Princeton Bancorp Announces Third Quarter 2025 Results

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October 29, 2025 4:00 PM EDT

PRINCETON, N.J., Oct. 29, 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 at, and its results of operations for the quarter and nine months ended, September 30, 2025.

President/CEO Edward Dietzler commented on the quarter results, "The Bank achieved strong quarterly results, with a net income of $6.5 million and an EPS of $0.95. These results were driven by a 23-basis-point increase in the net interest margin to 3.77%, as compared to the prior quarter, reflecting improvements that were driven by higher asset yields and a reduction in funding costs."

The Company reported net income of $6.5 million, or $0.95 per diluted common share, for the third quarter of 2025, compared to $688 thousand, or $0.10 per diluted common share, for the second quarter of 2025, and a net loss of ($4.5) million, or ($0.68) per diluted common share, for the third quarter of 2024. The increase in net income for the third quarter of 2025 when compared to the second quarter of 2025 was primarily due to a decrease in provision for credit losses of $7.6 million, and an increase in net-interest income of $809 thousand, partially offset by a increase in non-interest expense of $408 thousand, a decrease in non-interest income of $343 thousand and an increase in income tax expense of $1.9 million. The increase in net income for the third quarter of 2025 when compared to the third quarter of 2024 was primarily due to $7.8 million in Cornerstone Bank merger-related expenses recorded in the third quarter of 2024, partially offset by an increase in other non-interest expenses of $1.6 million, and an increase of $2.9 million in income tax expense, and an increase of $2.5 million in net-interest income, and a decrease in the provision for credit losses of $5.3 million.

Review of Statements of Financial Condition

Total assets were $2.23 billion at September 30, 2025, a decrease of $111.1 million, or 4.75% 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 $44.5 million, investment securities of $37.2 million, and in net loans of $25.1 million. The decrease in the Company's net loans consisted of decreases of $54.2 million in construction loans, $32.0 million in commercial real estate loans, and $11.5 million in commercial and industrial loans, partially offset by increases of $67.9 million in residential mortgages, and $4.7 million in home equity and consumer loans.

Total deposits on September 30, 2025, decreased $104.0 million, or 5.12%, when compared to December 31, 2024. The decrease in the Company's deposits consisted primarily of decreases in certificates of deposit of $62.8 million, money market deposits of $25.3 million, non-interest-bearing demand deposits of $6.6 million, interest-bearing demand deposits of $6.3 million, and savings deposits of $2.9 million. On balance sheet liquidity remains strong at September 30, 2025.

Total stockholders' equity at September 30, 2025, increased $4.6 million or 1.74% when compared to December 31, 2024. The increase was primarily due to an increase in retained earnings of $6.2 million (which consisted of $12.5 million in net income, partially offset by $6.3 million of cash dividends recorded during the period), an increase in paid-in capital of $2.7 million primarily due to the exercise of stock options, and a decrease in accumulated other comprehensive loss of $3.3 million, partially offset by a $7.6 million increase in treasury stock. The ratio of equity to total assets at September 30, 2025, and at December 31, 2024, was 12.0% and 11.2%, respectively.

Asset Quality

At September 30, 2025, non-performing assets totaled $16.7 million, a decrease of $10.4 million when compared to the amount at December 31, 2024, primarily the result of $10.2 million in charge-offs.

Review of Quarterly Financial Results

Net interest income was $19.6 million for the third quarter of 2025, an increase of $809 thousand over the second quarter of 2025, and an increase of $2.5 million compared to $17.1 million for the third quarter of 2024. The increase in net interest income when compared with the second quarter of 2025 was primarily related a decrease in interest expense of $820 thousand, or 5.9%. The net interest margin for the third quarter of 2025 was 3.77%, an increase of 23 basis points when compared to the second quarter of 2025, and an increase of 36 basis points when compared to the third quarter of 2024. When comparing the third quarter of 2025 and the second quarter of 2025 periods, the decrease in interest expense and the increase in net interest margin were primarily associated with a decrease in total interest-bearing deposits of $61.8 million, as well as a decrease in the Company's cost of funds of 12 basis points. 

When comparing the third quarter of 2025 and third quarter of 2024, the increase in net-interest income increased of $2.5 million, was primarily due to an increase in average interest-earning assets of $65.8 million and the Bank's cost of funds decreasing by 47 basis points. These were partially offset by the increase in average interest-bearing deposits of $53.3 million, and a decrease of 4 basis points in the yield earned on interest-earning assets.

The Company recorded a reversal of credit losses of $672 thousand during the third quarter of 2025,  which consisted of a $659 thousand decrease recorded to the allowance of credit losses, and a decrease to the provision for credit losses of $13 thousand related to unfunded commitments, which are recorded in other liabilities on the Company's statements of financial condition.  The current quarters' reversal of provision recorded on the Company's statements of income was $7.6 million lower when compared to the provision for credit losses for the second quarter of 2025 and was $5.3 million lower when compared to the third quarter of 2024. The coverage ratio of the allowance for credit losses to period end loans was 1.14% at September 30, 2025, and 1.30% at December 31, 2024.

Total non-interest income of $1.9 million for the third quarter of 2025 decreased $343 thousand or 15.2% when compared to the second quarter of 2025 and decreased $148 thousand or 7.2% when compared to the third quarter of 2024. The decrease in the third quarter of 2025 when compared to the second quarter of 2025 was primarily due to a decrease in other non-interest income of $582 thousand, partially offset by an increase in loans fees of $223 thousand. The decrease over the prior year's third quarter was primarily due to a decrease in other non-interest income of $414 thousand, partially offset by an increase in loan fees of $142 thousand and an increase in income from bank owned life insurance of $83 thousand. The decrease in other non-interest income for the third quarter was related to a net loss on an equity investment in the amount of $471 thousand.

Total non-interest expense of $13.9 million for the third quarter of 2025 increased $408 thousand, or 3.0%, when compared to the second quarter of 2025. This increase over the prior quarter was primarily due to increases in professional fees of $346 thousand, and data processing and communications expenses of $165 thousand, partially offset by a decrease in office expense of $125 thousand. Total non-interest expense for the third quarter of 2025 decreased $6.2 million or 30.9% when compared to the third quarter of 2024. This decrease was primarily related to merger-related expenses of $7.8 million recorded in the third quarter of 2024, partially offset by increases in salaries and employee benefits expense of $537 thousand, professional fees of $413 thousand, data processing and communications expense of $252 thousand, and other non-interest expenses of $241 thousand.

For the quarter ended September 30, 2025, the Company recorded an income tax expense of $1.8 million, resulting in an effective tax rate of 21.9%, compared to an income tax benefit of ($92) thousand, resulting in an effective tax rate of (15.4)% for the quarter ended June 30, 2025 and compared to an income tax benefit of ($1.1) million resulting in an effective tax rate of (20.1) % for the quarter ended September 30, 2024.

For the nine-month period ended September 30, 2025, the Company recorded net income of $12.5 million, or $1.82 per diluted common share, compared to $5.0 million, or $0.77 per diluted common share, for the same period in 2024. The increase in net income was primarily due to an increase of $8.7 million in net interest income as well as Cornerstone Bank merger-related expenses recorded in third quarter of 2024.

About Princeton Bancorp, Inc. and The Bank of Princeton

Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation. 

Forward-Looking Statements

The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of the current Federal budget stalemate in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the global impact of the military conflicts in the Ukraine and the Middle East; the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; and the timing and nature of the regulatory response to any applications filed by the Company and the Bank; technological changes; other acquisitions; changes in consumer spending and saving habits; those risks under the heading "Risk Factors" set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2024, and the success of the Company at managing the risks involved in the foregoing.

The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.

 

Princeton Bancorp, Inc.

Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in thousands, except per share data)













September 30, 2025 vs



September 30, 2025 vs




September 30,



December 31,



September 30,



December 31, 2024



September 30, 2024




2025



2024



2024



$ Change



% Change



$ Change



% Change


ASSETS






















Cash and cash equivalents


$

72,892



$

117,348



$

181,058



$

(44,456)




(37.88)

%


$

(108,166)




(59.74)

%

Securities available-for-sale
   taxable



170,011




207,442




147,871




(37,431)




(18.04)

%



22,140




14.97

%

Securities available-for-sale
   tax-exempt



39,917




39,729




40,988




188




0.47

%



(1,071)




(2.61)

%

Securities held-to-maturity



155




161




163




(6)




(3.73)

%



(8)




(4.91)

%

Loans receivable, net of deferred
   loan fees



1,793,787




1,818,875




1,831,407




(25,088)




(1.38)

%



(37,620)




(2.05)

%

Allowance for credit losses



(20,441)




(23,657)




(23,200)




3,216




(13.59)

%



2,759




(11.89)

%

Goodwill



14,381




14,381




14,381




—




—




—




—


Core deposit intangible



2,976




3,632




3,860




(656)




(18.06)

%



(884)




(22.90)

%

Other real estate owned



—




295




—




(295)




(100.00)

%



—



N/A


Other assets



155,412




162,027




158,202




(6,615)




(4.08)

%



(2,790)




(1.76)

%

TOTAL ASSETS


$

2,229,090



$

2,340,233



$

2,354,730



$

(111,143)




(4.75)

%


$

(125,640)




(5.34)

%

LIABILITIES






















Non-interest checking


$

294,333



$

300,972



$

302,846



$

(6,639)




(2.21)

%


$

(8,513)




(2.81)

%

Interest checking



294,236




300,559




284,504




(6,323)




(2.10)

%



9,732




3.42

%

Savings



167,968




170,880




178,299




(2,912)




(1.70)

%



(10,331)




(5.79)

%

Money market



465,194




490,543




493,353




(25,349)




(5.17)

%



(28,159)




(5.71)

%

Time deposits over $250,000



226,666




208,858




213,310




17,808




8.53

%



13,356




6.26

%

Other time deposits



480,188




560,813




573,689




(80,625)




(14.38)

%



(93,501)




(16.30)

%

Total deposits



1,928,585




2,032,625




2,046,001




(104,040)




(5.12)

%



(117,416)




(5.74)

%

Borrowings



—




—




—




—



N/A




—



N/A


Other liabilities



33,898




45,568




47,227




(11,670)




(25.61)

%



(13,329)




(28.22)

%

TOTAL LIABILITIES



1,962,483




2,078,193




2,093,228




(115,710)




(5.57)

%



(130,745)




(6.25)

%

STOCKHOLDERS' EQUITY






















Paid-in capital



122,559




119,908




119,514




2,651




2.21

%



3,045




2.55

%

Treasury stock 1



(8,403)




(842)




(842)




(7,561)




897.98

%



(7,561)




897.98

%

Retained earnings



158,081




151,915




148,716




6,166




4.06

%



9,365




6.30

%

Accumulated other
   comprehensive income (loss)



(5,630)




(8,941)




(5,886)




3,311




(37.03)

%



256




(4.35)

%

TOTAL STOCKHOLDERS'
   EQUITY



266,607




262,040




261,502




4,567




1.74

%



5,105




1.95

%

TOTAL LIABILITIES
   AND STOCKHOLDERS'
   EQUITY


$

2,229,090



$

2,340,233



$

2,354,730




(111,143)




(4.21)

%



(125,640)




12.99

%

Book value per common share


$

39.36



$

38.07



$

38.18



$

1.29




3.39

%


$

1.18




3.09

%

Tangible book value per
   common share 2


$

36.80



$

35.45



$

35.52



$

1.35




3.81

%


$

1.28




3.60

%



1  

Treasury stock repurchases commenced March 8, 2024, associated with the stock repurchase program announced August 10, 2023.

2  

Tangible book value per common share is a non-GAAP measure.


For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc.

Loan and Deposit Tables

(Unaudited)



 The components of loans receivable, net at September 30, 2025 and December 31, 2024 were as follows:





September 30,



December 31,




2025



2024




(In thousands)


Commercial real estate


$

1,353,039



$

1,385,085


Commercial and industrial



81,370




92,857


Construction



203,004




257,169


Residential first-lien mortgages



135,930




68,030


Home equity / consumer



22,799




18,133


Total loans



1,796,142




1,821,274


Deferred fees and costs



(2,355)




(2,399)


Allowance for credit losses



(20,441)




(23,657)


Loans, net


$

1,773,346



$

1,795,218


 

The components of deposits at September 30, 2025 and December 31, 2024 were as follows:






September 30,



December 31,




2025



2024




(In thousands)


Demand, non-interest-bearing


$

294,333



$

300,972


Demand, interest-bearing



294,236




300,559


Savings



167,968




170,880


Money market



465,194




490,543


Time deposits



706,854




769,671


Total deposits


$

1,928,585



$

2,032,625


 

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands except per share data)




Three Months Ended
September 30,










2025



2024



$ Change



% Change


Interest and dividend income













Loans and fees


$

29,927



$

28,135



$

1,792




6.4

%

Available-for-sale debt securities:













Taxable



2,214




1,273




941




73.9

%

Tax-exempt



278




285




(7)




(2.5)

%

Held-to-maturity debt securities



2




2




—




—


Other interest and dividend income



324




2,115




(1,791)




(84.7)

%

Total interest and dividends



32,745




31,810




935




2.9

%

Interest expense













Deposits



13,081




14,701




(1,620)




(11.0)

%

Borrowings



45




—




45



N/A


Total interest expense



13,126




14,701




(1,575)




(10.7)

%

Net interest income



19,619




17,109




2,510




14.7

%

Provision for (reversal of) credit losses



(672)




4,601




(5,273)




(114.6)

%

Net interest income after provision for (reversal of) credit
   losses



20,291




12,508




7,783




62.2

%

Non-interest income













Gain (Loss) on sale of securities available-for-sale, net



—




(7)




7




(100.0)

%

Income from bank-owned life insurance



506




423




83




19.6

%

Fees and service charges



555




521




34




6.5

%

Loan fees, including prepayment penalties



926




784




142




18.1

%

Other



(79)




335




(414)




(123.6)

%

Total non-interest income



1,908




2,056




(148)




(7.2)

%

Non-interest expense













Salaries and employee benefits



7,093




6,556




537




8.2

%

Occupancy and equipment



2,146




2,087




59




2.8

%

Professional fees



1,067




654




413




63.1

%

Data processing and communications



1,708




1,456




252




17.3

%

Federal deposit insurance



370




316




54




17.1

%

Advertising and promotion



212




181




31




17.1

%

Office expense



113




190




(77)




(40.5)

%

Core deposit intangible



209




143




66




46.2

%

Merger-related expenses



—




7,803




(7,803)




(100.0)

%

Other



999




758




241




31.8

%

Total non-interest expense



13,917




20,144




(6,227)




(30.9)

%

Income (loss) before income tax expense



8,282




(5,580)




13,862




(248.4)

%

Income tax (benefit) expense



1,816




(1,124)




2,940




(261.6)

%

Net income (loss)


$

6,466



$

(4,456)




10,922




(245.1)

%

Net income (loss) per common share - basic


$

0.95



$

(0.68)



$

1.63




(240.8)

%

Net income (loss) per common share - diluted


$

0.95



$

(0.68)



$

1.63




(240.4)

%

Weighted average shares outstanding - basic



6,776




6,573




203




3.1

%

Weighted average shares outstanding - diluted



6,795




6,573




222




3.4

%

 

Princeton Bancorp, Inc.

Consolidated Statements of Income (Current Quarter vs Prior Quarter)

(Unaudited)

(Amounts in thousands, except per share data)




Three Months Ended










September 30,



June 30,










2025



2025



$ Change



% Change


Interest and dividend income













Loans and fees


$

29,927



$

29,620



$

307




1.0

%

Available-for-sale debt securities:













Taxable



2,214




2,298




(84)




(3.7)

%

Tax-exempt



278




279




(1)




(0.4)

%

Held-to-maturity debt securities



2




2




—




0.0

%

Other interest and dividend income



324




557




(233)




(41.8)

%

Total interest and dividends



32,745




32,756




(11)




(0.0)

%

Interest expense













Deposits



13,081




13,933




(852)




(6.1)

%

Borrowings



45




13




32




246.2

%

Total interest expense



13,126




13,946




(820)




(5.9)

%

Net interest income



19,619




18,810




809




4.3

%

Provision for (reversal of) credit losses



(672)




6,956




(7,628)




(109.7)

%

Net interest income after provision for (reversal of) credit
losses



20,291




11,854




8,437




71.2

%

Non-interest income













Income from bank-owned life insurance



506




494




12




2.4

%

Fees and service charges



555




551




4




0.7

%

Loan fees, including prepayment penalties



926




703




223




31.7

%

Other



(79)




503




(582)




(115.7)

%

Total non-interest income



1,908




2,251




(343)




(15.2)

%

Non-interest expense













Salaries and employee benefits



7,093




7,093




—




0.0

%

Occupancy and equipment



2,146




2,147




(1)




(0.0)

%

Professional fees



1,067




721




346




48.0

%

Data processing and communications



1,708




1,543




165




10.7

%

Federal deposit insurance



370




415




(45)




(10.8)

%

Advertising and promotion



212




152




60




39.5

%

Office expense



113




238




(125)




(52.5)

%

Core deposit intangible



209




219




(10)




(4.6)

%

Other



999




981




18




1.8

%

Total non-interest expense



13,917




13,509




408




3.0

%

Income before income tax expense



8,282




596




7,686




1289.6

%

Income tax (benefit) expense



1,816




(92)




1,908




(2073.9)

%

Net income


$

6,466



$

688



$

5,778




839.8

%

Net income per common share - basic


$

0.95



$

0.10



$

0.85




852.4

%

Net income per common share - diluted


$

0.95



$

0.10



$

0.85




853.7

%

Weighted average shares outstanding - basic



6,776




6,867




(91)




(1.3)

%

Weighted average shares outstanding - diluted



6,795




6,895




(100)




(1.5)

%

 

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands, except per share data)




Nine Months Ended










September 30,










2025



2024



$ Change



% Change


Interest and dividend income













Loans and fees


$

89,171



$

79,109



$

10,062




12.7

%

Available-for-sale debt securities:













Taxable



7,128




2,838




4,290




151.2

%

Tax-exempt



841




857




(16)




(1.9)

%

Held-to-maturity debt securities



6




7




(1)




(14.3)

%

Other interest and dividend income



1,650




6,475




(4,825)




(74.5)

%

Total interest and dividends



98,796




89,286




9,510




10.7

%

Interest expense













Deposits



41,552




40,761




791




1.9

%

Borrowings



58




—




58



N/A


Total interest expense



41,610




40,761




849




2.1

%

Net interest income



57,186




48,525




8,661




17.8

%

Provision for credit losses



6,552




4,669




1,883




40.3

%

Net interest income after provision for credit losses



50,634




43,856




6,778




15.5

%

Non-Interest income













(Loss) gain on sale of securities available-for-sale, net



—




(7)




7




(100.0)

%

Income from bank-owned life insurance



1,471




1,192




279




23.4

%

Fees and service charges



1,617




1,418




199




14.0

%

Loan fees, including prepayment penalties



2,304




2,445




(141)




(5.8)

%

Other



957




1,080




(123)




(11.4)

%

Total non-interest income



6,349




6,128




221




3.6

%

Non-interest expense













Salaries and employee benefits



21,358




19,519




1,839




9.4

%

Occupancy and equipment



6,578




5,966




612




10.3

%

Professional fees



2,549




1,780




769




43.2

%

Data processing and communications



4,877




4,020




857




21.3

%

Federal deposit insurance



1,318




868




450




51.8

%

Advertising and promotion



535




479




56




11.7

%

Office expense



461




464




(3)




(0.6)

%

Other real estate owned expense



27




—




27



N/A


Core deposit intangible



656




374




282




75.4

%

Merger-related expenses



—




7,803




(7,803)




(100.0)

%

Other



2,859




2,716




143




5.3

%

Total non-interest expense



41,218




43,989




(2,771)




(6.3)

%

Income before income tax expense



15,765




5,995




9,770




163.0

%

Income tax expense



3,233




980




2,253




229.9

%

Net income


$

12,532



$

5,015



$

7,517




149.9

%

Net income per common share - basic


$

1.83



$

0.78



$

1.05




(40.8)

%

Net income per common share - diluted


$

1.82



$

0.77



$

1.05




(40.6)

%

Weighted average shares outstanding - basic



6,849




6,412




437




6.8

%

Weighted average shares outstanding - diluted



6,884




6,496




388




6.0

%

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)




For the Three Months Ended September 30,










2025



2024



Change in



Change in




Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate


Earning assets



















Loans


$

1,817,551




6.53

%


$

1,691,688




6.62

%


$

125,863




(0.09)

%

Securities



















Taxable available-for-sale



178,947




4.95

%



111,633




4.56

%



67,314




0.39

%

Tax-exempt available-for-sale



39,269




2.83

%



40,028




2.85

%



(759)




(0.02)

%

Held-to-maturity



156




5.33

%



164




5.33

%



(8)




0.00

%

Total Securities



218,372




4.57

%



151,825




4.11

%



66,547




0.46

%

Other interest earning assets



















Federal funds sold



15,911




4.33

%



135,164




5.38

%



(119,253)




(1.05)

%

Other interest-earning assets



12,156




4.92

%



19,549




5.85

%



(7,393)




(0.93)

%

Other interest-earning assets



28,067




4.58

%



154,713




5.44

%



(126,646)




(0.86)

%

Total interest-earning assets



2,063,990




6.29

%



1,998,226




6.33

%



65,764




(0.04)

%

Total non-earning assets



170,260







151,776











Total assets


$

2,234,250






$

2,150,002











Interest-bearing liabilities



















Checking


$

297,455




2.06

%


$

258,728




1.86

%


$

38,727




0.20

%

Savings



168,940




2.31

%



159,521




2.57

%



9,419




(0.26)

%

Money market



466,459




3.16

%



443,109




3.85

%



23,350




(0.69)

%

Certificates of deposit



702,996




3.86

%



721,240




4.50

%



(18,244)




(0.64)

%

Total interest-bearing deposits



1,635,850




3.17

%



1,582,598




3.70

%



53,252




(0.53)

%

Non-interest bearing deposits



294,652







269,030











Total deposits



1,930,502




2.69

%



1,851,628




3.16

%



78,874




(0.47)

%

Borrowings



3,749




4.72

%



—



N/A




3,749



N/A


Total interest-bearing liabilities
   (excluding non interest deposits)



1,639,599




3.18

%



1,582,598




3.70

%



57,001




(0.52)

%

Non-interest-bearing deposits



294,652







269,030











Total cost of funds



1,934,251




2.69

%



1,851,628




3.16

%



82,623




(0.47)

%

Accrued expenses and other liabilities



36,911







43,729











Stockholders' equity



263,088







254,645











Total liabilities and stockholders'
   equity


$

2,234,250






$

2,150,002











Net interest spread






3.11

%






2.64

%







Net interest margin






3.77

%






3.41

%







Net interest margin (FTE) 1, 2






3.81

%






3.45

%









1

Includes federal and state tax effect of tax-exempt securities and loans.

2

This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)




For the Nine Months Ended September 30,










2025



2024



Change in



Change in




Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate


Earning assets



















Loans


$

1,838,179




6.49

%


$

1,609,890




6.56

%


$

228,289




(0.07)

%

Securities



















Taxable available-for-sale



192,605




4.93

%



86,732




4.36

%



105,873




0.57

%

Tax-exempt available-for-sale



39,421




2.84

%



40,180




2.84

%



(759)




(0.00)

%

Held-to-maturity



158




5.33

%



171




5.25

%



(13)




0.08

%

Securities



232,184




4.58

%



127,083




3.88

%



105,101




0.70

%

Other interest earning assets



















Federal funds sold



34,339




4.41

%



138,843




5.43

%



(104,504)




(1.02)

%

Other interest-earning assets



14,311




4.85

%



19,281




5.76

%



(4,970)




(0.91)

%

Other interest-earning assets



48,650




4.54

%



158,124




5.47

%



(109,474)




(0.93)

%

Total interest-earning assets



2,119,013




6.23

%



1,895,097




6.29

%



223,916




(0.06)

%

Total non-earning assets



169,000







144,630











Total assets


$

2,288,013






$

2,039,727











Interest-bearing liabilities



















Checking


$

312,254




2.00

%


$

244,271




1.93

%


$

67,983




0.07

%

Savings



170,320




2.28

%



151,884




2.57

%



18,436




(0.29)

%

Money market



469,202




3.13

%



399,253




3.92

%



69,949




(0.79)

%

Certificates of deposit



738,673




4.16

%



704,388




4.28

%



34,285




(0.12)

%

Total interest-bearing deposits



1,690,449




3.29

%



1,499,796




3.63

%



190,653




(0.34)

%

Non-interest bearing deposits



290,281







252,184











Total deposits



1,980,730




2.80

%



1,751,980




3.11

%



228,750




(0.31)

%

Borrowings



1,687




4.59

%



—




—




1,687



N/A


Total interest-bearing liabilities
   (excluding non interest deposits)



1,692,136




3.29

%



1,499,796




3.63

%



192,340




(0.34)

%

Non-interest-bearing deposits



290,281







252,184











Total cost of funds



1,982,417




2.80

%



1,751,980




3.11

%



230,437




(0.31)

%

Accrued expenses and other liabilities



41,599







42,239











Stockholders' equity



263,997







245,508











Total liabilities and stockholders'
   equity


$

2,288,013






$

2,039,727











Net interest spread






2.94

%






2.66

%







Net interest margin






3.61

%






3.42

%







Net interest margin (FTE) 1, 2






3.65

%






3.46

%









1

Includes federal and state tax effect of tax-exempt securities and loans.

2

This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)




For the Three Months Ended










September 30, 2025



June 30, 2025



Change in



Change in




Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate



Average
Balance



Yield/
Rate


Earning assets



















Loans


$

1,817,551




6.53

%


$

1,845,920




6.44

%


$

(28,369)




0.09

%

Securities



















Taxable available-for-sale



178,947




4.95

%



195,152




4.71

%



(16,205)




0.24

%

Tax-exempt available-for-sale



39,269




2.83

%



39,025




2.86

%



244




(0.03)

%

Held-to-maturity



156




5.33

%



158




5.33

%



(2)




—


Total Securities



218,372




4.57

%



234,335




4.40

%



(15,963)




0.17

%

Other interest earning assets



















Federal funds sold



15,911




4.33

%



34,201




4.42

%



(18,290)




(0.09)

%

Other interest-earning assets



12,156




4.92

%



14,790




4.91

%



(2,634)




0.01

%

Other interest-earning assets



28,067




4.58

%



48,991




4.57

%



(20,924)




0.01

%

Total interest-earning assets



2,063,990




6.29

%



2,129,246




6.17

%



(65,256)




0.12

%

Total non-earning assets



170,260







165,803











Total assets


$

2,234,250






$

2,295,049











Interest-bearing liabilities



















Checking


$

297,455




2.06

%


$

314,336




2.00

%


$

(16,881)




0.06

%

Savings



168,940




2.31

%



170,644




2.29

%



(1,704)




0.02

%

Money market



466,459




3.16

%



464,917




3.14

%



1,542




0.02

%

Certificates of deposit



702,996




3.86

%



747,773




4.16

%



(44,777)




(0.30)

%

Total interest-bearing deposits



1,635,850




3.17

%



1,697,670




3.29

%



(61,820)




(0.12)

%

Non-interest bearing deposits



294,652







288,608







6,044





Total deposits



1,930,502




2.69

%



1,986,278




2.81

%



(55,776)




(0.12)

%

Borrowings



3,749




4.72

%



1,259




4.18

%



2,490




0.54

%

Total interest-bearing liabilities
   (excluding non interest deposits)



1,639,599




3.18

%



1,698,929




3.29

%



(59,330)




(0.11)

%

Non-interest-bearing deposits



294,652







288,608







6,044




—


Total cost of funds



1,934,251




2.69

%



1,987,537




2.81

%



(53,286)




(0.12)

%

Accrued expenses and other liabilities



36,911







42,634











Stockholders' equity



263,088







264,878











Total liabilities and stockholders'
   equity


$

2,234,250






$

2,295,049











Net interest spread






3.11

%






2.88

%







Net interest margin






3.77

%






3.54

%







Net interest margin (FTE) 1, 2






3.81

%






3.58

%









1

Includes federal and state tax effect of tax-exempt securities and loans.

2

This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc.

Quarterly Financial Highlights

(Unaudited)




2025



2025



2025



2024



2024




September



June



March



December



September


Return on average assets



1.15

%



0.12

%



0.93

%



0.88

%



(0.82)

%

Return on average equity



9.75

%



1.04

%



8.26

%



7.97

%



(6.96)

%

Return on average tangible equity1



10.45

%



1.12

%



8.86

%



8.56

%



(7.25)

%

Net interest margin



3.77

%



3.54

%



3.51

%



3.28

%



3.41

%

Net interest margin (FTE)1



3.81

%



3.58

%



3.56

%



3.32

%



3.45

%

Adjusted efficiency ratio1



63.68

%



63.10

%



64.75

%



62.62

%



63.65

%

COMMON STOCK DATA
















Market value at period end


$

31.84



$

30.54



$

30.55



$

34.43



$

36.98


Market range:
















High


$

34.84



$

32.97



$

34.31



$

38.90



$

39.12


Low


$

29.95



$

27.69



$

30.02



$

33.26



$

32.40


Book value per common share at period end


$

39.48



$

38.49



$

38.56



$

38.07



$

38.18


Tangible book value per common share1


$

36.80



$

35.91



$

36.00



$

35.45



$

35.52


Shares of common stock outstanding (in thousands)



6,773




6,806




6,923




6,883




6,849


CAPITAL RATIOS
















Total capital (to risk-weighted assets)



13.78

%



13.05

%



13.67

%



13.52

%



13.17

%

Tier 1 capital (to risk-weighted assets)



12.73

%



12.01

%



12.48

%



12.34

%



12.02

%

Tier 1 capital (to average assets)



11.15

%



10.63

%



10.91

%



10.58

%



11.44

%

Equity to assets



11.96

%



11.69

%



11.52

%



11.20

%



11.11

%

Tangible equity to tangible assets1



11.27

%



10.99

%



10.83

%



10.51

%



10.41

%

CREDIT QUALITY DATA (Dollars in thousands)
















Net charge-offs (recoveries)


$

(86)



$

9,859



$

(60)



$

86



$

108


Annualized net charge-offs (recoveries) to average
   loans



(0.019)

%



2.136

%



(0.013)

%



0.019

%



0.026

%

Nonperforming loans


$

16,710



$

16,530



$

26,522



$

26,841



$

2,330


Other real estate owned



—




—




—




295




—


Total nonperforming assets


$

16,710



$

16,530



$

26,522



$

27,136



$

2,330


Allowance for credit losses as a percent of:
















Period-end loans, net of deferred fees and costs



1.14

%



1.14

%



1.29

%



1.30

%



1.27

%

Nonperforming loans



122.33

%



127.13

%



90.27

%



88.14

%



995.85

%

Nonperforming assets



122.33

%



127.13

%



90.27

%



87.18

%



995.85

%

Nonaccrual loans as a percent of total loans, net of
   deferred fees and costs



0.93

%



0.90

%



1.43

%



1.48

%



0.13

%



1 

This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.

 

Princeton Bancorp, Inc
 Supplemental Information – Non-GAAP Financial Measures 
 (Unaudited)

This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of its performance. These non-GAAP financial measures are "tangible book value per common share," "return on average tangible equity," "efficiency ratio," "adjusted efficiency ratio," "tangible equity to tangible assets," and "net interest margin on a fully taxable equivalent." For the purpose of calculating return on average tangible equity, net income for such period is annualized and divided by average tangible equity during such period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible equity to tangible assets, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating efficiency ratio, total operating expense is divided by total revenue for the period. For the purpose of calculating adjusted efficiency ratio, total operating expense minus core deposit intangible amortization and merger-related expenses is divided by total revenue for the period. For the purpose of calculating net interest margin on a fully taxable equivalent, fully taxable equivalent adjustments are added to net interest income for the period, net interest income fully taxable equivalent for such period is annualized and divided by average interest earning assets during such period. Adjusted earnings per share and adjusted diluted earnings per share are calculated by dividing net income adjusted for the provision for credit loss on non-purchase credit deteriorated loans and merger-related expenses by weighted outstanding shares.

Management believes that these non-GAAP financial measures provide valuable insights into understanding our financial results by excluding certain items that can distort our core business results. This allows investors to better understand our ongoing operations and assess our future potential, while still being transparent about the adjustments made to arrive at these non-GAAP figures. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and the Company strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

In addition to the items noted above, defined footnotes are included in the Supplemental Information – Non-GAAP Financial Measures table below. 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. Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. 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.

Supplemental Information - Non-GAAP Financial Measures

(Unaudited)

(Dollars in thousands)




Three months ended




2025



2025



2025



2024



2024




September



June



March



December



September


Net (loss) income (annualized)1


$

25,653



$

2,760



$

21,811



$

20,794



$

(17,727)


Average equity2



263,088




264,878




264,034




261,057




254,645


Less: average intangible assets3



(17,493)




(17,701)




(17,929)




(18,148)




(10,096)


Average Tangible Equity


$

245,595



$

247,177



$

246,105



$

242,909



$

244,549


Return on average tangible equity



10.45

%



1.12

%



8.86

%



8.56

%



(7.25)

%

Net interest income


$

19,619



$

18,810



$

18,757



$

18,007



$

17,109


Other income



1,908




2,251




2,190




2,027




2,056


Total revenue



21,527




21,061




20,947




20,034




19,165


Non-interest expenses


$

13,917



$

13,509



$

13,792



$

12,773



$

20,144


Less: core deposit intangible amortization



(209)




(219)




(228)




(228)




(143)


Less: merger-related expenses



—




—




—




—




(7,803)


Total operating expenses


$

13,708



$

13,290



$

13,564



$

12,545



$

12,198


Adjusted efficiency ratio



63.68

%



63.10

%



64.75

%



62.62

%



63.65

%

Total Assets


$

2,229,090



$

2,241,668



$

2,318,097



$

2,340,233



$

2,354,730


Less: intangible assets



(17,357)




(17,566)




(17,784)




(18,013)




(18,241)


Tangible assets


$

2,211,733



$

2,224,102



$

2,300,313



$

2,322,220



$

2,336,489


Stockholders' equity


$

266,607



$

261,946



$

266,987



$

262,040



$

261,502


Less: intangible assets



(17,357)




(17,566)




(17,784)




(18,013)




(18,241)


Tangible equity


$

249,250



$

244,380



$

249,203



$

244,027



$

243,261


Tangible equity to tangible assets



11.27

%



10.99

%



10.83

%



10.51

%



10.41

%

Tangible equity


$

249,250



$

244,380



$

249,203



$

244,027



$

243,261


Shares outstanding (in thousands)



6,773




6,806




6,923




6,883




6,849


Tangible book value per share


$

36.80



$

35.91



$

36.00



$

35.45



$

35.52




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.

3 

Average intangible assets is calculated using the sum of daily equity balance for the period, divided by the number of days in the period.

 

Three months ended




2025



2025



2025



2024



2024




September



June



March



December



September


Net interest income


$

19,619



$

18,810



$

18,757



$

18,007



$

17,109


FTE adjustment3



211




212




250




241




211


Net interest income FTE


$

19,830



$

19,022



$

19,007



$

18,248



$

17,320


Net interest income FTE (annualized)1


$

78,675



$

76,297



$

77,083



$

72,595



$

68,902


Average interest earning assets



2,063,990




2,129,246




2,164,911




2,185,859




1,998,226


Net interest margin FTE



3.81

%



3.58

%



3.56

%



3.32

%



3.45

%

 

Nine-months ended




2025



2024




September



September


Net interest income


$

57,186



$

48,525


FTE adjustment3



673




612


Net interest income FTE


$

57,859



$

49,137


Net interest income FTE (annualized)1


$

77,357



$

65,635


Average interest earning assets



2,119,013




1,895,097


Net interest margin FTE



3.65

%



3.46

%



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%.

 

Contact George Rapp
 609.454.0718
 [email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/princeton-bancorp-announces-third-quarter-2025-results-302598780.html

SOURCE The Bank of Princeton


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