Core Insights - Three stocks with strong income characteristics and buy rank are highlighted for investors to consider on December 12 Group 1: Alpine Income Property Trust, Inc. (PINE) - This real estate investment trust has seen a 3.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] Group 2: ZIM Integrated Shipping Services Ltd. (ZIM) - This container shipping provider has experienced a significant 35.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days - The company has a dividend yield of 6.4%, which is higher than the industry average of 4.2% [2] Group 3: Princeton Bancorp, Inc. (BPRN) - This bank holding company for The Bank of Princeton has seen a 1.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days - The company has a dividend yield of 5.7%, compared to the industry average of 3.6% [3] Group 4: Additional Insights - Another company mentioned has a dividend yield of 3.2%, which exceeds the industry average of 2.4% [4]

Core Viewpoint - Princeton Bancorp, Inc. (BPRN) is highlighted as a stock with a buy rank and strong income characteristics, making it a potential investment opportunity for investors as of December 4 [1]. Group 1: Earnings Estimates - The Zacks Consensus Estimate for Princeton Bancorp's current year earnings has increased by 1.4% over the last 60 days [1]. Group 2: Dividend Yield - Princeton Bancorp offers a dividend yield of 3.2%, which is higher than the industry average of 2.4% [2].

Financial Performance - The company reported a net loss of $4,456 thousand for the three months ended September 30, 2024, compared to a net income of $7,598 thousand in the same period of 2023[9]. - Earnings per common share for the three months ended September 30, 2024, was $(0.68), a decline from $1.21 in the same period of 2023[9]. - Net income for the nine months ended September 30, 2024, was $5,015,000, a decrease from $20,483,000 for the same period in 2023[13]. - Comprehensive income for the nine months ended September 30, 2024, was $6,623 thousand, down from $17,163 thousand in 2023, indicating a decrease of about 61.4%[10]. - The company reported a net cash used in investing activities of $101,205,000 in 2024, contrasting with a net cash provided of $49,617,000 in 2023[13]. Asset Growth - Total assets increased to $2,354,730 thousand as of September 30, 2024, up from $1,916,497 thousand at December 31, 2023, representing a growth of 22.7%[7]. - Total stockholders' equity as of September 30, 2024, increased to $261,502 thousand from $232,208 thousand as of September 30, 2023, reflecting an increase of approximately 12.6%[11]. - The company’s cash and cash equivalents totaled $181,058 thousand as of September 30, 2024, up from $150,557 thousand at December 31, 2023, marking a 20.3% increase[7]. Loans and Credit Losses - Loans receivable net of deferred fees and costs rose to $1,831,407 thousand, an increase of 18.3% from $1,548,335 thousand at the end of 2023[7]. - The allowance for credit losses increased to $23,200 thousand as of September 30, 2024, from $18,492 thousand at December 31, 2023, indicating a proactive approach to potential credit risks[7]. - Provision for credit losses increased to $4,669,000 in 2024 from $2,546,000 in 2023, indicating a rise of approximately 83.5%[13]. Deposits - Total deposits reached $2,046,001 thousand, up 25.2% from $1,635,741 thousand at December 31, 2023[7]. - The net increase in deposits for the nine months ended September 30, 2024, was $127,503,000, compared to $98,536,000 in 2023, reflecting an increase of approximately 29.4%[13]. Non-Interest Income and Expenses - Non-interest income decreased significantly to $2,056 thousand for the three months ended September 30, 2024, compared to $2,403 thousand in the same period of 2023[9]. - Total non-interest expense surged to $20,144 thousand for the three months ended September 30, 2024, compared to $10,159 thousand in the same period of 2023, reflecting a 98.1% increase[9]. - Non-interest expense increased to $44.0 million for the nine-month period ended September 30, 2024, from $37.7 million in the same period in 2023, primarily due to merger-related expenses and increased salaries[152]. Acquisitions - The company completed the acquisition of Cornerstone Financial Corporation on August 23, 2024, with a total goodwill recorded of $5.5 million[30]. - The acquisition of Cornerstone Financial Corporation involved 525,946 shares at a price of $38.09 per share, totaling $20,033 thousand[11]. - The total purchase price assigned to Cornerstone Financial Corporation was $20.03 million, with $5.5 million recorded as goodwill on the Consolidated Statement of Financial Condition[30][31]. Market and Economic Conditions - The unemployment rate in New Jersey was 4.6% as of September 30, 2024, reflecting a tight labor market[113]. - The Federal Reserve has increased short-term interest rates to combat inflation, which has implications for economic activity and financial transactions[105]. Interest Income and Expense - Interest income increased by $4.8 million, with loan interest rising by $4.6 million due to a $226.9 million increase in average loan balances and a 25 basis point yield increase[137]. - Interest expense on deposits rose by $19.3 million to $40.8 million for the nine-month period ended September 30, 2024, driven by a 126 basis point increase in the rate paid on interest-bearing deposits and a $284.6 million increase in average balances[149]. Credit Quality - The total past due loans amounted to $33,869 thousand as of September 30, 2024, with $2,334 thousand being more than 90 days past due[62]. - Non-performing assets decreased by $4.4 million to $2.3 million, representing 0.13% of total loans compared to 0.43% at December 31, 2023[122].

Company Performance - Princeton Bancorp reported quarterly earnings of $0.63 per share, matching the Zacks Consensus Estimate, but down from $1.02 per share a year ago [1] - The bank's revenues for the quarter ended September 2024 were $19.17 million, slightly missing the Zacks Consensus Estimate by 0.70%, and showing a marginal increase from $19.09 million year-over-year [2] - The company has surpassed consensus EPS estimates three times in the last four quarters [1] Market Comparison - Princeton Bancorp shares have increased by approximately 1.1% since the beginning of the year, in contrast to the S&P 500's gain of 22.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.83 on revenues of $21.1 million, and for the current fiscal year, it is $2.94 on revenues of $75.9 million [7] - The estimate revisions trend for Princeton Bancorp is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Banks - Northeast industry, to which Princeton Bancorp belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - The Company reported a net loss of $3.6 million, or $0.55 per diluted common share, for Q3 2024, compared to net income of $5.1 million, or $0.80 per diluted common share, in Q2 2024[3]. - For the nine-month period ended September 30, 2024, net income was $5.9 million, or $0.90 per diluted common share, compared to $20.5 million, or $3.21 per diluted common share, for the same period in 2023[10]. - Net loss income was $(3,607,000), a decline of 147.5% compared to net income of $7,598,000 in the previous year[25]. - Basic net loss per common share was $(0.55), down 145.5% from $1.21 year-over-year[25]. - Net income decreased by 71.4% to $5,864,000 compared to $20,483,000 in the prior year[27]. - Net income per common share (basic) fell by 72.0% to $0.91 from $3.26[27]. - Net (loss) income for September 2024 was $(14,350) thousand, compared to a profit of $20,617 thousand in June 2024, reflecting a significant downturn[40]. Asset and Deposit Growth - Total assets increased to $2.35 billion at September 30, 2024, a rise of $438.2 million, or 22.87%, from $1.92 billion at the end of 2023, primarily due to the Cornerstone Bank acquisition[4]. - Total deposits rose by $410.3 million, or 25.08%, to $2.05 billion as of September 30, 2024, driven by $282.8 million in deposits from Cornerstone Bank and $127.5 million from existing operations[5]. - Total assets increased to $2,354,730 thousand as of September 30, 2024, up 22.87% from $1,916,497 thousand at December 31, 2023[21]. - Total deposits reached $2,046,001 thousand, a 25.08% increase compared to $1,635,741 thousand at December 31, 2023[21]. - Total assets grew to $2,150,002,000, up from $1,889,249,000[28]. - Total deposits increased by 14.6% to $1,851,628,000 from $1,614,922,000[28]. Loan and Credit Quality - Loans receivable, net of deferred loan fees, rose to $1,831,407 thousand, reflecting an 18.28% increase from $1,548,335 thousand at December 31, 2023[21]. - The allowance for credit losses increased to $23,200 thousand, up 25.46% from $18,492 thousand at December 31, 2023[21]. - Non-performing assets decreased to $2.3 million at September 30, 2024, down $4.4 million from December 31, 2023[7]. - Nonperforming loans decreased to $2,330,000 in September 2024 from $3,198,000 in June 2024[34]. - Provision for credit losses was $4,601,000, a significant increase compared to a reversal of $182,000 in the previous year[25]. - Provision for credit losses increased by 83.4% to $4,669,000, up from $2,546,000[27]. Expenses and Efficiency - Total non-interest expense for Q3 2024 was $19.0 million, an increase of $7.0 million, or 58.5%, compared to Q2 2024, largely due to $6.7 million in merger costs related to the Cornerstone acquisition[13]. - Total non-interest expense rose to $19,036,000, an increase of 87.4% from $10,159,000 year-over-year[25]. - Non-interest income totaled $2,056,000, a decrease of 14.4% from $2,403,000 year-over-year[25]. - Non-interest income decreased significantly by 60.1% to $6,128,000 from $15,342,000[27]. - Non-interest expenses for September 2024 were $19,036 thousand, significantly higher than $12,009 thousand in June 2024, reflecting a 58.4% increase[40]. - Adjusted efficiency ratio improved to 63.65% in September 2024 from 65.90% in June 2024, showing enhanced operational efficiency[40]. Capital and Equity - Total stockholders' equity increased by $22.1 million, or 9.22%, to $262.5 million at September 30, 2024, mainly due to a $21.2 million increase in paid-in capital from the acquisition[6]. - Total stockholders' equity increased to $262,351 thousand, reflecting a 9.22% rise from $240,211 thousand at December 31, 2023[21]. - Stockholders' equity grew to $245,508 thousand, an increase from $226,471 thousand, showing a rise of 8.3%[30]. - Book value per common share was $38.15, a slight increase of 0.29% from $38.04 at December 31, 2023[21]. - Book value per common share at period end was $38.15 in September 2024, down from $38.54 in June 2024[34]. - The tangible book value per share decreased to $35.50 in September 2024 from $36.98 in June 2024, a decline of 4.0%[40]. Interest Income and Margin - Net interest income for Q3 2024 was $17.1 million, an increase of $1.1 million from Q2 2024, with a net interest margin of 3.41%[8]. - Total interest and dividend income increased to $31,810,000, up 17.8% from $27,000,000 year-over-year[25]. - Total interest and dividends increased by 26.4% to $89,286,000 compared to $70,626,000 in the previous year[27]. - The net interest margin decreased to 3.42% from 4.07% in the previous period, indicating a decline in profitability[30]. - The net interest margin (FTE) for September 2024 was 3.45%, slightly down from 3.48% in June 2024[41]. - Net interest income after provision for credit losses decreased to $12,508,000, down 25.8% from $16,866,000 year-over-year[25].

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Shares of Princeton Bancorp (BPRN) have been struggling lately and have lost 6.7% over the past four weeks. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish ...

Princeton Bancorp (BPRN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked b ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, no par value BPRN The Nasdaq Global Market Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20429 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tra ...