Princeton Bancorp Q1 net income $6.1M ($0.95 EPS); NIM 4.59%, loan growth 5.2% annualized

Princeton Bancorp, Inc.

2023-FY EPS reported $0.95

Net income of $6.1M, or $0.95 diluted EPS, compared to $7.2M ($1.13) in Q4 2022 and $6.0M ($0.91) in Q1 2022.
Net interest income $16.7M; net interest margin 4.59%, down 23 bps QoQ but up 50 bps YoY.
Loans grew 5.2% annualized; total assets $1.59B, down 1.0%; deposits fell $55.6M (4.1%) while borrowings rose to $44.5M.
Non-performing assets increased $6.2M to $6.5M, driven by one $6.2M commercial real estate loan; loan is secured.
Adopted CECL on Jan 1, 2023, with one-time $284K net-of-tax decrease in retained earnings.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Princeton Bancorp, Inc. reported for the quarter ended March 31, 2023 results: net income $6.1 million, EPS $0.95 per diluted common share.

Period: for the quarter ended March 31, 2023
Net income: $6.1 million
EPS: $0.95 per diluted common share
Result: reported results

Exact text from the filing

The Company reported net income of $6.1 million, or $0.95 per diluted common share, for the first quarter of 2023, compared to net income of $7.2 million, or $1.13 per diluted common share, for the fourth quarter of 2022, and net income of $6.0 million, or $0.91 per diluted common share, for the first quarter of 2022.

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Princeton Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-108290

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