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Princeton Bancorp Inc Com (BPRN-4.68%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial condition, including total assets of $2.34 billion, an increase of $423.7 million or 22.11% from the previous year, primarily due to the acquisition of Cornerstone Financial Corporation (CFC) and increases from existing operations.
Net loans receivable increased by $270.5 million to $1.82 billion, with significant growth in commercial real estate loans and commercial and industrial loans.
Deposits grew by $396.9 million to $2.03 billion, with $282.8 million of this increase attributed to deposits acquired from CFC.
The company reported net income of $10.2 million for the year, a decrease from $25.8 million in the previous year, largely due to a $9.7 million bargain purchase gain in 2023 and increased provision for credit losses in 2024.
Total interest and dividend income increased by $24.8 million to $122.9 million, driven by higher yields and an increase in average interest-earning assets.
Non-interest income decreased by $9.0 million, primarily due to the absence of the prior year's bargain purchase gain.
Non-interest expense increased by $8.0 million, attributed to higher salaries, benefits, and acquisition-related expenses.
The allowance for credit losses on loans was $23.7 million at year-end, reflecting an increase due to provisions related to the CFC acquisition.
The company did not have any outstanding borrowings at the end of the year and maintained a well-capitalized status according to regulatory standards.
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 annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.