0001193125-26-173619.txt : 20260423 0001193125-26-173619.hdr.sgml : 20260423 20260423160015 ACCESSION NUMBER: 0001193125-26-173619 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20260129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20260423 DATE AS OF CHANGE: 20260423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Princeton Bancorp, Inc. CENTRAL INDEX KEY: 0001913971 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance EIN: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41589 FILM NUMBER: 26888425 BUSINESS ADDRESS: STREET 1: C/O STEVENS & LEE, P.C. STREET 2: 111 NORTH SIXTH STREET CITY: READING STATE: PA ZIP: 19603 BUSINESS PHONE: (609) 921-1700 MAIL ADDRESS: STREET 1: 183 BAYARD LANE CITY: PRINCETON STATE: NJ ZIP: 08540 8-K 1 bprn-20260129.htm 8-K 8-K
0001913971false00019139712026-01-292026-01-29

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 23, 2026

Date of Report (Date of earliest event reported)

 

 

PRINCETON BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

001-41589

88-4268702

(State or other jurisdiction

of incorporation)

(Commission
File Number)

(IRS Employer

Ident. No.)

 

183 Bayard Lane, Princeton, New Jersey

08540

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (609) 921-1700

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

☐

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

☐

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

☐

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange
on which registered

Common stock, no par value

 

BPRN

 

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02 Results of Operations and Financial Condition

On April 23, 2026, the registrant, the bank holding company for The Bank of Princeton, issued a press release containing financial information regarding its financial condition and results of operations for the three months ended March 31, 2026.

A copy of the press release is furnished as Exhibit 99.1 hereto.

 

Item 9.01 Financial Statements and Exhibits.

(d)
Exhibits:

 

99.1

 

Press Release issued April 23, 2026.

 

 

 

104

 

Cover Page Interactive Data file (embedded within the Inline XBRL Document)

 

2

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

PRINCETON BANCORP, INC.

 

 

 

Dated: April 23, 2026

 

 

 

By:

/s/ George S. Rapp

 

 

George S. Rapp

 

 

Executive Vice President and Chief Financial Officer

 

3

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

Exhibit 99.1

 

For Immediate Release

Contact George Rapp

609.454.0718

grapp@thebankofprinceton.com

Princeton Bancorp Announces

First Quarter 2026 Results

Princeton, NJ, April 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 at, and its results of operations for the quarter ended, March 31, 2026.

President/CEO Edward Dietzler commented on the quarter results, “The Company started 2026 with a strong quarterly performance, with net income of $6.2 million and diluted EPS of $0.91. These results were supported by an increase in non-interest income of over 15%, as well as a reduction in credit provision, and an improved net interest margin when compared to the fourth quarter of 2025."

The Company reported net income of $6.2 million, or $0.91 per diluted common share, for the first quarter of 2026, compared to $6.1 million, or $0.90 per diluted common share, for the fourth quarter of 2025, and net income of $5.4 million, or $0.77 per diluted common share, for the first quarter of 2025. The increase in net income for the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to an increase in non-interest income of $332 thousand, an increase in net interest income of $228 thousand, and a decrease in provision for credit losses of $258 thousand, partially offset by an increase in non-interest expense of $686 thousand. The increase in net income for the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to an increase in non-interest income of $261 thousand, an increase in net-interest income of $101 thousand, a decrease in non-interest expense of $377 thousand, and a decrease in the provision for credit losses of $424 thousand, partially offset by an increase of $312 thousand in income tax expense.

Review of Statements of Financial Condition

Total assets were $2.25 billion at March 31, 2026, a decrease of $29.4 million, or 1.29%, when compared to $2.28 billion at the December 31, 2025. The primary reason for the decrease in total assets was related to a decrease in cash and cash equivalents of $15.9 million and a decrease in investment securities of $15.2 million, partially offset by an increase in loans of $2.7 million.

Total deposits at March 31, 2026, decreased $33.5 million, or 1.70%, when compared to December 31, 2025. The decrease in the Company’s deposits consisted primarily of decreases in certificates of deposit of $53.2 million, and interest-bearing demand deposits of $25.3 million, partially offset by an increase in money market deposits of $26.5 million, non-interest-bearing demand deposits of $17.2 million, and savings deposits of $1.3 million. We believe that our balance sheet liquidity remains strong at March 31, 2026 with $119.8 million in cash and cash equivalents, as well as available for sale securities of $164.5 million.

Total stockholders’ equity at March 31, 2026 increased $2.9 million, or 1.07%, when compared to December 31, 2025. The increase was primarily due to an increase in retained earnings of $3.8 million (which consisted of $6.2 million in net income, partially offset by $2.4 million of cash dividends recorded during the period), partially offset by an increase in accumulated other comprehensive loss of $845 thousand due to increases in market interest rates. The ratio of equity to total assets at March 31, 2026 and at December 31, 2025 was 12.1% and 11.9%, respectively.

 

 

Asset Quality

At March 31, 2026, non-performing assets remained steady at $16.5 million, compared to $16.5 million at December 31, 2025.

Review of Quarterly and Year-to-Date Financial Results

Net interest income was $18.9 million for the first quarter of 2026, an increase of $228 thousand over the fourth quarter of 2025, and an increase of $101 thousand compared to $18.8 million for the first quarter of 2025. The increase in net interest income when compared with the fourth quarter of 2025 was primarily related to a decrease in interest expense of $913 thousand or, 7.0%, partially offset by a decrease in interest income of $685 thousand, or 2.2%. The increase in net interest income when compared with the first quarter of 2025 was primarily due to a $2.3 million decrease in interest expense, partially offset by a decrease in interest income of $2.2 million. The net interest margin for the first quarter of 2026 was 3.63%, an increase of 12 basis points when compared to the fourth quarter of 2025, and an increase of 12 basis points when compared to the first quarter of 2025. When comparing the first quarter of 2026 and the fourth quarter of 2025 periods, the decrease in interest income and increase in net interest margin were primarily associated with a decrease in average total investments of $24.6 million, a decrease in average loans of $1.7 million, partially offset by an increase in the Company’s yield earned on interest-earning assets of 2 basis points.

When comparing the first quarter of 2026 and first quarter of 2025, the $2.3 million decrease in interest expense was primarily due to the Company's cost of funds decreasing by 38 basis points and average interest-bearing deposits decreasing by $69.5 million. The decrease in interest expense was partially offset by a $2.2 million decrease in interest income caused by a decrease in average interest-earning assets of $60.6 million, and a decrease of 25 basis points in the yield earned on interest-earning assets.

The Company recorded a reversal of credit losses of $156 thousand during the first quarter of 2026, which consisted of a $291 thousand decrease recorded to the allowance of credit losses, offset by an increase to the provision for credit losses of $135 thousand related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. The current quarters' reversal of provision recorded on the Company’s statements of income was $258 thousand lower when compared to the fourth quarter of 2025 and was $424 thousand lower when compared to the first quarter of 2025. The coverage ratio of the allowance for credit losses to period end loans was 1.10% at March 31, 2026, and 1.12% at December 31, 2025.

Total non-interest income of $2.5 million for the first quarter of 2026 increased $332 thousand, or 15.7%, when compared to the fourth quarter of 2025 and increased $261 thousand, or 11.9%, when compared to the first quarter of 2025. The increase over the fourth quarter of 2025 was primarily due to an increase in other non-interest income of $320 thousand discussed below. The increase over the prior year’s first quarter was primarily due to increases in other non-interest income of $303 thousand, an increase in fees and service charges of $69 thousand, and an increase in income from bank-owned life insurance of $36 thousand, partially offset by a decrease in loan fees of $147 thousand. The increase in other non-interest income for the first quarter of 2026 was related to a gain recorded on an equity investment in the amount of $232 thousand recorded in the first quarter of 2026 compared to no such net gain in either the fourth or first quarters of 2025.

Total non-interest expense of $13.4 million for the first quarter of 2026 increased $686 thousand, or 5.4%, when compared to the fourth quarter of 2025. This increase over the prior quarter was primarily due to increases in salaries and employee benefits expenses of $608 thousand, occupancy and equipment expenses of $236 thousand, partially offset by a decrease in other non-interest expenses of $206 thousand. Total non-interest expense for the first quarter of 2026 decreased $377 thousand, or 2.7%, when compared to the first quarter of 2025, primarily due to lower salary and employee benefits expense and FDIC insurance expense.

2

 

For the quarter ended March 31, 2026, the Company recorded an income tax expense of $1.8 million, resulting in an effective tax rate of 22.6%, compared to an income tax expense of $1.8 million, resulting in an effective tax rate of 23.2% for the quarter ended December 31, 2025 and compared to an income tax expense of $1.5 million resulting in an effective tax rate of 21.9% for the quarter ended March 31, 2025.

 

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 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, 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 stockholders and in other communications by the 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 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 global impact of foreign military conflicts; 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

3

 

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.

4

 

Princeton Bancorp, Inc.

Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2026 vs

 

 

March 31, 2026 vs

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31, 2025

 

 

March 31, 2025

 

 

2026

 

 

2025

 

 

2025

 

 

$ Change

 

 

% Change

 

 

$ Change

 

 

% Change

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

119,794

 

 

$

135,686

 

 

$

67,674

 

 

$

(15,892

)

 

 

(11.71

)%

 

$

52,120

 

 

 

77.02

%

Securities available-for-sale-
   taxable

 

 

125,582

 

 

 

140,817

 

 

 

199,931

 

 

 

(15,235

)

 

 

(10.82

)%

 

 

(74,349

)

 

 

(37.19

)%

Securities available-for-sale-
   tax-exempt

 

 

38,975

 

 

 

39,752

 

 

 

39,304

 

 

 

(777

)

 

 

(1.95

)%

 

 

(329

)

 

 

(0.84

)%

Securities held-to-maturity

 

 

151

 

 

 

153

 

 

 

159

 

 

 

(2

)

 

 

(1.31

)%

 

 

(8

)

 

 

(5.03

)%

Loans receivable, net of deferred
   loan fees

 

 

1,819,133

 

 

 

1,816,416

 

 

 

1,856,539

 

 

 

2,717

 

 

 

0.15

%

 

 

(37,406

)

 

 

(2.01

)%

Allowance for credit losses

 

 

(20,033

)

 

 

(20,325

)

 

 

(23,942

)

 

 

292

 

 

 

(1.44

)%

 

 

3,909

 

 

 

(16.33

)%

Goodwill

 

 

14,381

 

 

 

14,381

 

 

 

14,381

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Core deposit intangible

 

 

2,580

 

 

 

2,776

 

 

 

3,403

 

 

 

(196

)

 

 

(7.06

)%

 

 

(823

)

 

 

(24.18

)%

Other assets

 

 

153,204

 

 

 

153,491

 

 

 

160,648

 

 

 

(287

)

 

 

(0.19

)%

 

 

(7,444

)

 

 

(4.63

)%

TOTAL ASSETS

 

$

2,253,767

 

 

$

2,283,147

 

 

$

2,318,097

 

 

$

(29,380

)

 

 

(1.29

)%

 

$

(64,330

)

 

 

(2.78

)%

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest checking

 

$

303,233

 

 

$

286,013

 

 

$

290,496

 

 

$

17,220

 

 

 

6.02

%

 

$

12,737

 

 

 

4.38

%

Interest checking

 

 

308,204

 

 

 

333,533

 

 

 

331,032

 

 

 

(25,329

)

 

 

(7.59

)%

 

 

(22,828

)

 

 

(6.90

)%

Savings

 

 

169,031

 

 

 

167,735

 

 

 

172,546

 

 

 

1,296

 

 

 

0.77

%

 

 

(3,515

)

 

 

(2.04

)%

Money market

 

 

490,711

 

 

 

464,205

 

 

 

464,012

 

 

 

26,506

 

 

 

5.71

%

 

 

26,699

 

 

 

5.75

%

Time deposits over $250,000

 

 

241,134

 

 

 

256,929

 

 

 

220,968

 

 

 

(15,795

)

 

 

(6.15

)%

 

 

20,166

 

 

 

9.13

%

Other time deposits

 

 

430,346

 

 

 

467,778

 

 

 

531,612

 

 

 

(37,432

)

 

 

(8.00

)%

 

 

(101,266

)

 

 

(19.05

)%

Total deposits

 

 

1,942,659

 

 

 

1,976,193

 

 

 

2,010,666

 

 

 

(33,534

)

 

 

(1.70

)%

 

 

(68,007

)

 

 

(3.38

)%

Other liabilities

 

 

37,509

 

 

 

36,242

 

 

 

40,444

 

 

 

1,267

 

 

 

3.50

%

 

 

(2,935

)

 

 

(7.26

)%

TOTAL LIABILITIES

 

 

1,980,168

 

 

 

2,012,435

 

 

 

2,051,110

 

 

 

(32,267

)

 

 

(1.60

)%

 

 

(70,942

)

 

 

(3.46

)%

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

N/A

 

Paid-in capital

 

 

122,988

 

 

 

122,954

 

 

 

120,452

 

 

 

34

 

 

 

0.03

%

 

 

2,536

 

 

 

2.11

%

Treasury stock

 

 

(8,762

)

 

 

(8,707

)

 

 

(1,005

)

 

 

(55

)

 

 

0.63

%

 

 

(7,757

)

 

 

771.84

%

Retained earnings

 

 

165,483

 

 

 

161,730

 

 

 

155,170

 

 

 

3,753

 

 

 

2.32

%

 

 

10,313

 

 

 

6.65

%

Accumulated other
   comprehensive income (loss)

 

 

(6,110

)

 

 

(5,265

)

 

 

(7,630

)

 

 

(845

)

 

 

16.05

%

 

 

1,520

 

 

 

(19.92

)%

TOTAL STOCKHOLDERS’
   EQUITY

 

 

273,599

 

 

 

270,712

 

 

 

266,987

 

 

 

2,887

 

 

 

1.07

%

 

 

6,612

 

 

 

2.48

%

TOTAL LIABILITIES
   AND STOCKHOLDERS’
   EQUITY

 

$

2,253,767

 

 

$

2,283,147

 

 

$

2,318,097

 

 

 

(29,380

)

 

 

(4.21

)%

 

 

(64,330

)

 

 

(2.78

)%

Book value per common share

 

$

40.26

 

 

$

40.01

 

 

$

38.56

 

 

$

0.25

 

 

 

0.62

%

 

$

1.70

 

 

 

4.41

%

Tangible book value per
   common share 1

 

$

37.76

 

 

$

37.48

 

 

$

36.00

 

 

$

0.28

 

 

 

0.75

%

 

$

1.76

 

 

 

4.89

%

 

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

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

5

 

Princeton Bancorp, Inc.

Loan and Deposit Tables

(Unaudited)

The components of loans receivable, net at March 31, 2026 and December 31, 2025 were as follows:

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Commercial real estate

 

$

1,323,347

 

 

$

1,343,531

 

Commercial and industrial

 

 

80,673

 

 

 

76,557

 

Construction

 

 

210,862

 

 

 

209,483

 

Residential first-lien mortgages

 

 

170,553

 

 

 

163,813

 

Home equity / consumer

 

 

36,192

 

 

 

25,359

 

Total loans

 

 

1,821,627

 

 

 

1,818,743

 

Deferred fees and costs

 

 

(2,494

)

 

 

(2,327

)

Allowance for credit losses

 

 

(20,033

)

 

 

(20,325

)

Loans, net

 

$

1,799,100

 

 

$

1,796,091

 

 

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

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Non-interest checking

 

$

303,233

 

 

$

286,013

 

Interest checking

 

 

308,204

 

 

 

333,533

 

Savings

 

 

169,031

 

 

 

167,735

 

Money market

 

 

490,711

 

 

 

464,205

 

Time deposits

 

 

671,480

 

 

 

724,707

 

Total deposits

 

$

1,942,659

 

 

$

1,976,193

 

 

6

 

Princeton Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

(Amounts in thousands except per share data)

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

$ Change

 

 

% Change

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

Loans and fees

 

$

28,066

 

 

$

29,624

 

 

$

(1,558

)

 

 

(5.3

)%

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,519

 

 

 

2,616

 

 

 

(1,097

)

 

 

(41.9

)%

Tax-exempt

 

 

274

 

 

 

284

 

 

 

(10

)

 

 

(3.5

)%

Held-to-maturity debt securities

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

Other interest and dividend income

 

 

1,210

 

 

 

769

 

 

 

441

 

 

 

57.3

%

Total interest and dividends

 

 

31,071

 

 

 

33,295

 

 

 

(2,224

)

 

 

(6.7

)%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

12,213

 

 

 

14,538

 

 

 

(2,325

)

 

 

(16.0

)%

Borrowings

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

Total interest expense

 

 

12,213

 

 

 

14,538

 

 

 

(2,325

)

 

 

(16.0

)%

Net interest income

 

 

18,858

 

 

 

18,757

 

 

 

101

 

 

 

0.5

%

Provision for (reversal of) credit losses

 

 

(156

)

 

 

268

 

 

 

(424

)

 

 

(158.2

)%

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

 

 

19,014

 

 

 

18,489

 

 

 

525

 

 

 

2.8

%

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

Income from bank-owned life insurance

 

 

507

 

 

 

471

 

 

 

36

 

 

 

7.6

%

Fees and service charges

 

 

580

 

 

 

511

 

 

 

69

 

 

 

13.5

%

Loan fees, including prepayment penalties

 

 

528

 

 

 

675

 

 

 

(147

)

 

 

(21.8

)%

Other

 

 

836

 

 

 

533

 

 

 

303

 

 

 

56.8

%

Total non-interest income

 

 

2,451

 

 

 

2,190

 

 

 

261

 

 

 

11.9

%

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,025

 

 

 

7,172

 

 

 

(147

)

 

 

(2.0

)%

Occupancy and equipment

 

 

2,392

 

 

 

2,285

 

 

 

107

 

 

 

4.7

%

Professional fees

 

 

760

 

 

 

761

 

 

 

(1

)

 

 

(0.1

)%

Data processing and communications

 

 

1,627

 

 

 

1,626

 

 

 

1

 

 

 

0.1

%

Federal deposit insurance

 

 

300

 

 

 

533

 

 

 

(233

)

 

 

(43.7

)%

Advertising and promotion

 

 

175

 

 

 

171

 

 

 

4

 

 

 

2.3

%

Office

 

 

131

 

 

 

110

 

 

 

21

 

 

 

19.1

%

Other real eastate owned

 

 

—

 

 

 

27

 

 

 

(27

)

 

 

(100.0

)%

Core deposit intangible

 

 

196

 

 

 

228

 

 

 

(32

)

 

 

(14.0

)%

Other

 

 

809

 

 

 

879

 

 

 

(70

)

 

 

(8.0

)%

Total non-interest expense

 

 

13,415

 

 

 

13,792

 

 

 

(377

)

 

 

(2.7

)%

Income before income tax expense

 

 

8,050

 

 

 

6,887

 

 

 

1,163

 

 

 

16.9

%

Income tax expense

 

 

1,821

 

 

 

1,509

 

 

 

312

 

 

 

20.7

%

Net income

 

$

6,229

 

 

$

5,378

 

 

$

851

 

 

 

15.8

%

Net income per common share - basic

 

$

0.92

 

 

$

0.78

 

 

$

0.14

 

 

 

17.8

%

Net income per common share - diluted

 

$

0.91

 

 

$

0.77

 

 

$

0.14

 

 

 

18.5

%

Weighted average shares outstanding - basic

 

 

6,788

 

 

 

6,905

 

 

 

(117

)

 

 

(1.7

)%

Weighted average shares outstanding - diluted

 

 

6,808

 

 

 

6,964

 

 

 

(156

)

 

 

(2.2

)%

 

7

 

Princeton Bancorp, Inc.

Consolidated Statements of Income (Current Quarter vs Prior Quarter)

(Unaudited)

(Amounts in thousands, except per share data)

 

 

Three Months Ended

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

$ Change

 

 

% Change

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

Loans and fees

 

$

28,066

 

 

$

28,597

 

 

$

(531

)

 

 

(1.9

)%

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,519

 

 

 

1,797

 

 

 

(278

)

 

 

(15.5

)%

Tax-exempt

 

 

274

 

 

 

276

 

 

 

(2

)

 

 

(0.7

)%

Held-to-maturity debt securities

 

 

2

 

 

 

2

 

 

 

—

 

 

 

0.0

%

Other interest and dividend income

 

 

1,210

 

 

 

1,084

 

 

 

126

 

 

 

11.6

%

Total interest and dividends

 

 

31,071

 

 

 

31,756

 

 

 

(685

)

 

 

(2.2

)%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

12,213

 

 

 

13,126

 

 

 

(913

)

 

 

(7.0

)%

Borrowings

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

Total interest expense

 

 

12,213

 

 

 

13,126

 

 

 

(913

)

 

 

(7.0

)%

Net interest income

 

 

18,858

 

 

 

18,630

 

 

 

228

 

 

 

1.2

%

Provision for (reversal of) credit losses

 

 

(156

)

 

 

102

 

 

 

(258

)

 

 

(252.9

)%

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

 

 

19,014

 

 

 

18,528

 

 

 

486

 

 

 

2.6

%

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

Income from bank-owned life insurance

 

 

507

 

 

 

528

 

 

 

(21

)

 

 

(4.0

)%

Fees and service charges

 

 

580

 

 

 

575

 

 

 

5

 

 

 

0.9

%

Loan fees, including prepayment penalties

 

 

528

 

 

 

500

 

 

 

28

 

 

 

5.6

%

Other

 

 

836

 

 

 

516

 

 

 

320

 

 

 

62.0

%

Total non-interest income

 

 

2,451

 

 

 

2,119

 

 

 

332

 

 

 

15.7

%

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,025

 

 

 

6,417

 

 

 

608

 

 

 

9.5

%

Occupancy and equipment

 

 

2,392

 

 

 

2,156

 

 

 

236

 

 

 

10.9

%

Professional fees

 

 

760

 

 

 

789

 

 

 

(29

)

 

 

(3.7

)%

Data processing and communications

 

 

1,627

 

 

 

1,600

 

 

 

27

 

 

 

1.7

%

Federal deposit insurance

 

 

300

 

 

 

275

 

 

 

25

 

 

 

9.1

%

Advertising and promotion

 

 

175

 

 

 

160

 

 

 

15

 

 

 

9.4

%

Office

 

 

131

 

 

 

117

 

 

 

14

 

 

 

12.0

%

Core deposit intangible

 

 

196

 

 

 

200

 

 

 

(4

)

 

 

(2.0

)%

Other

 

 

809

 

 

 

1,015

 

 

 

(206

)

 

 

(20.3

)%

Total non-interest expense

 

 

13,415

 

 

 

12,729

 

 

 

686

 

 

 

5.4

%

Income before income tax expense

 

 

8,050

 

 

 

7,918

 

 

 

132

 

 

 

1.7

%

Income tax expense

 

 

1,821

 

 

 

1,838

 

 

 

(17

)

 

 

(0.9

)%

Net income

 

$

6,229

 

 

$

6,080

 

 

$

149

 

 

 

2.5

%

Net income per common share - basic

 

$

0.92

 

 

$

0.90

 

 

$

0.02

 

 

 

2.2

%

Net income per common share - diluted

 

$

0.91

 

 

$

0.90

 

 

$

0.01

 

 

 

1.1

%

Weighted average shares outstanding - basic

 

 

6,788

 

 

 

6,765

 

 

 

23

 

 

 

0.3

%

Weighted average shares outstanding - diluted

 

 

6,808

 

 

 

6,787

 

 

 

21

 

 

 

0.3

%

 

 

8

 

Princeton Bancorp, Inc.

Consolidated Average Statement of Financial Condition

(Unaudited)

(Dollars in thousands)

 

 

For the Three Months Ended March 31,

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

Change in

 

 

Change in

 

 

Average
Balance

 

 

Yield/
Rate

 

 

Average
Balance

 

 

Yield/
Rate

 

 

Average
Balance

 

 

Yield/
Rate

 

Earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,800,201

 

 

 

6.32

%

 

$

1,851,439

 

 

 

6.49

%

 

$

(51,238

)

 

 

(0.17

)%

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable available-for-sale

 

 

132,740

 

 

 

4.58

%

 

 

203,992

 

 

 

5.13

%

 

 

(71,252

)

 

 

(0.55

)%

Tax-exempt available-for-sale

 

 

40,054

 

 

 

2.73

%

 

 

39,978

 

 

 

2.84

%

 

 

76

 

 

 

(0.11

)%

Held-to-maturity

 

 

152

 

 

 

5.33

%

 

 

160

 

 

 

5.33

%

 

 

(8

)

 

 

—

 

Total Securities

 

 

172,946

 

 

 

4.15

%

 

 

244,130

 

 

 

4.76

%

 

 

(71,184

)

 

 

(0.61

)%

Other interest earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold

 

 

68,415

 

 

 

3.72

%

 

 

53,314

 

 

 

4.42

%

 

 

15,101

 

 

 

(0.70

)%

Other interest-earning assets

 

 

62,700

 

 

 

3.84

%

 

 

16,028

 

 

 

4.81

%

 

 

46,672

 

 

 

(0.97

)%

Other interest-earning assets

 

 

131,115

 

 

 

3.78

%

 

 

69,342

 

 

 

4.51

%

 

 

61,773

 

 

 

(0.73

)%

Total interest-earning assets

 

 

2,104,262

 

 

 

5.99

%

 

 

2,164,911

 

 

 

6.24

%

 

 

(60,649

)

 

 

(0.25

)%

Total non-earning assets

 

 

164,573

 

 

 

 

 

 

170,945

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,268,835

 

 

 

 

 

$

2,335,856

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

$

329,872

 

 

 

2.03

%

 

$

325,278

 

 

 

1.94

%

 

$

4,594

 

 

 

0.09

%

Savings

 

 

168,820

 

 

 

2.13

%

 

 

171,404

 

 

 

2.24

%

 

 

(2,584

)

 

 

(0.11

)%

Money market

 

 

470,343

 

 

 

2.94

%

 

 

476,338

 

 

 

3.10

%

 

 

(5,995

)

 

 

(0.16

)%

Certificates of deposit

 

 

700,384

 

 

 

3.63

%

 

 

765,942

 

 

 

4.45

%

 

 

(65,558

)

 

 

(0.82

)%

Total interest-bearing deposits

 

 

1,669,419

 

 

 

2.97

%

 

 

1,738,962

 

 

 

3.39

%

 

 

(69,543

)

 

 

(0.42

)%

Non-interest bearing deposits

 

 

288,984

 

 

 

 

 

 

287,506

 

 

 

 

 

 

 

 

 

 

Total deposits

 

 

1,958,403

 

 

 

2.53

%

 

 

2,026,468

 

 

 

2.91

%

 

 

(68,065

)

 

 

(0.38

)%

Borrowings

 

 

—

 

 

N/A

 

 

 

—

 

 

N/A

 

 

 

—

 

 

N/A

 

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

 

 

1,669,419

 

 

 

2.97

%

 

 

1,738,962

 

 

 

3.39

%

 

 

(69,543

)

 

 

(0.42

)%

Non-interest-bearing deposits

 

 

288,984

 

 

 

 

 

 

287,506

 

 

 

 

 

 

 

 

 

 

Total cost of funds

 

 

1,958,403

 

 

 

2.53

%

 

 

2,026,468

 

 

 

2.91

%

 

 

(68,065

)

 

 

(0.38

)%

Accrued expenses and other liabilities

 

 

38,114

 

 

 

 

 

 

45,354

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

272,318

 

 

 

 

 

 

264,034

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’
   equity

 

$

2,268,835

 

 

 

 

 

$

2,335,856

 

 

 

 

 

 

 

 

 

 

Net interest spread

 

 

 

 

 

3.02

%

 

 

 

 

 

2.85

%

 

 

 

 

 

 

Net interest margin

 

 

 

 

 

3.63

%

 

 

 

 

 

3.51

%

 

 

 

 

 

 

Net interest margin (FTE) 1, 2

 

 

 

 

 

3.67

%

 

 

 

 

 

3.56

%

 

 

 

 

 

 

 

1
Includes federal and state tax effect of tax-exempt securities and loans.
2
This 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 Three Months Ended

 

 

 

 

 

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

Change in

 

 

Change in

 

 

Average
Balance

 

 

Yield/
Rate

 

 

Average
Balance

 

 

Yield/
Rate

 

 

Average
Balance

 

 

Yield/
Rate

 

Earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,800,201

 

 

 

6.32

%

 

$

1,801,913

 

 

 

6.30

%

 

$

(1,712

)

 

 

0.02

%

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable available-for-sale

 

 

132,740

 

 

 

4.58

%

 

 

157,363

 

 

 

4.57

%

 

 

(24,623

)

 

 

0.01

%

Tax-exempt available-for-sale

 

 

40,054

 

 

 

2.73

%

 

 

39,981

 

 

 

2.77

%

 

 

73

 

 

 

(0.04

)%

Held-to-maturity

 

 

152

 

 

 

5.33

%

 

 

154

 

 

 

5.33

%

 

 

(2

)

 

 

—

 

Total Securities

 

 

172,946

 

 

 

4.15

%

 

 

197,498

 

 

 

4.20

%

 

 

(24,552

)

 

 

(0.05

)%

Other interest earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold

 

 

68,415

 

 

 

3.72

%

 

 

87,963

 

 

 

3.83

%

 

 

(19,548

)

 

 

(0.11

)%

Other interest-earning assets

 

 

62,700

 

 

 

3.84

%

 

 

21,283

 

 

 

4.35

%

 

 

41,417

 

 

 

(0.51

)%

Other interest-earning assets

 

 

131,115

 

 

 

3.78

%

 

 

109,246

 

 

 

3.94

%

 

 

21,869

 

 

 

(0.16

)%

Total interest-earning assets

 

 

2,104,262

 

 

 

5.99

%

 

 

2,108,657

 

 

 

5.97

%

 

 

(4,395

)

 

 

0.02

%

Total non-earning assets

 

 

164,573

 

 

 

 

 

 

168,225

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,268,835

 

 

 

 

 

$

2,276,882

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

$

329,872

 

 

 

2.03

%

 

$

316,278

 

 

 

2.04

%

 

$

13,594

 

 

 

(0.01

)%

Savings

 

 

168,820

 

 

 

2.13

%

 

 

167,008

 

 

 

2.26

%

 

 

1,812

 

 

 

(0.13

)%

Money market

 

 

470,343

 

 

 

2.94

%

 

 

468,642

 

 

 

3.09

%

 

 

1,701

 

 

 

(0.15

)%

Certificates of deposit

 

 

700,384

 

 

 

3.63

%

 

 

725,795

 

 

 

3.77

%

 

 

(25,411

)

 

 

(0.14

)%

Total interest-bearing deposits

 

 

1,669,419

 

 

 

2.97

%

 

 

1,677,723

 

 

 

3.10

%

 

 

(8,304

)

 

 

(0.13

)%

Non-interest bearing deposits

 

 

288,984

 

 

 

 

 

 

293,467

 

 

 

 

 

 

(4,483

)

 

 

 

Total deposits

 

 

1,958,403

 

 

 

2.53

%

 

 

1,971,190

 

 

 

2.64

%

 

 

(12,787

)

 

 

(0.11

)%

Borrowings

 

 

—

 

 

N/A

 

 

 

—

 

 

N/A

 

 

 

—

 

 

N/A

 

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

 

 

1,669,419

 

 

 

2.97

%

 

 

1,677,723

 

 

 

3.10

%

 

 

(8,304

)

 

 

(0.13

)%

Non-interest-bearing deposits

 

 

288,984

 

 

 

 

 

 

293,467

 

 

 

 

 

 

(4,483

)

 

 

—

 

Total cost of funds

 

 

1,958,403

 

 

 

2.53

%

 

 

1,971,190

 

 

 

2.64

%

 

 

(12,787

)

 

 

(0.11

)%

Accrued expenses and other liabilities

 

 

38,114

 

 

 

 

 

 

37,721

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

272,318

 

 

 

 

 

 

267,971

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’
   equity

 

$

2,268,835

 

 

 

 

 

$

2,276,882

 

 

 

 

 

 

 

 

 

 

Net interest spread

 

 

 

 

 

3.02

%

 

 

 

 

 

2.87

%

 

 

 

 

 

 

Net interest margin

 

 

 

 

 

3.63

%

 

 

 

 

 

3.51

%

 

 

 

 

 

 

Net interest margin (FTE) 1, 2

 

 

 

 

 

3.67

%

 

 

 

 

 

3.54

%

 

 

 

 

 

 

 

1
Includes federal and state tax effect of tax-exempt securities and loans.
2
This is a non-GAAP financial measure. For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below.

10

 

Princeton Bancorp, Inc.

Quarterly Financial Highlights

(Unaudited)

 

 

2026

 

 

2025

 

 

2025

 

 

2025

 

 

2025

 

 

March

 

 

December

 

 

September

 

 

June

 

 

March

 

Return on average assets

 

 

1.11

%

 

 

1.06

%

 

 

1.15

%

 

 

0.12

%

 

 

0.93

%

Return on average equity

 

 

9.28

%

 

 

9.00

%

 

 

9.75

%

 

 

1.04

%

 

 

8.26

%

Return on average tangible equity1

 

 

9.90

%

 

 

9.62

%

 

 

10.45

%

 

 

1.12

%

 

 

8.86

%

Net interest margin

 

 

3.63

%

 

 

3.51

%

 

 

3.77

%

 

 

3.54

%

 

 

3.51

%

Net interest margin (FTE)1

 

 

3.67

%

 

 

3.54

%

 

 

3.81

%

 

 

3.58

%

 

 

3.56

%

Adjusted efficiency ratio1

 

 

62.03

%

 

 

60.38

%

 

 

63.68

%

 

 

63.10

%

 

 

64.75

%

COMMON STOCK DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market value at period end

 

$

33.77

 

 

$

34.69

 

 

$

31.84

 

 

$

30.54

 

 

$

30.55

 

Market range:

 

 

 

 

 

 

 

 

 

 

 

 

High

 

$

37.84

 

 

$

36.69

 

 

$

34.84

 

 

$

32.97

 

 

$

34.31

 

Low

 

$

32.98

 

 

$

29.75

 

 

$

29.95

 

 

$

27.69

 

 

$

30.02

 

Book value per common share at period end

 

$

40.26

 

 

$

40.01

 

 

$

39.48

 

 

$

38.49

 

 

$

38.56

 

Tangible book value per common share1

 

$

37.76

 

 

$

37.48

 

 

$

36.80

 

 

$

35.91

 

 

$

36.00

 

Shares of common stock outstanding (in thousands)

 

 

6,796

 

 

 

6,766

 

 

 

6,773

 

 

 

6,806

 

 

 

6,923

 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk-weighted assets)2

 

 

13.98

%

 

 

14.01

%

 

 

13.78

%

 

 

13.05

%

 

 

13.67

%

Tier 1 capital (to risk-weighted assets)2

 

 

12.93

%

 

 

12.95

%

 

 

12.73

%

 

 

12.01

%

 

 

12.48

%

Tier 1 capital (to average assets)2

 

 

11.35

%

 

 

11.12

%

 

 

11.15

%

 

 

10.63

%

 

 

10.91

%

Equity to assets

 

 

12.14

%

 

 

11.86

%

 

 

11.96

%

 

 

11.69

%

 

 

11.52

%

Tangible equity to tangible assets1

 

 

11.47

%

 

 

11.19

%

 

 

11.27

%

 

 

10.99

%

 

 

10.83

%

CREDIT QUALITY DATA (Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

 

$

1

 

 

$

235

 

 

$

(86

)

 

$

9,859

 

 

$

(60

)

Annualized net charge-offs (recoveries) to average
   loans

 

 

0.000

%

 

 

(0.003

)%

 

 

(0.019

)%

 

 

2.136

%

 

 

(0.013

)%

Nonperforming loans

 

$

16,478

 

 

$

16,529

 

 

$

16,710

 

 

$

16,530

 

 

$

26,522

 

Other real estate owned

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total nonperforming assets

 

$

16,478

 

 

$

16,529

 

 

$

16,710

 

 

$

16,530

 

 

$

26,522

 

Allowance for credit losses as a percent of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans, net of deferred fees and costs

 

 

1.10

%

 

 

1.12

%

 

 

1.14

%

 

 

1.14

%

 

 

1.29

%

Nonperforming loans

 

 

121.58

%

 

 

122.97

%

 

 

122.33

%

 

 

127.13

%

 

 

90.27

%

Nonperforming assets

 

 

121.58

%

 

 

122.97

%

 

 

122.33

%

 

 

127.13

%

 

 

90.27

%

Nonaccrual loans as a percent of total loans, net of
   deferred fees and costs

 

 

0.91

%

 

 

0.91

%

 

 

0.93

%

 

 

0.90

%

 

 

1.43

%

 

1
This is a non-GAAP financial measure. For more information, see “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” below.
2
Capital ratios presented herein are derived from the Call Report of The Bank of Princeton.

11

 

Princeton Bancorp, Inc

Supplemental Information – Non-GAAP Financial Measures

(Unaudited)

This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of its performance. These non-GAAP financial measures are “tangible book value per common share,” “return on average tangible equity,” “efficiency ratio,” “adjusted efficiency ratio,” “tangible equity to tangible assets,” and “net interest margin on a fully taxable equivalent.” For the purpose of calculating return on average tangible equity, net income for such period is annualized and divided by average tangible equity during such period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible equity to tangible assets, tangible equity is divided by tangible assets. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating efficiency ratio, total operating expense is divided by total revenue for the period. For the purpose of calculating adjusted efficiency ratio, total operating expense minus core deposit intangible amortization is divided by total revenue for the period. For the purpose of calculating net interest margin on a fully taxable equivalent, fully taxable equivalent adjustments are added to net interest income for the period, net interest income fully taxable equivalent for such period is annualized and divided by average interest earning assets during such period.

Management believes that these non-GAAP financial measures provide valuable insights into understanding our financial results by excluding certain items that can distort our core business results. This allows investors to better understand our ongoing operations and assess our future potential, while still being transparent about the adjustments made to arrive at these non-GAAP figures. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and the Company strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

In addition to the items noted above, defined footnotes are included in the Supplemental Information – Non-GAAP Financial Measures table below. Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year. Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%.

12

 

Princeton Bancorp, Inc.

Supplemental Information - Non-GAAP Financial Measures

(Unaudited)

(Dollars in thousands)

 

 

Three months ended

 

 

2026

 

 

2025

 

 

2025

 

 

2025

 

 

2025

 

 

March

 

 

December

 

 

September

 

 

June

 

 

March

 

Net (loss) income (annualized)1

 

$

25,262

 

 

$

24,122

 

 

$

25,653

 

 

$

2,760

 

 

$

21,811

 

Average equity2

 

 

272,318

 

 

 

267,971

 

 

 

263,088

 

 

 

264,878

 

 

 

264,034

 

Less: average intangible assets3

 

 

(17,084

)

 

 

(17,280

)

 

 

(17,493

)

 

 

(17,701

)

 

 

(17,929

)

Average Tangible Equity

 

$

255,234

 

 

$

250,691

 

 

$

245,595

 

 

$

247,177

 

 

$

246,105

 

Return on average tangible equity

 

 

9.90

%

 

 

9.62

%

 

 

10.45

%

 

 

1.12

%

 

 

8.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,858

 

 

$

18,630

 

 

$

19,619

 

 

$

18,810

 

 

$

18,757

 

Other income

 

 

2,451

 

 

 

2,119

 

 

 

1,908

 

 

 

2,251

 

 

 

2,190

 

Total revenue

 

 

21,309

 

 

 

20,749

 

 

 

21,527

 

 

 

21,061

 

 

 

20,947

 

Non-interest expenses

 

$

13,415

 

 

$

12,729

 

 

$

13,917

 

 

$

13,509

 

 

$

13,792

 

Less: core deposit intangible amortization

 

 

(196

)

 

 

(200

)

 

 

(209

)

 

 

(219

)

 

 

(228

)

Total operating expenses

 

$

13,219

 

 

$

12,529

 

 

$

13,708

 

 

$

13,290

 

 

$

13,564

 

Adjusted efficiency ratio

 

 

62.03

%

 

 

60.38

%

 

 

63.68

%

 

 

63.10

%

 

 

64.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,253,767

 

 

$

2,283,147

 

 

$

2,229,090

 

 

$

2,241,668

 

 

$

2,318,097

 

Less: intangible assets

 

 

(16,961

)

 

 

(17,157

)

 

 

(17,357

)

 

 

(17,566

)

 

 

(17,784

)

Tangible assets

 

$

2,236,806

 

 

$

2,265,990

 

 

$

2,211,733

 

 

$

2,224,102

 

 

$

2,300,313

 

Stockholders’ equity

 

$

273,599

 

 

$

270,712

 

 

$

266,607

 

 

$

261,946

 

 

$

266,987

 

Less: intangible assets

 

 

(16,961

)

 

 

(17,157

)

 

 

(17,357

)

 

 

(17,566

)

 

 

(17,784

)

Tangible equity

 

$

256,638

 

 

$

253,555

 

 

$

249,250

 

 

$

244,380

 

 

$

249,203

 

Tangible equity to tangible assets

 

 

11.47

%

 

 

11.19

%

 

 

11.27

%

 

 

10.99

%

 

 

10.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity

 

$

256,638

 

 

$

253,555

 

 

$

249,250

 

 

$

244,380

 

 

$

249,203

 

Shares outstanding (in thousands)

 

 

6,796

 

 

 

6,766

 

 

 

6,773

 

 

 

6,806

 

 

 

6,923

 

Tangible book value per share

 

$

37.76

 

 

$

37.48

 

 

$

36.80

 

 

$

35.91

 

 

$

36.00

 

 

1
Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year.
2
Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period.
3
Average intangible assets is calculated using the sum of daily equity balance for the period, divided by the number of days in the period.

 

 

Three months ended

 

 

2026

 

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

March

 

 

December

 

 

September

 

 

June

 

 

March

 

Net interest income

 

$

18,858

 

 

$

18,630

 

 

$

19,619

 

 

$

18,810

 

 

$

18,757

 

FTE adjustment1

 

 

207

 

 

 

209

 

 

 

211

 

 

 

212

 

 

 

250

 

Net interest income FTE

 

$

19,065

 

 

$

18,839

 

 

$

19,830

 

 

$

19,022

 

 

$

19,007

 

Net interest income FTE (annualized)2

 

$

77,318

 

 

$

74,743

 

 

$

78,675

 

 

$

76,297

 

 

$

77,083

 

Average interest earning assets

 

 

2,104,262

 

 

 

2,108,657

 

 

 

2,063,990

 

 

 

2,129,246

 

 

 

2,164,911

 

Net interest margin FTE

 

 

3.67

%

 

 

3.54

%

 

 

3.81

%

 

 

3.58

%

 

 

3.56

%

 

 

1
Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%.
2
Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year.

13

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