secwatch.observer — SEC 8-K summary
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Issuer:     Princeton Bancorp, Inc. (BPRN)
CIK:        0001913971
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001193125-24-114267
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524114267/0001193125-24-114267-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524114267/d797222d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-114267

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