secwatch.observer — SEC 8-K summary
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Issuer:     Princeton Bancorp, Inc. (BPRN)
CIK:        0001913971
Form:       8-K/A
Filed at:   2024-11-07T23:59:59+00:00
Accession:  0001193125-24-253105
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Princeton Bancorp reports Q3 net loss of $4.5M due to Cornerstone acquisition costs
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524253105/0001193125-24-253105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1913971/000119312524253105/d836881d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-253105

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