth path with our experienced management team. Special thanks to our operations and technology teams who handled this acquisition."
The Company reported a net loss of
Review of Statements of Financial Condition
Total assets were
Total deposits on September 30, 2024, increased
Total stockholders' equity at September 30, 2024, increased
Asset Quality
At September 30, 2024, non-performing assets totaled
Review of Quarterly and Year-to-Date Financial Results
Net interest income was
For the nine-month period ended September 30, 2024, the Company recorded net income of
The Company recorded a provision for credit losses of
Total non-interest income of
Total non-interest expense of
For the quarter ended September 30, 2024, the Company recorded an income tax benefit 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 Bank following the completion of the Transaction may be more difficult; 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) | ||||||||||||||||
September 30, 2024 vs | September 30, 2024 vs | |||||||||||||||
September 30, | December 31, | September 30, | December 31, 2023 | September 30, 2023 | ||||||||||||
2024 | 2023 | 2023 | $ Change | % Change | $ Change | % Change | ||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ 181,058 | $ 150,557 | $ 206,931 | $ 30,501 | 20.26 | % | $ (25,873) | (12.50) | % | |||||||
Securities available-for-sale taxable | 147,871 | 50,544 | 47,765 | 97,327 | 192.56 | 100,106 | 209.58 | |||||||||
Securities available-for-sale tax-exempt | 40,988 | 40,808 | 37,627 | 180 | 0.44 | 3,361 | 8.93 | |||||||||
Securities held-to-maturity | 163 | 193 | 195 | (30) | (15.54) | (32) | (16.41) | |||||||||
Loans receivable, net of deferred loan fees | 1,831,407 | 1,548,335 | 1,498,500 | 283,072 | 18.28 | 332,907 | 22.22 | |||||||||
Allowance for credit losses | (23,200) | (18,492) | (17,992) | (4,708) | 25.46 | (5,208) | 28.95 | |||||||||
Goodwill | 14,381 | 8,853 | 8,853 | 5,528 | 62.44 | 5,528 | 62.44 | |||||||||
Core deposit intangible | 3,860 | 1,422 | 1,546 | 2,438 | 171.45 | 2,314 | 149.68 | |||||||||
Equity method investments | 10,042 | 8,296 | 2,672 | 1,746 | 21.05 | 7,370 | 275.82 | |||||||||
Other assets | 148,160 | 125,981 | 127,026 | 22,179 | 17.61 | 21,134 | 16.64 | |||||||||
TOTAL ASSETS | $ 2,354,730 | $ 1,916,497 | $ 1,913,123 | $ 438,233 | 22.87 | % | $ 441,607 | 23.08 | % | |||||||
LIABILITIES | ||||||||||||||||
Non-interest checking | $ 302,846 | $ 249,282 | $ 264,197 | $ 53,564 | 21.49 | % | $ 38,649 | 14.63 | % | |||||||
Interest checking | 284,504 | 247,939 | 239,902 | 36,565 | 14.75 | 44,602 | 18.59 | |||||||||
Savings | 178,299 | 146,484 | 147,113 | 31,815 | 21.72 | 31,186 | 21.20 | |||||||||
Money market | 493,353 | 354,005 | 349,505 | 139,348 | 39.36 | 143,848 | 41.16 | |||||||||
Time deposits over | 213,310 | 150,113 | 144,158 | 63,197 | 42.10 | 69,152 | 47.97 | |||||||||
Other time deposits | 573,689 | 487,918 | 493,091 | 85,771 | 17.58 | 80,598 | 16.35 | |||||||||
Total deposits | 2,046,001 | 1,635,741 | 1,637,966 | 410,260 | 25.08 | 408,035 | 24.91 | |||||||||
Borrowings | - | - | - | - | - | - | N/A | |||||||||
Other liabilities | 46,378 | 40,545 | 42,949 | 5,833 | 14.39 | 3,429 | 7.98 | |||||||||
TOTAL LIABILITIES | 2,092,379 | 1,676,286 | 1,680,915 | 416,093 | 24.82 | 411,464 | 24.48 | |||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||
Paid-in capital | 119,514 | 98,291 | 97,779 | 21,223 | 21.59 | 21,735 | 22.23 | |||||||||
Treasury stock 1 | (842) | - | - | (842) | 100.00 | (842) | 100.00 | |||||||||
Retained earnings | 149,565 | 149,414 | 146,022 | 151 | 0.10 | 3,543 | 2.43 | |||||||||
Accumulated other comprehensive income (loss) | (5,886) | (7,494) | (11,593) | 1,608 | (21.46) | 5,707 | (49.23) | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 262,351 | 240,211 | 232,208 | # | 22,140 | 9.22 | 30,143 | 12.98 | ||||||||
TOTAL LIABILITIES | ||||||||||||||||
AND STOCKHOLDERS' EQUITY | $ 2,354,730 | $ 1,916,497 | $ 1,913,123 | $ 438,233 | 22.87 | % | $ 441,607 | 23.08 | % | |||||||
Book value per common share | $ 38.15 | $ 38.04 | $ 36.86 | $ 0.11 | 0.29 | % | $ 1.29 | 3.50 | % | |||||||
Tangible book value per common share 2 | $ 35.50 | $ 36.41 | $ 35.21 | $ (0.91) | (2.50) | % | $ 0.29 | 0.82 | % | |||||||
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 September 30, 2024 and December 31, 2023 were as follows: | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
(In thousands) | ||||||
Commercial real estate | $ 1,391,245 | $ 1,142,864 | ||||
Commercial and industrial | 93,782 | 50,961 | ||||
Construction | 258,332 | 310,187 | ||||
Residential first-lien mortgages | 70,389 | 38,040 | ||||
Home equity / consumer | 19,406 | 8,081 | ||||
Total loans | 1,833,154 | 1,550,133 | ||||
Deferred fees and costs | (1,747) | (1,798) | ||||
Allowance for credit losses | (23,200) | (18,492) | ||||
Loans, net | $ 1,808,207 | $ 1,529,843 | ||||
The components of deposits at September 30, 2024 and December 31, 2023 were as follows: | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
(In thousands) | ||||||
Demand, non-interest-bearing | $ 302,846 | $ 249,282 | ||||
Demand, interest-bearing | 284,504 | 247,939 | ||||
Savings | 178,299 | 146,484 | ||||
Money market | 493,353 | 354,005 | ||||
Time deposits | 786,999 | 638,031 | ||||
Total deposits | $ 2,046,001 | $ 1,635,741 |
Princeton Bancorp, Inc. | |||||||||
Consolidated Statements of Income | |||||||||
(Unaudited) | |||||||||
(Amounts in thousands except per share data) | |||||||||
Three Months Ended September 30, | |||||||||
2024 | 2023 | $ Change | % Change | ||||||
Interest and dividend income | |||||||||
Loans and fees | $ 28,135 | $ 23,503 | $ 4,632 | 19.7 % | |||||
Available-for-sale debt securities: | |||||||||
Taxable | 1,273 | 357 | 916 | 256.6 % | |||||
Tax-exempt | 285 | 285 | 0 | 0.0 % | |||||
Held-to-maturity debt securities | 2 | 3 | (1) | -33.3 % | |||||
Other interest and dividend income | 2,115 | 2,852 | (737) | -25.8 % | |||||
Total interest and dividends | 31,810 | 27,000 | 4,810 | 17.8 % | |||||
Interest expense | |||||||||
Deposits | 14,701 | 10,316 | 4,385 | 42.5 % | |||||
Borrowings | - | - | 0 | N/A | |||||
Total interest expense | 14,701 | 10,316 | 4,385 | 42.5 % | |||||
Net interest income | 17,109 | 16,684 | 425 | 2.5 % | |||||
Provision for (reversal of) credit losses | 4,601 | (182) | 4,783 | -2628.0 % | |||||
Net interest income after provision for (reversal of) credit losses | 12,508 | 16,866 | (4,358) | -25.8 % | |||||
Non-interest income | |||||||||
Loss on sale of securities available-for-sale, net | (7) | (6) | (1) | 16.7 % | |||||
Income from bank-owned life insurance | 423 | 331 | 92 | 27.8 % | |||||
Fees and service charges | 521 | 479 | 42 | 8.8 % | |||||
Loan fees, including prepayment penalties | 784 | 1,184 | (400) | -33.8 % | |||||
Gain on sale of other real estate owned | - | 203 | (203) | -100.0 % | |||||
Other | 335 | 212 | 123 | 58.0 % | |||||
Total non-interest income | 2,056 | 2,403 | (347) | -14.4 % | |||||
Non-interest expense | |||||||||
Salaries and employee benefits | 6,556 | 6,177 | 379 | 6.1 % | |||||
Occupancy and equipment | 2,087 | 2,142 | (55) | -2.6 % | |||||
Professional fees | 654 | 614 | 40 | 6.5 % | |||||
Data processing and communications | 1,456 | 1,242 | 214 | 17.2 % | |||||
Federal deposit insurance | 316 | 258 | 58 | 22.5 % | |||||
Advertising and promotion | 181 | 139 | 42 | 30.2 % | |||||
Office expense | 190 | 117 | 73 | 62.4 % | |||||
Core deposit intangible | 143 | 116 | 27 | 23.3 % | |||||
Merger-related expenses | 6,695 | (1,391) | 8,086 | 581.3 % | |||||
Other | 758 | 745 | 13 | 1.7 % | |||||
Total non-interest expense | 19,036 | 10,159 | 8,877 | 87.4 % | |||||
Income (loss) before income tax expense | (4,472) | 9,110 | (13,582) | -149.1 % | |||||
Income tax (benefit) expense | (865) | 1,512 | (2,377) | -157.2 % | |||||
Net (loss) income | $ (3,607) | $ 7,598 | (11,205) | -147.5 % | |||||
Net (loss) income per common share - basic | $ (0.55) | $ 1.21 | $ (1.76) | -145.5 % | |||||
Net (loss) income per common share - diluted | $ (0.55) | $ 1.19 | $ (1.74) | -146.2 % | |||||
Weighted average shares outstanding - basic | 6,573 | 6,295 | 278 | 4.4 % | |||||
Weighted average shares outstanding - diluted | 6,573 | 6,390 | 183 | 2.9 % |
Princeton Bancorp, Inc. | |||||||||
Consolidated Statements of Income (Current Quarter vs Prior Quarter) | |||||||||
(Unaudited) | |||||||||
(Amounts in thousands, except per share data) | |||||||||
Three Months Ended | |||||||||
September 30, | June 30, | ||||||||
2024 | 2024 | $ Change | % Change | ||||||
Interest and dividend income | |||||||||
Loans and fees | $ 28,135 | $ 26,034 | $ 2,101 | 8.1 % | |||||
Available-for-sale debt securities: | |||||||||
Taxable | 1,273 | 1,001 | 272 | 27.2 % | |||||
Tax-exempt | 285 | 286 | (1) | -0.3 % | |||||
Held-to-maturity debt securities | 2 | 3 | (1) | -33.3 % | |||||
Other interest and dividend income | 2,115 | 2,086 | 29 | 1.4 % | |||||
Total interest and dividends | 31,810 | 29,410 | 2,400 | 8.2 % | |||||
Interest expense | |||||||||
Deposits | 14,701 | 13,442 | 1,259 | 9.4 % | |||||
Borrowings | - | - | - | N/A | |||||
Total interest expense | 14,701 | 13,442 | 1,259 | 9.4 % | |||||
Net interest income | 17,109 | 15,968 | 1,141 | 7.1 % | |||||
Provision for (reversal of) credit losses | 4,601 | (118) | 4,719 | -3999.2 % | |||||
Net interest income after provision for (reversal of) credit losses | 12,508 | 16,086 | (3,578) | -22.2 % | |||||
Non-interest income | |||||||||
Gain on call/sale of securities available-for-sale | (7) | - | (7) | N/A | |||||
Income from bank-owned life insurance | 423 | 388 | 35 | 9.0 % | |||||
Fees and service charges | 521 | 465 | 56 | 12.0 % | |||||
Loan fees, including prepayment penalties | 784 | 937 | (153) | -16.3 % | |||||
Other | 335 | 297 | 38 | 12.8 % | |||||
Total non-interest income | 2,056 | 2,087 | (31) | -1.5 % | |||||
Non-interest expense | |||||||||
Salaries and employee benefits | 6,556 | 6,443 | 113 | 1.8 % | |||||
Occupancy and equipment | 2,087 | 1,850 | 237 | 12.8 % | |||||
Professional fees | 654 | 602 | 52 | 8.6 % | |||||
Data processing and communications | 1,456 | 1,404 | 52 | 3.7 % | |||||
Federal deposit insurance | 316 | 279 | 37 | 13.3 % | |||||
Advertising and promotion | 181 | 156 | 25 | 16.0 % | |||||
Office expense | 190 | 155 | 35 | 22.6 % | |||||
Core deposit intangible | 143 | 111 | 32 | 28.8 % | |||||
Merger-related expenses | 6,695 | - | 6,695 | N/A | |||||
Other | 758 | 1,009 | (251) | -24.9 % | |||||
Total non-interest expense | 19,036 | 12,009 | 7,027 | 58.5 % | |||||
Income (loss) before income tax expense | (4,472) | 6,164 | (10,636) | -172.6 % | |||||
Income tax (benefit) expense | (865) | 1,038 | (1,903) | -183.3 % | |||||
Net (loss) income | $ (3,607) | $ 5,126 | $ (8,733) | -170.4 % | |||||
Net (loss) income per common share - basic | $ (0.55) | $ 0.81 | $ (1.36) | -167.9 % | |||||
Net (loss) income per common share - diluted | $ (0.55) | $ 0.80 | $ (1.35) | -168.8 % | |||||
Weighted average shares outstanding - basic | 6,573 | 6,334 | 239 | 3.8 % | |||||
Weighted average shares outstanding - diluted | 6,573 | 6,420 | 153 | 2.4 % |
Princeton Bancorp, Inc. | |||||||||
Consolidated Statements of Income | |||||||||
(Unaudited) | |||||||||
(Amounts in thousands, except per share data) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2024 | 2023 | $ Change | % Change | ||||||
Interest and dividend income | |||||||||
Loans and fees | $ 64,914 | $ 14,195 | 21.9 % | ||||||
Available-for-sale debt securities: | |||||||||
Taxable | 2,838 | 927 | 1,911 | 206.1 % | |||||
Tax-exempt | 857 | 853 | 4 | 0.5 % | |||||
Held-to-maturity debt securities | 7 | 8 | (1) | -12.5 % | |||||
Other interest and dividend income | 6,475 | 3,924 | 2,551 | 65.0 % | |||||
Total interest and dividends | 89,286 | 70,626 | 18,660 | 26.4 % | |||||
Interest expense | |||||||||
Deposits | 40,761 | 21,502 | 19,259 | 89.6 % | |||||
Borrowings | - | 118 | (118) | -100.0 % | |||||
Total interest expense | 40,761 | 21,620 | 19,141 | 88.5 % | |||||
Net interest income | 48,525 | 49,006 | (481) | -1.0 % | |||||
Provision for credit losses | 4,669 | 2,546 | 2,123 | 83.4 % | |||||
Net interest income after provision for credit losses | 43,856 | 46,460 | (2,604) | -5.6 % | |||||
Non-Interest income | |||||||||
(Loss) on sale of securities available-for-sale, net | (7) | (6) | (1) | 16.7 % | |||||
Income from bank-owned life insurance | 1,192 | 916 | 276 | 30.1 % | |||||
Fees and service charges | 1,418 | 1,391 | 27 | 1.9 % | |||||
Loan fees, including prepayment penalties | 2,445 | 2,565 | (120) | -4.7 % | |||||
Bargain purchase gain | - | 9,696 | (9,696) | -100.0 % | |||||
Gain on sale of other real estate owned | - | 203 | (203) | -100.0 % | |||||
Other | 1,080 | 577 | 503 | 87.2 % | |||||
Total non-interest income | 6,128 | 15,342 | (9,214) | -60.1 % | |||||
Non-interest expense | |||||||||
Salaries and employee benefits | 19,519 | 17,352 | 2,167 | 12.5 % | |||||
Occupancy and equipment | 5,966 | 5,188 | 778 | 15.0 % | |||||
Professional fees | 1,780 | 1,635 | 145 | 8.9 % | |||||
Data processing and communications | 4,020 | 3,860 | 160 | 4.1 % | |||||
Federal deposit insurance | 868 | 701 | 167 | 23.8 % | |||||
Advertising and promotion | 479 | 375 | 104 | 27.7 % | |||||
Office expense | 464 | 392 | 72 | 18.4 % | |||||
Other real estate owned expense | - | 1 | (1) | -100.0 % | |||||
Core deposit intangible | 374 | 378 | (4) | -1.1 % | |||||
Merger-related expenses | 6,695 | 5,635 | 1,060 | 18.8 % | |||||
Other | 2,716 | 2,228 | 488 | 21.9 % | |||||
Total non-interest expense | 42,881 | 37,745 | 5,136 | 13.6 % | |||||
Income before income tax expense | 7,103 | 24,057 | (16,954) | -70.5 % | |||||
Income tax expense | 1,239 | 3,574 | (2,335) | -65.3 % | |||||
Net income | $ 5,864 | $ 20,483 | $ (14,619) | -71.4 % | |||||
Net income per common share - basic | $ 0.91 | $ 3.26 | $ (2.35) | -72.0 % | |||||
Net income per common share - diluted | $ 0.90 | $ 3.21 | $ (2.31) | -71.9 % | |||||
Weighted average shares outstanding - basic | 6,412 | 6,275 | 137 | 2.2 % | |||||
Weighted average shares outstanding - diluted | 6,496 | 6,380 | 116 | 1.8 % |
Princeton Bancorp, Inc. | |||||||||||
Consolidated Average Statement of Financial Condition | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
For the Three Months Ended September 30, | |||||||||||
2024 | 2023 | Change in | Change in | ||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||
Balance | Rate | Balance | Rate | Balance | Rate | ||||||
Earning assets | |||||||||||
Loans | $ 1,691,688 | 6.62 % | $ 1,464,798 | 6.37 % | $ 226,890 | 0.25 % | |||||
Securities | |||||||||||
Taxable available-for-sale | 111,633 | 4.56 % | 46,599 | 3.06 % | 65,034 | 1.50 % | |||||
Tax-exempt available-for-sale | 40,028 | 2.85 % | 40,118 | 2.84 % | (90) | 0.01 % | |||||
Held-to-maturity | 164 | 5.33 % | 196 | 5.28 % | (32) | 0.05 % | |||||
Securities | 151,825 | 4.11 % | 86,913 | 2.96 % | 64,912 | 1.15 % | |||||
Other interest earning assets | |||||||||||
Federal funds sold | 135,164 | 5.38 % | 199,350 | 5.38 % | (64,186) | 0.00 % | |||||
Other interest-earning assets | 19,549 | 5.85 % | 10,506 | 5.67 % | 9,043 | 0.18 % | |||||
Other interest-earning assets | 154,713 | 5.44 % | 209,856 | 5.39 % | (55,143) | 0.05 % | |||||
Total interest-earning assets | 1,998,226 | 6.33 % | 1,761,567 | 6.08 % | 236,659 | 0.25 % | |||||
Total non-earning assets | 151,776 | 127,682 | |||||||||
Total assets | $ 2,150,002 | $ 1,889,249 | |||||||||
Interest-bearing liabilities | |||||||||||
Checking | $ 258,728 | 1.86 % | $ 243,359 | 1.68 % | $ 15,369 | 0.18 % | |||||
Savings | 159,521 | 2.57 % | 149,215 | 2.10 % | 10,306 | 0.47 % | |||||
Money market | 443,109 | 3.85 % | 337,491 | 3.50 % | 105,618 | 0.35 % | |||||
Certificates of deposit | 721,240 | 4.50 % | 629,082 | 3.48 % | 92,158 | 1.02 % | |||||
Total interest-bearing deposits | 1,582,598 | 3.70 % | 1,359,147 | 3.01 % | 223,451 | 0.69 % | |||||
Non-interest bearing deposits | 269,030 | 255,775 | 13,255 | ||||||||
Total deposits | 1,851,628 | 3.16 % | 1,614,922 | 2.53 % | 236,706 | 0.63 % | |||||
Borrowings | - | N/A | - | N/A | - | N/A | |||||
Total interest-bearing liabilities | |||||||||||
(excluding non interest deposits) | 1,582,598 | 3.70 % | 1,359,147 | 3.01 % | 223,451 | 0.69 % | |||||
Non-interest-bearing deposits | 269,030 | 255,775 | |||||||||
Total cost of funds | 1,851,628 | 3.16 % | 1,614,922 | 2.53 % | 236,706 | 0.63 % | |||||
Accrued expenses and other liabilities | 43,729 | 45,923 | |||||||||
Stockholders' equity | 254,645 | 228,404 | |||||||||
Total liabilities and stockholders' equity | $ 2,150,002 | $ 1,889,249 | |||||||||
Net interest spread | 2.64 % | 3.07 % | |||||||||
Net interest margin | 3.41 % | 3.76 % | |||||||||
Net interest margin (FTE) 1, 2 | 3.45 % | 3.81 % | |||||||||
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 Nine Months Ended September 30, | |||||||||||
2024 | 2023 | Change in | Change in | ||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||
Balance | Rate | Balance | Rate | Balance | Rate | ||||||
Earning assets | |||||||||||
Loans | $ 1,609,890 | 6.56 % | $ 1,424,768 | 6.09 % | $ 185,122 | 0.47 % | |||||
Securities | |||||||||||
Taxable available-for-sale | 86,732 | 4.36 % | 44,517 | 2.78 % | 42,215 | 1.58 % | |||||
Tax-exempt available-for-sale | 40,180 | 2.84 % | 40,974 | 2.78 % | (794) | 0.06 % | |||||
Held-to-maturity | 171 | 5.25 % | 198 | 5.28 % | (27) | -0.03 % | |||||
Securities | 127,083 | 3.88 % | 85,689 | 2.78 % | 41,394 | 1.10 % | |||||
Other interest earning assets | |||||||||||
Federal funds sold | 138,843 | 5.43 % | 91,761 | 5.30 % | 47,082 | 0.13 % | |||||
Other interest-earning assets | 19,281 | 5.76 % | 7,086 | 5.36 % | 12,195 | 0.40 % | |||||
Other interest-earning assets | 158,124 | 5.47 % | 98,847 | 5.31 % | 59,277 | 0.16 % | |||||
Total interest-earning assets | 1,895,097 | 6.29 % | 1,609,304 | 5.87 % | 285,793 | 0.42 % | |||||
Total non-earning assets | 144,630 | 114,543 | |||||||||
Total assets | $ 2,039,727 | $ 1,723,847 | |||||||||
Interest-bearing liabilities | |||||||||||
Checking | $ 244,271 | 1.93 % | $ 250,100 | 1.29 % | $ (5,829) | 0.64 % | |||||
Savings | 151,884 | 2.57 % | 163,516 | 1.54 % | (11,632) | 1.03 % | |||||
Money market | 399,253 | 3.92 % | 297,360 | 2.81 % | 101,893 | 1.11 % | |||||
Certificates of deposit | 704,388 | 4.28 % | 504,237 | 2.90 % | 200,151 | 1.38 % | |||||
Total interest-bearing deposits | 1,499,796 | 3.63 % | 1,215,213 | 2.37 % | 284,583 | 1.26 % | |||||
Non-interest bearing deposits | 252,184 | 244,718 | |||||||||
Total deposits | 1,751,980 | 3.11 % | 1,459,931 | 1.97 % | 292,049 | 1.14 % | |||||
Borrowings | - | 0.00 % | 3,133 | 5.01 % | (3,133) | -5.01 % | |||||
Total interest-bearing liabilities | |||||||||||
(excluding non interest deposits) | 1,499,796 | 3.63 % | 1,218,346 | 2.37 % | 281,450 | 1.26 % | |||||
Non-interest-bearing deposits | 252,184 | 244,718 | |||||||||
Total cost of funds | 1,751,980 | 3.11 % | 1,463,064 | 1.97 % | 288,916 | 1.14 % | |||||
Accrued expenses and other liabilities | 42,239 | 34,312 | |||||||||
Stockholders' equity | 245,508 | 226,471 | |||||||||
Total liabilities and stockholders' equity | $ 2,039,727 | $ 1,723,847 | |||||||||
Net interest spread | 2.66 % | 3.50 % | |||||||||
Net interest margin | 3.42 % | 4.07 % | |||||||||
Net interest margin (FTE) 1, 2 | 3.46 % | 4.13 % | |||||||||
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 | |||||||||||
September 30, 2024 | June 30, 2024 | Change in | Change in | ||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||
Balance | Rate | Balance | Rate | Balance | Rate | ||||||
Earning assets | |||||||||||
Loans | $ 1,691,688 | 6.62 % | $ 1,585,876 | 6.60 % | $ 105,812 | 0.01 % | |||||
Securities | |||||||||||
Taxable available-for-sale | 111,633 | 4.56 % | 89,547 | 4.47 % | 22,086 | 0.09 % | |||||
Tax-exempt available-for-sale | 40,028 | 2.85 % | 39,756 | 2.88 % | 272 | -0.03 % | |||||
Held-to-maturity | 164 | 5.33 % | 166 | 5.33 % | (2) | 0.00 % | |||||
Securities | 151,825 | 4.11 % | 129,469 | 3.98 % | 22,356 | 0.13 % | |||||
Other interest earning assets | |||||||||||
Federal funds sold | 135,164 | 5.38 % | 133,336 | 5.45 % | 1,828 | -0.07 % | |||||
Other interest-earning assets | 19,549 | 5.85 % | 19,338 | 5.78 % | 211 | 0.07 % | |||||
Other interest-earning assets | 154,713 | 5.44 % | 152,674 | 5.49 % | 2,039 | -0.05 % | |||||
Total interest-earning assets | 1,998,226 | 6.33 % | 1,868,019 | 6.33 % | 130,207 | 0.00 % | |||||
Total non-earning assets | 151,776 | 141,377 | |||||||||
Total assets | $ 2,150,002 | $ 2,009,396 | |||||||||
Interest-bearing liabilities | |||||||||||
Checking | $ 258,728 | 1.86 % | $ 231,895 | 1.94 % | $ 26,833 | -0.08 % | |||||
Savings | 159,521 | 2.57 % | 148,377 | 2.64 % | 11,144 | -0.07 % | |||||
Money market | 443,109 | 3.85 % | 390,019 | 3.99 % | 53,090 | -0.14 % | |||||
Certificates of deposit | 721,240 | 4.50 % | 713,433 | 4.22 % | 7,807 | 0.29 % | |||||
Total interest-bearing deposits | 1,582,598 | 3.70 % | 1,483,724 | 3.64 % | 98,874 | 0.05 % | |||||
Non-interest bearing deposits | 269,030 | 243,248 | 25,781 | ||||||||
Total deposits | 1,851,628 | 3.16 % | 1,726,972 | 3.13 % | 124,655 | 0.03 % | |||||
Borrowings | - | N/A | - | N/A | - | N/A | |||||
Total interest-bearing liabilities | |||||||||||
(excluding non interest deposits) | 1,582,598 | 3.70 % | 1,483,724 | 3.64 % | 98,874 | 0.05 % | |||||
Non-interest-bearing deposits | 269,030 | 243,248 | |||||||||
Total cost of funds | 1,851,628 | 3.16 % | 1,726,972 | 3.13 % | 124,655 | 0.03 % | |||||
Accrued expenses and other liabilities | 43,729 | 40,874 | |||||||||
Stockholders' equity | 254,645 | 241,550 | |||||||||
Total liabilities and stockholders' equity | $ 2,150,002 | $ 2,009,396 | |||||||||
Net interest spread | 2.64 % | 2.69 % | |||||||||
Net interest margin | 3.41 % | 3.44 % | |||||||||
Net interest margin (FTE) 1, 2 | 3.45 % | 3.48 % | |||||||||
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 | 2024 | 2023 | 2023 | ||||||
September | June | March | December | September | ||||||
Return on average assets | -0.67 % | 1.03 % | 0.89 % | 1.09 % | 1.60 % | |||||
Return on average equity | -5.64 % | 8.54 % | 7.27 % | 8.93 % | 13.20 % | |||||
Return on average tangible equity1 | -6.07 % | 8.91 % | 7.60 % | 9.34 % | 13.83 % | |||||
Net interest margin | 3.41 % | 3.44 % | 3.42 % | 3.55 % | 3.76 % | |||||
Net interest margin (FTE)1 | 3.45 % | 3.48 % | 3.58 % | 3.51 % | 3.81 % | |||||
Adjusted efficiency ratio1 | 63.65 % | 65.90 % | 67.21 % | 60.85 % | 59.89 % | |||||
COMMON STOCK DATA | ||||||||||
Market value at period end | $ 36.98 | $ 33.10 | $ 30.78 | $ 35.90 | $ 28.99 | |||||
Market range: | ||||||||||
High | $ 39.12 | $ 33.10 | $ 36.25 | $ 37.60 | $ 31.69 | |||||
Low | $ 32.40 | $ 29.15 | $ 29.72 | $ 28.21 | $ 27.37 | |||||
Book value per common share at period end | $ 38.15 | $ 38.54 | $ 38.26 | $ 38.04 | $ 36.86 | |||||
Tangible book value per common share1 | $ 35.50 | $ 36.98 | $ 36.65 | $ 36.41 | $ 35.21 | |||||
Shares of common stock outstanding (in thousands) | 6,876 | 6,353 | 6,320 | 6,314 | 6,299 | |||||
CAPITAL RATIOS | ||||||||||
Total capital (to risk-weighted assets) | 13.21 % | 14.66 % | 14.31 % | 14.68 % | 14.96 % | |||||
Tier 1 capital (to risk-weighted assets) | 12.06 % | 13.62 % | 13.26 % | 13.61 % | 13.89 % | |||||
Tier 1 capital (to average assets) | 11.48 % | 12.21 % | 11.99 % | 12.29 % | 12.38 % | |||||
Equity to assets | 11.14 % | 12.34 % | 12.16 % | 12.53 % | 12.14 % | |||||
Tangible equity to tangible assets1 | 10.45 % | 11.90 % | 11.71 % | 12.06 % | 11.66 % | |||||
CREDIT QUALITY DATA (Dollars in thousands) | ||||||||||
Net charge-offs (recoveries) | $ 108 | $ (15) | $ 176 | $ (10) | $ (23) | |||||
Annualized net charge-offs (recoveries) to average loans | 0.026 % | -0.004 % | 0.045 % | -0.003 % | -0.006 % | |||||
Nonperforming loans | $ 2,330 | $ 3,198 | $ 2,115 | $ 6,708 | $ 6,755 | |||||
Other real estate owned | - | - | - | - | - | |||||
Total nonperforming assets | $ 2,330 | $ 3,198 | $ 2,115 | $ 6,708 | $ 6,755 | |||||
Allowance for credit losses as a percent of: | ||||||||||
Period-end loans, net of deferred fees and costs | 1.27 % | 1.17 % | 1.18 % | 1.19 % | 1.20 % | |||||
Nonperforming loans | 995.85 % | 577.36 % | 880.28 % | 275.67 % | 266.35 % | |||||
Nonperforming assets | 995.85 % | 577.36 % | 880.28 % | 275.67 % | 266.35 % | |||||
Nonaccrual loans as a percent of total loans, net of deferred fees and costs | 0.13 % | 0.20 % | 0.13 % | 0.43 % | 0.45 % | |||||
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
Management believes these non- GAAP financial measures provide information useful to investors in understanding its financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and the Company strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
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 | 2024 | 2023 | 2023 | ||||||
September | June | March | December | September | ||||||
Net (loss) income (annualized)1 | $ (14,350) | $ 20,617 | $ 17,428 | $ 20,956 | $ 30,144 | |||||
Average equity2 | 254,645 | 241,550 | 240,230 | 234,628 | 228,404 | |||||
Less: intangible assets | (18,241) | (10,044) | (10,154) | (10,275) | (10,399) | |||||
Average Tangible Equity | $ 236,404 | $ 231,506 | $ 230,076 | $ 224,353 | $ 218,005 | |||||
Return on average tangible equity | -6.07 % | 8.91 % | 7.60 % | 9.34 % | 13.83 % | |||||
Net interest income | $ 17,109 | $ 15,968 | $ 15,448 | $ 16,010 | $ 16,684 | |||||
Other income | 2,056 | 2,087 | 1,985 | 1,779 | 2,403 | |||||
Total revenue | 19,165 | 18,055 | 17,433 | 17,789 | 19,087 | |||||
Non-interest expenses | $ 19,036 | $ 12,009 | $ 11,836 | $ 10,949 | $ 10,159 | |||||
Less: core deposit intangible amortization | (143) | (111) | (120) | (124) | (119) | |||||
Less: merger-related expenses | (6,695) | - | - | - | 1,391 | |||||
Total operating expenses | $ 12,198 | $ 11,898 | $ 11,716 | $ 10,825 | $ 11,431 | |||||
Adjusted efficiency ratio | 63.65 % | 65.90 % | 67.21 % | 60.85 % | 59.89 % | |||||
Total Assets | $ 2,354,730 | $ 1,983,941 | $ 1,988,001 | $ 1,916,497 | $ 1,913,123 | |||||
Less: intangible assets | (18,241) | (10,044) | (10,154) | (10,275) | (10,399) | |||||
Tangible assets | $ 2,336,489 | $ 1,973,897 | $ 1,977,847 | $ 1,906,222 | $ 1,902,724 | |||||
Stockholders' equity | $ 262,351 | $ 244,841 | $ 241,808 | $ 240,211 | $ 232,208 | |||||
Less: intangible assets | (18,241) | (10,044) | (10,154) | (10,275) | (10,399) | |||||
Tangible equity | $ 244,110 | $ 234,797 | $ 231,654 | $ 229,936 | $ 221,809 | |||||
Tangible equity to tangible assets | 10.45 % | 11.90 % | 11.71 % | 12.06 % | 11.66 % | |||||
Tangible equity | $ 244,110 | $ 234,797 | $ 231,654 | $ 229,936 | $ 221,809 | |||||
Shares outstanding (in thousands) | 6,876 | 6,350 | 6,320 | 6,315 | 6,299 | |||||
Tangible book value per share | $ 35.50 | $ 36.98 | $ 36.65 | $ 36.41 | $ 35.21 | |||||
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 | 2024 | 2023 | 2023 | ||||||
September | June | March | December | September | ||||||
Net interest income | $ 17,109 | $ 15,968 | $ 15,968 | $ 15,448 | $ 16,684 | |||||
FTE adjustment3 | 211 | 213 | 226 | 224 | 215 | |||||
Net interest income FTE | $ 17,320 | $ 16,181 | $ 16,194 | $ 15,672 | $ 16,899 | |||||
Net interest income FTE (annualized)1 | $ 68,902 | $ 65,078 | $ 65,132 | $ 62,862 | $ 67,045 | |||||
Average interest earning assets | 1,998,226 | 1,868,019 | 1,817,912 | 1,789,624 | 1,761,567 | |||||
Net interest margin FTE | 3.45 % | 3.48 % | 3.58 % | 3.51 % | 3.81 % | |||||
Nine months ended | ||||||||||
2024 | 2023 | |||||||||
September | September | |||||||||
Net interest income | $ 48,525 | $ 49,006 | ||||||||
FTE adjustment3 | 612 | 580 | ||||||||
Net interest income FTE | $ 49,137 | $ 49,586 | ||||||||
Net interest income FTE (annualized)1 | $ 65,635 | $ 66,540 | ||||||||
Average interest earning assets | 1,895,097 | 1,609,304 | ||||||||
Net interest margin FTE | 3.46 % | 4.13 % | ||||||||
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 |
Princeton Bancorp, Inc. | ||||||||||||
Reconciliation of Non-GAAP Net Income to GAAP Net Income | ||||||||||||
At or For the Three | At or For the Nine | |||||||||||
Months Ended September 30, 2024 | Months Ended September 30, 2024 | |||||||||||
Actual | Cornerstone1 | Core | Actual | Cornerstone1 | Core | |||||||
(Dollars in thousands, except per share data) | ||||||||||||
Net interest income | $ 17,109 | $ - | $ 17,109 | $ 48,525 | $ - | $ 48,525 | ||||||
Provision for credit loss | 4,601 | 3,152 | 1,449 | 4,669 | 3,152 | 1,517 | ||||||
Net interest income after provision | 12,508 | (3,152) | 15,660 | 43,856 | (3,152) | 47,008 | ||||||
Non-interest income | 2,056 | - | 2,056 | 6,128 | - | 6,128 | ||||||
Non-interest expense | 19,036 | 6,695 | 12,341 | 42,881 | 6,695 | 36,186 | ||||||
Income (loss) before income taxes | (4,472) | (9,847) | 5,375 | 7,103 | (9,847) | 16,950 | ||||||
Income tax (benefit) expense | (865) | (2,068) | 1,203 | 1,239 | (2,068) | 3,307 | ||||||
Net (loss) income | $ (3,607) | $ (7,779) | $ 4,172 | $ 5,864 | $ (7,779) | $ 13,643 | ||||||
Earnings per common share - basic | $ (0.55) | $ 0.63 | $ 0.91 | $ 2.13 | ||||||||
Earnings per common share - diluted | $ (0.55) | $ 0.63 | $ 0.90 | $ 2.10 | ||||||||
1 Reflects the CECL adjustment for non-purchase credit deteriorated loans and merger related expense impact to net income and tax-effected | ||||||||||||
using a federal income tax rate of |
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/princeton-bancorp-announces-third-quarter-2024-results-302290314.html
SOURCE The Bank of Princeton
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