Princeton Bancorp Inc
NASDAQ:BPRN

  • LAST PRICE
    35.5200
  • TODAY'S CHANGE (%)
    -0.6600 (-1.8242%)
  • Bid / Lots
    35.4700/ 1
  • Ask / Lots
    35.8700/ 1
  • Open / Previous Close
    35.9100 / 36.1800
  • Day Range
    35.5200
    35.9400
  • 52 Week Range
    29.0200
    39.2100
  • Volume
    1,941

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  • Oct 29, 2024

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    • 4:01PM ET on Tuesday Oct 29, 2024 by MT Newswires
      Companies Mentioned: BPRN
      04:01 PM EDT, 10/29/2024 (MT Newswires) -- ...

    • 4:00PM ET on Tuesday Oct 29, 2024 by MT Newswires
      Companies Mentioned: BPRN
      04:00 PM EDT, 10/29/2024 (MT Newswires) -- ...

    • 4:00PM ET on Tuesday Oct 29, 2024 by PR Newswire
      Companies Mentioned: BPRN

      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 and nine-months ended September 30, 2024.

    • 4:00PM ET on Tuesday Oct 29, 2024 by Dow Jones
      Companies Mentioned: BPRN
      September June March December September --------------- --------------- --------------- --------------- --------------- Net (loss) income (annualized)(1) $ (14,350) $ 20,617 $ 17,428 $ 20,956 $ 30,144 --------------- --------------- --------------- --------------- --------------- Average equity(2) 254,645 241,550 240,230 234,628 228,404 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Average Tangible Equity $ 236,404 $ 231,506 $ 230,076 $ 224,353 $ 218,005 Return on average tangible equity -6.07 % 8.91 % 7.60 % 9.34 % 13.83 % =============== =============== =============== =============== =============== Net interest income $ 17,109 $ 15,968 $ 15,448 $ 16,010 $ 16,684 Other income 2,056 2,087 1,985 1,779 2,403 Total revenue 19,165 18,055 17,433 17,789 19,087 Non-interest expenses $ 19,036 $ 12,009 $ 11,836 $ 10,949 $ 10,159 Less: core deposit intangible amortization (143) (111) (120) (124) (119) Less: merger-related expenses (6,695) - - - 1,391 --------------- --------------- --------------- --------------- --------------- Total operating expenses $ 12,198 $ 11,898 $ 11,716 $ 10,825 $ 11,431 Adjusted efficiency ratio 63.65 % 65.90 % 67.21 % 60.85 % 59.89 % =============== =============== =============== =============== =============== Total Assets $ 2,354,730 $ 1,983,941 $ 1,988,001 $ 1,916,497 $ 1,913,123 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Tangible assets $ 2,336,489 $ 1,973,897 $ 1,977,847 $ 1,906,222 $ 1,902,724 --------------- --------------- --------------- --------------- --------------- Stockholders' equity $ 262,351 $ 244,841 $ 241,808 $ 240,211 $ 232,208 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Tangible equity $ 244,110 $ 234,797 $ 231,654 $ 229,936 $ 221,809 --------------- --------------- --------------- --------------- --------------- Tangible equity to tangible assets 10.45 % 11.90 % 11.71 % 12.06 % 11.66 % =============== =============== =============== =============== =============== Tangible equity $ 244,110 $ 234,797 $ 231,654 $ 229,936 $ 221,809 Shares outstanding (in thousands) 6,876 6,350 6,320 6,315 6,299 Tangible book value per share $ 35.50 $ 36.98 $ 36.65 $ 36.41 $ 35.21 =============== =============== =============== =============== =============== (1) 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. (2) Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. Three months ended ----------------------------------------------------------------------------------- 2024 2024 2024 2023 2023 September June March December September --------------- --------------- --------------- --------------- --------------- Net interest income $ 17,109 $ 15,968 $ 15,968 $ 15,448 $ 16,684 FTE adjustment(3) 211 213 226 224 215 Net interest income FTE $ 17,320 $ 16,181 $ 16,194 $ 15,672 $ 16,899 --------------- --------------- --------------- --------------- --------------- Net interest income FTE (annualized)(1) $ 68,902 $ 65,078 $ 65,132 $ 62,862 $ 67,045 Average interest earning assets 1,998,226 1,868,019 1,817,912 1,789,624 1,761,567 Net interest margin FTE 3.45 % 3.48 % 3.58 % 3.51 % 3.81 % =============== =============== =============== =============== =============== Nine months ended -------------------------------- 2024 2023 September September --------------- --------------- Net interest income $ 48,525 $ 49,006 FTE adjustment(3) 612 580 Net interest income FTE $ 49,137 $ 49,586 --------------- --------------- Net interest income FTE (annualized)(1) $ 65,635 $ 66,540 Average interest earning assets 1,895,097 1,609,304 Net interest margin FTE 3.46 % 4.13 % =============== =============== (1) 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. (3) 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%. Princeton Bancorp, Inc. Reconciliation of Non-GAAP Net Income to GAAP Net Income At or For the Three At or For the Nine Months Ended September 30, 2024 Months Ended September 30, 2024 ----------------------------------------- ------------------------------------------- Actual Cornerstone(1) Core Actual Cornerstone(1) Core ------------ -------------- ----------- ------------ --------------- ------------ (Dollars in thousands, except per share data) Net interest income $ 17,109 $ - $ 17,109 $ 48,525 $ - $ 48,525 Provision for credit loss 4,601 3,152 1,449 4,669 3,152 1,517 ------------ -------------- ----------- ------------ --------------- ------------ Net interest income after provision 12,508 (3,152) 15,660 43,856 (3,152) 47,008 Non-interest income 2,056 - 2,056 6,128 - 6,128 Non-interest expense 19,036 6,695 12,341 42,881 6,695 36,186 Income (loss) before income taxes (4,472) (9,847) 5,375 7,103 (9,847) 16,950 ------------ -------------- ----------- ------------ --------------- ------------ Income tax (benefit) expense (865) (2,068) 1,203 1,239 (2,068) 3,307 ------------ -------------- ------------ --------------- Net (loss) income $ (3,607) $ (7,779) $ 4,172 $ 5,864 $ (7,779) $ 13,643 ============ ============== =========== ============ =============== ============ Earnings per common share - basic $ (0.55) $ 0.63 $ 0.91 $ 2.13 Earnings per common share - diluted $ (0.55) $ 0.63 $ 0.90 $ 2.10 (1) Reflects the CECL adjustment for non-purchase credit deteriorated loans and merger related expense impact to net income and tax-effected using a federal income tax rate of 21%.

    • 4:00PM ET on Tuesday Oct 29, 2024 by Dow Jones
      Companies Mentioned: BPRN
      September June March December September --------------- --------------- --------------- --------------- --------------- Net (loss) income (annualized)(1) $ (14,350) $ 20,617 $ 17,428 $ 20,956 $ 30,144 --------------- --------------- --------------- --------------- --------------- Average equity(2) 254,645 241,550 240,230 234,628 228,404 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Average Tangible Equity $ 236,404 $ 231,506 $ 230,076 $ 224,353 $ 218,005 Return on average tangible equity -6.07 % 8.91 % 7.60 % 9.34 % 13.83 % =============== =============== =============== =============== =============== Net interest income $ 17,109 $ 15,968 $ 15,448 $ 16,010 $ 16,684 Other income 2,056 2,087 1,985 1,779 2,403 Total revenue 19,165 18,055 17,433 17,789 19,087 Non-interest expenses $ 19,036 $ 12,009 $ 11,836 $ 10,949 $ 10,159 Less: core deposit intangible amortization (143) (111) (120) (124) (119) Less: merger-related expenses (6,695) - - - 1,391 --------------- --------------- --------------- --------------- --------------- Total operating expenses $ 12,198 $ 11,898 $ 11,716 $ 10,825 $ 11,431 Adjusted efficiency ratio 63.65 % 65.90 % 67.21 % 60.85 % 59.89 % =============== =============== =============== =============== =============== Total Assets $ 2,354,730 $ 1,983,941 $ 1,988,001 $ 1,916,497 $ 1,913,123 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Tangible assets $ 2,336,489 $ 1,973,897 $ 1,977,847 $ 1,906,222 $ 1,902,724 --------------- --------------- --------------- --------------- --------------- Stockholders' equity $ 262,351 $ 244,841 $ 241,808 $ 240,211 $ 232,208 Less: intangible assets (18,241) (10,044) (10,154) (10,275) (10,399) --------------- --------------- --------------- --------------- --------------- Tangible equity $ 244,110 $ 234,797 $ 231,654 $ 229,936 $ 221,809 --------------- --------------- --------------- --------------- --------------- Tangible equity to tangible assets 10.45 % 11.90 % 11.71 % 12.06 % 11.66 % =============== =============== =============== =============== =============== Tangible equity $ 244,110 $ 234,797 $ 231,654 $ 229,936 $ 221,809 Shares outstanding (in thousands) 6,876 6,350 6,320 6,315 6,299 Tangible book value per share $ 35.50 $ 36.98 $ 36.65 $ 36.41 $ 35.21 =============== =============== =============== =============== =============== (1) 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. (2) Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. Three months ended ----------------------------------------------------------------------------------- 2024 2024 2024 2023 2023 September June March December September --------------- --------------- --------------- --------------- --------------- Net interest income $ 17,109 $ 15,968 $ 15,968 $ 15,448 $ 16,684 FTE adjustment(3) 211 213 226 224 215 Net interest income FTE $ 17,320 $ 16,181 $ 16,194 $ 15,672 $ 16,899 --------------- --------------- --------------- --------------- --------------- Net interest income FTE (annualized)(1) $ 68,902 $ 65,078 $ 65,132 $ 62,862 $ 67,045 Average interest earning assets 1,998,226 1,868,019 1,817,912 1,789,624 1,761,567 Net interest margin FTE 3.45 % 3.48 % 3.58 % 3.51 % 3.81 % =============== =============== =============== =============== =============== Nine months ended -------------------------------- 2024 2023 September September --------------- --------------- Net interest income $ 48,525 $ 49,006 FTE adjustment(3) 612 580 Net interest income FTE $ 49,137 $ 49,586 --------------- --------------- Net interest income FTE (annualized)(1) $ 65,635 $ 66,540 Average interest earning assets 1,895,097 1,609,304 Net interest margin FTE 3.46 % 4.13 % =============== =============== (1) 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. (3) 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%. Princeton Bancorp, Inc. Reconciliation of Non-GAAP Net Income to GAAP Net Income At or For the Three At or For the Nine Months Ended September 30, 2024 Months Ended September 30, 2024 ----------------------------------------- ------------------------------------------- Actual Cornerstone(1) Core Actual Cornerstone(1) Core ------------ -------------- ----------- ------------ --------------- ------------ (Dollars in thousands, except per share data) Net interest income $ 17,109 $ - $ 17,109 $ 48,525 $ - $ 48,525 Provision for credit loss 4,601 3,152 1,449 4,669 3,152 1,517 ------------ -------------- ----------- ------------ --------------- ------------ Net interest income after provision 12,508 (3,152) 15,660 43,856 (3,152) 47,008 Non-interest income 2,056 - 2,056 6,128 - 6,128 Non-interest expense 19,036 6,695 12,341 42,881 6,695 36,186 Income (loss) before income taxes (4,472) (9,847) 5,375 7,103 (9,847) 16,950 ------------ -------------- ----------- ------------ --------------- ------------ Income tax (benefit) expense (865) (2,068) 1,203 1,239 (2,068) 3,307 ------------ -------------- ------------ --------------- Net (loss) income $ (3,607) $ (7,779) $ 4,172 $ 5,864 $ (7,779) $ 13,643 ============ ============== =========== ============ =============== ============ Earnings per common share - basic $ (0.55) $ 0.63 $ 0.91 $ 2.13 Earnings per common share - diluted $ (0.55) $ 0.63 $ 0.90 $ 2.10 (1) Reflects the CECL adjustment for non-purchase credit deteriorated loans and merger related expense impact to net income and tax-effected using a federal income tax rate of 21%.

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