$BPRN

Princeton Bancorp, Inc.

CIK:0001913971|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees	$ 28,681	$ 29,620	$ 56,747	$ 59,244
Securities available-for-sale:
Taxable	1,832	2,298	3,351	4,914
Tax-exempt	264	279	538	563
Securities held-to-maturity	2	2	4	4
Other interest and dividend income	877	557	2,087	1,326
TOTAL INTEREST AND DIVIDEND INCOME	31,656	32,756	62,727	66,051
INTEREST EXPENSE
Deposits	11,616	13,933	23,829	28,471
Borrowings		13	0	13
TOTAL INTEREST EXPENSE	11,616	13,946	23,829	28,484
NET INTEREST INCOME	20,040	18,810	38,898	37,567
Provision for (reversal of) credit losses	(353)	6,956	(509)	7,224
NET INTEREST INCOME AFTER PROVISION FOR (REVERSAL OF) CREDIT LOSSES	20,393	11,854	39,407	30,343
NON-INTEREST INCOME
Income from bank-owned life insurance	516	494	1,024	965
Fees and service charges	597	551	1,177	1,062
Loan fees, including prepayment penalties	908	703	1,436	1,378
Other	415	503	1,250	1,036
TOTAL NON-INTEREST INCOME	2,436	2,251	4,887	4,441
NON-INTEREST EXPENSE
Salaries and employee benefits	7,153	7,093	14,178	14,265
Occupancy and equipment	2,252	2,147	4,644	4,432
Professional fees	974	721	1,734	1,482
Data processing and communications	1,581	1,543	3,208	3,169
Federal deposit insurance	300	415	600	948
Advertising and promotion	136	152	311	323
Office	136	238	267	348
Other real estate owned	0	0	0	27
Core deposit intangible amortization	186	219	382	447
Other	928	981	1,737	1,860
TOTAL NON-INTEREST EXPENSE	13,646	13,509	27,061	27,301
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)	9,183	596	17,233	7,483
INCOME TAX EXPENSE (BENEFIT)	2,102	(92)	3,923	1,417
NET INCOME	$ 7,081	$ 688	$ 13,310	$ 6,066
Earnings per common share-basic	$ 1.04	$ 0.1	$ 1.96	$ 0.88
Earnings per common share-diluted	$ 1.04	$ 0.1	$ 1.95	$ 0.88

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 7,081	$ 688	$ 13,310	$ 6,066
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses	(353)	6,956	(509)	7,224
Depreciation and amortization of premises and equipment			917	894
Stock-based compensation expense			601	619
Amortization of premiums and accretion of discounts on securities, net			4	142
Accretion of net deferred loan fees and costs			(2,763)	(2,600)
Increase in cash surrender value of bank-owned life insurance			(1,024)	(965)
Deferred income tax expense (benefit)			(36)	743
Amortization of core deposit intangible			382	447
(Increase) decrease in accrued interest receivable and other assets			(121)	90
Decrease in accrued interest payable and other liabilities			(2,941)	(8,267)
NET CASH PROVIDED BY OPERATING ACTIVITIES			7,820	4,393
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of available-for-sale securities			(109,380)	(11,590)
Maturities, calls and principal repayments of securities available-for-sale			30,322	36,504
Maturities, calls and principal repayments of securities held-to-maturity			4	4
Decrease in loans, net of repayments			108,777	18,229
Purchase of loans			(60,855)	(45,800)
Purchases of premises and equipment			(1,099)	(451)
Exchange of bank-owned life insurance				2,798
Purchases of equity method investments				(670)
Redepmtions (purchases) of restricted bank stock			21	(741)
NET CASH USED IN INVESTMENT ACTIVITIES			(32,210)	(1,717)
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in deposits			(40,501)	(100,253)
Proceeds from overnight borrowings				10,000
Cash dividends			(4,593)	(4,149)
Share redemption for tax withholding on restricted stock vesting			(246)	(227)
Purchase of treasury stock			(327)	(5,643)
Proceeds from exercise of stock options			561	1,342
NET CASH USED IN FINANCING ACTIVITIES			(45,106)	(98,930)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(69,496)	(96,254)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			135,686	117,348	$ 117,348
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 66,190	$ 21,094	66,190	21,094	$ 135,686
SUPPLEMENTARY CASH FLOWS INFORMATION:
Interest paid			25,690	34,230
Income taxes paid			3,938	2,694
Increase in ROU leases			$ 860	$ 0

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 16,729	$ 17,038
Interest-earning bank balances	31,036	19,309
Due from Federal Reserve Bank	18,425	99,339
Total cash and cash equivalents	66,190	135,686
Securities available-for-sale, at fair value (amortized cost $268,978 and $189,924 at June 30, 2026 and December 31, 2025, respectively)	261,491	182,569
Securities held-to-maturity (fair value $150 and $154 at June 30, 2026 and December 31, 2025, respectively)	149	153
Loans receivable, net of deferred fees and costs	1,771,500	1,816,416
Less: allowance for credit losses for loans	(19,963)	(20,325)
Loan receivable, net	1,751,537	1,796,091
Bank-owned life insurance	71,912	70,888
Premises and equipment, net	17,082	16,900
Accrued interest receivable	7,530	7,797
Restricted investment in bank stock	2,345	2,366
Deferred taxes, net	16,893	16,857
Goodwill	14,381	14,381
Core deposit intangible	2,394	2,776
Operating lease right-of-use asset	19,465	20,121
Other assets	19,643	18,562
TOTAL ASSETS	2,251,012	2,285,147
Deposits:
Non-interest-bearing	309,244	286,013
Interest-bearing	1,626,448	1,690,180
Total deposits	1,935,692	1,976,193
Accrued interest payable	6,668	8,529
Operating lease liability	20,534	21,194
Other liabilities	8,195	8,519
TOTAL LIABILITIES	1,971,089	2,014,435
STOCKHOLDERS' EQUITY:
Preferred stock, no par value; 2,000,000 shares authorized and none outstanding at June 30, 2026 and at December 31, 2025	0	0
Common stock, no par value; 15,000,000 shares authorized, 7,099,127 shares issued and 6,813,201 outstanding at June 30, 2026; 7,042,206 shares issued and 6,765,530 outstanding at December 31, 2025	0	0
Paid-in capital	123,893	122,904
Treasury stock, at cost; 285,926 shares at June 30, 2026 and 276,676 shares at December 31, 2025	(9,034)	(8,707)
Retained earnings	170,424	161,780
Accumulated other comprehensive loss	(5,360)	(5,265)
TOTAL STOCKHOLDERS' EQUITY	279,923	270,712
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,251,012	$ 2,285,147