Business
Princeton Bancorp Announces Second Quarter 2024 Results and Approvals of Pending Acquisition
PRINCETON, N.J. , July 25, 2024 /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 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 June 30, 2024. The Company also announced that it has received the necessary approvals from shareholders and all applicable regulatory authorities in connection with its acquisition of Cornerstone Financial Corporation, which is expected to close on August 23, 2024. \n\n \n \n \n \n \n \n\n \nPresident/CEO Edward Dietzler remarked on the second quarter results, \"The Company continued its strong financial performance with a 18.0% increase in net income over the first quarter of 2024, along with a modest increase in the net interest margin to 3.44% for the second quarter. The Company continues to increase average loan and deposit balances while maintaining strong liquidity and credit quality. The anticipated addition of Cornerstone Bank in the third quarter will contribute to the Company's central and southern New Jersey footprint by strengthening our existing valuable franchise spanning from New York to Philadelphia.\"\nHIGHLIGHTS\nAverage total loans for the quarter increased by $34.7 million compared to the first quarter of 2024.Average total deposits for the quarter increased by $50.7 million compared to the first quarter of 2024.Non-performing assets remained low at $3.2 million, or 0.2% of total loans, compared to $6.7 million at year end 2023.The Company reported net income of $5.1 million, or $0.80 per diluted common share, for the second quarter of 2024, compared to net income of $4.3 million, or $0.68 per diluted common share, for the first quarter of 2024, and net income of $6.8 million, or $1.07 per diluted common share, for the second quarter of 2023. The increase in net income for the second quarter of 2024 when compared to the first quarter of 2024 was due to an increase of $520 thousand in net interest income, a net reduction in the provision for credit losses of $304 thousand due to a provision reversal of $118 thousand recorded in the second quarter of 2024, an increase in non-interest income of $102 thousand, partially offset by an increase of $173 thousand in non-interest expense. The $1.7 million decrease in net income for the second qu...