Princeton Bancorp Q1 net income falls to $4.3M, announces Cornerstone acquisition

Princeton Bancorp, Inc.

2024-Q1 EPS reported $0.68

Q1 2024 net income of $4.3M ($0.68 diluted EPS), down from $6.1M ($0.95) in Q1 2023.
Announced acquisition of Cornerstone Financial Corp. (total assets >$300M) to expand NJ footprint.
Net loans grew $22.9M (5.9% annualized), total deposits up $69.9M (17.1% annualized).
Non-performing assets fell to $2.1M from $6.7M at year-end 2023, driven by sale of a CRE loan.
Net interest income $15.4M, down from $16.7M a year ago; net interest margin 3.42%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Princeton Bancorp, Inc. reported the quarter ended March 31, 2024 results: net income $4.3 million, EPS $0.68 per diluted common share.

Period: the quarter ended March 31, 2024
Net income: $4.3 million
EPS: $0.68 per diluted common share
Result: reported results

Exact text from the filing

The Company reported net income of $4.3 million, or $0.68 per diluted common share, for the first quarter of 2024

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Princeton Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-114267

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