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Princeton Bancorp Inc (BPRN+0.69%) Com has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $2.35 billion from $1.92 billion at the end of 2023, primarily due to the acquisition of Cornerstone Bank.
Net loans increased by $283.1 million, reaching $1.83 billion, with the growth attributed to the acquisition of Cornerstone Bank and existing operations.
Total deposits rose by $410.3 million to $2.05 billion, driven by the acquisition and organic growth.
The company reported a net loss of $4.5 million for the quarter, compared to a net income of $7.6 million in the same period of the previous year, mainly due to merger-related expenses and a provision for credit losses.
Interest income for the quarter increased by $4.8 million, while interest expense rose by $4.4 million, reflecting higher rates and balances.
Non-interest income decreased by $347 thousand, with a total of $2.1 million for the quarter.
Non-interest expense increased significantly by $10.0 million, primarily due to merger-related costs.
The company’s capital ratios remain above regulatory requirements, with a total capital ratio of 13.168% as of September 30, 2024.
Princeton Bancorp Inc does not have any outstanding borrowings as of September 30, 2024.
The company declared a cash dividend of $0.30 per share, payable on November 28, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Princeton Bancorp Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.