secwatch.observer — SEC 8-K summary
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Issuer:     Princeton Bancorp, Inc. (BPRN)
CIK:        0001913971
Form:       8-K
Filed at:   2024-10-29T23:59:59+00:00
Accession:  0001193125-24-246509
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524246509/0001193125-24-246509-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524246509/d784037d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-246509

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