BPRN 8-K
Princeton Bancorp, Inc. (BPRN)
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
April 23, 2026
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission |
(IRS Employer Ident. No.) |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code:
N/A
(Former name or former address, if changed since last report.)
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:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange |
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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 April 23, 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 months ended March 31, 2026.
A copy of the press release is furnished as Exhibit 99.1 hereto.
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) |
2
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: April 23, 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
609.454.0718
Princeton Bancorp Announces
First Quarter 2026 Results
Princeton, NJ, April 23, 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 at, and its results of operations for the quarter ended, March 31, 2026.
President/CEO Edward Dietzler commented on the quarter results, “The Company started 2026 with a strong quarterly performance, with net income of $6.2 million and diluted EPS of $0.91. These results were supported by an increase in non-interest income of over 15%, as well as a reduction in credit provision, and an improved net interest margin when compared to the fourth quarter of 2025."
The Company reported net income of $6.2 million, or $0.91 per diluted common share, for the first quarter of 2026, compared to $6.1 million, or $0.90 per diluted common share, for the fourth quarter of 2025, and net income of $5.4 million, or $0.77 per diluted common share, for the first quarter of 2025. The increase in net income for the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to an increase in non-interest income of $332 thousand, an increase in net interest income of $228 thousand, and a decrease in provision for credit losses of $258 thousand, partially offset by an increase in non-interest expense of $686 thousand. The increase in net income for the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to an increase in non-interest income of $261 thousand, an increase in net-interest income of $101 thousand, a decrease in non-interest expense of $377 thousand, and a decrease in the provision for credit losses of $424 thousand, partially offset by an increase of $312 thousand in income tax expense.
Review of Statements of Financial Condition
Total assets were $2.25 billion at March 31, 2026, a decrease of $29.4 million, or 1.29%, when compared to $2.28 billion at the December 31, 2025. The primary reason for the decrease in total assets was related to a decrease in cash and cash equivalents of $15.9 million and a decrease in investment securities of $15.2 million, partially offset by an increase in loans of $2.7 million.
Total deposits at March 31, 2026, decreased $33.5 million, or 1.70%, when compared to December 31, 2025. The decrease in the Company’s deposits consisted primarily of decreases in certificates of deposit of $53.2 million, and interest-bearing demand deposits of $25.3 million, partially offset by an increase in money market deposits of $26.5 million, non-interest-bearing demand deposits of $17.2 million, and savings deposits of $1.3 million. We believe that our balance sheet liquidity remains strong at March 31, 2026 with $119.8 million in cash and cash equivalents, as well as available for sale securities of $164.5 million.
Total stockholders’ equity at March 31, 2026 increased $2.9 million, or 1.07%, when compared to December 31, 2025. The increase was primarily due to an increase in retained earnings of $3.8 million (which consisted of $6.2 million in net income, partially offset by $2.4 million of cash dividends recorded during the period), partially offset by an increase in accumulated other comprehensive loss of $845 thousand due to increases in market interest rates. The ratio of equity to total assets at March 31, 2026 and at December 31, 2025 was 12.1% and 11.9%, respectively.
Asset Quality
At March 31, 2026, non-performing assets remained steady at $16.5 million, compared to $16.5 million at December 31, 2025.
Review of Quarterly and Year-to-Date Financial Results
Net interest income was $18.9 million for the first quarter of 2026, an increase of $228 thousand over the fourth quarter of 2025, and an increase of $101 thousand compared to $18.8 million for the first quarter of 2025. The increase in net interest income when compared with the fourth quarter of 2025 was primarily related to a decrease in interest expense of $913 thousand or, 7.0%, partially offset by a decrease in interest income of $685 thousand, or 2.2%. The increase in net interest income when compared with the first quarter of 2025 was primarily due to a $2.3 million decrease in interest expense, partially offset by a decrease in interest income of $2.2 million. The net interest margin for the first quarter of 2026 was 3.63%, an increase of 12 basis points when compared to the fourth quarter of 2025, and an increase of 12 basis points when compared to the first quarter of 2025. When comparing the first quarter of 2026 and the fourth quarter of 2025 periods, the decrease in interest income and increase in net interest margin were primarily associated with a decrease in average total investments of $24.6 million, a decrease in average loans of $1.7 million, partially offset by an increase in the Company’s yield earned on interest-earning assets of 2 basis points.
When comparing the first quarter of 2026 and first quarter of 2025, the $2.3 million decrease in interest expense was primarily due to the Company's cost of funds decreasing by 38 basis points and average interest-bearing deposits decreasing by $69.5 million. The decrease in interest expense was partially offset by a $2.2 million decrease in interest income caused by a decrease in average interest-earning assets of $60.6 million, and a decrease of 25 basis points in the yield earned on interest-earning assets.
The Company recorded a reversal of credit losses of $156 thousand during the first quarter of 2026, which consisted of a $291 thousand decrease recorded to the allowance of credit losses, offset by an increase to the provision for credit losses of $135 thousand related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. The current quarters' reversal of provision recorded on the Company’s statements of income was $258 thousand lower when compared to the fourth quarter of 2025 and was $424 thousand lower when compared to the first quarter of 2025. The coverage ratio of the allowance for credit losses to period end loans was 1.10% at March 31, 2026, and 1.12% at December 31, 2025.
Total non-interest income of $2.5 million for the first quarter of 2026 increased $332 thousand, or 15.7%, when compared to the fourth quarter of 2025 and increased $261 thousand, or 11.9%, when compared to the first quarter of 2025. The increase over the fourth quarter of 2025 was primarily due to an increase in other non-interest income of $320 thousand discussed below. The increase over the prior year’s first quarter was primarily due to increases in other non-interest income of $303 thousand, an increase in fees and service charges of $69 thousand, and an increase in income from bank-owned life insurance of $36 thousand, partially offset by a decrease in loan fees of $147 thousand. The increase in other non-interest income for the first quarter of 2026 was related to a gain recorded on an equity investment in the amount of $232 thousand recorded in the first quarter of 2026 compared to no such net gain in either the fourth or first quarters of 2025.
Total non-interest expense of $13.4 million for the first quarter of 2026 increased $686 thousand, or 5.4%, when compared to the fourth quarter of 2025. This increase over the prior quarter was primarily due to increases in salaries and employee benefits expenses of $608 thousand, occupancy and equipment expenses of $236 thousand, partially offset by a decrease in other non-interest expenses of $206 thousand. Total non-interest expense for the first quarter of 2026 decreased $377 thousand, or 2.7%, when compared to the first quarter of 2025, primarily due to lower salary and employee benefits expense and FDIC insurance expense.
2
For the quarter ended March 31, 2026, the Company recorded an income tax expense of $1.8 million, resulting in an effective tax rate of 22.6%, compared to an income tax expense of $1.8 million, resulting in an effective tax rate of 23.2% for the quarter ended December 31, 2025 and compared to an income tax expense of $1.5 million resulting in an effective tax rate of 21.9% for the quarter ended March 31, 2025.
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 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, 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 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 potential impact of any 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 global impact of foreign military conflicts; 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
3
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.
4
Princeton Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
(Dollars in thousands, except per share data)
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March 31, 2026 vs |
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March 31, 2026 vs |
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March 31, |
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December 31, |
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March 31, |
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December 31, 2025 |
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March 31, 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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$ |
119,794 |
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$ |
135,686 |
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$ |
67,674 |
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$ |
(15,892 |
) |
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(11.71 |
)% |
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$ |
52,120 |
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77.02 |
% |
Securities available-for-sale- |
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125,582 |
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140,817 |
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199,931 |
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(15,235 |
) |
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(10.82 |
)% |
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(74,349 |
) |
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(37.19 |
)% |
Securities available-for-sale- |
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38,975 |
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39,752 |
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39,304 |
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(777 |
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(1.95 |
)% |
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(329 |
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(0.84 |
)% |
Securities held-to-maturity |
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151 |
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153 |
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159 |
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(2 |
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(1.31 |
)% |
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(8 |
) |
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(5.03 |
)% |
Loans receivable, net of deferred |
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1,819,133 |
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1,816,416 |
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1,856,539 |
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2,717 |
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0.15 |
% |
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(37,406 |
) |
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(2.01 |
)% |
Allowance for credit losses |
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(20,033 |
) |
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(20,325 |
) |
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(23,942 |
) |
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292 |
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(1.44 |
)% |
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3,909 |
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(16.33 |
)% |
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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2,580 |
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2,776 |
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3,403 |
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(196 |
) |
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(7.06 |
)% |
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(823 |
) |
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(24.18 |
)% |
Other assets |
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153,204 |
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153,491 |
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160,648 |
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(287 |
) |
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(0.19 |
)% |
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(7,444 |
) |
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(4.63 |
)% |
TOTAL ASSETS |
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$ |
2,253,767 |
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$ |
2,283,147 |
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$ |
2,318,097 |
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$ |
(29,380 |
) |
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(1.29 |
)% |
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$ |
(64,330 |
) |
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(2.78 |
)% |
LIABILITIES |
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Non-interest checking |
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$ |
303,233 |
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$ |
286,013 |
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$ |
290,496 |
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$ |
17,220 |
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6.02 |
% |
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$ |
12,737 |
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4.38 |
% |
Interest checking |
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308,204 |
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333,533 |
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331,032 |
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(25,329 |
) |
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(7.59 |
)% |
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(22,828 |
) |
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(6.90 |
)% |
Savings |
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169,031 |
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167,735 |
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172,546 |
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1,296 |
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0.77 |
% |
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(3,515 |
) |
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(2.04 |
)% |
Money market |
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490,711 |
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464,205 |
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464,012 |
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26,506 |
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5.71 |
% |
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26,699 |
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5.75 |
% |
Time deposits over $250,000 |
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241,134 |
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256,929 |
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220,968 |
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(15,795 |
) |
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(6.15 |
)% |
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20,166 |
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9.13 |
% |
Other time deposits |
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430,346 |
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467,778 |
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531,612 |
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(37,432 |
) |
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(8.00 |
)% |
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(101,266 |
) |
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(19.05 |
)% |
Total deposits |
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1,942,659 |
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1,976,193 |
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2,010,666 |
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(33,534 |
) |
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(1.70 |
)% |
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(68,007 |
) |
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(3.38 |
)% |
Other liabilities |
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37,509 |
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36,242 |
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40,444 |
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1,267 |
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3.50 |
% |
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(2,935 |
) |
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(7.26 |
)% |
TOTAL LIABILITIES |
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1,980,168 |
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2,012,435 |
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2,051,110 |
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(32,267 |
) |
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(1.60 |
)% |
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(70,942 |
) |
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(3.46 |
)% |
STOCKHOLDERS’ EQUITY |
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N/A |
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Paid-in capital |
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122,988 |
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122,954 |
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120,452 |
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34 |
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0.03 |
% |
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2,536 |
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2.11 |
% |
Treasury stock |
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(8,762 |
) |
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(8,707 |
) |
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(1,005 |
) |
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(55 |
) |
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0.63 |
% |
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(7,757 |
) |
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771.84 |
% |
Retained earnings |
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165,483 |
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161,730 |
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155,170 |
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3,753 |
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2.32 |
% |
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10,313 |
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6.65 |
% |
Accumulated other |
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(6,110 |
) |
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(5,265 |
) |
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(7,630 |
) |
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(845 |
) |
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16.05 |
% |
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1,520 |
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(19.92 |
)% |
TOTAL STOCKHOLDERS’ |
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273,599 |
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270,712 |
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266,987 |
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2,887 |
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1.07 |
% |
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6,612 |
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2.48 |
% |
TOTAL LIABILITIES |
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$ |
2,253,767 |
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$ |
2,283,147 |
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$ |
2,318,097 |
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(29,380 |
) |
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(4.21 |
)% |
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(64,330 |
) |
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(2.78 |
)% |
Book value per common share |
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$ |
40.26 |
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$ |
40.01 |
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$ |
38.56 |
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$ |
0.25 |
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0.62 |
% |
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$ |
1.70 |
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4.41 |
% |
Tangible book value per |
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$ |
37.76 |
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$ |
37.48 |
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$ |
36.00 |
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$ |
0.28 |
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0.75 |
% |
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$ |
1.76 |
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4.89 |
% |
For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below.
5
Princeton Bancorp, Inc.
Loan and Deposit Tables
(Unaudited)
The components of loans receivable, net at March 31, 2026 and December 31, 2025 were as follows:
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March 31, |
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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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$ |
1,323,347 |
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$ |
1,343,531 |
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Commercial and industrial |
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80,673 |
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76,557 |
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Construction |
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210,862 |
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209,483 |
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Residential first-lien mortgages |
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170,553 |
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163,813 |
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Home equity / consumer |
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36,192 |
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25,359 |
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Total loans |
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1,821,627 |
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1,818,743 |
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Deferred fees and costs |
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(2,494 |
) |
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(2,327 |
) |
Allowance for credit losses |
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(20,033 |
) |
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(20,325 |
) |
Loans, net |
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$ |
1,799,100 |
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$ |
1,796,091 |
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The components of deposits at March 31, 2026 and December 31, 2025 were as follows:
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March 31, |
|
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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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Non-interest checking |
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$ |
303,233 |
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$ |
286,013 |
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Interest checking |
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|
308,204 |
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|
333,533 |
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Savings |
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169,031 |
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|
167,735 |
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Money market |
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|
490,711 |
|
|
|
464,205 |
|
Time deposits |
|
|
671,480 |
|
|
|
724,707 |
|
Total deposits |
|
$ |
1,942,659 |
|
|
$ |
1,976,193 |
|
6
Princeton Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
(Amounts in thousands except per share data)
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans and fees |
|
$ |
28,066 |
|
|
$ |
29,624 |
|
|
$ |
(1,558 |
) |
|
|
(5.3 |
)% |
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
1,519 |
|
|
|
2,616 |
|
|
|
(1,097 |
) |
|
|
(41.9 |
)% |
Tax-exempt |
|
|
274 |
|
|
|
284 |
|
|
|
(10 |
) |
|
|
(3.5 |
)% |
Held-to-maturity debt securities |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
Other interest and dividend income |
|
|
1,210 |
|
|
|
769 |
|
|
|
441 |
|
|
|
57.3 |
% |
Total interest and dividends |
|
|
31,071 |
|
|
|
33,295 |
|
|
|
(2,224 |
) |
|
|
(6.7 |
)% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
12,213 |
|
|
|
14,538 |
|
|
|
(2,325 |
) |
|
|
(16.0 |
)% |
Borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
|
Total interest expense |
|
|
12,213 |
|
|
|
14,538 |
|
|
|
(2,325 |
) |
|
|
(16.0 |
)% |
Net interest income |
|
|
18,858 |
|
|
|
18,757 |
|
|
|
101 |
|
|
|
0.5 |
% |
Provision for (reversal of) credit losses |
|
|
(156 |
) |
|
|
268 |
|
|
|
(424 |
) |
|
|
(158.2 |
)% |
Net interest income after provision for (reversal of) credit losses |
|
|
19,014 |
|
|
|
18,489 |
|
|
|
525 |
|
|
|
2.8 |
% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from bank-owned life insurance |
|
|
507 |
|
|
|
471 |
|
|
|
36 |
|
|
|
7.6 |
% |
Fees and service charges |
|
|
580 |
|
|
|
511 |
|
|
|
69 |
|
|
|
13.5 |
% |
Loan fees, including prepayment penalties |
|
|
528 |
|
|
|
675 |
|
|
|
(147 |
) |
|
|
(21.8 |
)% |
Other |
|
|
836 |
|
|
|
533 |
|
|
|
303 |
|
|
|
56.8 |
% |
Total non-interest income |
|
|
2,451 |
|
|
|
2,190 |
|
|
|
261 |
|
|
|
11.9 |
% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
7,025 |
|
|
|
7,172 |
|
|
|
(147 |
) |
|
|
(2.0 |
)% |
Occupancy and equipment |
|
|
2,392 |
|
|
|
2,285 |
|
|
|
107 |
|
|
|
4.7 |
% |
Professional fees |
|
|
760 |
|
|
|
761 |
|
|
|
(1 |
) |
|
|
(0.1 |
)% |
Data processing and communications |
|
|
1,627 |
|
|
|
1,626 |
|
|
|
1 |
|
|
|
0.1 |
% |
Federal deposit insurance |
|
|
300 |
|
|
|
533 |
|
|
|
(233 |
) |
|
|
(43.7 |
)% |
Advertising and promotion |
|
|
175 |
|
|
|
171 |
|
|
|
4 |
|
|
|
2.3 |
% |
Office |
|
|
131 |
|
|
|
110 |
|
|
|
21 |
|
|
|
19.1 |
% |
Other real eastate owned |
|
|
— |
|
|
|
27 |
|
|
|
(27 |
) |
|
|
(100.0 |
)% |
Core deposit intangible |
|
|
196 |
|
|
|
228 |
|
|
|
(32 |
) |
|
|
(14.0 |
)% |
Other |
|
|
809 |
|
|
|
879 |
|
|
|
(70 |
) |
|
|
(8.0 |
)% |
Total non-interest expense |
|
|
13,415 |
|
|
|
13,792 |
|
|
|
(377 |
) |
|
|
(2.7 |
)% |
Income before income tax expense |
|
|
8,050 |
|
|
|
6,887 |
|
|
|
1,163 |
|
|
|
16.9 |
% |
Income tax expense |
|
|
1,821 |
|
|
|
1,509 |
|
|
|
312 |
|
|
|
20.7 |
% |
Net income |
|
$ |
6,229 |
|
|
$ |
5,378 |
|
|
$ |
851 |
|
|
|
15.8 |
% |
Net income per common share - basic |
|
$ |
0.92 |
|
|
$ |
0.78 |
|
|
$ |
0.14 |
|
|
|
17.8 |
% |
Net income per common share - diluted |
|
$ |
0.91 |
|
|
$ |
0.77 |
|
|
$ |
0.14 |
|
|
|
18.5 |
% |
Weighted average shares outstanding - basic |
|
|
6,788 |
|
|
|
6,905 |
|
|
|
(117 |
) |
|
|
(1.7 |
)% |
Weighted average shares outstanding - diluted |
|
|
6,808 |
|
|
|
6,964 |
|
|
|
(156 |
) |
|
|
(2.2 |
)% |
7
Princeton Bancorp, Inc.
Consolidated Statements of Income (Current Quarter vs Prior Quarter)
(Unaudited)
(Amounts in thousands, except per share data)
|
|
Three Months Ended |
|
|
|
|
|
|
|
|||||||
|
|
March 31, |
|
|
December 31, |
|
|
|
|
|
|
|
||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans and fees |
|
$ |
28,066 |
|
|
$ |
28,597 |
|
|
$ |
(531 |
) |
|
|
(1.9 |
)% |
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable |
|
|
1,519 |
|
|
|
1,797 |
|
|
|
(278 |
) |
|
|
(15.5 |
)% |
Tax-exempt |
|
|
274 |
|
|
|
276 |
|
|
|
(2 |
) |
|
|
(0.7 |
)% |
Held-to-maturity debt securities |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
0.0 |
% |
Other interest and dividend income |
|
|
1,210 |
|
|
|
1,084 |
|
|
|
126 |
|
|
|
11.6 |
% |
Total interest and dividends |
|
|
31,071 |
|
|
|
31,756 |
|
|
|
(685 |
) |
|
|
(2.2 |
)% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
12,213 |
|
|
|
13,126 |
|
|
|
(913 |
) |
|
|
(7.0 |
)% |
Borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
|
Total interest expense |
|
|
12,213 |
|
|
|
13,126 |
|
|
|
(913 |
) |
|
|
(7.0 |
)% |
Net interest income |
|
|
18,858 |
|
|
|
18,630 |
|
|
|
228 |
|
|
|
1.2 |
% |
Provision for (reversal of) credit losses |
|
|
(156 |
) |
|
|
102 |
|
|
|
(258 |
) |
|
|
(252.9 |
)% |
Net interest income after provision for (reversal of) credit losses |
|
|
19,014 |
|
|
|
18,528 |
|
|
|
486 |
|
|
|
2.6 |
% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from bank-owned life insurance |
|
|
507 |
|
|
|
528 |
|
|
|
(21 |
) |
|
|
(4.0 |
)% |
Fees and service charges |
|
|
580 |
|
|
|
575 |
|
|
|
5 |
|
|
|
0.9 |
% |
Loan fees, including prepayment penalties |
|
|
528 |
|
|
|
500 |
|
|
|
28 |
|
|
|
5.6 |
% |
Other |
|
|
836 |
|
|
|
516 |
|
|
|
320 |
|
|
|
62.0 |
% |
Total non-interest income |
|
|
2,451 |
|
|
|
2,119 |
|
|
|
332 |
|
|
|
15.7 |
% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
7,025 |
|
|
|
6,417 |
|
|
|
608 |
|
|
|
9.5 |
% |
Occupancy and equipment |
|
|
2,392 |
|
|
|
2,156 |
|
|
|
236 |
|
|
|
10.9 |
% |
Professional fees |
|
|
760 |
|
|
|
789 |
|
|
|
(29 |
) |
|
|
(3.7 |
)% |
Data processing and communications |
|
|
1,627 |
|
|
|
1,600 |
|
|
|
27 |
|
|
|
1.7 |
% |
Federal deposit insurance |
|
|
300 |
|
|
|
275 |
|
|
|
25 |
|
|
|
9.1 |
% |
Advertising and promotion |
|
|
175 |
|
|
|
160 |
|
|
|
15 |
|
|
|
9.4 |
% |
Office |
|
|
131 |
|
|
|
117 |
|
|
|
14 |
|
|
|
12.0 |
% |
Core deposit intangible |
|
|
196 |
|
|
|
200 |
|
|
|
(4 |
) |
|
|
(2.0 |
)% |
Other |
|
|
809 |
|
|
|
1,015 |
|
|
|
(206 |
) |
|
|
(20.3 |
)% |
Total non-interest expense |
|
|
13,415 |
|
|
|
12,729 |
|
|
|
686 |
|
|
|
5.4 |
% |
Income before income tax expense |
|
|
8,050 |
|
|
|
7,918 |
|
|
|
132 |
|
|
|
1.7 |
% |
Income tax expense |
|
|
1,821 |
|
|
|
1,838 |
|
|
|
(17 |
) |
|
|
(0.9 |
)% |
Net income |
|
$ |
6,229 |
|
|
$ |
6,080 |
|
|
$ |
149 |
|
|
|
2.5 |
% |
Net income per common share - basic |
|
$ |
0.92 |
|
|
$ |
0.90 |
|
|
$ |
0.02 |
|
|
|
2.2 |
% |
Net income per common share - diluted |
|
$ |
0.91 |
|
|
$ |
0.90 |
|
|
$ |
0.01 |
|
|
|
1.1 |
% |
Weighted average shares outstanding - basic |
|
|
6,788 |
|
|
|
6,765 |
|
|
|
23 |
|
|
|
0.3 |
% |
Weighted average shares outstanding - diluted |
|
|
6,808 |
|
|
|
6,787 |
|
|
|
21 |
|
|
|
0.3 |
% |
8
Princeton Bancorp, Inc.
Consolidated Average Statement of Financial Condition
(Unaudited)
(Dollars in thousands)
|
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
Change in |
|
|
Change in |
|
||||||||||||
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
||||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
1,800,201 |
|
|
|
6.32 |
% |
|
$ |
1,851,439 |
|
|
|
6.49 |
% |
|
$ |
(51,238 |
) |
|
|
(0.17 |
)% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable available-for-sale |
|
|
132,740 |
|
|
|
4.58 |
% |
|
|
203,992 |
|
|
|
5.13 |
% |
|
|
(71,252 |
) |
|
|
(0.55 |
)% |
Tax-exempt available-for-sale |
|
|
40,054 |
|
|
|
2.73 |
% |
|
|
39,978 |
|
|
|
2.84 |
% |
|
|
76 |
|
|
|
(0.11 |
)% |
Held-to-maturity |
|
|
152 |
|
|
|
5.33 |
% |
|
|
160 |
|
|
|
5.33 |
% |
|
|
(8 |
) |
|
|
— |
|
Total Securities |
|
|
172,946 |
|
|
|
4.15 |
% |
|
|
244,130 |
|
|
|
4.76 |
% |
|
|
(71,184 |
) |
|
|
(0.61 |
)% |
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
|
68,415 |
|
|
|
3.72 |
% |
|
|
53,314 |
|
|
|
4.42 |
% |
|
|
15,101 |
|
|
|
(0.70 |
)% |
Other interest-earning assets |
|
|
62,700 |
|
|
|
3.84 |
% |
|
|
16,028 |
|
|
|
4.81 |
% |
|
|
46,672 |
|
|
|
(0.97 |
)% |
Other interest-earning assets |
|
|
131,115 |
|
|
|
3.78 |
% |
|
|
69,342 |
|
|
|
4.51 |
% |
|
|
61,773 |
|
|
|
(0.73 |
)% |
Total interest-earning assets |
|
|
2,104,262 |
|
|
|
5.99 |
% |
|
|
2,164,911 |
|
|
|
6.24 |
% |
|
|
(60,649 |
) |
|
|
(0.25 |
)% |
Total non-earning assets |
|
|
164,573 |
|
|
|
|
|
|
170,945 |
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
2,268,835 |
|
|
|
|
|
$ |
2,335,856 |
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking |
|
$ |
329,872 |
|
|
|
2.03 |
% |
|
$ |
325,278 |
|
|
|
1.94 |
% |
|
$ |
4,594 |
|
|
|
0.09 |
% |
Savings |
|
|
168,820 |
|
|
|
2.13 |
% |
|
|
171,404 |
|
|
|
2.24 |
% |
|
|
(2,584 |
) |
|
|
(0.11 |
)% |
Money market |
|
|
470,343 |
|
|
|
2.94 |
% |
|
|
476,338 |
|
|
|
3.10 |
% |
|
|
(5,995 |
) |
|
|
(0.16 |
)% |
Certificates of deposit |
|
|
700,384 |
|
|
|
3.63 |
% |
|
|
765,942 |
|
|
|
4.45 |
% |
|
|
(65,558 |
) |
|
|
(0.82 |
)% |
Total interest-bearing deposits |
|
|
1,669,419 |
|
|
|
2.97 |
% |
|
|
1,738,962 |
|
|
|
3.39 |
% |
|
|
(69,543 |
) |
|
|
(0.42 |
)% |
Non-interest bearing deposits |
|
|
288,984 |
|
|
|
|
|
|
287,506 |
|
|
|
|
|
|
|
|
|
|
||||
Total deposits |
|
|
1,958,403 |
|
|
|
2.53 |
% |
|
|
2,026,468 |
|
|
|
2.91 |
% |
|
|
(68,065 |
) |
|
|
(0.38 |
)% |
Borrowings |
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|||
Total interest-bearing liabilities |
|
|
1,669,419 |
|
|
|
2.97 |
% |
|
|
1,738,962 |
|
|
|
3.39 |
% |
|
|
(69,543 |
) |
|
|
(0.42 |
)% |
Non-interest-bearing deposits |
|
|
288,984 |
|
|
|
|
|
|
287,506 |
|
|
|
|
|
|
|
|
|
|
||||
Total cost of funds |
|
|
1,958,403 |
|
|
|
2.53 |
% |
|
|
2,026,468 |
|
|
|
2.91 |
% |
|
|
(68,065 |
) |
|
|
(0.38 |
)% |
Accrued expenses and other liabilities |
|
|
38,114 |
|
|
|
|
|
|
45,354 |
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
272,318 |
|
|
|
|
|
|
264,034 |
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ |
|
$ |
2,268,835 |
|
|
|
|
|
$ |
2,335,856 |
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
3.63 |
% |
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
||||
Net interest margin (FTE) 1, 2 |
|
|
|
|
|
3.67 |
% |
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
||||
9
Princeton Bancorp, Inc.
Consolidated Average Statement of Financial Condition
(Unaudited)
(Dollars in thousands)
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|||||||||||||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
Change in |
|
|
Change in |
|
||||||||||||
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
|
Average |
|
|
Yield/ |
|
||||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
1,800,201 |
|
|
|
6.32 |
% |
|
$ |
1,801,913 |
|
|
|
6.30 |
% |
|
$ |
(1,712 |
) |
|
|
0.02 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable available-for-sale |
|
|
132,740 |
|
|
|
4.58 |
% |
|
|
157,363 |
|
|
|
4.57 |
% |
|
|
(24,623 |
) |
|
|
0.01 |
% |
Tax-exempt available-for-sale |
|
|
40,054 |
|
|
|
2.73 |
% |
|
|
39,981 |
|
|
|
2.77 |
% |
|
|
73 |
|
|
|
(0.04 |
)% |
Held-to-maturity |
|
|
152 |
|
|
|
5.33 |
% |
|
|
154 |
|
|
|
5.33 |
% |
|
|
(2 |
) |
|
|
— |
|
Total Securities |
|
|
172,946 |
|
|
|
4.15 |
% |
|
|
197,498 |
|
|
|
4.20 |
% |
|
|
(24,552 |
) |
|
|
(0.05 |
)% |
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
|
68,415 |
|
|
|
3.72 |
% |
|
|
87,963 |
|
|
|
3.83 |
% |
|
|
(19,548 |
) |
|
|
(0.11 |
)% |
Other interest-earning assets |
|
|
62,700 |
|
|
|
3.84 |
% |
|
|
21,283 |
|
|
|
4.35 |
% |
|
|
41,417 |
|
|
|
(0.51 |
)% |
Other interest-earning assets |
|
|
131,115 |
|
|
|
3.78 |
% |
|
|
109,246 |
|
|
|
3.94 |
% |
|
|
21,869 |
|
|
|
(0.16 |
)% |
Total interest-earning assets |
|
|
2,104,262 |
|
|
|
5.99 |
% |
|
|
2,108,657 |
|
|
|
5.97 |
% |
|
|
(4,395 |
) |
|
|
0.02 |
% |
Total non-earning assets |
|
|
164,573 |
|
|
|
|
|
|
168,225 |
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
2,268,835 |
|
|
|
|
|
$ |
2,276,882 |
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking |
|
$ |
329,872 |
|
|
|
2.03 |
% |
|
$ |
316,278 |
|
|
|
2.04 |
% |
|
$ |
13,594 |
|
|
|
(0.01 |
)% |
Savings |
|
|
168,820 |
|
|
|
2.13 |
% |
|
|
167,008 |
|
|
|
2.26 |
% |
|
|
1,812 |
|
|
|
(0.13 |
)% |
Money market |
|
|
470,343 |
|
|
|
2.94 |
% |
|
|
468,642 |
|
|
|
3.09 |
% |
|
|
1,701 |
|
|
|
(0.15 |
)% |
Certificates of deposit |
|
|
700,384 |
|
|
|
3.63 |
% |
|
|
725,795 |
|
|
|
3.77 |
% |
|
|
(25,411 |
) |
|
|
(0.14 |
)% |
Total interest-bearing deposits |
|
|
1,669,419 |
|
|
|
2.97 |
% |
|
|
1,677,723 |
|
|
|
3.10 |
% |
|
|
(8,304 |
) |
|
|
(0.13 |
)% |
Non-interest bearing deposits |
|
|
288,984 |
|
|
|
|
|
|
293,467 |
|
|
|
|
|
|
(4,483 |
) |
|
|
|
|||
Total deposits |
|
|
1,958,403 |
|
|
|
2.53 |
% |
|
|
1,971,190 |
|
|
|
2.64 |
% |
|
|
(12,787 |
) |
|
|
(0.11 |
)% |
Borrowings |
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|
|
— |
|
|
N/A |
|
|||
Total interest-bearing liabilities |
|
|
1,669,419 |
|
|
|
2.97 |
% |
|
|
1,677,723 |
|
|
|
3.10 |
% |
|
|
(8,304 |
) |
|
|
(0.13 |
)% |
Non-interest-bearing deposits |
|
|
288,984 |
|
|
|
|
|
|
293,467 |
|
|
|
|
|
|
(4,483 |
) |
|
|
— |
|
||
Total cost of funds |
|
|
1,958,403 |
|
|
|
2.53 |
% |
|
|
1,971,190 |
|
|
|
2.64 |
% |
|
|
(12,787 |
) |
|
|
(0.11 |
)% |
Accrued expenses and other liabilities |
|
|
38,114 |
|
|
|
|
|
|
37,721 |
|
|
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
272,318 |
|
|
|
|
|
|
267,971 |
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ |
|
$ |
2,268,835 |
|
|
|
|
|
$ |
2,276,882 |
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
3.63 |
% |
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
||||
Net interest margin (FTE) 1, 2 |
|
|
|
|
|
3.67 |
% |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
|
||||
10
Princeton Bancorp, Inc.
Quarterly Financial Highlights
(Unaudited)
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
March |
|
|
December |
|
|
September |
|
|
June |
|
|
March |
|
|||||
Return on average assets |
|
|
1.11 |
% |
|
|
1.06 |
% |
|
|
1.15 |
% |
|
|
0.12 |
% |
|
|
0.93 |
% |
Return on average equity |
|
|
9.28 |
% |
|
|
9.00 |
% |
|
|
9.75 |
% |
|
|
1.04 |
% |
|
|
8.26 |
% |
Return on average tangible equity1 |
|
|
9.90 |
% |
|
|
9.62 |
% |
|
|
10.45 |
% |
|
|
1.12 |
% |
|
|
8.86 |
% |
Net interest margin |
|
|
3.63 |
% |
|
|
3.51 |
% |
|
|
3.77 |
% |
|
|
3.54 |
% |
|
|
3.51 |
% |
Net interest margin (FTE)1 |
|
|
3.67 |
% |
|
|
3.54 |
% |
|
|
3.81 |
% |
|
|
3.58 |
% |
|
|
3.56 |
% |
Adjusted efficiency ratio1 |
|
|
62.03 |
% |
|
|
60.38 |
% |
|
|
63.68 |
% |
|
|
63.10 |
% |
|
|
64.75 |
% |
COMMON STOCK DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Market value at period end |
|
$ |
33.77 |
|
|
$ |
34.69 |
|
|
$ |
31.84 |
|
|
$ |
30.54 |
|
|
$ |
30.55 |
|
Market range: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High |
|
$ |
37.84 |
|
|
$ |
36.69 |
|
|
$ |
34.84 |
|
|
$ |
32.97 |
|
|
$ |
34.31 |
|
Low |
|
$ |
32.98 |
|
|
$ |
29.75 |
|
|
$ |
29.95 |
|
|
$ |
27.69 |
|
|
$ |
30.02 |
|
Book value per common share at period end |
|
$ |
40.26 |
|
|
$ |
40.01 |
|
|
$ |
39.48 |
|
|
$ |
38.49 |
|
|
$ |
38.56 |
|
Tangible book value per common share1 |
|
$ |
37.76 |
|
|
$ |
37.48 |
|
|
$ |
36.80 |
|
|
$ |
35.91 |
|
|
$ |
36.00 |
|
Shares of common stock outstanding (in thousands) |
|
|
6,796 |
|
|
|
6,766 |
|
|
|
6,773 |
|
|
|
6,806 |
|
|
|
6,923 |
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total capital (to risk-weighted assets)2 |
|
|
13.98 |
% |
|
|
14.01 |
% |
|
|
13.78 |
% |
|
|
13.05 |
% |
|
|
13.67 |
% |
Tier 1 capital (to risk-weighted assets)2 |
|
|
12.93 |
% |
|
|
12.95 |
% |
|
|
12.73 |
% |
|
|
12.01 |
% |
|
|
12.48 |
% |
Tier 1 capital (to average assets)2 |
|
|
11.35 |
% |
|
|
11.12 |
% |
|
|
11.15 |
% |
|
|
10.63 |
% |
|
|
10.91 |
% |
Equity to assets |
|
|
12.14 |
% |
|
|
11.86 |
% |
|
|
11.96 |
% |
|
|
11.69 |
% |
|
|
11.52 |
% |
Tangible equity to tangible assets1 |
|
|
11.47 |
% |
|
|
11.19 |
% |
|
|
11.27 |
% |
|
|
10.99 |
% |
|
|
10.83 |
% |
CREDIT QUALITY DATA (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs (recoveries) |
|
$ |
1 |
|
|
$ |
235 |
|
|
$ |
(86 |
) |
|
$ |
9,859 |
|
|
$ |
(60 |
) |
Annualized net charge-offs (recoveries) to average |
|
|
0.000 |
% |
|
|
(0.003 |
)% |
|
|
(0.019 |
)% |
|
|
2.136 |
% |
|
|
(0.013 |
)% |
Nonperforming loans |
|
$ |
16,478 |
|
|
$ |
16,529 |
|
|
$ |
16,710 |
|
|
$ |
16,530 |
|
|
$ |
26,522 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
|
$ |
16,478 |
|
|
$ |
16,529 |
|
|
$ |
16,710 |
|
|
$ |
16,530 |
|
|
$ |
26,522 |
|
Allowance for credit losses as a percent of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Period-end loans, net of deferred fees and costs |
|
|
1.10 |
% |
|
|
1.12 |
% |
|
|
1.14 |
% |
|
|
1.14 |
% |
|
|
1.29 |
% |
Nonperforming loans |
|
|
121.58 |
% |
|
|
122.97 |
% |
|
|
122.33 |
% |
|
|
127.13 |
% |
|
|
90.27 |
% |
Nonperforming assets |
|
|
121.58 |
% |
|
|
122.97 |
% |
|
|
122.33 |
% |
|
|
127.13 |
% |
|
|
90.27 |
% |
Nonaccrual loans as a percent of total loans, net of |
|
|
0.91 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.90 |
% |
|
|
1.43 |
% |
11
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%.
12
Princeton Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(Unaudited)
(Dollars in thousands)
|
|
Three months ended |
|
|||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
March |
|
|
December |
|
|
September |
|
|
June |
|
|
March |
|
|||||
Net (loss) income (annualized)1 |
|
$ |
25,262 |
|
|
$ |
24,122 |
|
|
$ |
25,653 |
|
|
$ |
2,760 |
|
|
$ |
21,811 |
|
Average equity2 |
|
|
272,318 |
|
|
|
267,971 |
|
|
|
263,088 |
|
|
|
264,878 |
|
|
|
264,034 |
|
Less: average intangible assets3 |
|
|
(17,084 |
) |
|
|
(17,280 |
) |
|
|
(17,493 |
) |
|
|
(17,701 |
) |
|
|
(17,929 |
) |
Average Tangible Equity |
|
$ |
255,234 |
|
|
$ |
250,691 |
|
|
$ |
245,595 |
|
|
$ |
247,177 |
|
|
$ |
246,105 |
|
Return on average tangible equity |
|
|
9.90 |
% |
|
|
9.62 |
% |
|
|
10.45 |
% |
|
|
1.12 |
% |
|
|
8.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
18,858 |
|
|
$ |
18,630 |
|
|
$ |
19,619 |
|
|
$ |
18,810 |
|
|
$ |
18,757 |
|
Other income |
|
|
2,451 |
|
|
|
2,119 |
|
|
|
1,908 |
|
|
|
2,251 |
|
|
|
2,190 |
|
Total revenue |
|
|
21,309 |
|
|
|
20,749 |
|
|
|
21,527 |
|
|
|
21,061 |
|
|
|
20,947 |
|
Non-interest expenses |
|
$ |
13,415 |
|
|
$ |
12,729 |
|
|
$ |
13,917 |
|
|
$ |
13,509 |
|
|
$ |
13,792 |
|
Less: core deposit intangible amortization |
|
|
(196 |
) |
|
|
(200 |
) |
|
|
(209 |
) |
|
|
(219 |
) |
|
|
(228 |
) |
Total operating expenses |
|
$ |
13,219 |
|
|
$ |
12,529 |
|
|
$ |
13,708 |
|
|
$ |
13,290 |
|
|
$ |
13,564 |
|
Adjusted efficiency ratio |
|
|
62.03 |
% |
|
|
60.38 |
% |
|
|
63.68 |
% |
|
|
63.10 |
% |
|
|
64.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Assets |
|
$ |
2,253,767 |
|
|
$ |
2,283,147 |
|
|
$ |
2,229,090 |
|
|
$ |
2,241,668 |
|
|
$ |
2,318,097 |
|
Less: intangible assets |
|
|
(16,961 |
) |
|
|
(17,157 |
) |
|
|
(17,357 |
) |
|
|
(17,566 |
) |
|
|
(17,784 |
) |
Tangible assets |
|
$ |
2,236,806 |
|
|
$ |
2,265,990 |
|
|
$ |
2,211,733 |
|
|
$ |
2,224,102 |
|
|
$ |
2,300,313 |
|
Stockholders’ equity |
|
$ |
273,599 |
|
|
$ |
270,712 |
|
|
$ |
266,607 |
|
|
$ |
261,946 |
|
|
$ |
266,987 |
|
Less: intangible assets |
|
|
(16,961 |
) |
|
|
(17,157 |
) |
|
|
(17,357 |
) |
|
|
(17,566 |
) |
|
|
(17,784 |
) |
Tangible equity |
|
$ |
256,638 |
|
|
$ |
253,555 |
|
|
$ |
249,250 |
|
|
$ |
244,380 |
|
|
$ |
249,203 |
|
Tangible equity to tangible assets |
|
|
11.47 |
% |
|
|
11.19 |
% |
|
|
11.27 |
% |
|
|
10.99 |
% |
|
|
10.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible equity |
|
$ |
256,638 |
|
|
$ |
253,555 |
|
|
$ |
249,250 |
|
|
$ |
244,380 |
|
|
$ |
249,203 |
|
Shares outstanding (in thousands) |
|
|
6,796 |
|
|
|
6,766 |
|
|
|
6,773 |
|
|
|
6,806 |
|
|
|
6,923 |
|
Tangible book value per share |
|
$ |
37.76 |
|
|
$ |
37.48 |
|
|
$ |
36.80 |
|
|
$ |
35.91 |
|
|
$ |
36.00 |
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
2026 |
|
|
2026 |
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|||||
|
|
March |
|
|
December |
|
|
September |
|
|
June |
|
|
March |
|
|||||
Net interest income |
|
$ |
18,858 |
|
|
$ |
18,630 |
|
|
$ |
19,619 |
|
|
$ |
18,810 |
|
|
$ |
18,757 |
|
FTE adjustment1 |
|
|
207 |
|
|
|
209 |
|
|
|
211 |
|
|
|
212 |
|
|
|
250 |
|
Net interest income FTE |
|
$ |
19,065 |
|
|
$ |
18,839 |
|
|
$ |
19,830 |
|
|
$ |
19,022 |
|
|
$ |
19,007 |
|
Net interest income FTE (annualized)2 |
|
$ |
77,318 |
|
|
$ |
74,743 |
|
|
$ |
78,675 |
|
|
$ |
76,297 |
|
|
$ |
77,083 |
|
Average interest earning assets |
|
|
2,104,262 |
|
|
|
2,108,657 |
|
|
|
2,063,990 |
|
|
|
2,129,246 |
|
|
|
2,164,911 |
|
Net interest margin FTE |
|
|
3.67 |
% |
|
|
3.54 |
% |
|
|
3.81 |
% |
|
|
3.58 |
% |
|
|
3.56 |
% |
13