earnings
confidence high
sentiment negative
materiality 0.80
Princeton Bancorp reports Q3 net loss of $4.5M due to Cornerstone acquisition costs
Princeton Bancorp, Inc.
2024-Q3 EPS reported
$0.77
- Net loss of $4.5M ($0.68 EPS) vs net income of $5.1M ($0.80) in Q2 2024 and $7.6M ($1.19) in Q3 2023.
- Merger-related expenses of $7.8M and $3.2M provision for credit losses on acquired loans from Cornerstone Bank acquisition.
- Assets grew 22.9% to $2.35B, deposits up 25.1% to $2.05B following Cornerstone acquisition on Aug 23, 2024.
- Net interest margin 3.41%, down 3 bps QoQ; total non-interest expense $20.1M, up 67.7% from Q2.
- Non-performing assets fell to $2.3M from $6.7M at Dec 31, 2023; equity ratio 11.1% vs 12.5%.