0001193125-24-114267.txt : 20240425 0001193125-24-114267.hdr.sgml : 20240425 20240425170801 ACCESSION NUMBER: 0001193125-24-114267 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240425 DATE AS OF CHANGE: 20240425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Princeton Bancorp, Inc. CENTRAL INDEX KEY: 0001913971 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41589 FILM NUMBER: 24877385 BUSINESS ADDRESS: STREET 1: C/O STEVENS & LEE, P.C. STREET 2: 111 NORTH SIXTH STREET CITY: READING STATE: PA ZIP: 19603 BUSINESS PHONE: (609) 921-1700 MAIL ADDRESS: STREET 1: 183 BAYARD LANE CITY: PRINCETON STATE: NJ ZIP: 08540 8-K 1 d797222d8k.htm 8-K 8-K
false 0001913971 0001913971 2024-04-25 2024-04-25

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 25, 2024

Date of Report (Date of earliest event reported)

 

 

PRINCETON BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Pennsylvania   001-41589   88-4268702

(State or other jurisdiction

of incorporation)

   (Commission
File Number)		  

(IRS Employer

Ident. No.)

 

183 Bayard Lane, Princeton, New Jersey   08540
(Address of principal executive offices)   (Zip Code)

(609) 921-1700

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:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

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

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common stock, no par value   BPRN   The Nasdaq Global Market

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 25, 2024, 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 at and for the three months ended March 31, 2024.

A copy of the press release is furnished as Exhibit 99.1 hereto.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits:

 

99.1    Press Release issued April 25, 2024.
104    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 report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    PRINCETON BANCORP, INC.
Dated: April 25, 2024    
    By:  

/s/ George S. Rapp

     

George S. Rapp

     

Executive Vice President and
Chief Financial Officer

 

3

EX-99.1 2 d797222dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

For Immediate Release

Contact George Rapp

609.454.0718

grapp@thebankofprinceton.com

Princeton Bancorp Announces

First Quarter 2024 Results

Princeton, NJ, April 25, 2024 / PRNewswire /—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 at and for the quarter ended March 31, 2024.

President/CEO Edward Dietzler commented on the quarter results, “The Company continued its strong financial performance despite the industry’s challenging interest rate environment. The Company continues to increase loan and deposit balances while maintaining robust liquidity and strong credit quality. The anticipated addition of Cornerstone Bank will add to the Company’s central and southern New Jersey footprint by strengthening our existing valuable franchise spanning from New York to Philadelphia.”

HIGHLIGHTS

 

  •  

Announced the acquisition of Cornerstone Financial Corporation with total assets of over $300 million

 

  •  

Net loans for the quarter increased by $22.9 million, representing a 5.9% annualized growth rate

 

  •  

Total deposits for the quarter increased $69.9 million, representing a 17.1% annualized growth rate

 

  •  

Non-performing assets decreased to $2.1 million from $6.7 million at year end 2023

The Company reported net income of $4.3 million, or $0.68 per diluted common share, for the first quarter of 2024, compared to net income of $5.3 million, or $0.82 per diluted common share, for the fourth quarter of 2023, and net income of $6.1 million, or $0.95 per diluted common share, for the first quarter of 2023. The decrease in net income for the first quarter of 2024 when compared to the fourth quarter of 2023 was due a decrease of $562 thousand in net interest income, and an increase of $887 thousand in non-interest expense. These impacts to net income were partially offset by a decrease in provision for credit losses of $376 thousand and an increase in non-interest income of $206 thousand. The decrease in net income for the first quarter of 2024 compared to the same period in 2023 was primarily due to a decrease in net interest income of $1.2 million and an increase in non-interest expenses of $2.1 million, partially offset by a decrease in income tax expense of $835 thousand and an increase in non-interest income of $611 thousand.

Balance Sheet Review

Total assets were $1.99 billion on March 31, 2024, an increase of $71.5 million, or 3.73% when compared to $1.92 billion at the end of 2023. The primary reason for the increase in total assets was attributable to increases in available for sale securities of $26.7 million, an increase in net loans of $22.9 million, and an increase in cash and cash equivalents of approximately $21.5 million. The increase in the Company’s net loans consisted of a $19.9 million increase in commercial real estate loans and a $10.8 million increase in construction loans, partially offset by decreases of $5.0 million in commercial and industrial loans, $1.5 million in residential mortgages and a decrease of $770 thousand in HELOC/consumer loans.

 

1

Total deposits on March 31, 2024 increased $69.9 million, or 4.27%, when compared to December 31, 2023. Certificates of deposit increased $77.1 million, money market deposits increased $24.7 million, and savings deposits increased $2.9 million. Partially offsetting these increases were decreases in interest-bearing demand deposits of $32.6 million and non-interest-bearing deposits of $2.2 million.

Total stockholders’ equity on March 31, 2024 increased $1.6 million or 0.66% when compared to December 31, 2023. The increase was primarily due to the $2.4 million increase in retained earnings, consisting of $4.3 million in net income partially offset by $1.9 million of cash dividends recorded during the period. Additionally, stockholders’ equity declined as a result of a stock buyback of 19,000 shares totaling $579 thousand. The ratio of equity to total assets at March 31, 2024 and at December 31, 2023 was 12.2% and 12.5%, respectively.

Asset Quality

At March 31, 2024, non-performing assets totaled $2.1 million, a decrease of $4.6 million when compared to the amount at December 31, 2023. The decrease was primarily related to a $4.5 million commercial real estate loan which was sold during the first quarter of 2024.

Review of Quarterly Financial Results

Net interest income was $15.4 million for the first quarter of 2024, compared to $16.0 million for the fourth quarter of 2023 and $16.7 million for the first quarter of 2023. The decrease from the previous quarter was the result of an increase in interest expense of $1.1 million, or 9.3%, partially offset by an increase in interest income of $512 thousand, or 1.9%. The net interest margin for the first quarter of 2024 was 3.42%, decreasing 13 basis points when compared to the fourth quarter of 2023. This decrease was primarily associated with an increase of 25 basis points in the cost of funds, associated with an increase in the outstanding balance of certificate of deposits and money markets accounts which typically pay a higher interest rate. When comparing the three-month periods ended March 31, 2024 and 2023, net interest income decreased $1.2 million, which was primarily due to an increase of 184 basis points in the cost of funds, partially offset by an increase of 54 basis points in the yield earned on interest-earning assets.

The Company recorded a provision for credit losses of $186 thousand during the first quarter of 2024, which consisted of $302 thousand increase recorded to the allowance of credit losses and a reduction to the allowance of $116 thousand in unfunded commitments, which is reported in other liabilities on the Company’s statement of condition. The provision recorded on the statement of income was $376 thousand lower when compared to the quarter ended December 31, 2023, and was $79 thousand lower than the provision for the same period in 2023. For the quarter ended March 31, 2024, the Company recorded charge-offs of $283 thousand and recoveries of $107 thousand. The coverage ratio of the allowance for credit losses to period end loans was 1.18% at March 31, 2024 and 1.19% at December 31, 2023.

Total non-interest income of $1.9 million for the first quarter of 2024 increased $206 thousand or 11.6% when compared to the fourth quarter of 2023 and increased $611 thousand or 44.5% when compared to the quarter ended March 31, 2023. The increase from the fourth quarter of 2023 was primarily due to a $158 thousand increase in equity method investment income. The increase over the comparable prior year quarter was primarily due to an increase in loan fees of $373 thousand. The increase in non-interest income when comparing the first quarters of 2024 and 2023 can also be attributed to the acquisition of Noah Bank, which closed in May 2023.

 

2

Total non-interest expense of $11.8 million for the first quarter of 2024 increased $887 thousand, or 8.1%, when compared to the fourth quarter of 2023, due primarily to increases in salaries and employee benefits of $486 thousand, occupancy and equipment expense of $180 thousand, $99 thousand in professional fees, $83 thousand in FDIC insurance expenses and $33 thousand in other operating expenses. Total non-interest expense for the first quarter of 2024 increased $2.1 million or 21.1% from the first quarter of 2023. The increase was due primarily to increases in salaries and employee benefits and occupancy and equipment expenses of $1.1 million and $688 thousand, respectively, over the prior-year period which were associated with the Noah Bank acquisition in 2023.

For the quarter ended March 31, 2024, the Company recorded an income tax expense of $1.1 million, resulting in an effective tax rate of 19.7%, compared to an income tax expense of $1.0 million resulting in an effective tax rate of 15.9% for the quarter ended December 31, 2023, and compared to an income tax expense of $1.9 million resulting in an effective tax rate of 23.8% for the quarter ended March 31, 2023. The effective tax rate in the fourth quarter of 2023 was lower than the current quarter’s rate because of the non-taxable $9.9 million bargain purchase gain from the Noah bank acquisition.

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 22 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Monroe, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, and Sicklerville. 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. On January 18, 2024, the Company announced that it has entered into a definitive agreement and plan of merger with Cornerstone Financial Corporation (“Cornerstone”), the parent company of Cornerstone Bank, headquartered in Mount Laurel, New Jersey, pursuant to which the Company will acquire Cornerstone in a transaction that is expected to close in the second or third quarter of 2024 (the “Transaction”).

Forward-Looking Statements

The Company may from time to time make written or oral “forward-looking statements,” including statements contained in the Company’s filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the Federal Reserve.

 

3

Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the integration of the businesses of the Company and Cornerstone following the completion of the Transaction may be more difficult, time-consuming or costly than expected; the ability to obtain required regulatory and shareholder approvals, and the ability to complete the Transaction on the expected timeframe may be more difficult, time-consuming or costly than expected; the global impact of the military conflicts in the Ukraine and the Middle East; 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; and the timing and nature of the regulatory response to any applications filed by the Company and the Bank; technological changes; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Bank’s Annual Report on Form 10-K for the year ended December 31, 2023, 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)

 

                       March 31, 2024 vs     March 31, 2024 vs  
     March 31,     December 31,     March 31,     December 31, 2023     March 31, 2023  
     2024     2023     2023     $ Change     % Change     $ Change     % Change  

ASSETS

 

    

Cash and cash equivalents

    $ 172,067     $ 150,557     $ 18,024     $ 21,510       14.29 %    $ 154,043       854.65 % 

Securities available-for-sale taxable

      77,418       50,544       39,935       26,874       53.17       37,483       93.86  

Securities available-for-sale tax-exempt

      40,680       40,808       42,284       (128 )      (0.31 )      (1,604 )      (3.79 ) 

Securities held-to-maturity

      167       193       199       (26 )      (13.47 )      (32 )      (16.08 ) 

Loans receivable, net of deferred loan fees

      1,571,231       1,548,335       1,388,575       22,896       1.48       182,656       13.15  

Allowance for credit losses

      (18,618 )      (18,492 )      (16,507 )      (126 )      0.68       (2,111 )      12.79  

Goodwill

      8,853       8,853       8,853       —        —        —        —   

Core deposit intangible

      1,301       1,422       1,690       (121 )      (8.51 )      (389 )      (23.02 ) 

Equity method investments

      9,051       8,296       2,293       755       9.10       6,758       294.72  

Other assets

      125,851       125,981       99,974       (130 )      (0.10 )      25,877       25.88  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL ASSETS

    $ 1,988,001     $ 1,916,497     $ 1,585,320     $ 71,504       3.73 %    $ 402,681       25.40 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

LIABILITIES

               

Non-interest checking

    $ 247,056     $ 249,282     $ 218,709     $ (2,226 )      (0.89 )%    $ 28,347       12.96 % 

Interest checking

      215,364       247,939       244,889       (32,575 )      (13.14 )      (29,525 )      (12.06 ) 

Savings

      149,386       146,484       173,502       2,902       1.98       (24,116 )      (13.90 ) 

Money market

      378,652       354,005       263,874       24,647       6.96       114,778       43.50  

Time deposits over $250,000

      179,479       150,113       88,378       29,366       19.56       91,101       103.08  

Other time deposits

      535,683       487,918       302,748       47,765       9.79       232,935       76.94  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total deposits

      1,705,620       1,635,741       1,292,100       69,879       4.27       413,520       32.00  

Borrowings

      —        —        44,500       —        —          (44,500 )      (100.00 ) 

Other liabilities

      40,573       40,545       23,447       28       0.07       17,126       73.04  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      1,746,193       1,676,286       1,360,047       69,907       4.17       386,146       28.39  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

STOCKHOLDERS’ EQUITY

               

Paid-in capital

      98,312       98,291       96,880       21       0.02       1,432       1.48  

Treasury stock 1

      (579 )      —        —        (579 )      100.00       (579 )      100.00  

Retained earnings

      151,860       149,414       135,425       2,446       1.64       16,435       12.14  

Accumulated other comprehensive income (loss)

      (7,785 )      (7,494 )      (7,032 )      (291 )      3.88       (753 )      10.71  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL STOCKHOLDERS’ EQUITY

      241,808       240,211       225,273       1,597       0.66       16,535       7.34  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 1,988,001     $ 1,916,497     $ 1,585,320     $  71,504       3.73 %    $ 402,681       25.40 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Book value per common share

    $ 38.26     $ 38.04     $ 35.98     $ 0.22       0.58 %    $ 2.28       6.34 % 

Tangible book value per common share 2

    $ 36.65     $ 36.41     $ 34.29     $ 0.24       0.66 %    $ 2.36       6.88 % 

 

1 

Treasury stock repurchases commenced March 8, 2024, associated with the stock repurchase program announced August 10, 2023.

2 

Tangible book value per common share is a non-GAAP measure that represents book value per common share which excludes goodwill and core deposit intangible.

 

5

Princeton Bancorp, Inc.

Loan and Deposit Tables

(Unaudited)

The components of loans receivable, net at March 31, 2024 and December 31, 2023 were as follows:

 

     March 31,
2024		     December 31,
2023		  
     (In thousands)  

Commercial real estate

    $ 1,162,741     $ 1,142,864  

Commercial and industrial

      45,930       50,961  

Construction

      321,009       310,187  

Residential first-lien mortgages

      36,565       38,040  

Home equity / consumer

      7,311       8,081  
  

 

 

    

 

 

  

Total loans

      1,573,556       1,550,133  

Deferred fees and costs

      (2,325 )      (1,798 ) 

Allowance for credit losses

      (18,618 )      (18,492 ) 
  

 

 

    

 

 

  

Loans, net

    $ 1,552,613     $ 1,529,843  
  

 

 

    

 

 

  

The components of deposits at March 31, 2024 and December 31, 2023 were as follows:

 

     March 31,
2024		      December 31,
2023		  
     (In thousands)  

Demand, non-interest-bearing

    $ 247,056      $ 249,282  

Demand, interest-bearing

      215,364        247,939  

Savings

      149,386        146,484  

Money market

      378,652        354,005  

Time deposits

      715,162        638,031  
  

 

 

     

 

 

  

Total deposits

    $ 1,705,620      $ 1,635,741  
  

 

 

     

 

 

  

 

6

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands except per share data)

 

     Three Months Ended March 31,               
     2024      2023      $ Change     % Change  

Interest and dividend income

           

Loans and fees

    $  24,940      $  19,894      $ 5,046       25.4 % 

Available-for-sale debt securities:

           

Taxable

      564        278        286       102.9 % 

Tax-exempt

      286        284        2       0.7 % 

Held-to-maturity debt securities

      2        3        (1 )      -33.3 % 

Other interest and dividend income

      2,274        153        2,121       1386.3 % 
  

 

 

     

 

 

       

Total interest and dividends

      28,066        20,612        7,454       36.2 % 
  

 

 

     

 

 

       

Interest expense

           

Deposits

      12,618        3,865        8,753       226.5 % 

Borrowing

      —         86        (86 )      -100.0 % 
  

 

 

     

 

 

       

Total interest expense

      12,618        3,951        8,667       219.4 % 
  

 

 

     

 

 

       

Net interest income

      15,448        16,661        (1,213 )      -7.3 % 

Provision for credit losses

      186        265        (79 )      -29.8 % 
  

 

 

     

 

 

       

Net interest income after provision for credit losses

      15,262        16,396        (1,134 )      -6.9 % 
  

 

 

     

 

 

       

Non-interest income

           

Income from bank-owned life insurance

      381        290        91       31.4 % 

Fees and service charges

      432        448        (16 )      -3.6 % 

Loan fees, including prepayment penalties

      724        351        373       106.3 % 

Other

      448        285        163       57.2 % 
  

 

 

     

 

 

       

Total non-interest income

      1,985        1,374        611       44.5 % 
  

 

 

     

 

 

       

Non-interest expense

           

Salaries and employee benefits

      6,520        5,399        1,121       20.8 % 

Occupancy and equipment

      2,029        1,341        688       51.3 % 

Professional fees

      524        465        59       12.7 % 

Data processing and communications

      1,160        1,300        (140 )      -10.8 % 

Federal deposit insurance

      273        190        83       43.7 % 

Advertising and promotion

      142        110        32       29.1 % 

Office expense

      119        97        22       22.7 % 

Core deposit intangible

      120        135        (15 )      -11.1 % 

Other

      949        735        214       29.1 % 
  

 

 

     

 

 

       

Total non-interest expense

      11,836        9,772        2,064       21.1 % 
  

 

 

     

 

 

       

Income before income tax expense

      5,411        7,998        (2,587 )      -32.3 % 

Income tax expense

      1,066        1,901        (835 )      -43.9 % 
  

 

 

     

 

 

       

Net income

    $ 4,345      $ 6,097        (1,752 )      -28.7 % 
  

 

 

     

 

 

       

Net income per common share - basic

    $ 0.69      $ 0.97      $ (0.28 )      -28.9 % 

Net income per common share - diluted

    $ 0.68      $ 0.95      $ (0.27 )      -28.4 % 

Weighted average shares outstanding - basic

      6,328        6,257        71       1.1 % 

Weighted average shares outstanding - diluted

      6,418        6,386        32       0.5 % 

 

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,
2024		      December 31,
2023		      $ Change     % Change  

Interest and dividend income

           

Loans and fees

    $ 24,940      $ 24,364      $ 576       2.4 % 

Available-for-sale debt securities:

           

Taxable

      564        412        152       36.9 % 

Tax-exempt

      286        285        1       0.4 % 

Held-to-maturity debt securities

      2        2        0       0.0 % 

Other interest and dividend income

      2,274        2,491        (217 )      -8.7 % 
  

 

 

     

 

 

       

Total interest and dividends

      28,066        27,554        512       1.9 % 
  

 

 

     

 

 

       

Interest expense

           

Deposits

      12,618        11,544        1,074       9.3 % 

Borrowings

      —         —         —        N/A  
  

 

 

     

 

 

       

Total interest expense

      12,618        11,544        1,074       9.3 % 
  

 

 

     

 

 

       

Net interest income

      15,448        16,010        (562 )      -3.5 % 

Provision for credit losses

      186        562        (376 )      -66.9 % 
  

 

 

     

 

 

       

Net interest income after provision for credit losses

      15,262        15,448        (186 )      -1.2 % 
  

 

 

     

 

 

       

Non-interest income

           

Gain on call/sale of securities available-for-sale

      —         45        (45 )      -100.0 % 

Income from bank-owned life insurance

      381        377        4       1.1 % 

Fees and service charges

      432        462        (30 )      -6.5 % 

Loan fees, including prepayment penalties

      724        656        68       10.4 % 

Other

      448        239        209       87.4 % 
  

 

 

     

 

 

       

Total non-interest income

      1,985        1,779        206       11.6 % 
  

 

 

     

 

 

       

Non-interest expense

           

Salaries and employee benefits

      6,520        6,034        486       8.1 % 

Occupancy and equipment

      2,029        1,849        180       9.7 % 

Professional fees

      524        425        99       23.3 % 

Data processing and communications

      1,160        1,166        (6 )      -0.5 % 

Federal deposit insurance

      273        190        83       43.7 % 

Advertising and promotion

      142        129        13       10.1 % 

Office expense

      119        116        3       2.6 % 

Core deposit intangible

      120        124        (4 )      -3.2 % 

Other

      949        916        33       3.6 % 
  

 

 

     

 

 

       

Total non-interest expense

      11,836        10,949        887       8.1 % 
  

 

 

     

 

 

       

Income before income tax expense

      5,411        6,278        (867 )      -13.8 % 

Income tax expense

      1,066        996        70       7.0 % 
  

 

 

     

 

 

       

Net income

    $ 4,345      $ 5,282      $ (937 )      -17.7 % 
  

 

 

     

 

 

       

Net income per common share - basic

    $ 0.69      $ 0.84      $ (0.15 )      -17.9 % 

Net income per common share - diluted

    $ 0.68      $ 0.82      $ (0.14 )      -17.1 % 

Weighted average shares outstanding - basic

      6,328        6,300        28       0.4 % 

Weighted average shares outstanding - diluted

      6,418        6,414        4       0.1 % 

 

8

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)

 

     For the Three Months Ended March 31,              
     2024     2023     Change in     Change in  
     Average      Yield/     Average      Yield/     Average     Yield/  
     Balance      Rate     Balance      Rate     Balance     Rate  

Earning assets

               

Loans

    $ 1,551,206        6.47 %    $ 1,375,849        5.86 %    $ 175,357       0.60 % 

Securities

               

Taxable available-for-sale

      58,742        3.84 %      42,235        2.66 %      16,507       1.18 % 

Tax-exempt available-for-sale

      40,758        2.81 %      41,634        2.77 %      (876 )      0.03 % 

Held-to-maturity

      183        5.10 %      200        5.36 %      (17 )      -0.25 % 
  

 

 

       

 

 

         

Securities

      99,683        3.42 %      84,069        2.72 %      15,614       0.70 % 

Other interest earning assets

               

Federal funds sold

      148,069        5.45 %      8,454        4.56 %      139,615       0.90 % 

Other interest-earning assets

      18,954        5.65 %      5,001        4.77 %      13,953       0.87 % 
  

 

 

       

 

 

         

Other interest-earning assets

      167,023        5.48 %      13,455        4.64 %      153,568       0.84 % 
  

 

 

       

 

 

         

Total interest-earning assets

      1,817,912        6.21 %      1,473,373        5.67 %      344,539       0.54 % 

Total non-earning assets

      140,659          109,354         
  

 

 

       

 

 

         

Total assets

    $ 1,958,571        $ 1,582,727         
  

 

 

       

 

 

         

Interest-bearing liabilities

               

Checking

    $ 242,030        1.98 %    $ 264,507        0.84 %    $ (22,477 )      1.14 % 

Savings

      147,672        2.51 %      182,763        0.92 %      (35,091 )      1.58 % 

Money market

      364,150        3.93 %      268,814        1.75 %      95,336       2.18 % 

Certificates of deposit

      678,306        4.12 %      364,470        1.94 %      313,836       2.18 % 
  

 

 

       

 

 

         

Total interest-bearing deposits

      1,432,158        3.54 %      1,080,554        1.45 %      351,604       2.09 % 

Non-interest bearing deposits

      244,089          242,814          1,275    
  

 

 

       

 

 

         

Total deposits

      1,676,247        3.03 %      1,323,368        1.18 %      352,879       1.84 % 

Borrowings

      —         N/A       6,993        4.99 %      (6,993 )      N/A  
  

 

 

       

 

 

         

Total interest-bearing liabilities
(excluding non interest deposits)

      1,432,158        3.54 %      1,087,547        1.47 %      344,611       2.07 % 

Non-interest-bearing deposits

      244,089          242,814         
  

 

 

       

 

 

         

Total cost of funds

      1,676,247        3.03 %      1,330,361        1.18 %      345,886       1.84 % 

Accrued expenses and other liabilities

      42,094          28,587         

Stockholders’ equity

      240,230          223,779         
  

 

 

       

 

 

         

Total liabilities and stockholders’ equity

    $ 1,958,571        $ 1,582,727         
  

 

 

       

 

 

         

Net interest spread

         2.67 %         4.20 %     

Net interest margin

         3.42 %         4.59 %     

Net interest margin (FTE)1

         3.47 %         4.66 %     

 

1 

Includes federal and state tax effect of tax-exempt securities and loans.

 

9

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)

 

     For the Three Months Ended              
     March 31, 2024     December 31, 2023     Change in     Change in  
     Average      Yield/     Average      Yield/     Average     Yield/  
     Balance      Rate     Balance      Rate     Balance     Rate  

Earning assets

               

Loans

    $ 1,551,206        6.47 %    $ 1,522,906        6.35 %    $ 28,300       0.12 % 

Securities

               

Taxable available-for-sale

      58,742        3.84 %      47,566        3.46 %      11,176       0.37 % 

Tax-exempt available-for-sale

      40,758        2.81 %      38,157        2.99 %      2,601       -0.18 % 

Held-to-maturity

      183        5.10 %      194        5.28 %      (11 )      -0.18 % 
  

 

 

       

 

 

         

Securities

      99,683        3.42 %      85,917        3.26 %      13,766       0.16 % 

Other interest earning assets

               

Federal funds sold

      148,069        5.45 %      161,903        5.44 %      (13,834 )      0.01 % 

Other interest-earning assets

      18,954        5.65 %      18,898        5.71 %      56       -0.07 % 
  

 

 

       

 

 

         

Other interest-earning assets

      167,023        5.48 %      180,801        5.47 %      (13,778 )      0.01 % 
  

 

 

       

 

 

         

Total interest-earning assets

      1,817,912        6.21 %      1,789,624        6.11 %      28,288       0.10 % 

Total non-earning assets

      140,659          138,225         
  

 

 

       

 

 

         

Total assets

    $ 1,958,571        $ 1,927,849         
  

 

 

       

 

 

         

Interest-bearing liabilities

               

Checking

    $ 242,030        1.98 %    $ 250,941        1.96 %    $ (8,911 )      0.03 % 

Savings

      147,672        2.51 %      146,294        2.32 %      1,378       0.19 % 

Money market

      364,150        3.93 %      353,372        3.72 %      10,778       0.21 % 

Certificates of deposit

      678,306        4.12 %      639,547        3.81 %      38,759       0.31 % 
  

 

 

       

 

 

         

Total interest-bearing deposits

      1,432,158        3.54 %      1,390,154        3.29 %      42,004       0.25 % 

Non-interest bearing deposits

      244,089          258,663          (14,574 )   
  

 

 

       

 

 

         

Total deposits

      1,676,247        3.03 %      1,648,817        2.78 %      27,430       0.25 % 

Borrowings

      —         N/A       —         N/A       0       N/A  
  

 

 

       

 

 

         

Total interest-bearing liabilities
(excluding non interest deposits)

      1,432,158        3.54 %      1,390,154        3.29 %      42,004       0.25 % 

Non-interest-bearing deposits

      244,089          258,663         
  

 

 

       

 

 

         

Total cost of funds

      1,676,247        3.03 %      1,648,817        2.78 %      27,430       0.25 % 

Accrued expenses and other liabilities

      42,094          44,404         

Stockholders’ equity

      240,230          234,628         
  

 

 

       

 

 

         

Total liabilities and stockholders’ equity

    $ 1,958,571        $ 1,927,849         
  

 

 

       

 

 

         

Net interest spread

         2.67 %         2.81 %     

Net interest margin

         3.42 %         3.55 %     

Net interest margin (FTE)1

         3.47 %         3.60 %     

 

1 

Includes federal and state tax effect of tax-exempt securities and loans.

 

10

Princeton Bancorp, Inc.

Quarterly Financial Highlights

(Unaudited)

 

     2024     2023     2023     2023     2023  
     March     December     September     June     March  

Return on average assets

      0.89 %      1.09 %      1.60 %      1.60 %      1.56 % 

Return on average equity

      7.27 %      8.93 %      13.20 %      11.98 %      11.05 % 

Return on average tangible equity1

      7.60 %      9.34 %      13.83 %      12.57 %      11.60 % 

Net interest margin

      3.42 %      3.55 %      3.76 %      3.95 %      4.59 % 

Net interest margin (FTE)2

      3.47 %      3.60 %      3.81 %      3.99 %      4.66 % 

Efficiency ratio - non-GAAP3

      67.21 %      61.01 %      59.89 %      60.82 %      53.43 % 

COMMON STOCK DATA

           

Market value at period end

    $ 30.78     $ 35.90     $ 28.99     $ 27.32     $ 31.72  

Market range:

           

High

    $ 36.25     $ 37.60     $ 31.69     $ 33.00     $ 37.18  

Low

    $ 29.72     $ 28.21     $ 27.37     $ 24.09     $ 31.18  

Book value per common share at period end

    $ 38.26     $ 38.04     $ 36.86     $ 36.45     $ 35.98  

Tangible book value per common share at period end4

    $ 36.65     $ 36.41     $ 35.21     $ 34.78     $ 34.29  

Shares of common stock outstanding (in thousands)

      6,320       6,314       6,299       6,279       6,262  

CAPITAL RATIOS

           

Total capital (to risk-weighted assets)

      14.31 %      14.68 %      14.96 %      14.57 %      15.43 % 

Tier 1 capital (to risk-weighted assets)

      13.26 %      13.61 %      13.89 %      13.50 %      14.36 % 

Tier 1 capital (to average assets)

      11.99 %      12.29 %      12.38 %      13.43 %      14.00 % 

Period-end equity to assets

      12.16 %      12.53 %      12.14 %      12.42 %      14.21 % 

Period-end tangible equity to tangible assets5

      11.71 %      12.06 %      11.66 %      11.92 %      13.64 % 

CREDIT QUALITY DATA (Dollars in thousands)

           

Net charge-offs (recoveries)

    $ 176     $ (10 )    $ (23 )    $ 1,842     $ (3 ) 

Annualized net charge-offs (recoveries) to average loans

      0.045 %      -0.003 %      -0.006 %      0.514 %      -0.001 % 

Nonperforming loans

    $ 2,115     $ 6,708     $ 6,755     $ 9,753     $ 6,456  

Other real estate owned

      —        —        —        33       —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total nonperforming assets

    $ 2,115     $ 6,708     $ 6,755     $ 9,786     $ 6,456  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allowance for credit losses as a percent of:

           

Period-end loans, net of deferred fees and costs

      1.18 %      1.19 %      1.20 %      1.20 %      1.19 % 

Nonperforming loans

      880.28 %      275.67 %      266.35 %      184.25 %      255.68 % 

Nonperforming assets

      880.28 %      275.67 %      266.35 %      183.63 %      255.68 % 

Nonaccrual loans as a percent of total loans, net of deferred fees and costs

      0.13 %      0.43 %      0.45 %      0.65 %      0.46 % 

 

1 

Return on average tangible equity is a non-GAAP measure that represents the rate of return on tangible common equity.

2 

Includes the effect of tax-exempt securities and loans.

3 

The efficiency ratio is a non-GAAP measure that represents the ratio of non-interest expense (excluding amortization of core deposit intangible and merger-) related expenses) divided by net interest income and non-interest income (excluding bargain purchase gain).

4 

Tangible book value per common share is a non-GAAP measure that represents book value per common share which excludes goodwill and core deposit intangible.

5 

Tangible equity to tangible assets is a non-GAAP measure that represents equity to assets which exludes goodwill and core deposit intagible.

 

11

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Document Period End Date Apr. 25, 2024
Entity Registrant Name PRINCETON BANCORP, INC.
Entity Incorporation State Country Code PA
Entity File Number 001-41589
Entity Tax Identification Number 88-4268702
Entity Address, Address Line One 183 Bayard Lane
Entity Address, City or Town Princeton
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 08540
City Area Code (609)
Local Phone Number 921-1700
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