Business
Princeton Bancorp Announces Second Quarter 2025 Results
PRINCETON, N.J., July 24, 2025 /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 24, 2025 /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 for the quarter and six months ended June 30, 2025.\n\n \n \n \n \n \n \n\n \nPresident/CEO Edward Dietzler commented on the quarter results, \"Although we were disappointed with the large previously disclosed credit loss recorded in the second quarter, we are encouraged by the improvement in net interest income and in non-interest income, as well as a reduction in operating expenses this quarter, reflecting improvement in our earnings excluding our provision for credit losses. Additionally, we repurchased 173 thousand shares of our common stock at an average price of $31.14 as part of the share repurchase program. We expect stronger earnings in the second half of 2025.\nThe Company reported net income of $688 thousand, or $0.10 per diluted common share, for the second quarter of 2025, compared to $5.4 million, or $0.77 per diluted common share, for the first quarter of 2025, and net income of $5.1 million, or $0.80 per diluted common share, for the second quarter of 2024. The decrease in net income for the second quarter of 2025 when compared to the first quarter of 2025 was primarily due to an increase in provision for credit losses of $6.7 million partially offset by a decrease in non-interest expense of $283 thousand, an increase in net-interest income of $53 thousand, an increase in non-interest income of $61 thousand and a decrease in income tax expense of $1.6 million. The decrease in net income for the second quarter of 2025 when compared to the second quarter of 2024 was primarily due to increases in the provision for credit losses of $7.1 million and in non-interest expense of $1.5 million , partially offset by increases of $2.8 million in net-interest income and $164 thousand in non-interest income, and a decrease of $1.1 million in income tax expense.\nReview of Statements of Financial Condition\nTotal assets were $2.24 billion at June 30, 2025, a decrease of $98.6 million, or 4.21% when compared to $2.34 billion at the end of 2024. The primary reasons for the decrease in total assets were related to decreases in cash and cash equivalents of $96.3 million and investment sec...