Princeton Bancorp Q2 net income $5.1M ($0.80 EPS); acquisition approvals received

Princeton Bancorp, Inc.

2024-Q2 EPS reported $1.48

Q2 2024 net income $5.1M ($0.80 diluted EPS) vs Q1 $4.3M ($0.68) and Q2 2023 $6.8M ($1.07).
Net interest margin 3.44%, up 2 bps QoQ; avg loans +$34.7M, avg deposits +$50.7M vs Q1.
Acquisition of Cornerstone Financial Corp received all shareholder and regulatory approvals; expected close August 23, 2024.
Non-performing assets low at $3.2M (0.2% of loans), down from $6.7M at year-end 2023.
Six-month net income $9.5M ($1.48 diluted) vs $12.9M ($2.02) in prior year, decrease due to 2023 Noah Bank acquisition items.

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