Princeton Bancorp reports Q3 net loss of $3.6M on $6.7M Cornerstone acquisition costs

Princeton Bancorp, Inc.

2024-Q3 EPS reported $0.77

Net loss $3.6M (-$0.55/share) vs Q2 net income $5.1M ($0.80) and Q3 2023 net income $7.6M ($1.19).
Cornerstone Bank acquisition closed Aug 23, 2024; added $314.5M assets, $282.8M deposits, $283.1M net loans.
Merger-related expenses $6.7M and $3.2M provision for credit losses on acquired non-PCD loans drove the loss.
Net interest income $17.1M, up from $16.0M Q2; net interest margin 3.41% (-3 bps QoQ).
Total assets $2.35B (+22.9% YTD), total deposits $2.05B (+25.1% YTD); non-performing assets $2.3M (down from $6.7M Dec 2023).

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