Bank of Princeton ( (BPRN) ) has realeased its Q3 earnings. Here is a breakdown of the information Bank of Princeton presented to its investors.
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Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a New Jersey state-chartered commercial bank with branches across New Jersey, the Philadelphia area, and the New York City metropolitan area, specializing in offering a range of financial services to its community.
In its third quarter of 2024, Princeton Bancorp reported a net loss due to increased expenses from its recent acquisition of Cornerstone Bank. Despite this, the acquisition is expected to be beneficial in the long run, aligning with the company’s strategy to expand along the I-95 corridor.
The bank’s financial performance this quarter was marked by a $3.6 million net loss, a $7 million increase in non-interest expenses, and a significant rise in the provision for credit losses, primarily attributed to merger-related costs. Nonetheless, total assets increased by 22.87% to $2.35 billion, and net interest income rose by $1.1 million compared to the previous quarter.
The acquisition of Cornerstone Bank added approximately $314.5 million to total assets and $282.8 million in deposits, bolstering Princeton Bancorp’s financial position. The increase in deposits and loans highlights the bank’s strong capital position, despite the temporary setback in net income due to merger-related expenses.
Looking forward, Princeton Bancorp remains optimistic about its growth trajectory, focusing on integrating acquisitions and expanding its presence in key markets with an experienced management team to steer its strategic direction.
