secwatch.observer — SEC 8-K summary
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Issuer:     Princeton Bancorp, Inc. (BPRN)
CIK:        0001913971
Form:       8-K
Filed at:   2023-04-20T23:59:59+00:00
Accession:  0001193125-23-108290
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1913971/000119312523108290/0001193125-23-108290-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1913971/000119312523108290/d444036d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-108290

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