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Princeton Bancorp Announces First Quarter 2023 Results
PRINCETON, N.J., April 20, 2023 /PRNewswire/ -- Princeton Bancorp, Inc. (the "Company") (NASDAQ: BPRN), the bank holding company for The Bank of Princeton
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., April 20, 2023 /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, 2023. The Company reported net income of $6.1 million, or $0.95 per diluted common share, for the first quarter of 2023, compared to net income of $7.2 million, or $1.13 per diluted common share, for the fourth quarter of 2022, and net income of $6.0 million, or $0.91 per diluted common share, for the first quarter of 2022. The decrease in net income for the first quarter of 2023, when compared to the fourth quarter of 2022, was primarily due to a decrease of $1.6 million in net interest income and a $101 thousand increase in non-interest expenses, partially offset by a $377 thousand increase in non-interest income and a $300 thousand decrease in income tax expense. Although net income for the first quarter of 2023 was only slightly higher than the net income for same period in 2022, net interest income was $807 thousand above the first quarter of 2022 and non-interest income was also higher by $328 thousand. Increases of $504 thousand in non-interest expense and $265 thousand in the provision for credit losses almost entirely offset the increases in income from the first quarter of 2022 to the same period in 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the three-month period ended March 31, 2023 are as follows:\nThe Bank formed a holding company, Princeton Bancorp, Inc., effective January 10, 2023.The Company realized a 5.2% annualized growth rate in its loan portfolio during the first quarter of 2023.Diluted earnings per share for the first quarter of 2023 was $0.95 or $0.04 higher compared to the same period in 2022.The Bank improved its net interest margin by 50 basis points for the first quarter of 2023 compared to the first quarter of 2022.President/CEO Edward Dietzler noted that, \"Today we are announcing another strong earnings performance for Princeton Bancorp. For the quarter we realized $6.1 million with an annualized ROA of 1.56%. The Bank's long-standing commitment to risk management and conservative balance sheet has the Bank well positioned for the future.\"\nBalance Sheet Review\nTotal assets were $1.59 billion at March 31, 2023,...