Princeton Bancorp, Inc 8-K, filed Oct 28, 2026
Princeton Bancorp, Inc. (BPRN)
About this 8-K
Princeton Bancorp, Inc filed this 8-K on October 28, 2026.
Princeton Bancorp, Inc. reported third-quarter 2026 net income of $1.0 million, or $0.15 per diluted common share, after an $8.0 million provision increase tied to two commercial real estate loans; nine-month net income was $14.3 million, or $2.10 per diluted common share. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Securities registered or to be registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 28, 2026, the registrant, the bank holding company for The Bank of Princeton, issued a press release containing financial information regarding its financial condition and results of operations for the three and nine months ended September 30, 2026.
A copy of the press release and the accompanying financial statements are attached hereto as Exhibit 99.1 and are incorporated by reference into this Item 2.02.
The information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
99.1 |
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104 |
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Cover Page Interactive Data file (embedded within the Inline XBRL Document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned hereunto duly authorized.
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PRINCETON BANCORP, INC. |
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Dated: October 28, 2026 |
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By: |
/s/ George S. Rapp |
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George S. Rapp |
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Executive Vice President and Chief Financial Officer |
3
Exhibit 99.1
For Immediate Release
Contact George Rapp
EVP and Chief Financial Officer
609.454.0718
grapp@thebankofprinceton.com
Princeton Bancorp Announces
Third Quarter 2026 Results
Princeton, NJ, October 28, 2026 / - Princeton Bancorp, Inc. (the “Company”) (NASDAQ - BPRN), the bank holding company for The Bank of Princeton (the “Bank”), today reported its unaudited financial condition and results of operations for the quarter and nine months ended September 30, 2026.
President and CEO Edward Dietzler spoke to the quarter results, "During the third quarter, we charged off two previously identified problem loans and recorded an asset write-down related to a future retail consolidation. While these actions reduced reported net income to $1.0 million for the quarter, excluding these non-recurring items, our Bank's core operations generated approximately $7.0 million plus in net income, demonstrating the underlying strength of our franchise."
Quarter over Quarter Highlights
The Company reported net income of $1.0 million, or $0.15 per diluted common share, for the third quarter of 2026, compared to $7.1 million, or $1.04 per diluted common share, for the second quarter of 2026, and net income of $6.5 million, or $0.95 per diluted common share, for the third quarter of 2025. The decrease in net income for the third quarter of 2026 when compared to the second quarter of 2026 was primarily due to an increase in the provision for credit losses of $8.0 million primarily related to the charge-off of two commercial real estate loans, which was partially offset by a decrease in non-interest expense of $105 thousand, and a decrease in income tax expense of $1.8 million. The decrease in net income for the third quarter of 2026 when compared to the third quarter of 2025 was primarily due to an increase in the provision for credit losses of $8.3 million, partially offset by an increase in net interest income of $390 thousand, an increase in non-interest income of $551 thousand, a decrease in non-interest expense of $376 thousand, and a decrease in income tax expense of $1.5 million.
Review of Statements of Financial Condition
Total assets were $2.31 billion at September 30, 2026, an increase of $23.1 million, or 1.01% when compared to $2.29 billion at December 31, 2025. The primary reasons for the increase in total assets were related to increases in investment securities of $60.6 million, and net loans of $35.1 million, partially offset by a decrease in cash and cash equivalents of $77.9 million. The increase in the Company’s net loans consisted of increases of $37.5 million in home equity and consumer loans, $31.2 million in residential mortgages, $21.8 million in commercial and industrial loans, and $12.8 million in construction loans, partially offset by a decrease of $67.7 million in commercial real estate loans.
Total deposits on September 30, 2026, increased $27.5 million, or 1.39%, when compared to December 31, 2025. The increase in the Company’s deposits consisted primarily of increases in money market deposits of $96.4 million and non-interest checking deposits of $23.1 million, partially offset by decreases in certificates of deposit of $87.5 million, interest-bearing checking deposits of $2.9 million, and savings deposits of $1.5 million. On balance sheet liquidity remains strong at September 30, 2026.
Total stockholders’ equity at September 30, 2026, decreased $274 thousand, or 0.10% when compared to December 31, 2025. The decrease was primarily due to an increase in accumulated other comprehensive loss of $8.6 million driven by unrealized market value declines within the available-for-sale securities portfolio, partially offset by an increase in retained earnings of $7.3 million (which consisted of $14.3 million in net income, partially offset by $7.0 million of cash dividends recorded during the period), and an increase in paid-in capital from the exercise of stock options of $1.3 million. The ratio of equity to total assets at September30, 2026, and at December 31, 2025, was 11.7% and 11.8%, respectively.
Asset Quality
At September 30, 2026, non-performing assets totaled $8.2 million, a decrease of $8.3 million when compared to the amount at December 31, 2025, which is primarily attributed to the write down of two commercial real estate loans during the third quarter of 2026.
Review of Quarterly and Nine-Month Financial Results
Net interest income was $20.0 million for the third quarter of 2026, a decrease of $31 thousand over the second quarter of 2026, and an increase of $390 thousand compared to the third quarter of 2025. Net interest margin for the third quarter of 2026 was 3.75%, a decrease of 11 basis points when compared to the second quarter of 2026, and a decrease of 2 basis points when compared to the third quarter of 2025. The decrease in net interest income when compared with the second quarter of 2026 was primarily related to an increase in interest expense of $362 thousand, or 3.1%, partially offset by an increase in interest income of $331 thousand, or 1.0%. The increase in net interest income when compared with the third quarter of 2025 was primarily due to a $1.1 million decrease in interest expense, partially offset by a decrease in interest income of $758 thousand. When comparing the third quarter of 2026 and the third quarter of 2025 periods, the decrease in interest expense and the decrease in net interest margin were primarily associated with a increase in total interest-bearing deposits of $21.7 million, partially offset by a decrease in the Company’s cost of funds of 28 basis points. The decrease in interest income for the third quarter of 2026 when compared to the third quarter of 2025 was due to a 30-basis point decrease in the yield on interest-earning assets, partially offset by an increase of $54.1 million in average interest-earning assets (caused mostly by a $36.1 million increase in the average balance of total securities, and a $39.5 million increase in the average balance of other interest-earning assets, partially offset by a $21.5 million reduction in the average balance of loans).
The Company recorded a provision for credit losses of $7.6 million during the third quarter of 2026, which consisted of a $7.7 million increase recorded to the allowance of credit losses on loans, and a $69 thousand decrease to the provision for credit losses related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. The current quarter's provision for credit losses recorded on the Company’s statements of income was $8.0 million greater than the reversal of credit losses for the second quarter of 2026, and was $8.3 million higher when compared to the reversal of credit losses for the third quarter of 2025. The coverage ratio of the allowance for credit losses to period end loans was 1.05% at September 30, 2026, and 1.12% at December 31, 2025.
Total non-interest income of $2.5 million for the third quarter of 2026 increased $23 thousand or 0.9% when compared to the second quarter of 2026 and increased $551 thousand or 28.9% when compared to the third quarter of 2025. The increase in the third quarter of 2026 when compared to the second quarter of 2026 was due to an increase in other non-interest income of $402 thousand and minor other increases, partially offset by a decrease of $400 thousand in loan fees. The increase over the prior year’s third quarter was primarily due to an increase in other non-interest income of $896 thousand, partially offset by a decrease in loan fees of $418 thousand.
Total non-interest expense of $13.5 million for the third quarter of 2026 decreased $105 thousand, or 0.8%, when compared to the second quarter of 2026. This decrease over the prior quarter was primarily due to decreases in salaries and employee benefits expense of $494 thousand, in professional fees of $188 thousand, in data processing and communications expenses of $159 thousand, and in other non-interest expense of $150 thousand, partially offset by an increase in occupancy and equipment of $957 thousand, of which $900 thousand is related to the asset write down associated with the future retail consolidation. Total non-interest expense for the third quarter of 2026 decreased $376 thousand or 2.7% when compared to the third quarter of 2025. This decrease was primarily related to decreases in salaries and employee benefits expense of $434 thousand, in data processing and communications expenses of $286 thousand, in professional fees of $281 thousand, and in other non-interest expense of $221 thousand, partially offset by an increase in occupancy and equipment expense of $1.1 million.
For the quarter ended September 30, 2026, the Company recorded an income tax expense of $268 thousand, resulting in an effective tax rate of 20.8%, compared to an income tax expense of $2.1 million resulting in an effective tax rate of 22.9% for the quarter ended June 30, 2026 and compared to an income tax expense of $1.8 million, resulting in an effective tax rate of 21.9% for the quarter ended September 30, 2025.
For the nine-month period ended September 30, 2026, the Company recorded net income of $14.3 million, or $2.10 per diluted common share, compared to $12.5 million, or $1.82 per diluted common share, for the same period in 2025. The increase in net income was primarily due to an increase in net interest income of $1.7 million, an increase in non-interest income of $1.0 million, and a decrease in non-interest expense of $616 thousand, partially offset by an increase of $579 thousand in the provision for credit losses, and an increase in income tax expense of $958 thousand, when compared to the prior year period.
2
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 New Jersey state-chartered commercial bank with 29 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cranbury, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation.
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 shareholders 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 global impact of foreign military conflicts in Iran, the Middle East and elsewhere, and the impact of future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. 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 impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; the timing and nature of the regulatory response to any applications filed by the Company and the Bank; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025; and the success of the Company at managing the risks involved in the foregoing.
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.
3
Princeton Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
(Dollars in thousands, except per share data)
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September 30, 2026 vs |
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September 30, 2026 vs |
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September 30, |
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December 31, |
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September 30, |
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December 31, 2025 |
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September 30, 2025 |
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2026 |
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2025 |
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2025 |
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$ Change |
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% Change |
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$ Change |
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% Change |
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ASSETS |
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Cash and cash equivalents |
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$ |
57,821 |
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$ |
135,686 |
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$ |
72,892 |
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$ |
(77,865 |
) |
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(57.39 |
)% |
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$ |
(15,071 |
) |
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(20.68 |
)% |
Securities available-for-sale- |
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208,034 |
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142,817 |
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170,011 |
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65,217 |
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45.66 |
% |
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38,023 |
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22.37 |
% |
Securities available-for-sale- |
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35,164 |
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39,752 |
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39,917 |
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(4,588 |
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(11.54 |
)% |
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(4,753 |
) |
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(11.91 |
)% |
Securities held-to-maturity |
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147 |
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153 |
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155 |
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(6 |
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(3.92 |
)% |
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(8 |
) |
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(5.16 |
)% |
Loans receivable, net of deferred |
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1,851,537 |
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1,816,416 |
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1,793,787 |
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35,121 |
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1.93 |
% |
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57,750 |
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3.22 |
% |
Allowance for credit losses on loans |
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(19,365 |
) |
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(20,325 |
) |
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(20,441 |
) |
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960 |
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(4.72 |
)% |
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1,076 |
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(5.26 |
)% |
Goodwill |
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14,381 |
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14,381 |
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14,381 |
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— |
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— |
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— |
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— |
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Core deposit intangible |
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2,222 |
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2,776 |
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2,976 |
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(554 |
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(19.96 |
)% |
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(754 |
) |
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(25.34 |
)% |
Other assets |
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158,339 |
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153,491 |
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155,412 |
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4,848 |
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3.16 |
% |
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2,927 |
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1.88 |
% |
TOTAL ASSETS |
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$ |
2,308,280 |
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$ |
2,285,147 |
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$ |
2,229,090 |
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$ |
23,133 |
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1.01 |
% |
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$ |
79,190 |
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3.55 |
% |
LIABILITIES |
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Non-interest checking |
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$ |
309,100 |
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$ |
286,013 |
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$ |
294,333 |
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$ |
23,087 |
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8.07 |
% |
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$ |
14,767 |
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5.02 |
% |
Interest checking |
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330,637 |
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333,533 |
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294,236 |
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(2,896 |
) |
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(0.87 |
)% |
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36,401 |
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12.37 |
% |
Savings |
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166,211 |
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167,735 |
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167,968 |
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(1,524 |
) |
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(0.91 |
)% |
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(1,757 |
) |
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(1.05 |
)% |
Money market |
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560,605 |
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464,205 |
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465,194 |
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96,400 |
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20.77 |
% |
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95,411 |
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20.51 |
% |
Time deposits over $250,000 |
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260,925 |
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256,929 |
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226,666 |
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3,996 |
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1.56 |
% |
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34,259 |
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15.11 |
% |
Other time deposits |
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376,246 |
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467,778 |
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480,188 |
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(91,532 |
) |
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(19.57 |
)% |
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(103,942 |
) |
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(21.65 |
)% |
Total deposits |
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2,003,724 |
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1,976,193 |
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1,928,585 |
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27,531 |
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1.39 |
% |
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75,139 |
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3.90 |
% |
Borrowings |
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— |
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— |
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— |
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— |
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N/A |
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— |
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N/A |
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Other liabilities |
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34,118 |
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38,242 |
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33,898 |
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(4,124 |
) |
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(10.78 |
)% |
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220 |
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0.65 |
% |
TOTAL LIABILITIES |
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2,037,842 |
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2,014,435 |
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1,962,483 |
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23,407 |
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1.16 |
% |
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75,359 |
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3.84 |
% |
STOCKHOLDERS’ EQUITY |
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Paid-in capital |
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124,283 |
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122,954 |
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122,559 |
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1,329 |
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1.08 |
% |
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1,724 |
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1.41 |
% |
Treasury stock |
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(9,034 |
) |
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(8,707 |
) |
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(8,403 |
) |
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(327 |
) |
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3.76 |
% |
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(631 |
) |
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7.51 |
% |
Retained earnings |
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169,058 |
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161,730 |
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158,081 |
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7,328 |
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4.53 |
% |
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10,977 |
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6.94 |
% |
Accumulated other |
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(13,869 |
) |
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(5,265 |
) |
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(5,630 |
) |
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(8,604 |
) |
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163.42 |
% |
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(8,239 |
) |
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146.34 |
% |
TOTAL STOCKHOLDERS’ |
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270,438 |
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270,712 |
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266,607 |
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(274 |
) |
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(0.10 |
)% |
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3,831 |
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|
|
1.44 |
% |
TOTAL LIABILITIES |
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$ |
2,308,280 |
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$ |
2,285,147 |
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$ |
2,229,090 |
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|
|
23,133 |
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|
1.01 |
% |
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79,190 |
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3.55 |
% |
Book value per common share |
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$ |
39.69 |
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$ |
40.01 |
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$ |
39.36 |
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$ |
(0.32 |
) |
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(0.80 |
)% |
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$ |
0.33 |
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0.84 |
% |
Tangible book value per |
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$ |
37.25 |
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$ |
37.48 |
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$ |
36.80 |
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$ |
(0.23 |
) |
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(0.61 |
)% |
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$ |
0.45 |
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1.22 |
% |
For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below.
4
Princeton Bancorp, Inc.
Loan and Deposit Tables
(Unaudited)
The components of loans receivable, net at September 30, 2026 and December 31, 2025 were as follows:
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September 30, |
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December 31, |
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2026 |
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2025 |
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(In thousands) |
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Commercial real estate |
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$ |
1,275,814 |
|
|
$ |
1,343,531 |
|
Commercial and industrial |
|
|
98,357 |
|
|
|
76,557 |
|
Construction |
|
|
222,304 |
|
|
|
209,483 |
|
Residential first-lien mortgages |
|
|
195,044 |
|
|
|
163,813 |
|
Home equity / consumer |
|
|
62,816 |
|
|
|
25,359 |
|
Total loans |
|
|
1,854,335 |
|
|
|
1,818,743 |
|
Deferred fees and costs |
|
|
(2,798 |
) |
|
|
(2,327 |
) |
Allowance for credit losses on loans |
|
|
(19,365 |
) |
|
|
(20,325 |
) |
Loans, net |
|
$ |
1,832,172 |
|
|
$ |
1,796,091 |
|
The components of deposits at September 30, 2026 and December 31, 2025 were as follows:
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(In thousands) |
|
|||||
Non-interest checking |
|
$ |
309,100 |
|
|
$ |
286,013 |
|
Interest checking |
|
|
330,637 |
|
|
|
333,533 |
|
Savings |
|
|
166,211 |
|
|
|
167,735 |
|
Money market |
|
|
560,605 |
|
|
|
464,205 |
|
Time deposits |
|
|
637,171 |
|
|
|
724,707 |
|
Total deposits |
|
$ |
2,003,724 |
|
|
$ |
1,976,193 |
|
5
Princeton Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
(Amounts in thousands except per share data)
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans and fees |
|
$ |
28,643 |
|
|
$ |
29,927 |
|
|
$ |
(1,284 |
) |
|
|
(4.3 |
)% |
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
2,442 |
|
|
|
2,214 |
|
|
|
228 |
|
|
|
10.3 |
% |
Tax-exempt |
|
|
255 |
|
|
|
278 |
|
|
|
(23 |
) |
|
|
(8.3 |
)% |
Held-to-maturity debt securities |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
Other interest and dividend income |
|
|
645 |
|
|
|
324 |
|
|
|
321 |
|
|
|
99.1 |
% |
Total interest and dividends |
|
|
31,987 |
|
|
|
32,745 |
|
|
|
(758 |
) |
|
|
(2.3 |
)% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
11,978 |
|
|
|
13,081 |
|
|
|
(1,103 |
) |
|
|
(8.4 |
)% |
Borrowings |
|
|
— |
|
|
|
45 |
|
|
|
(45 |
) |
|
|
(100.0 |
)% |
Total interest expense |
|
|
11,978 |
|
|
|
13,126 |
|
|
|
(1,148 |
) |
|
|
(8.7 |
)% |
Net interest income |
|
|
20,009 |
|
|
|
19,619 |
|
|
|
390 |
|
|
|
2.0 |
% |
Provision for (reversal of) credit losses |
|
|
7,640 |
|
|
|
(672 |
) |
|
|
8,312 |
|
|
|
(1236.9 |
)% |
Net interest income after provision for (reversal of) credit losses |
|
|
12,369 |
|
|
|
20,291 |
|
|
|
(7,922 |
) |
|
|
(39.0 |
)% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from bank-owned life insurance |
|
|
525 |
|
|
|
506 |
|
|
|
19 |
|
|
|
3.8 |
% |
Fees and service charges |
|
|
609 |
|
|
|
555 |
|
|
|
54 |
|
|
|
9.7 |
% |
Loan fees, including prepayment penalties |
|
|
508 |
|
|
|
926 |
|
|
|
(418 |
) |
|
|
(45.1 |
)% |
Other |
|
|
817 |
|
|
|
(79 |
) |
|
|
896 |
|
|
|
(1134.2 |
)% |
Total non-interest income |
|
|
2,459 |
|
|
|
1,908 |
|
|
|
551 |
|
|
|
28.9 |
% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
6,659 |
|
|
|
7,093 |
|
|
|
(434 |
) |
|
|
(6.1 |
)% |
Occupancy and equipment |
|
|
3,209 |
|
|
|
2,146 |
|
|
|
1,063 |
|
|
|
49.5 |
% |
Professional fees |
|
|
786 |
|
|
|
1,067 |
|
|
|
(281 |
) |
|
|
(26.3 |
)% |
Data processing and communications |
|
|
1,422 |
|
|
|
1,708 |
|
|
|
(286 |
) |
|
|
(16.7 |
)% |
Federal deposit insurance |
|
|
250 |
|
|
|
370 |
|
|
|
(120 |
) |
|
|
(32.4 |
)% |
Advertising and promotion |
|
|
154 |
|
|
|
212 |
|
|
|
(58 |
) |
|
|
(27.4 |
)% |
Office |
|
|
111 |
|
|
|
113 |
|
|
|
(2 |
) |
|
|
(1.8 |
)% |
Core deposit intangible |
|
|
172 |
|
|
|
209 |
|
|
|
(37 |
) |
|
|
(17.7 |
)% |
Other |
|
|
778 |
|
|
|
999 |
|
|
|
(221 |
) |
|
|
(22.1 |
)% |
Total non-interest expense |
|
|
13,541 |
|
|
|
13,917 |
|
|
|
(376 |
) |
|
|
(2.7 |
)% |
Income before income tax expense |
|
|
1,287 |
|
|
|
8,282 |
|
|
|
(6,995 |
) |
|
|
(84.5 |
)% |
Income tax expense |
|
|
268 |
|
|
|
1,816 |
|
|
|
(1,548 |
) |
|
|
(85.2 |
)% |
Net income |
|
$ |
1,019 |
|
|
$ |
6,466 |
|
|
$ |
(5,447 |
) |
|
|
(84.2 |
)% |
Net income per common share - basic |
|
$ |
0.15 |
|
|
$ |
0.96 |
|
|
$ |
(0.81 |
) |
|
|
(84.4 |
)% |
Net income per common share - diluted |
|
$ |
0.15 |
|
|
$ |
0.95 |
|
|
$ |
(0.81 |
) |
|
|
(84.4 |
)% |
Weighted average shares outstanding - basic |
|
|
6,814 |
|
|
|
6,759 |
|
|
|
55 |
|
|
|
0.8 |
% |
Weighted average shares outstanding - diluted |
|
|
6,842 |
|
|
|
6,778 |
|
|
|
64 |
|
|
|
1.0 |
% |
6
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, |
|
|
|
|
|
|
|
||||
|
|
2026 |
|
|
2026 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans and fees |
|
$ |
28,643 |
|
|
$ |
28,681 |
|
|
$ |
(38 |
) |
|
|
(0.1 |
)% |
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
2,442 |
|
|
|
1,832 |
|
|
|
610 |
|
|
|
33.3 |
% |
Tax-exempt |
|
|
255 |
|
|
|
264 |
|
|
|
(9 |
) |
|
|
(3.4 |
)% |
Held-to-maturity debt securities |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
0.0 |
% |
Other interest and dividend income |
|
|
645 |
|
|
|
877 |
|
|
|
(232 |
) |
|
|
(26.5 |
)% |
Total interest and dividends |
|
|
31,987 |
|
|
|
31,656 |
|
|
|
331 |
|
|
|
1.0 |
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
11,978 |
|
|
|
11,616 |
|
|
|
362 |
|
|
|
3.1 |
% |
Borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
|
Total interest expense |
|
|
11,978 |
|
|
|
11,616 |
|
|
|
362 |
|
|
|
3.1 |
% |
Net interest income |
|
|
20,009 |
|
|
|
20,040 |
|
|
|
(31 |
) |
|
|
(0.2 |
)% |
Provision for (reversal of) credit losses |
|
|
7,640 |
|
|
|
(353 |
) |
|
|
7,993 |
|
|
|
(2264.3 |
)% |
Net interest income after provision for (reversal of) credit losses |
|
|
12,369 |
|
|
|
20,393 |
|
|
|
(8,024 |
) |
|
|
(39.3 |
)% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from bank-owned life insurance |
|
|
525 |
|
|
|
516 |
|
|
|
9 |
|
|
|
1.7 |
% |
Fees and service charges |
|
|
609 |
|
|
|
597 |
|
|
|
12 |
|
|
|
2.0 |
% |
Loan fees, including prepayment penalties |
|
|
508 |
|
|
|
908 |
|
|
|
(400 |
) |
|
|
(44.1 |
)% |
Other |
|
|
817 |
|
|
|
415 |
|
|
|
402 |
|
|
|
96.9 |
% |
Total non-interest income |
|
|
2,459 |
|
|
|
2,436 |
|
|
|
23 |
|
|
|
0.9 |
% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
6,659 |
|
|
|
7,153 |
|
|
|
(494 |
) |
|
|
(6.9 |
)% |
Occupancy and equipment |
|
|
3,209 |
|
|
|
2,252 |
|
|
|
957 |
|
|
|
42.5 |
% |
Professional fees |
|
|
786 |
|
|
|
974 |
|
|
|
(188 |
) |
|
|
(19.3 |
)% |
Data processing and communications |
|
|
1,422 |
|
|
|
1,581 |
|
|
|
(159 |
) |
|
|
(10.1 |
)% |
Federal deposit insurance |
|
|
250 |
|
|
|
300 |
|
|
|
(50 |
) |
|
|
(16.7 |
)% |
Advertising and promotion |
|
|
154 |
|
|
|
136 |
|
|
|
18 |
|
|
|
13.2 |
% |
Office |
|
|
111 |
|
|
|
136 |
|
|
|
(25 |
) |
|
|
(18.4 |
)% |
Core deposit intangible |
|
|
172 |
|
|
|
186 |
|
|
|
(14 |
) |
|
|
(7.5 |
)% |
Other |
|
|
778 |
|
|
|
928 |
|
|
|
(150 |
) |
|
|
(16.2 |
)% |
Total non-interest expense |
|
|
13,541 |
|
|
|
13,646 |
|
|
|
(105 |
) |
|
|
(0.8 |
)% |
Income before income tax expense |
|
|
1,287 |
|
|
|
9,183 |
|
|
|
(7,896 |
) |
|
|
(86.0 |
)% |
Income tax expense |
|
|
268 |
|
|
|
2,102 |
|
|
|
(1,834 |
) |
|
|
(87.3 |
)% |
Net income |
|
$ |
1,019 |
|
|
$ |
7,081 |
|
|
$ |
(6,062 |
) |
|
|
(85.6 |
)% |
Net income per common share - basic |
|
$ |
0.15 |
|
|
$ |
1.04 |
|
|
$ |
(0.89 |
) |
|
|
(85.6 |
)% |
Net income per common share - diluted |
|
$ |
0.15 |
|
|
$ |
1.04 |
|
|
$ |
(0.89 |
) |
|
|
(85.6 |
)% |
Weighted average shares outstanding - basic |
|
|
6,814 |
|
|
|
6,812 |
|
|
|
2 |
|
|
|
0.0 |
% |
Weighted average shares outstanding - diluted |
|
|
6,842 |
|
|
|
6,823 |
|
|
|
19 |
|
|
|
0.3 |
% |
7
Princeton Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
(Amounts in thousands, except per share data)
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|||||||
|
|
September 30, |
|
|
|
|
|
|
|
|||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans and fees |
|
$ |
85,390 |
|
|
$ |
89,171 |
|
|
$ |
(3,781 |
) |
|
|
(4.2 |
)% |
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
5,793 |
|
|
|
7,128 |
|
|
|
(1,335 |
) |
|
|
(18.7 |
)% |
Tax-exempt |
|
|
793 |
|
|
|
841 |
|
|
|
(48 |
) |
|
|
(5.7 |
)% |
Held-to-maturity debt securities |
|
|
6 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
Other interest and dividend income |
|
|
2,732 |
|
|
|
1,650 |
|
|
|
1,082 |
|
|
|
65.6 |
% |
Total interest and dividends |
|
|
94,714 |
|
|
|
98,796 |
|
|
|
(4,082 |
) |
|
|
(4.1 |
)% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
35,807 |
|
|
|
41,552 |
|
|
|
(5,745 |
) |
|
|
(13.8 |
)% |
Borrowings |
|
|
— |
|
|
|
58 |
|
|
|
(58 |
) |
|
|
(100.0 |
)% |
Total interest expense |
|
|
35,807 |
|
|
|
41,610 |
|
|
|
(5,803 |
) |
|
|
(13.9 |
)% |
Net interest income |
|
|
58,907 |
|
|
|
57,186 |
|
|
|
1,721 |
|
|
|
3.0 |
% |
Provision for credit losses |
|
|
7,131 |
|
|
|
6,552 |
|
|
|
579 |
|
|
|
8.8 |
% |
Net interest income after provision for credit losses |
|
|
51,776 |
|
|
|
50,634 |
|
|
|
1,142 |
|
|
|
2.3 |
% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from bank-owned life insurance |
|
|
1,548 |
|
|
|
1,471 |
|
|
|
77 |
|
|
|
5.2 |
% |
Fees and service charges |
|
|
1,786 |
|
|
|
1,617 |
|
|
|
169 |
|
|
|
10.5 |
% |
Loan fees, including prepayment penalties |
|
|
1,944 |
|
|
|
2,304 |
|
|
|
(360 |
) |
|
|
(15.6 |
)% |
Other |
|
|
2,068 |
|
|
|
957 |
|
|
|
1,111 |
|
|
|
116.1 |
% |
Total non-interest income |
|
|
7,346 |
|
|
|
6,349 |
|
|
|
997 |
|
|
|
15.7 |
% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
20,837 |
|
|
|
21,358 |
|
|
|
(521 |
) |
|
|
(2.4 |
)% |
Occupancy and equipment |
|
|
7,853 |
|
|
|
6,578 |
|
|
|
1,275 |
|
|
|
19.4 |
% |
Professional fees |
|
|
2,520 |
|
|
|
2,549 |
|
|
|
(29 |
) |
|
|
(1.1 |
)% |
Data processing and communications |
|
|
4,630 |
|
|
|
4,877 |
|
|
|
(247 |
) |
|
|
(5.1 |
)% |
Federal deposit insurance |
|
|
850 |
|
|
|
1,318 |
|
|
|
(468 |
) |
|
|
(35.5 |
)% |
Advertising and promotion |
|
|
465 |
|
|
|
535 |
|
|
|
(70 |
) |
|
|
(13.1 |
)% |
Office |
|
|
378 |
|
|
|
461 |
|
|
|
(83 |
) |
|
|
(18.0 |
)% |
Other real estate owned |
|
|
— |
|
|
|
27 |
|
|
|
(27 |
) |
|
|
(100.0 |
)% |
Core deposit intangible |
|
|
554 |
|
|
|
656 |
|
|
|
(102 |
) |
|
|
(15.5 |
)% |
Other |
|
|
2,515 |
|
|
|
2,859 |
|
|
|
(344 |
) |
|
|
(12.0 |
)% |
Total non-interest expense |
|
|
40,602 |
|
|
|
41,218 |
|
|
|
(616 |
) |
|
|
(1.5 |
)% |
Income before income tax expense |
|
|
18,520 |
|
|
|
15,765 |
|
|
|
2,755 |
|
|
|
17.5 |
% |
Income tax expense |
|
|
4,191 |
|
|
|
3,233 |
|
|
|
958 |
|
|
|
29.6 |
% |
Net income |
|
$ |
14,329 |
|
|
$ |
12,532 |
|
|
$ |
1,797 |
|
|
|
14.3 |
% |
Net income per common share - basic |
|
$ |
2.11 |
|
|
$ |
1.83 |
|
|
$ |
0.28 |
|
|
|
15.3 |
% |
Net income per common share - diluted |
|
$ |
2.10 |
|
|
$ |
1.82 |
|
|
$ |
0.28 |
|
|
|
15.4 |
% |
Weighted average shares outstanding - basic |
|
|
6,805 |
|
|
|
6,849 |
|
|
|
(44 |
) |
|
|
(0.6 |
)% |
Weighted average shares outstanding - diluted |
|
|
6,824 |
|
|
|
6,884 |
|
|
|
(60 |
) |
|
|
(0.9 |
)% |
8
Princeton Bancorp, Inc.
Consolidated Average Statement of Financial Condition
(Unaudited)
(Dollars in thousands)
|
|
For the Three Months Ended September 30, |
|
|
|
|
|
|
|
|||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
Change in |
|
|
Change in |
|
||||||||||||
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
||||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
1,796,026 |
|
|
|
6.33 |
% |
|
$ |
1,817,551 |
|
|
|
6.53 |
% |
|
$ |
(21,525 |
) |
|
|
(0.20 |
)% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable available-for-sale |
|
|
216,994 |
|
|
|
4.50 |
% |
|
|
178,947 |
|
|
|
4.95 |
% |
|
|
38,047 |
|
|
|
(0.45 |
)% |
Tax-exempt available-for-sale |
|
|
37,282 |
|
|
|
2.74 |
% |
|
|
39,269 |
|
|
|
2.83 |
% |
|
|
(1,987 |
) |
|
|
(0.09 |
)% |
Held-to-maturity |
|
|
148 |
|
|
|
5.33 |
% |
|
|
156 |
|
|
|
5.33 |
% |
|
|
(8 |
) |
|
|
— |
|
Total Securities |
|
|
254,424 |
|
|
|
4.24 |
% |
|
|
218,372 |
|
|
|
4.57 |
% |
|
|
36,052 |
|
|
|
(0.33 |
)% |
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
|
6,845 |
|
|
|
3.70 |
% |
|
|
15,911 |
|
|
|
4.33 |
% |
|
|
(9,066 |
) |
|
|
(0.63 |
)% |
Other interest-earning assets |
|
|
60,755 |
|
|
|
3.79 |
% |
|
|
12,156 |
|
|
|
4.92 |
% |
|
|
48,599 |
|
|
|
(1.13 |
)% |
Other interest-earning assets |
|
|
67,600 |
|
|
|
3.78 |
% |
|
|
28,067 |
|
|
|
4.58 |
% |
|
|
39,533 |
|
|
|
(0.80 |
)% |
Total interest-earning assets |
|
|
2,118,050 |
|
|
|
5.99 |
% |
|
|
2,063,990 |
|
|
|
6.29 |
% |
|
|
54,060 |
|
|
|
(0.30 |
)% |
Total non-earning assets |
|
|
168,288 |
|
|
|
|
|
|
170,260 |
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
2,286,338 |
|
|
|
|
|
$ |
2,234,250 |
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking |
|
$ |
327,747 |
|
|
|
2.06 |
% |
|
$ |
297,455 |
|
|
|
2.06 |
% |
|
$ |
30,292 |
|
|
|
— |
|
Savings |
|
|
165,036 |
|
|
|
2.11 |
% |
|
|
168,940 |
|
|
|
2.31 |
% |
|
|
(3,904 |
) |
|
|
(0.20 |
)% |
Money market |
|
|
543,871 |
|
|
|
2.95 |
% |
|
|
466,459 |
|
|
|
3.16 |
% |
|
|
77,412 |
|
|
|
(0.21 |
)% |
Certificates of deposit |
|
|
620,924 |
|
|
|
3.42 |
% |
|
|
702,996 |
|
|
|
3.86 |
% |
|
|
(82,072 |
) |
|
|
(0.44 |
)% |
Total interest-bearing deposits |
|
|
1,657,578 |
|
|
|
2.87 |
% |
|
|
1,635,850 |
|
|
|
3.17 |
% |
|
|
21,728 |
|
|
|
(0.30 |
)% |
Borrowings |
|
|
— |
|
|
N/A |
|
|
|
3,749 |
|
|
|
4.72 |
% |
|
|
(3,749 |
) |
|
N/A |
|
||
Total interest-bearing liabilities |
|
|
1,657,578 |
|
|
|
2.87 |
% |
|
|
1,639,599 |
|
|
|
3.18 |
% |
|
|
17,979 |
|
|
|
(0.31 |
)% |
Non interest-bearing deposits |
|
|
312,057 |
|
|
|
|
|
|
294,652 |
|
|
|
|
|
|
|
|
|
|
||||
Total cost of funds |
|
|
1,969,635 |
|
|
|
2.41 |
% |
|
|
1,934,251 |
|
|
|
2.69 |
% |
|
|
35,384 |
|
|
|
(0.28 |
)% |
Other liabilitites |
|
|
36,811 |
|
|
|
|
|
|
36,911 |
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
279,892 |
|
|
|
|
|
|
263,088 |
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ |
|
$ |
2,286,338 |
|
|
|
|
|
$ |
2,234,250 |
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
3.75 |
% |
|
|
|
|
|
3.77 |
% |
|
|
|
|
|
|
||||
Net interest margin (FTE) 1, 2 |
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.81 |
% |
|
|
|
|
|
|
||||
9
Princeton Bancorp, Inc.
Consolidated Average Statement of Financial Condition
(Unaudited)
(Dollars in thousands)
|
|
For the Nine Months Ended September 30, |
|
|
|
|
|
|
|
|||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
Change in |
|
|
Change in |
|
||||||||||||
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
||||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
1,797,233 |
|
|
|
6.35 |
% |
|
$ |
1,838,179 |
|
|
|
6.49 |
% |
|
$ |
(40,946 |
) |
|
|
(0.14 |
)% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable available-for-sale |
|
|
168,767 |
|
|
|
4.58 |
% |
|
|
192,605 |
|
|
|
4.93 |
% |
|
|
(23,838 |
) |
|
|
(0.35 |
)% |
Tax-exempt available-for-sale |
|
|
38,704 |
|
|
|
2.73 |
% |
|
|
39,421 |
|
|
|
2.84 |
% |
|
|
(717 |
) |
|
|
(0.11 |
)% |
Held-to-maturity |
|
|
150 |
|
|
|
5.33 |
% |
|
|
158 |
|
|
|
5.33 |
% |
|
|
(8 |
) |
|
|
— |
|
Total Securities |
|
|
207,621 |
|
|
|
4.23 |
% |
|
|
232,184 |
|
|
|
4.58 |
% |
|
|
(24,563 |
) |
|
|
(0.35 |
)% |
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
|
27,800 |
|
|
|
3.72 |
% |
|
|
34,339 |
|
|
|
4.41 |
% |
|
|
(6,539 |
) |
|
|
(0.69 |
)% |
Other interest-earning assets |
|
|
69,037 |
|
|
|
3.80 |
% |
|
|
14,311 |
|
|
|
4.85 |
% |
|
|
54,726 |
|
|
|
(1.05 |
)% |
Other interest-earning assets |
|
|
96,837 |
|
|
|
3.77 |
% |
|
|
48,650 |
|
|
|
4.54 |
% |
|
|
48,187 |
|
|
|
(0.77 |
)% |
Total interest-earning assets |
|
|
2,101,691 |
|
|
|
6.03 |
% |
|
|
2,119,013 |
|
|
|
6.23 |
% |
|
|
(17,322 |
) |
|
|
(0.20 |
)% |
Total non-earning assets |
|
|
166,742 |
|
|
|
|
|
|
169,000 |
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
2,268,433 |
|
|
|
|
|
$ |
2,288,013 |
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking |
|
$ |
326,954 |
|
|
|
2.04 |
% |
|
$ |
312,254 |
|
|
|
2.00 |
% |
|
$ |
14,700 |
|
|
|
0.04 |
% |
Savings |
|
|
166,509 |
|
|
|
2.10 |
% |
|
|
170,320 |
|
|
|
2.28 |
% |
|
|
(3,811 |
) |
|
|
(0.18 |
)% |
Money market |
|
|
503,435 |
|
|
|
2.93 |
% |
|
|
469,202 |
|
|
|
3.13 |
% |
|
|
34,233 |
|
|
|
(0.20 |
)% |
Certificates of deposit |
|
|
655,031 |
|
|
|
3.50 |
% |
|
|
738,673 |
|
|
|
4.16 |
% |
|
|
(83,642 |
) |
|
|
(0.66 |
)% |
Total interest-bearing deposits |
|
|
1,651,929 |
|
|
|
2.90 |
% |
|
|
1,690,449 |
|
|
|
3.29 |
% |
|
|
(38,520 |
) |
|
|
(0.39 |
)% |
Borrowings |
|
|
— |
|
|
N/A |
|
|
|
1,687 |
|
|
|
4.59 |
% |
|
|
(1,687 |
) |
|
N/A |
|
||
Total interest-bearing liabilities |
|
|
1,651,929 |
|
|
|
2.90 |
% |
|
|
1,692,136 |
|
|
|
3.29 |
% |
|
|
(40,207 |
) |
|
|
(0.39 |
)% |
Non interest-bearing deposits |
|
|
302,464 |
|
|
|
|
|
|
290,281 |
|
|
|
|
|
|
|
|
|
|
||||
Total cost of funds |
|
|
1,954,393 |
|
|
|
2.45 |
% |
|
|
1,982,417 |
|
|
|
2.80 |
% |
|
|
(28,024 |
) |
|
|
(0.35 |
)% |
Other liabilities |
|
|
38,055 |
|
|
|
|
|
|
41,599 |
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
275,985 |
|
|
|
|
|
|
263,997 |
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ |
|
$ |
2,268,433 |
|
|
|
|
|
$ |
2,288,013 |
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
3.13 |
% |
|
|
|
|
|
2.94 |
% |
|
|
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
3.75 |
% |
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
||||
Net interest margin (FTE) 1, 2 |
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.65 |
% |
|
|
|
|
|
|
||||
10
Princeton Bancorp, Inc.
Consolidated Average Statement of Financial Condition
(Unaudited)
(Dollars in thousands)
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|||||||||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
Change in |
|
|
Change in |
|
||||||||||||
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
||||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
1,796,026 |
|
|
|
6.33 |
% |
|
$ |
1,795,516 |
|
|
|
6.41 |
% |
|
$ |
510 |
|
|
|
(0.08 |
)% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable available-for-sale |
|
|
216,994 |
|
|
|
4.50 |
% |
|
|
155,641 |
|
|
|
4.71 |
% |
|
|
61,353 |
|
|
|
(0.21 |
)% |
Tax-exempt available-for-sale |
|
|
37,282 |
|
|
|
2.74 |
% |
|
|
38,806 |
|
|
|
2.72 |
% |
|
|
(1,524 |
) |
|
|
0.02 |
% |
Held-to-maturity |
|
|
148 |
|
|
|
5.33 |
% |
|
|
150 |
|
|
|
5.33 |
% |
|
|
(2 |
) |
|
|
— |
|
Total Securities |
|
|
254,424 |
|
|
|
4.24 |
% |
|
|
194,597 |
|
|
|
4.31 |
% |
|
|
59,827 |
|
|
|
(0.07 |
)% |
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
|
6,845 |
|
|
|
3.70 |
% |
|
|
8,817 |
|
|
|
3.66 |
% |
|
|
(1,972 |
) |
|
|
0.04 |
% |
Other interest-earning assets |
|
|
60,755 |
|
|
|
3.79 |
% |
|
|
83,676 |
|
|
|
3.82 |
% |
|
|
(22,921 |
) |
|
|
(0.03 |
)% |
Other interest-earning assets |
|
|
67,600 |
|
|
|
3.78 |
% |
|
|
92,493 |
|
|
|
3.80 |
% |
|
|
(24,893 |
) |
|
|
(0.02 |
)% |
Total interest-earning assets |
|
|
2,118,050 |
|
|
|
5.99 |
% |
|
|
2,082,606 |
|
|
|
6.10 |
% |
|
|
35,444 |
|
|
|
(0.11 |
)% |
Total non-earning assets |
|
|
168,288 |
|
|
|
|
|
|
167,339 |
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
2,286,338 |
|
|
|
|
|
$ |
2,249,945 |
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking |
|
$ |
327,747 |
|
|
|
2.06 |
% |
|
$ |
323,266 |
|
|
|
2.04 |
% |
|
$ |
4,481 |
|
|
|
0.02 |
% |
Savings |
|
|
165,036 |
|
|
|
2.11 |
% |
|
|
165,712 |
|
|
|
2.07 |
% |
|
|
(676 |
) |
|
|
0.04 |
% |
Money market |
|
|
543,871 |
|
|
|
2.95 |
% |
|
|
495,284 |
|
|
|
2.92 |
% |
|
|
48,587 |
|
|
|
0.03 |
% |
Certificates of deposit |
|
|
620,924 |
|
|
|
3.42 |
% |
|
|
644,658 |
|
|
|
3.43 |
% |
|
|
(23,734 |
) |
|
|
(0.01 |
)% |
Total interest-bearing deposits |
|
|
1,657,578 |
|
|
|
2.87 |
% |
|
|
1,628,920 |
|
|
|
2.86 |
% |
|
|
28,658 |
|
|
|
0.01 |
% |
Borrowings |
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|||
Total interest-bearing liabilities |
|
|
1,657,578 |
|
|
|
2.87 |
% |
|
|
1,628,920 |
|
|
|
2.86 |
% |
|
|
28,658 |
|
|
|
0.01 |
% |
Non interest-bearing deposits |
|
|
312,057 |
|
|
|
|
|
|
306,096 |
|
|
|
|
|
|
|
|
|
|
||||
Total cost of funds |
|
|
1,969,635 |
|
|
|
2.41 |
% |
|
|
1,935,016 |
|
|
|
2.41 |
% |
|
|
34,619 |
|
|
|
— |
|
Other liabilities |
|
|
36,811 |
|
|
|
|
|
|
39,252 |
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
279,892 |
|
|
|
|
|
|
275,677 |
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ |
|
$ |
2,286,338 |
|
|
|
|
|
$ |
2,249,945 |
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
3.75 |
% |
|
|
|
|
|
3.86 |
% |
|
|
|
|
|
|
||||
Net interest margin (FTE) 1, 2 |
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.90 |
% |
|
|
|
|
|
|
||||
11
Princeton Bancorp, Inc.
Quarterly Financial Highlights
(Unaudited)
|
|
2026 |
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
September |
|
|
June |
|
|
March |
|
|
December |
|
|
September |
|
|||||
Return on average assets |
|
|
0.18 |
% |
|
|
1.26 |
% |
|
|
1.11 |
% |
|
|
1.06 |
% |
|
|
1.15 |
% |
Return on average equity |
|
|
1.44 |
% |
|
|
10.30 |
% |
|
|
9.28 |
% |
|
|
9.00 |
% |
|
|
9.75 |
% |
Return on average tangible equity1 |
|
|
1.54 |
% |
|
|
10.97 |
% |
|
|
9.90 |
% |
|
|
9.62 |
% |
|
|
10.45 |
% |
Net interest margin |
|
|
3.75 |
% |
|
|
3.86 |
% |
|
|
3.63 |
% |
|
|
3.51 |
% |
|
|
3.77 |
% |
Net interest margin (FTE)1 |
|
|
3.79 |
% |
|
|
3.90 |
% |
|
|
3.67 |
% |
|
|
3.54 |
% |
|
|
3.81 |
% |
Adjusted efficiency ratio1 |
|
|
59.50 |
% |
|
|
59.89 |
% |
|
|
62.03 |
% |
|
|
60.38 |
% |
|
|
63.68 |
% |
COMMON STOCK DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Market value at period end |
|
$ |
42.92 |
|
|
$ |
37.95 |
|
|
$ |
33.77 |
|
|
$ |
34.69 |
|
|
$ |
31.84 |
|
Market range: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High |
|
$ |
43.88 |
|
|
$ |
38.35 |
|
|
$ |
37.84 |
|
|
$ |
36.69 |
|
|
$ |
34.84 |
|
Low |
|
$ |
37.13 |
|
|
$ |
34.04 |
|
|
$ |
32.98 |
|
|
$ |
29.75 |
|
|
$ |
29.95 |
|
Book value per common share at period end |
|
$ |
39.69 |
|
|
$ |
41.09 |
|
|
$ |
40.26 |
|
|
$ |
40.01 |
|
|
$ |
39.48 |
|
Tangible book value per common share1 |
|
$ |
37.25 |
|
|
$ |
38.62 |
|
|
$ |
37.76 |
|
|
$ |
37.48 |
|
|
$ |
36.80 |
|
Shares of common stock outstanding (in thousands) |
|
|
6,814 |
|
|
|
6,813 |
|
|
|
6,796 |
|
|
|
6,766 |
|
|
|
6,773 |
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total capital (to risk-weighted assets)2 |
|
|
14.10 |
% |
|
|
14.67 |
% |
|
|
13.98 |
% |
|
|
14.01 |
% |
|
|
13.78 |
% |
Tier 1 capital (to risk-weighted assets)2 |
|
|
13.10 |
% |
|
|
13.60 |
% |
|
|
12.93 |
% |
|
|
12.95 |
% |
|
|
12.73 |
% |
Tier 1 capital (to average assets)2 |
|
|
11.47 |
% |
|
|
11.69 |
% |
|
|
11.35 |
% |
|
|
11.12 |
% |
|
|
11.15 |
% |
Equity to assets |
|
|
11.72 |
% |
|
|
12.44 |
% |
|
|
12.14 |
% |
|
|
11.86 |
% |
|
|
11.96 |
% |
Tangible equity to tangible assets1 |
|
|
11.08 |
% |
|
|
11.78 |
% |
|
|
11.47 |
% |
|
|
11.18 |
% |
|
|
11.27 |
% |
CREDIT QUALITY DATA (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs (recoveries) |
|
$ |
8,307 |
|
|
$ |
(244 |
) |
|
$ |
1 |
|
|
$ |
235 |
|
|
$ |
(86 |
) |
Annualized net charge-offs (recoveries) to average |
|
|
1.85 |
% |
|
|
(0.05 |
)% |
|
|
0.00 |
% |
|
|
(0.00 |
)% |
|
|
(0.02 |
)% |
Nonperforming loans |
|
$ |
8,216 |
|
|
$ |
16,320 |
|
|
$ |
16,478 |
|
|
$ |
16,529 |
|
|
$ |
16,710 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
|
$ |
8,216 |
|
|
$ |
16,320 |
|
|
$ |
16,478 |
|
|
$ |
16,529 |
|
|
$ |
16,710 |
|
Allowance for credit losses as a percent of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Period-end loans, net of deferred fees and costs |
|
|
1.05 |
% |
|
|
1.13 |
% |
|
|
1.10 |
% |
|
|
1.12 |
% |
|
|
1.14 |
% |
Nonperforming loans |
|
|
235.70 |
% |
|
|
122.22 |
% |
|
|
121.58 |
% |
|
|
122.97 |
% |
|
|
122.33 |
% |
Nonperforming assets |
|
|
235.70 |
% |
|
|
122.22 |
% |
|
|
121.58 |
% |
|
|
122.97 |
% |
|
|
122.33 |
% |
Nonaccrual loans as a percent of total loans, net of |
|
|
0.44 |
% |
|
|
0.92 |
% |
|
|
0.91 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
12
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 U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of its performance. These non-GAAP financial measures are “tangible book value per common share,” “return on average tangible equity,” “efficiency ratio,” “adjusted efficiency ratio,” “tangible equity to tangible assets,” and “net interest margin on a fully taxable equivalent.” For the purpose of calculating return on average tangible equity, net income for such period is annualized and divided by average tangible equity during such period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible equity to tangible assets, tangible equity is divided by tangible assets. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating efficiency ratio, total operating expense is divided by total revenue for the period. For the purpose of calculating adjusted efficiency ratio, total operating expense minus core deposit intangible amortization is divided by total revenue for the period. For the purpose of calculating net interest margin on a fully taxable equivalent, fully taxable equivalent adjustments are added to net interest income for the period, net interest income fully taxable equivalent for such period is annualized and divided by average interest earning assets during such period.
Management believes that these non-GAAP financial measures provide valuable insights into understanding our financial results by excluding certain items that can distort our core business results. This allows investors to better understand our ongoing operations and assess our future potential, while still being transparent about the adjustments made to arrive at these non-GAAP figures. 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 28%.
13
Princeton Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(Unaudited)
(Dollars in thousands)
|
|
Three months ended |
|
|||||||||||||||||
|
|
2026 |
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
September |
|
|
June |
|
|
March |
|
|
December |
|
|
September |
|
|||||
Net income (annualized)1 |
|
$ |
4,043 |
|
|
$ |
28,402 |
|
|
$ |
25,262 |
|
|
$ |
24,122 |
|
|
$ |
25,653 |
|
Average equity2 |
|
|
279,892 |
|
|
|
275,677 |
|
|
|
272,318 |
|
|
|
267,971 |
|
|
|
263,088 |
|
Less: average intangible assets3 |
|
|
(16,709 |
) |
|
|
(16,890 |
) |
|
|
(17,084 |
) |
|
|
(17,280 |
) |
|
|
(17,493 |
) |
Average Tangible Equity |
|
$ |
263,183 |
|
|
$ |
258,787 |
|
|
$ |
255,234 |
|
|
$ |
250,691 |
|
|
$ |
245,595 |
|
Return on average tangible equity |
|
|
1.54 |
% |
|
|
10.97 |
% |
|
|
9.90 |
% |
|
|
9.62 |
% |
|
|
10.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
20,009 |
|
|
$ |
20,040 |
|
|
$ |
18,858 |
|
|
$ |
18,630 |
|
|
$ |
19,619 |
|
Other income |
|
|
2,459 |
|
|
|
2,436 |
|
|
|
2,451 |
|
|
|
2,119 |
|
|
|
1,908 |
|
Total revenue |
|
|
22,468 |
|
|
|
22,476 |
|
|
|
21,309 |
|
|
|
20,749 |
|
|
|
21,527 |
|
Non-interest expenses |
|
$ |
13,541 |
|
|
$ |
13,646 |
|
|
$ |
13,415 |
|
|
$ |
12,729 |
|
|
$ |
13,917 |
|
Less: core deposit intangible amortization |
|
|
(172 |
) |
|
|
(186 |
) |
|
|
(196 |
) |
|
|
(200 |
) |
|
|
(209 |
) |
Total operating expenses |
|
$ |
13,369 |
|
|
$ |
13,460 |
|
|
$ |
13,219 |
|
|
$ |
12,529 |
|
|
$ |
13,708 |
|
Adjusted efficiency ratio |
|
|
59.50 |
% |
|
|
59.89 |
% |
|
|
62.03 |
% |
|
|
60.38 |
% |
|
|
63.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Assets |
|
$ |
2,308,280 |
|
|
$ |
2,251,012 |
|
|
$ |
2,253,767 |
|
|
$ |
2,285,147 |
|
|
$ |
2,229,090 |
|
Less: intangible assets |
|
|
(16,604 |
) |
|
|
(16,775 |
) |
|
|
(16,961 |
) |
|
|
(17,157 |
) |
|
|
(17,357 |
) |
Tangible assets |
|
$ |
2,291,676 |
|
|
$ |
2,234,237 |
|
|
$ |
2,236,806 |
|
|
$ |
2,267,990 |
|
|
$ |
2,211,733 |
|
Stockholders’ equity |
|
$ |
270,438 |
|
|
$ |
279,923 |
|
|
$ |
273,599 |
|
|
$ |
270,712 |
|
|
$ |
266,607 |
|
Less: intangible assets |
|
|
(16,604 |
) |
|
|
(16,775 |
) |
|
|
(16,961 |
) |
|
|
(17,157 |
) |
|
|
(17,357 |
) |
Tangible equity |
|
$ |
253,834 |
|
|
$ |
263,148 |
|
|
$ |
256,638 |
|
|
$ |
253,555 |
|
|
$ |
249,250 |
|
Tangible equity to tangible assets |
|
|
11.08 |
% |
|
|
11.78 |
% |
|
|
11.47 |
% |
|
|
11.18 |
% |
|
|
11.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible equity |
|
$ |
253,834 |
|
|
$ |
263,148 |
|
|
$ |
256,638 |
|
|
$ |
253,555 |
|
|
$ |
249,250 |
|
Shares outstanding (in thousands) |
|
|
6,814 |
|
|
|
6,813 |
|
|
|
6,796 |
|
|
|
6,766 |
|
|
|
6,773 |
|
Tangible book value per share |
|
$ |
37.25 |
|
|
$ |
38.62 |
|
|
$ |
37.76 |
|
|
$ |
37.48 |
|
|
$ |
36.80 |
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
2026 |
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
September |
|
|
June |
|
|
March |
|
|
December |
|
|
September |
|
|||||
Net interest income |
|
$ |
20,009 |
|
|
$ |
20,040 |
|
|
$ |
18,858 |
|
|
$ |
18,630 |
|
|
$ |
19,619 |
|
FTE adjustment3 |
|
|
202 |
|
|
|
203 |
|
|
|
207 |
|
|
|
209 |
|
|
|
211 |
|
Net interest income FTE |
|
$ |
20,211 |
|
|
$ |
20,243 |
|
|
$ |
19,065 |
|
|
$ |
18,839 |
|
|
$ |
19,830 |
|
Net interest income FTE (annualized)1 |
|
$ |
80,184 |
|
|
$ |
81,194 |
|
|
$ |
77,318 |
|
|
$ |
74,743 |
|
|
$ |
78,675 |
|
Average interest earning assets |
|
|
2,118,050 |
|
|
|
2,082,606 |
|
|
|
2,104,262 |
|
|
|
2,108,657 |
|
|
|
2,063,990 |
|
Net interest margin FTE |
|
|
3.79 |
% |
|
|
3.90 |
% |
|
|
3.67 |
% |
|
|
3.54 |
% |
|
|
3.81 |
% |
14
|
|
Nine Months Ended |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
September |
|
|
September |
|
||
Net interest income |
|
$ |
58,907 |
|
|
$ |
57,186 |
|
FTE adjustment3 |
|
|
611 |
|
|
|
673 |
|
Net interest income FTE |
|
$ |
59,518 |
|
|
$ |
57,859 |
|
Net interest income FTE (annualized)1 |
|
$ |
79,576 |
|
|
$ |
77,357 |
|
Average interest earning assets |
|
|
2,101,691 |
|
|
|
2,119,013 |
|
Net interest margin FTE |
|
|
3.79 |
% |
|
|
3.65 |
% |
15