Business
Princeton Bancorp Announces Second Quarter 2023 Results
PRINCETON, N.J., July 27, 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., July 27, 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 June 30, 2023. The Company reported net income of $6.8 million, or $1.07 per diluted common share, for the second quarter of 2023, compared to net income of $6.1 million, or $0.95 per diluted common share, for the first quarter of 2023, and net income of $6.3 million, or $0.98 per diluted common share, for the second quarter of 2022. The increase in net income for the second quarter of 2023 when compared to the first quarter of 2023 was primarily due to an increase of $10.2 million in non-interest income and a $1.7 million decrease in income tax expense, partially offset by an $8.0 million increase in non-interest expense, a $2.2 million increase in the provision for credit losses, and a $1.0 million decrease in net interest income. The increase in net income for the second quarter of 2023 compared to the same period in 2022 was primarily due to an increase of $10.5 million in non-interest income and a $1.5 million decrease in income tax expense, partially offset by an $8.4 million increase in non-interest expense and a $2.5 million increase in the provision for credit losses. For the six-month period ended June 30, 2023, the Company recorded net income of $12.9 million, or $2.02 per diluted common share, compared to $12.3 million, or $1.89 per diluted common share, for the same period in 2022. The increase was primarily due to an increase of $10.8 million in non-interest income and a $1.2 million decrease in income tax expense, partially offset by an $8.9 million increase in non-interest expense, and a $2.7 million increase in provision for credit losses.\n\n \n \n \n \n \n \n\n \n\"As I look forward, the Bank is well-positioned to continue its strong growth path,\" President/CEO Edward Dietzler commented on the quarter. The second quarter resulted in several significant developments for the Bank. We completed the acquisition of Noah Bank which will be immediately accretive to earnings and with no dilution to shareholders. The Noah acquisition fits perfectly with our strategy to be the bank of choice up and down the I-95 corridor. My thanks to our staff, e...