Princeton Bancorp 第二季淨收入710萬美元 每股盈利$1.04 遠超去年同期

EX-99.1
2
bprn-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
 Exhibit 99.1
 

 For Immediate Release
Contact George Rapp
EVP and Chief Financial Officer
609.454.0718
[email protected]
Princeton Bancorp Announces 
Second Quarter 2026 Results 
Princeton, NJ, July 23, 2026 / - Princeton Bancorp, Inc. (the “Company”) (NASDAQ - BPRN), the bank holding company for The Bank of Princeton (the “Bank”), today reported its unaudited financial condition and results of operations for the quarter and six months ended June 30, 2026. 
President/CEO Edward Dietzler spoke to the quarter results, "We are pleased with our strong second quarter performance, which reflects the continued execution of our strategic priorities and the resilience of our franchise. Net income totaled $7.1 million, or diluted earnings per share of $1.04, supported by a 6% increase in net interest income and continued expansion of our net interest margin compared to the first quarter of 2026.” 
The Company reported net income of $7.1 million, or $1.04 per diluted common share, for the second quarter of 2026, compared to $6.2 million, or $0.91 per diluted common share, for the first quarter of 2026, and net income of $688 thousand, or $0.10 per diluted common share, for the second quarter of 2025. The increase in net income for the second quarter of 2026 when compared to the first quarter of 2026 was primarily due to an increase in net interest income of $1.2 million, and an increase in the reversal of credit losses of $197 thousand, partially offset by an increase in non-interest expense of $231 thousand, and an increase in income tax expense of $281 thousand. The increase in net income for the second quarter of 2026 when compared to the second quarter of 2025 was primarily due to a decrease in the provision for credit losses of $7.3 million, an increase in net interest income of $1.2 million, and an increase in non-interest income of $185 thousand, partially offset by increases of $2.2 million in income tax expenses and $137 thousand in non-interest expense. 
Review of Statements of Financial Condition 
Total assets were $2.25 billion at June 30, 2026, a decrease of $34.1 million, or 1.49% when compared to $2.28 billion at December 31, 2025. The primary reasons for the decrease in total assets were related to decreases in cash and cash equivalents of $69.5 million and net loans of $44.6 million, partially offset by an increase in investment securities of $78.9 million. The decrease in the Company’s net loans consisted of decreases of $69.7 million in commercial real estate loans and $15.3 million in construction loans, partially offset by increases of $25.4 million in home equity and consumer loans, and $15.1 million in residential mortgages. 
Total deposits on June 30, 2026, decreased $40.5 million, or 2.05%, when compared to December 31, 2025. The decrease in the Company’s deposits consisted primarily of decreases in certificates of deposit of $97.0 million, interest-bearing checking deposits of $20.9 million, and savings deposits of $3.0 million, partially offset by increases in money market deposits of $57.1 million, and non-interest checking deposits of $23.2 million. The decrease in the certificates was strategically planned, including a reduction in brokered deposits of $11 million, implemented by a pricing structure designed to reduce the Bank’s cost of funds. On balance sheet liquidity remains strong at June 30, 2026. 
Total stockholders’ equity at June 30, 2026, increased $9.2 million, or 3.40% when compared to December 31, 2025. The increase was primarily due to an increase in retained earnings of $8.7 million (which consisted of $13.3 million in net income, partially offset by $4.6 million of cash dividends recorded during the period), and an increase in paid-in capital from the exercise of stock options of $939 thousand. The ratio of equity to total assets at June 30, 2026, and at December 31, 2025, was 12.4% and 11.9%, respectively. 
Asset Quality 
At June 30, 2026, non-performing assets totaled $16.3 million, a decrease of $195 thousand when compared to the amount at December 31, 2025. 
Review of Quarterly and Six-Month Financial Results 
Net interest income was $20.0 million for the second quarter of 2026, an increase of $1.2 million over the first quarter of 2026, and an increase of $1.2 million compared to $18.8 million for the second quarter of 2025. Net interest margin for the second quarter of 2026 was 3.86%, an increase of 23 basis points when compared to the first quarter of 2026, and an increase of 32 basis points when compared to the second quarter of 2025. The increase in net interest income when compared with the first quarter of 2026 was primarily related to a decrease in interest expense of $597 thousand, or 4.9%, and an increase in interest income of $585 thousand, or 

  

 
  

 1.9%. The increase in net interest income when compared with the second quarter of 2025 was primarily due to a $2.3 million decrease in interest expense, partially offset by a decrease in interest income of $1.1 million. When comparing the second quarter of 2026 and the second quarter of 2025 periods, the decrease in interest expense and the increase in net interest margin were primarily associated with a decrease in total interest-bearing deposits of $68.8 million, as well as a decrease in the Company’s cost of funds of 40 basis points. The decrease in interest income for the second quarter of 2026 when compared to the second quarter of 2025 was due to a $46.6 million decrease in average interest-earning assets (caused mostly by a $50.4 million reduction in the average balance of loans, and a $39.7 million reduction in the average balance of total securities, partially offset by an increase of $43.5 million in the average balance of other interest-earning assets), and a 7-basis point decrease in the yield on interest-earning assets. 
The Company recorded a reversal of credit losses of $353 thousand during the second quarter of 2026, which consisted of a $314 thousand decrease recorded to the allowance of credit losses on loans, and a $39 thousand decrease to the provision for credit losses related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. The current quarter's reversal of credit losses recorded on the Company’s statements of income was $197 thousand greater than the reversal of credit losses for the first quarter of 2026, and was $7.3 million lower when compared to the provision for credit losses for the second quarter of 2025. The coverage ratio of the allowance for credit losses to period end loans was 1.13% at June 30, 2026, and 1.12% at December 31, 2025. 
Total non-interest income of $2.4 million for the second quarter of 2026 decreased $15 thousand or 0.6% when compared to the first quarter of 2026 and increased $185 thousand or 8.2% when compared to the second quarter of 2025. The decrease in the second quarter of 2026 when compared to the first quarter of 2026 was due to a decrease in other non-interest income of $421 thousand, which is related to a gain recorded on an equity investment in the amount of $232 thousand in the first quarter of 2026, partially offset by an increase of $380 thousand in loan fees. The increase over the prior year’s second quarter was primarily due to an increase in loan fees of $205 thousand, and in fees and service charges of $46 thousand, partially offset by a decrease in other non-interest income of $88 thousand. 
Total non-interest expense of $13.6 million for the second quarter of 2026 increased $231 thousand, or 1.7%, when compared to the first quarter of 2026. This increase over the prior quarter was primarily due to increases in professional fees of $214 thousand, in salaries and employee benefits expense of $128 thousand, and in other non-interest expense of $119 thousand, partially offset by decreases in occupancy and equipment of $140 thousand, and in data processing and communications expenses of $46 thousand. Total non-interest expense for the second quarter of 2026 increased $137 thousand or 1.0% when compared to the second quarter of 2025. This increase was primarily related to increases in professional fees of $253 thousand, occupancy and equipment expense of $105 thousand, and salaries and employee benefits expense of $60 thousand, partially offset by decreases in federal deposit insurance expense of $115 thousand, office expense of $102 thousand, and other non-interest expense of $53 thousand. 
For the quarter ended June 30, 2026, the Company recorded an income tax expense of $2.1 million, resulting in an effective tax rate of 22.9%, compared to an income tax expense of $1.8 million resulting in an effective tax rate of 22.6% for the quarter ended March 31, 2026 and compared to an income tax benefit of ($92) thousand resulting in an effective tax rate of (15.4)% for the quarter ended June 30, 2025. 
For the six-month period ended June 30, 2026, the Company recorded net income of $13.3 million, or $1.95 per diluted common share, compared to $6.1 million, or $0.88 per diluted common share, for the same period in 2025. The increase in net income was primarily due to a decrease of $7.7 million in the provision for credit losses, an increase in net interest income of $1.3 million, an increase in non-interest income of $446 thousand, and a decrease in non-interest expense of $240 thousand, partially offset by an increase in income tax expense of $2.5 million, when compared to the prior year period. 
 
About Princeton Bancorp, Inc. and The Bank of Princeton 
Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 29 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cranbury, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation. 
Forward-Looking Statements 
The Company may from time to time make written or oral “forward-looking statements,” including statements contained in the Company’s filings with the Securities and Exchange Commission, in its reports to shareholders and in other communications by the 

 2

 
  

 Company (including this press release), which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. 
These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the potential impact of the global impact of foreign military conflicts in Iran, the Middle East and elsewhere, any future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; the timing and nature of the regulatory response to any applications filed by the Company and the Bank; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025; and the success of the Company at managing the risks involved in the foregoing. 
The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation. 
 
 

 3

 
  

 Princeton Bancorp, Inc. 
Consolidated Statements of Financial Condition 
(Unaudited) 
(Dollars in thousands, except per share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

  

  

  

  

  

  

  

  

  

 June 30, 2026 vs

  

  

 June 30, 2026 vs

  

 

 
 

  

 June 30,

  

  

 December 31,

  

  

 June 30,

  

  

 December 31, 2025

  

  

 June 30, 2025

  

 

 
 

  

 2026

  

  

 2025

  

  

 2025

  

  

 $ Change

  

  

 % Change

  

  

 $ Change

  

  

 % Change

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 66,190

  

  

 $

 135,686

  

  

 $

 21,094

  

  

 $

 (69,496

 )

  

  

 (51.22

 )%

  

 $

 45,096

  

  

  

 213.79

 %

 

 
 Securities available-for-sale-   taxable

  

  

 222,906

  

  

  

 142,817

  

  

  

 185,177

  

  

  

 80,089

  

  

  

 56.08

 %

  

  

 37,729

  

  

  

 20.37

 %

 

 
 Securities available-for-sale-   tax-exempt

  

  

 38,585

  

  

  

 39,752

  

  

  

 39,586

  

  

  

 (1,167

 )

  

  

 (2.94

 )%

  

  

 (1,001

 )

  

  

 (2.53

 )%

 

 
 Securities held-to-maturity

  

  

 149

  

  

  

 153

  

  

  

 157

  

  

  

 (4

 )

  

  

 (2.61

 )%

  

  

 (8

 )

  

  

 (5.10

 )%

 

 
 Loans receivable, net of deferred   loan fees

  

  

 1,771,500

  

  

  

 1,816,416

  

  

  

 1,839,228

  

  

  

 (44,916

 )

  

  

 (2.47

 )%

  

  

 (67,728

 )

  

  

 (3.68

 )%

 

 
 Allowance for credit losses on loans

  

  

 (19,963

 )

  

  

 (20,325

 )

  

  

 (21,014

 )

  

  

 362

  

  

  

 (1.78

 )%

  

  

 1,051

  

  

  

 (5.00

 )%

 

 
 Goodwill

  

  

 14,381

  

  

  

 14,381

  

  

  

 14,381

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Core deposit intangible

  

  

 2,394

  

  

  

 2,776

  

  

  

 3,185

  

  

  

 (382

 )

  

  

 (13.76

 )%

  

  

 (791

 )

  

  

 (24.84

 )%

 

 
 Other assets

  

  

 154,870

  

  

  

 153,491

  

  

  

 159,874

  

  

  

 1,379

  

  

  

 0.90

 %

  

  

 (5,004

 )

  

  

 (3.13

 )%

 

 
 TOTAL ASSETS

  

 $

 2,251,012

  

  

 $

 2,285,147

  

  

 $

 2,241,668

  

  

 $

 (34,135

 )

  

  

 (1.49

 )%

  

 $

 9,344

  

  

  

 0.42

 %

 

 
 LIABILITIES

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Non-interest checking

  

 $

 309,244

  

  

 $

 286,013

  

  

 $

 299,902

  

  

 $

 23,231

  

  

  

 8.12

 %

  

 $

 9,342

  

  

  

 3.12

 %

 

 
 Interest checking

  

  

 312,640

  

  

  

 333,533

  

  

  

 282,656

  

  

  

 (20,893

 )

  

  

 (6.26

 )%

  

  

 29,984

  

  

  

 10.61

 %

 

 
 Savings

  

  

 164,744

  

  

  

 167,735

  

  

  

 169,663

  

  

  

 (2,991

 )

  

  

 (1.78

 )%

  

  

 (4,919

 )

  

  

 (2.90

 )%

 

 
 Money market

  

  

 521,309

  

  

  

 464,205

  

  

  

 463,206

  

  

  

 57,104

  

  

  

 12.30

 %

  

  

 58,103

  

  

  

 12.54

 %

 

 
 Time deposits over $250,000

  

  

 236,109

  

  

  

 256,929

  

  

  

 220,474

  

  

  

 (20,820

 )

  

  

 (8.10

 )%

  

  

 15,635

  

  

  

 7.09

 %

 

 
 Other time deposits

  

  

 391,646

  

  

  

 467,778

  

  

  

 496,471

  

  

  

 (76,132

 )

  

  

 (16.28

 )%

  

  

 (104,825

 )

  

  

 (21.11

 )%

 

 
 Total deposits

  

  

 1,935,692

  

  

  

 1,976,193

  

  

  

 1,932,372

  

  

  

 (40,501

 )

  

  

 (2.05

 )%

  

  

 3,320

  

  

  

 0.17

 %

 

 
 Borrowings

  

  

 —

  

  

  

 —

  

  

  

 10,000

  

  

  

 —

  

  

 N/A

  

  

  

 (10,000

 )

  

  

 (100.00

 )%

 

 
 Other liabilities

  

  

 35,397

  

  

  

 38,242

  

  

  

 37,350

  

  

  

 (2,845

 )

  

  

 (7.44

 )%

  

  

 (1,953

 )

  

  

 (5.23

 )%

 

 
 TOTAL LIABILITIES

  

  

 1,971,089

  

  

  

 2,014,435

  

  

  

 1,979,722

  

  

  

 (43,346

 )

  

  

 (2.15

 )%

  

  

 (8,633

 )

  

  

 (0.44

 )%

 

 
 STOCKHOLDERS’ EQUITY

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Paid-in capital

  

  

 123,893

  

  

  

 122,954

  

  

  

 121,684

  

  

  

 939

  

  

  

 0.76

 %

  

  

 2,209

  

  

  

 1.82

 %

 

 
 Treasury stock

  

  

 (9,034

 )

  

  

 (8,707

 )

  

  

 (6,413

 )

  

  

 (327

 )

  

  

 3.76

 %

  

  

 (2,621

 )

  

  

 40.87

 %

 

 
 Retained earnings

  

  

 170,424

  

  

  

 161,730

  

  

  

 153,718

  

  

  

 8,694

  

  

  

 5.38

 %

  

  

 16,706

  

  

  

 10.87

 %

 

 
 Accumulated other   comprehensive income (loss)

  

  

 (5,360

 )

  

  

 (5,265

 )

  

  

 (7,043

 )

  

  

 (95

 )

  

  

 1.80

 %

  

  

 1,683

  

  

  

 (23.90

 )%

 

 
 TOTAL STOCKHOLDERS’   EQUITY

  

  

 279,923

  

  

  

 270,712

  

  

  

 261,946

  

  

  

 9,211

  

  

  

 3.40

 %

  

  

 17,977

  

  

  

 6.86

 %

 

 
 TOTAL LIABILITIES   AND STOCKHOLDERS’   EQUITY

  

 $

 2,251,012

  

  

 $

 2,285,147

  

  

 $

 2,241,668

  

  

  

 (34,135

 )

  

  

 (1.49

 )%

  

  

 9,344

  

  

  

 0.42

 %

 

 
 Book value per common share

  

 $

 41.09

  

  

 $

 40.01

  

  

 $

 38.49

  

  

 $

 1.08

  

  

  

 2.70

 %

  

 $

 2.60

  

  

  

 6.76

 %

 

 
 Tangible book value per   common share 1

  

 $

 38.62

  

  

 $

 37.48

  

  

 $

 35.91

  

  

 $

 1.14

  

  

  

 3.04

 %

  

 $

 2.71

  

  

  

 7.55

 %

 

  
1Tangible book value per common share is a non-GAAP measure. 

For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below. 

 4

 
  

 Princeton Bancorp, Inc.
Loan and Deposit Tables
(Unaudited)
The components of loans receivable, net at June 30, 2026 and December 31, 2025 were as follows: 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 June 30,

  

  

 December 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 

  

 (In thousands)

  

 

 
 Commercial real estate

  

 $

 1,273,815

  

  

 $

 1,343,531

  

 

 
 Commercial and industrial

  

  

 76,570

  

  

  

 76,557

  

 

 
 Construction

  

  

 194,188

  

  

  

 209,483

  

 

 
 Residential first-lien mortgages

  

  

 178,954

  

  

  

 163,813

  

 

 
 Home equity / consumer

  

  

 50,754

  

  

  

 25,359

  

 

 
 Total loans

  

  

 1,774,281

  

  

  

 1,818,743

  

 

 
 Deferred fees and costs

  

  

 (2,781

 )

  

  

 (2,327

 )

 

 
 Allowance for credit losses on loans

  

  

 (19,963

 )

  

  

 (20,325

 )

 

 
 Loans, net

  

 $

 1,751,537

  

  

 $

 1,796,091

  

 

  
The components of deposits at June 30, 2026 and December 31, 2025 were as follows: 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 June 30,

  

  

 December 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 

  

 (In thousands)

  

 

 
 Non-interest checking

  

 $

 309,244

  

  

 $

 286,013

  

 

 
 Interest checking

  

  

 312,640

  

  

  

 333,533

  

 

 
 Savings

  

  

 164,744

  

  

  

 167,735

  

 

 
 Money market

  

  

 521,309

  

  

  

 464,205

  

 

 
 Time deposits

  

  

 627,755

  

  

  

 724,707

  

 

 
 Total deposits

  

 $

 1,935,692

  

  

 $

 1,976,193

  

 

  

 5

 
  

 Princeton Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
(Amounts in thousands except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 Three Months Ended June 30,

  

  

  

  

  

  

  

 

 
 

  

 2026

  

  

 2025

  

  

 $ Change

  

  

 % Change

  

 

 
 Interest and dividend income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans and fees

  

 $

 28,681

  

  

 $

 29,620

  

  

 $

 (939

 )

  

  

 (3.2

 )%

 

 
 Available-for-sale debt securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable

  

  

 1,832

  

  

  

 2,298

  

  

  

 (466

 )

  

  

 (20.3

 )%

 

 
 Tax-exempt

  

  

 264

  

  

  

 279

  

  

  

 (15

 )

  

  

 (5.4

 )%

 

 
 Held-to-maturity debt securities

  

  

 2

  

  

  

 2

  

  

  

 —

  

  

  

 —

  

 

 
 Other interest and dividend income

  

  

 877

  

  

  

 557

  

  

  

 320

  

  

  

 57.5

 %

 

 
 Total interest and dividends

  

  

 31,656

  

  

  

 32,756

  

  

  

 (1,100

 )

  

  

 (3.4

 )%

 

 
 Interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Deposits

  

  

 11,616

  

  

  

 13,933

  

  

  

 (2,317

 )

  

  

 (16.6

 )%

 

 
 Borrowings

  

  

 —

  

  

  

 13

  

  

  

 (13

 )

  

  

 (100.0

 )%

 

 
 Total interest expense

  

  

 11,616

  

  

  

 13,946

  

  

  

 (2,330

 )

  

  

 (16.7

 )%

 

 
 Net interest income

  

  

 20,040

  

  

  

 18,810

  

  

  

 1,230

  

  

  

 6.5

 %

 

 
 Provision for (reversal of) credit losses

  

  

 (353

 )

  

  

 6,956

  

  

  

 (7,309

 )

  

  

 (105.1

 )%

 

 
 Net interest income after provision for (reversal of) credit losses

  

  

 20,393

  

  

  

 11,854

  

  

  

 8,539

  

  

  

 72.0

 %

 

 
 Non-interest income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income from bank-owned life insurance

  

  

 516

  

  

  

 494

  

  

  

 22

  

  

  

 4.5

 %

 

 
 Fees and service charges

  

  

 597

  

  

  

 551

  

  

  

 46

  

  

  

 8.3

 %

 

 
 Loan fees, including prepayment penalties

  

  

 908

  

  

  

 703

  

  

  

 205

  

  

  

 29.2

 %

 

 
 Other

  

  

 415

  

  

  

 503

  

  

  

 (88

 )

  

  

 (17.5

 )%

 

 
 Total non-interest income

  

  

 2,436

  

  

  

 2,251

  

  

  

 185

  

  

  

 8.2

 %

 

 
 Non-interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Salaries and employee benefits

  

  

 7,153

  

  

  

 7,093

  

  

  

 60

  

  

  

 0.8

 %

 

 
 Occupancy and equipment

  

  

 2,252

  

  

  

 2,147

  

  

  

 105

  

  

  

 4.9

 %

 

 
 Professional fees

  

  

 974

  

  

  

 721

  

  

  

 253

  

  

  

 35.1

 %

 

 
 Data processing and communications

  

  

 1,581

  

  

  

 1,543

  

  

  

 38

  

  

  

 2.5

 %

 

 
 Federal deposit insurance

  

  

 300

  

  

  

 415

  

  

  

 (115

 )

  

  

 (27.7

 )%

 

 
 Advertising and promotion

  

  

 136

  

  

  

 152

  

  

  

 (16

 )

  

  

 (10.5

 )%

 

 
 Office

  

  

 136

  

  

  

 238

  

  

  

 (102

 )

  

  

 (42.9

 )%

 

 
 Core deposit intangible

  

  

 186

  

  

  

 219

  

  

  

 (33

 )

  

  

 (15.1

 )%

 

 
 Other

  

  

 928

  

  

  

 981

  

  

  

 (53

 )

  

  

 (5.4

 )%

 

 
 Total non-interest expense

  

  

 13,646

  

  

  

 13,509

  

  

  

 137

  

  

  

 1.0

 %

 

 
 Income before income tax expense (benefit)

  

  

 9,183

  

  

  

 596

  

  

  

 8,587

  

  

  

 1440.8

 %

 

 
 Income tax expense (benefit)

  

  

 2,102

  

  

  

 (92

 )

  

  

 2,194

  

  

  

 (2384.8

 )%

 

 
 Net income

  

 $

 7,081

  

  

 $

 688

  

  

 $

 6,393

  

  

  

 929.2

 %

 

 
 Net income per common share - basic

  

 $

 1.04

  

  

 $

 0.10

  

  

 $

 0.94

  

  

  

 937.5

 %

 

 
 Net income per common share - diluted

  

 $

 1.04

  

  

 $

 0.10

  

  

 $

 0.94

  

  

  

 940.1

 %

 

 
 Weighted average shares outstanding - basic

  

  

 6,812

  

  

  

 6,867

  

  

  

 (55

 )

  

  

 (0.8

 )%

 

 
 Weighted average shares outstanding - diluted

  

  

 6,823

  

  

  

 6,895

  

  

  

 (72

 )

  

  

 (1.0

 )%

 

  

 6

 
  

 Princeton Bancorp, Inc.
Consolidated Statements of Income (Current Quarter vs Prior Quarter)
(Unaudited)
(Amounts in thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 Three Months Ended

  

  

  

  

  

  

  

 

 
 

  

 June 30,

  

  

 March 31,

  

  

  

  

  

  

  

 

 
 

  

 2026

  

  

 2026

  

  

 $ Change

  

  

 % Change

  

 

 
 Interest and dividend income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans and fees

  

 $

 28,681

  

  

 $

 28,066

  

  

 $

 615

  

  

  

 2.2

 %

 

 
 Available-for-sale debt securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable

  

  

 1,832

  

  

  

 1,519

  

  

  

 313

  

  

  

 20.6

 %

 

 
 Tax-exempt

  

  

 264

  

  

  

 274

  

  

  

 (10

 )

  

  

 (3.6

 )%

 

 
 Held-to-maturity debt securities

  

  

 2

  

  

  

 2

  

  

  

 —

  

  

  

 0.0

 %

 

 
 Other interest and dividend income

  

  

 877

  

  

  

 1,210

  

  

  

 (333

 )

  

  

 (27.5

 )%

 

 
 Total interest and dividends

  

  

 31,656

  

  

  

 31,071

  

  

  

 585

  

  

  

 1.9

 %

 

 
 Interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Deposits

  

  

 11,616

  

  

  

 12,213

  

  

  

 (597

 )

  

  

 (4.9

 )%

 

 
 Borrowings

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

 N/A

  

 

 
 Total interest expense

  

  

 11,616

  

  

  

 12,213

  

  

  

 (597

 )

  

  

 (4.9

 )%

 

 
 Net interest income

  

  

 20,040

  

  

  

 18,858

  

  

  

 1,182

  

  

  

 6.3

 %

 

 
 Provision for (reversal of) credit losses

  

  

 (353

 )

  

  

 (156

 )

  

  

 (197

 )

  

  

 126.3

 %

 

 
 Net interest income after provision for (reversal of) credit losses

  

  

 20,393

  

  

  

 19,014

  

  

  

 1,379

  

  

  

 7.3

 %

 

 
 Non-interest income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income from bank-owned life insurance

  

  

 516

  

  

  

 507

  

  

  

 9

  

  

  

 1.8

 %

 

 
 Fees and service charges

  

  

 597

  

  

  

 580

  

  

  

 17

  

  

  

 2.9

 %

 

 
 Loan fees, including prepayment penalties

  

  

 908

  

  

  

 528

  

  

  

 380

  

  

  

 72.0

 %

 

 
 Other

  

  

 415

  

  

  

 836

  

  

  

 (421

 )

  

  

 (50.4

 )%

 

 
 Total non-interest income

  

  

 2,436

  

  

  

 2,451

  

  

  

 (15

 )

  

  

 (0.6

 )%

 

 
 Non-interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Salaries and employee benefits

  

  

 7,153

  

  

  

 7,025

  

  

  

 128

  

  

  

 1.8

 %

 

 
 Occupancy and equipment

  

  

 2,252

  

  

  

 2,392

  

  

  

 (140

 )

  

  

 (5.9

 )%

 

 
 Professional fees

  

  

 974

  

  

  

 760

  

  

  

 214

  

  

  

 28.2

 %

 

 
 Data processing and communications

  

  

 1,581

  

  

  

 1,627

  

  

  

 (46

 )

  

  

 (2.8

 )%

 

 
 Federal deposit insurance

  

  

 300

  

  

  

 300

  

  

  

 —

  

  

  

 0.0

 %

 

 
 Advertising and promotion

  

  

 136

  

  

  

 175

  

  

  

 (39

 )

  

  

 (22.3

 )%

 

 
 Office

  

  

 136

  

  

  

 131

  

  

  

 5

  

  

  

 3.8

 %

 

 
 Core deposit intangible

  

  

 186

  

  

  

 196

  

  

  

 (10

 )

  

  

 (5.1

 )%

 

 
 Other

  

  

 928

  

  

  

 809

  

  

  

 119

  

  

  

 14.7

 %

 

 
 Total non-interest expense

  

  

 13,646

  

  

  

 13,415

  

  

  

 231

  

  

  

 1.7

 %

 

 
 Income before income tax expense

  

  

 9,183

  

  

  

 8,050

  

  

  

 1,133

  

  

  

 14.1

 %

 

 
 Income tax expense

  

  

 2,102

  

  

  

 1,821

  

  

  

 281

  

  

  

 15.4

 %

 

 
 Net income

  

 $

 7,081

  

  

 $

 6,229

  

  

 $

 852

  

  

  

 13.7

 %

 

 
 Net income per common share - basic

  

 $

 1.04

  

  

 $

 0.92

  

  

 $

 0.12

  

  

  

 13.0

 %

 

 
 Net income per common share - diluted

  

 $

 1.04

  

  

 $

 0.91

  

  

 $

 0.13

  

  

  

 14.3

 %

 

 
 Weighted average shares outstanding - basic

  

  

 6,812

  

  

  

 6,788

  

  

  

 24

  

  

  

 0.4

 %

 

 
 Weighted average shares outstanding - diluted

  

  

 6,823

  

  

  

 6,808

  

  

  

 15

  

  

  

 0.2

 %

 

  

 7

 
  

 Princeton Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
(Amounts in thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 Six Months Ended

  

  

  

  

  

  

  

 

 
 

  

 June 30,

  

  

  

  

  

  

  

 

 
 

  

 2026

  

  

 2025

  

  

 $ Change

  

  

 % Change

  

 

 
 Interest and dividend income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans and fees

  

 $

 56,747

  

  

 $

 59,244

  

  

 $

 (2,497

 )

  

  

 (4.2

 )%

 

 
 Available-for-sale debt securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable

  

  

 3,351

  

  

  

 4,914

  

  

  

 (1,563

 )

  

  

 (31.8

 )%

 

 
 Tax-exempt

  

  

 538

  

  

  

 563

  

  

  

 (25

 )

  

  

 (4.4

 )%

 

 
 Held-to-maturity debt securities

  

  

 4

  

  

  

 4

  

  

  

 —

  

  

  

 —

  

 

 
 Other interest and dividend income

  

  

 2,087

  

  

  

 1,326

  

  

  

 761

  

  

  

 57.4

 %

 

 
 Total interest and dividends

  

  

 62,727

  

  

  

 66,051

  

  

  

 (3,324

 )

  

  

 (5.0

 )%

 

 
 Interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Deposits

  

  

 23,829

  

  

  

 28,471

  

  

  

 (4,642

 )

  

  

 (16.3

 )%

 

 
 Borrowings

  

  

 —

  

  

  

 13

  

  

  

 (13

 )

  

  

 (100.0

 )%

 

 
 Total interest expense

  

  

 23,829

  

  

  

 28,484

  

  

  

 (4,655

 )

  

  

 (16.3

 )%

 

 
 Net interest income

  

  

 38,898

  

  

  

 37,567

  

  

  

 1,331

  

  

  

 3.5

 %

 

 
 Provision for (reversal of) credit losses

  

  

 (509

 )

  

  

 7,224

  

  

  

 (7,733

 )

  

  

 (107.0

 )%

 

 
 Net interest income after provision for (reversal of) credit losses

  

  

 39,407

  

  

  

 30,343

  

  

  

 9,064

  

  

  

 29.9

 %

 

 
 Non-interest income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income from bank-owned life insurance

  

  

 1,023

  

  

  

 965

  

  

  

 58

  

  

  

 6.0

 %

 

 
 Fees and service charges

  

  

 1,177

  

  

  

 1,062

  

  

  

 115

  

  

  

 10.8

 %

 

 
 Loan fees, including prepayment penalties

  

  

 1,436

  

  

  

 1,378

  

  

  

 58

  

  

  

 4.2

 %

 

 
 Other

  

  

 1,251

  

  

  

 1,036

  

  

  

 215

  

  

  

 20.8

 %

 

 
 Total non-interest income

  

  

 4,887

  

  

  

 4,441

  

  

  

 446

  

  

  

 10.0

 %

 

 
 Non-interest expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Salaries and employee benefits

  

  

 14,178

  

  

  

 14,265

  

  

  

 (87

 )

  

  

 (0.6

 )%

 

 
 Occupancy and equipment

  

  

 4,644

  

  

  

 4,432

  

  

  

 212

  

  

  

 4.8

 %

 

 
 Professional fees

  

  

 1,734

  

  

  

 1,482

  

  

  

 252

  

  

  

 17.0

 %

 

 
 Data processing and communications

  

  

 3,208

  

  

  

 3,169

  

  

  

 39

  

  

  

 1.2

 %

 

 
 Federal deposit insurance

  

  

 600

  

  

  

 948

  

  

  

 (348

 )

  

  

 (36.7

 )%

 

 
 Advertising and promotion

  

  

 311

  

  

  

 323

  

  

  

 (12

 )

  

  

 (3.7

 )%

 

 
 Office

  

  

 267

  

  

  

 348

  

  

  

 (81

 )

  

  

 (23.3

 )%

 

 
 Other real estate owned

  

  

 —

  

  

  

 27

  

  

  

 (27

 )

  

  

 (100.0

 )%

 

 
 Core deposit intangible

  

  

 382

  

  

  

 447

  

  

  

 (65

 )

  

  

 (14.5

 )%

 

 
 Other

  

  

 1,737

  

  

  

 1,860

  

  

  

 (123

 )

  

  

 (6.6

 )%

 

 
 Total non-interest expense

  

  

 27,061

  

  

  

 27,301

  

  

  

 (240

 )

  

  

 (0.9

 )%

 

 
 Income before income tax expense

  

  

 17,233

  

  

  

 7,483

  

  

  

 9,750

  

  

  

 130.3

 %

 

 
 Income tax expense

  

  

 3,923

  

  

  

 1,417

  

  

  

 2,506

  

  

  

 176.9

 %

 

 
 Net income

  

 $

 13,310

  

  

 $

 6,066

  

  

 $

 7,244

  

  

  

 119.4

 %

 

 
 Net income per common share - basic

  

 $

 1.96

  

  

 $

 0.88

  

  

 $

 1.08

  

  

  

 122.7

 %

 

 
 Net income per common share - diluted

  

 $

 1.95

  

  

 $

 0.88

  

  

 $

 1.07

  

  

  

 121.6

 %

 

 
 Weighted average shares outstanding - basic

  

  

 6,800

  

  

  

 6,886

  

  

  

 (86

 )

  

  

 (1.3

 )%

 

 
 Weighted average shares outstanding - diluted

  

  

 6,816

  

  

  

 6,929

  

  

  

 (113

 )

  

  

 (1.6

 )%

 

  

 8

 
  

 Princeton Bancorp, Inc. 
Consolidated Average Statement of Financial Condition 
(Unaudited) 
(Dollars in thousands) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 For the Three Months Ended June 30,

  

  

  

  

  

  

  

 

 
 

  

 2026

  

  

 2025

  

  

 Change in

  

  

 Change in

  

 

 
 

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

 

 
 Earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans

  

 $

 1,795,516

  

  

  

 6.41

 %

  

 $

 1,845,920

  

  

  

 6.44

 %

  

 $

 (50,404

 )

  

  

 (0.03

 )%

 

 
 Securities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable available-for-sale

  

  

 155,641

  

  

  

 4.71

 %

  

  

 195,152

  

  

  

 4.71

 %

  

  

 (39,511

 )

  

  

 —

  

 

 
 Tax-exempt available-for-sale

  

  

 38,806

  

  

  

 2.72

 %

  

  

 39,025

  

  

  

 2.86

 %

  

  

 (219

 )

  

  

 (0.14

 )%

 

 
 Held-to-maturity

  

  

 150

  

  

  

 5.33

 %

  

  

 158

  

  

  

 5.33

 %

  

  

 (8

 )

  

  

 —

  

 

 
 Total Securities

  

  

 194,597

  

  

  

 4.31

 %

  

  

 234,335

  

  

  

 4.40

 %

  

  

 (39,738

 )

  

  

 (0.09

 )%

 

 
 Other interest earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Federal funds sold

  

  

 8,817

  

  

  

 3.66

 %

  

  

 34,201

  

  

  

 4.42

 %

  

  

 (25,384

 )

  

  

 (0.76

 )%

 

 
 Other interest-earning assets

  

  

 83,676

  

  

  

 3.82

 %

  

  

 14,790

  

  

  

 4.91

 %

  

  

 68,886

  

  

  

 (1.09

 )%

 

 
 Other interest-earning assets

  

  

 92,493

  

  

  

 3.80

 %

  

  

 48,991

  

  

  

 4.57

 %

  

  

 43,502

  

  

  

 (0.77

 )%

 

 
 Total interest-earning assets

  

  

 2,082,606

  

  

  

 6.10

 %

  

  

 2,129,246

  

  

  

 6.17

 %

  

  

 (46,640

 )

  

  

 (0.07

 )%

 

 
 Total non-earning assets

  

  

 167,339

  

  

  

  

  

  

 165,803

  

  

  

  

  

  

  

  

  

  

 

 
 Total assets

  

 $

 2,249,945

  

  

  

  

  

 $

 2,295,049

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing liabilities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Checking

  

 $

 323,266

  

  

  

 2.04

 %

  

 $

 314,336

  

  

  

 2.00

 %

  

 $

 8,930

  

  

  

 0.04

 %

 

 
 Savings

  

  

 165,712

  

  

  

 2.07

 %

  

  

 170,644

  

  

  

 2.29

 %

  

  

 (4,932

 )

  

  

 (0.22

 )%

 

 
 Money market

  

  

 495,284

  

  

  

 2.92

 %

  

  

 464,917

  

  

  

 3.14

 %

  

  

 30,367

  

  

  

 (0.22

 )%

 

 
 Certificates of deposit

  

  

 644,658

  

  

  

 3.43

 %

  

  

 747,773

  

  

  

 4.16

 %

  

  

 (103,115

 )

  

  

 (0.73

 )%

 

 
 Total interest-bearing deposits

  

  

 1,628,920

  

  

  

 2.86

 %

  

  

 1,697,670

  

  

  

 3.29

 %

  

  

 (68,750

 )

  

  

 (0.43

 )%

 

 
 Non-interest checking

  

  

 306,096

  

  

  

  

  

  

 288,608

  

  

  

  

  

  

  

  

  

  

 

 
 Total deposits

  

  

 1,935,016

  

  

  

 2.41

 %

  

  

 1,986,278

  

  

  

 2.81

 %

  

  

 (51,262

 )

  

  

 (0.40

 )%

 

 
 Borrowings

  

  

 —

  

  

 N/A

  

  

  

 1,259

  

  

  

 4.18

 %

  

  

 (1,259

 )

  

 N/A

  

 

 
 Total interest-bearing liabilities   (excluding non-interest deposits)

  

  

 1,628,920

  

  

  

 2.86

 %

  

  

 1,698,929

  

  

  

 3.29

 %

  

  

 (70,009

 )

  

  

 (0.43

 )%

 

 
 Non-interest-bearing deposits

  

  

 306,096

  

  

  

  

  

  

 288,608

  

  

  

  

  

  

  

  

  

  

 

 
 Total cost of funds

  

  

 1,935,016

  

  

  

 2.41

 %

  

  

 1,987,537

  

  

  

 2.81

 %

  

  

 (52,521

 )

  

  

 (0.40

 )%

 

 
 Accrued expenses and other liabilities

  

  

 39,252

  

  

  

  

  

  

 42,634

  

  

  

  

  

  

  

  

  

  

 

 
 Stockholders’ equity

  

  

 275,677

  

  

  

  

  

  

 264,878

  

  

  

  

  

  

  

  

  

  

 

 
 Total liabilities and stockholders’   equity

  

 $

 2,249,945

  

  

  

  

  

 $

 2,295,049

  

  

  

  

  

  

  

  

  

  

 

 
 Net interest spread

  

  

  

  

  

 3.24

 %

  

  

  

  

  

 2.88

 %

  

  

  

  

  

  

 

 
 Net interest margin

  

  

  

  

  

 3.86

 %

  

  

  

  

  

 3.54

 %

  

  

  

  

  

  

 

 
 Net interest margin (FTE) 1, 2

  

  

  

  

  

 3.90

 %

  

  

  

  

  

 3.58

 %

  

  

  

  

  

  

 

  
1Includes federal and state tax effect of tax-exempt securities and loans. 

2This is a non-GAAP financial measure. For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below. 

 9

 
  

 Princeton Bancorp, Inc. 
Consolidated Average Statement of Financial Condition 
(Unaudited) 
(Dollars in thousands) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 For the Six Months Ended June 30,

  

  

  

  

  

  

  

 

 
 

  

 2026

  

  

 2025

  

  

 Change in

  

  

 Change in

  

 

 
 

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

 

 
 Earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans

  

 $

 1,797,846

  

  

  

 6.37

 %

  

 $

 1,848,664

  

  

  

 6.46

 %

  

 $

 (50,818

 )

  

  

 (0.09

 )%

 

 
 Securities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable available-for-sale

  

  

 144,254

  

  

  

 4.65

 %

  

  

 199,548

  

  

  

 4.92

 %

  

  

 (55,294

 )

  

  

 (0.27

 )%

 

 
 Tax-exempt available-for-sale

  

  

 39,427

  

  

  

 2.73

 %

  

  

 39,499

  

  

  

 2.85

 %

  

  

 (72

 )

  

  

 (0.12

 )%

 

 
 Held-to-maturity

  

  

 151

  

  

  

 5.33

 %

  

  

 159

  

  

  

 5.33

 %

  

  

 (8

 )

  

  

 0.00

 %

 

 
 Securities

  

  

 183,832

  

  

  

 4.24

 %

  

  

 239,206

  

  

  

 4.58

 %

  

  

 (55,374

 )

  

  

 (0.34

 )%

 

 
 Other interest earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Federal funds sold

  

  

 38,451

  

  

  

 3.72

 %

  

  

 43,705

  

  

  

 4.42

 %

  

  

 (5,254

 )

  

  

 (0.70

 )%

 

 
 Other interest-earning assets

  

  

 73,246

  

  

  

 3.80

 %

  

  

 15,406

  

  

  

 4.82

 %

  

  

 57,840

  

  

  

 (1.02

 )%

 

 
 Other interest-earning assets

  

  

 111,697

  

  

  

 3.77

 %

  

  

 59,111

  

  

  

 4.53

 %

  

  

 52,586

  

  

  

 (0.76

 )%

 

 
 Total interest-earning assets

  

  

 2,093,375

  

  

  

 6.04

 %

  

  

 2,146,981

  

  

  

 6.20

 %

  

  

 (53,606

 )

  

  

 (0.16

 )%

 

 
 Total non-earning assets

  

  

 165,963

  

  

  

  

  

  

 168,359

  

  

  

  

  

  

  

  

  

  

 

 
 Total assets

  

 $

 2,259,338

  

  

  

  

  

 $

 2,315,340

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing liabilities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Checking

  

 $

 326,550

  

  

  

 2.03

 %

  

 $

 319,777

  

  

  

 1.97

 %

  

 $

 6,773

  

  

  

 0.06

 %

 

 
 Savings

  

  

 167,257

  

  

  

 2.10

 %

  

  

 171,022

  

  

  

 2.27

 %

  

  

 (3,765

 )

  

  

 (0.17

 )%

 

 
 Money market

  

  

 482,882

  

  

  

 2.92

 %

  

  

 470,596

  

  

  

 3.12

 %

  

  

 12,286

  

  

  

 (0.20

 )%

 

 
 Certificates of deposit

  

  

 672,367

  

  

  

 3.54

 %

  

  

 756,808

  

  

  

 4.30

 %

  

  

 (84,441

 )

  

  

 (0.76

 )%

 

 
 Total interest-bearing deposits

  

  

 1,649,056

  

  

  

 2.91

 %

  

  

 1,718,203

  

  

  

 3.34

 %

  

  

 (69,147

 )

  

  

 (0.43

 )%

 

 
 Non-interest checking

  

  

 297,587

  

  

  

  

  

  

 288,060

  

  

  

  

  

  

  

  

  

  

 

 
 Total deposits

  

  

 1,946,643

  

  

  

 2.47

 %

  

  

 2,006,263

  

  

  

 2.86

 %

  

  

 (59,620

 )

  

  

 (0.39

 )%

 

 
 Borrowings

  

  

 —

  

  

 N/A

  

  

  

 639

  

  

  

 4.19

 %

  

  

 (639

 )

  

 N/A

  

 

 
 Total interest-bearing liabilities   (excluding non interest deposits)

  

  

 1,649,056

  

  

  

 2.91

 %

  

  

 1,718,842

  

  

  

 3.34

 %

  

  

 (69,786

 )

  

  

 (0.43

 )%

 

 
 Non-interest-bearing deposits

  

  

 297,587

  

  

  

  

  

  

 288,060

  

  

  

  

  

  

  

  

  

  

 

 
 Total cost of funds

  

  

 1,946,643

  

  

  

 2.47

 %

  

  

 2,006,902

  

  

  

 2.86

 %

  

  

 (60,259

 )

  

  

 (0.39

 )%

 

 
 Accrued expenses and other liabilities

  

  

 38,688

  

  

  

  

  

  

 43,979

  

  

  

  

  

  

  

  

  

  

 

 
 Stockholders’ equity

  

  

 274,007

  

  

  

  

  

  

 264,459

  

  

  

  

  

  

  

  

  

  

 

 
 Total liabilities and stockholders’   equity

  

 $

 2,259,338

  

  

  

  

  

 $

 2,315,340

  

  

  

  

  

  

  

  

  

  

 

 
 Net interest spread

  

  

  

  

  

 3.13

 %

  

  

  

  

  

 2.86

 %

  

  

  

  

  

  

 

 
 Net interest margin

  

  

  

  

  

 3.75

 %

  

  

  

  

  

 3.53

 %

  

  

  

  

  

  

 

 
 Net interest margin (FTE) 1, 2

  

  

  

  

  

 3.79

 %

  

  

  

  

  

 3.57

 %

  

  

  

  

  

  

 

  
1Includes federal and state tax effect of tax-exempt securities and loans. 

2This is a non-GAAP financial measure. For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below. 

 10

 
  

 Princeton Bancorp, Inc. 
Consolidated Average Statement of Financial Condition 
(Unaudited) 
(Dollars in thousands) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 For the Three Months Ended

  

  

  

  

  

  

  

 

 
 

  

 June 30, 2026

  

  

 March 31, 2026

  

  

 Change in

  

  

 Change in

  

 

 
 

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

  

 AverageBalance

  

  

 Yield/Rate

  

 

 
 Earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans

  

 $

 1,795,516

  

  

  

 6.41

 %

  

 $

 1,800,201

  

  

  

 6.32

 %

  

 $

 (4,685

 )

  

  

 0.09

 %

 

 
 Securities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable available-for-sale

  

  

 155,641

  

  

  

 4.71

 %

  

  

 132,740

  

  

  

 4.58

 %

  

  

 22,901

  

  

  

 0.13

 %

 

 
 Tax-exempt available-for-sale

  

  

 38,806

  

  

  

 2.72

 %

  

  

 40,054

  

  

  

 2.73

 %

  

  

 (1,248

 )

  

  

 (0.01

 )%

 

 
 Held-to-maturity

  

  

 150

  

  

  

 5.33

 %

  

  

 152

  

  

  

 5.33

 %

  

  

 (2

 )

  

  

 —

  

 

 
 Total Securities

  

  

 194,597

  

  

  

 4.31

 %

  

  

 172,946

  

  

  

 4.15

 %

  

  

 21,651

  

  

  

 0.16

 %

 

 
 Other interest earning assets

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Federal funds sold

  

  

 8,817

  

  

  

 3.66

 %

  

  

 68,415

  

  

  

 3.72

 %

  

  

 (59,598

 )

  

  

 (0.06

 )%

 

 
 Other interest-earning assets

  

  

 83,676

  

  

  

 3.82

 %

  

  

 62,700

  

  

  

 3.84

 %

  

  

 20,976

  

  

  

 (0.02

 )%

 

 
 Other interest-earning assets

  

  

 92,493

  

  

  

 3.80

 %

  

  

 131,115

  

  

  

 3.78

 %

  

  

 (38,622

 )

  

  

 0.02

 %

 

 
 Total interest-earning assets

  

  

 2,082,606

  

  

  

 6.10

 %

  

  

 2,104,262

  

  

  

 5.99

 %

  

  

 (21,656

 )

  

  

 0.11

 %

 

 
 Total non-earning assets

  

  

 167,339

  

  

  

  

  

  

 164,573

  

  

  

  

  

  

  

  

  

  

 

 
 Total assets

  

 $

 2,249,945

  

  

  

  

  

 $

 2,268,835

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing liabilities

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Checking

  

 $

 323,266

  

  

  

 2.04

 %

  

 $

 329,872

  

  

  

 2.03

 %

  

 $

 (6,606

 )

  

  

 0.01

 %

 

 
 Savings

  

  

 165,712

  

  

  

 2.07

 %

  

  

 168,820

  

  

  

 2.13

 %

  

  

 (3,108

 )

  

  

 (0.06

 )%

 

 
 Money market

  

  

 495,284

  

  

  

 2.92

 %

  

  

 470,343

  

  

  

 2.94

 %

  

  

 24,941

  

  

  

 (0.02

 )%

 

 
 Certificates of deposit

  

  

 644,658

  

  

  

 3.43

 %

  

  

 700,384

  

  

  

 3.63

 %

  

  

 (55,726

 )

  

  

 (0.20

 )%

 

 
 Total interest-bearing deposits

  

  

 1,628,920

  

  

  

 2.86

 %

  

  

 1,669,419

  

  

  

 2.97

 %

  

  

 (40,499

 )

  

  

 (0.11

 )%

 

 
 Non-interest checking

  

  

 306,096

  

  

  

  

  

  

 288,984

  

  

  

  

  

  

 17,112

  

  

  

  

 

 
 Total deposits

  

  

 1,935,016

  

  

  

 2.41

 %

  

  

 1,958,403

  

  

  

 2.53

 %

  

  

 (23,387

 )

  

  

 (0.12

 )%

 

 
 Borrowings

  

  

 —

  

  

 N/A

  

  

  

 —

  

  

 N/A

  

  

  

 —

  

  

 N/A

  

 

 
 Total interest-bearing liabilities   (excluding non-interest deposits)

  

  

 1,628,920

  

  

  

 2.86

 %

  

  

 1,669,419

  

  

  

 2.97

 %

  

  

 (40,499

 )

  

  

 (0.11

 )%

 

 
 Non-interest-bearing deposits

  

  

 306,096

  

  

  

  

  

  

 288,984

  

  

  

  

  

  

 17,112

  

  

  

 —

  

 

 
 Total cost of funds

  

  

 1,935,016

  

  

  

 2.41

 %

  

  

 1,958,403

  

  

  

 2.53

 %

  

  

 (23,387

 )

  

  

 (0.12

 )%

 

 
 Accrued expenses and other liabilities