Financial Performance - Net income for the nine months ended September 30, 2023, was $20,483 thousand, compared to $19,323 thousand for the same period in 2022, reflecting a year-over-year increase of 6.0%[13] - Net income for the three months ended September 30, 2023, was $6.975 million, compared to $7.598 million for the same period in 2022, reflecting a decrease of approximately 8.2%[1] - Net income applicable to common stock for the three months ended September 30, 2023, was $7,598 thousand, up from $6,975 thousand for the same period in 2022, reflecting an increase of approximately 8.9%[94] - Net income for Q3 2023 was $7.6 million, or $1.19 per diluted share, compared to $7.0 million, or $1.09 per diluted share, in Q3 2022, reflecting a $700 thousand increase in non-interest income[196] Asset Growth - Total assets increased to $1,913,123 thousand as of September 30, 2023, up from $1,601,779 thousand at December 31, 2022, representing a growth of 19.4%[8] - Total stockholders' equity increased to $232,208 thousand as of September 30, 2023, from $219,601 thousand at December 31, 2022, reflecting a growth of 5.3%[27] - Total assets of the company as of September 30, 2023, amounted to $232.208 million, reflecting an increase from $219.601 million as of January 1, 2023[1] - Total stockholders' equity increased by $12.6 million, or 5.7%, to $233.0 million at September 30, 2023, driven by a $14.5 million increase in retained earnings[191] Loan and Deposit Activity - Loans receivable, net, rose to $1,480,508 thousand as of September 30, 2023, from $1,353,907 thousand at December 31, 2022, marking an increase of 9.3%[8] - Total deposits reached $1,637,966 thousand as of September 30, 2023, compared to $1,347,730 thousand at December 31, 2022, indicating a growth of 21.5%[27] - Total loans receivable increased to $1,500,811 thousand as of September 30, 2023, up from $1,372,824 thousand as of December 31, 2022, representing a growth of approximately 9.3%[81] - Demand, non-interest-bearing checking deposits totaled $264,197 thousand, showing a decrease of 0.33% from $265,078 thousand in December 2022[138] Credit Losses and Provisions - The provision for credit losses was $2,546 thousand for the nine months ended September 30, 2023, compared to $200 thousand for the same period in 2022, showing a substantial increase[13] - The allowance for credit losses increased by $2.3 million due to the acquisition, including $537 thousand identified for purchase credit deteriorated loans[46] - The allowance for credit losses on loans was $18,509 thousand as of September 30, 2023, compared to $16,793 thousand as of December 31, 2022, indicating an increase of about 10.2%[84] - The total provision for credit losses included a charge-off of $1,868 thousand during the period[134] Acquisitions - The company completed the acquisition of The Bank of Princeton on January 10, 2023, enhancing its market presence and operational capacity[5] - The acquisition of Noah Bank was completed on May 19, 2023, for a total cash payment of $6.00 per share, resulting in merger-related expenses of $5.6 million[33][41] - The acquisition of Noah Bank resulted in a bargain purchase gain of $9.7 million, recorded in non-interest income[63] - The fair value of the acquired investment securities from Noah Bank was estimated at $6.5 million, primarily consisting of mortgage-backed securities and small business administration securities[45] Income and Expenses - Total interest and dividend income for the three months ended September 30, 2023, was $27,000,000, up from $19,091,000 in the same period of 2022, reflecting a growth of 41.5%[164] - Net interest income after provision for credit losses for the three months ended September 30, 2023, was $16,866,000, compared to $17,496,000 for the same period in 2022, showing a decrease of 3.6%[164] - Non-interest income for the three months ended September 30, 2023, totaled $2,403,000, an increase from $1,707,000 in the same period of 2022, marking a growth of 40.7%[164] - Total non-interest expense for the three months ended September 30, 2023, was $10,159,000, slightly up from $10,125,000 in the same period of 2022, indicating a marginal increase of 0.3%[164] Employee and Operational Metrics - As of September 30, 2023, Princeton Bancorp, Inc. had 212 total employees, with 208 being full-time equivalent employees[54] - The company engaged a third party to review its risk assessment on a semiannual basis, ensuring ongoing evaluation of loan performance[129] - The company has adopted the FASB issued ASU 2022-02, which did not have a material effect on the consolidated financial statements[39] Market and Regulatory Considerations - The ratio of equity to total assets decreased to 12.1% at September 30, 2023, from 13.7% at the end of 2022, primarily due to the Noah Bank acquisition[191] - The company’s allowance for credit losses is subject to periodic review by regulatory agencies, which may require adjustments[58] - The fair value measurement hierarchy indicates that the company uses Level 3 measurements for certain assets, which are based on unobservable inputs[143]

Financial Performance - For the three months ended June 30, 2023, total interest and dividend income was $23,014,000, an increase of 31.5% compared to $17,456,000 for the same period in 2022 [201]. - Net interest income after provision for credit losses for the three months ended June 30, 2023, was $13,198,000, down from $16,287,000 in the same period last year, reflecting a decrease of 19.0% [201]. - The company reported a net income of $6,788,000 for the three months ended June 30, 2023, compared to $6,327,000 for the same period in 2022, representing an increase of 7.3% [201]. - Earnings per common share (basic) for the three months ended June 30, 2023, was $1.08, up from $1.00 in the same period last year, indicating a growth of 8.0% [201]. - Non-interest income for the three months ended June 30, 2023, was $11,565,000, significantly higher than $1,112,000 for the same period in 2022, marking an increase of 938.5% [201]. - Total non-interest expense for the three months ended June 30, 2023, was $17,814,000, compared to $9,428,000 in the same period last year, reflecting an increase of 88.5% [201]. - The provision for credit losses for the three months ended June 30, 2023, was $2,463,000, compared to no provision in the same period last year [201]. - The company declared dividends of $0.30 per common share for the three months ended June 30, 2023, up from $0.25 in the same period last year, representing a 20.0% increase [201]. Asset and Liability Changes - Total assets increased by $241.2 million, or 15.1%, to $1.84 billion at June 30, 2023, primarily due to the acquisition of Noah Bank, which contributed approximately $239.4 million in assets [164]. - Net loans increased by $129.3 million, or 9.4%, to $1.50 billion at June 30, 2023, driven by a $186.0 million increase in loans acquired from Noah Bank [167]. - Total deposits rose by $225.2 million, or 16.7%, to $1.58 billion at June 30, 2023, largely due to $191.7 million of deposits assumed from Noah Bank [169]. - Cash and cash equivalents increased by $89.7 million, or 168.0%, to $143.0 million at June 30, 2023, attributed to a reduction in total loans and an increase in outstanding deposits [165]. - The Company had no outstanding borrowings at June 30, 2023, compared to $10.0 million at December 31, 2022 [170]. Non-Performing Assets - Non-performing assets totaled $9.8 million at June 30, 2023, an increase of $9.5 million compared to December 31, 2022, primarily due to a delinquent $4.5 million commercial real estate loan [149]. - The coverage ratio of the allowance for credit losses to period-end loans was 1.20% at both June 30, 2023, and December 31, 2022 [168]. Acquisition Details - The company completed the acquisition of Noah Bank on May 19, 2023, acquiring 100% of the outstanding common stock, which is expected to enhance market presence in Philadelphia and New York City [189]. - Deferred taxes increased by $5.1 million at June 30, 2023, primarily due to purchase accounting entries related to the Noah acquisition [150]. Market Conditions - The unemployment rate in New Jersey remains below the national average despite economic stress from inflation and higher interest rates [146]. Branch Operations - The Bank operates 30 branches within a 50-mile radius of Princeton, NJ, and has expanded its loan origination activities into select areas of New York [204].

Note 7 – Fair Value Measurements and Disclosures (continued) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|-------|-----------------|-------|------------------------|-------|---------------------------------------------|-------|-----------|-------|-----------| | Financial Assets: | | Carrying Amount | | Estimated Fair Value | | December 31, \nLevel 1 (In thousands) | 2022 | Level 2 | | Level 3 | | Cash and cash equivalents | $ | 53,351 | | $ 53,351 | ...

Table of Contents | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------------|-----------------------------------------------------------------|----------------------|---------------------------------------------------------| | (Dollars in thousands) \nCommercial real estate | Amount \n$ 8,554 | 2022 \nLoan Balance as % of Total Loans \n63.6% | Amount \n$ 7,458 | 2021 \nLoan Balance as % of Total Loans \n57.5% | | Commercial and industrial | 271 | 2.1% ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20429 Non-accelerated filer ☐ Smaller reporting company ☒ 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 September 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 333-263313 Pennsylvania 88-4268702 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20429 Non-accelerated filer ☐ Smaller reporting company ☒ 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, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 333-263313 PRINCETON BANCORP, INC. (Exact name of registrant as specified in its ...

[Explanatory Note](index=3&type=section&id=Explanatory%20Note) Princeton Bancorp, Inc. was formed as a holding company for The Bank of Princeton, has no operations, and refers to the Bank's FDIC filings - Princeton Bancorp, Inc. was formed to be the holding company for The Bank of Princeton, but the reorganization is not yet complete and is subject to regulatory approvals[6](index=6&type=chunk) - As of March 31, 2022, the Company had no assets or liabilities and had not conducted any business other than organizational activities[6](index=6&type=chunk) - For financial information, the report refers readers to The Bank of Princeton's Quarterly Report on Form 10-Q filed with the FDIC on May 12, 2022[7](index=7&type=chunk) [PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This part confirms the company's pre-operational status, making financial statements inapplicable, but affirms effective disclosure controls [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) Financial statements are not applicable as the company has not commenced operations, as detailed in the Explanatory Note - Financial statements are not applicable for this reporting period[9](index=9&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=3&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management's Discussion and Analysis is not applicable due to the company's lack of operations and financial results - Management's Discussion and Analysis is not applicable for this reporting period[11](index=11&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=3&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) Quantitative and Qualitative Disclosures about Market Risk are not applicable as the company has no assets, liabilities, or operations - Quantitative and Qualitative Disclosures about Market Risk are not applicable[12](index=12&type=chunk) [Item 4. Controls and Procedures](index=3&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation, the CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[14](index=14&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2022, that materially affected, or are reasonably likely to materially affect, internal controls[15](index=15&type=chunk) [PART II—OTHER INFORMATION](index=3&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section reports no significant events, legal proceedings, risk factor changes, unregistered sales, or defaults, and lists exhibits [Item 1. Legal Proceedings](index=3&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports no legal proceedings for the current period - The company has no legal proceedings to report[18](index=18&type=chunk) [Item 1A. Risk Factors](index=3&type=section&id=Item%201A.%20Risk%20Factors.) No material changes have occurred to the risk factors previously disclosed in the Company's Registration Statement on Form S-4EF - No material changes have occurred to the risk factors previously disclosed in the Company's Registration Statement on Form S-4EF filed on March 4, 2022, and its amendment on March 18, 2022[20](index=20&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=4&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reports no unregistered sales of equity securities or use of proceeds during the reporting period - The company had no unregistered sales of equity securities[21](index=21&type=chunk) [Item 3. Defaults upon Senior Securities](index=4&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities.) The company reports no defaults upon senior securities for the current period - The company had no defaults upon senior securities[22](index=22&type=chunk) [Item 5. Other Information](index=4&type=section&id=Item%205.%20Other%20Information.) No other information is reported for this item during the period - There is no other information to report for this item[24](index=24&type=chunk) [Item 6. Exhibits](index=4&type=section&id=Item%206.%20Exhibits.) This section lists filed exhibits, including the Reorganization Agreement, corporate documents, and officer certifications - The exhibits filed with the report include key corporate documents such as the Agreement and Plan of Reorganization, Articles of Incorporation, Bylaws, and CEO/CFO certifications[25](index=25&type=chunk) [Signatures](index=5&type=section&id=SIGNATURES) The report is formally signed and authorized by the principal executive and financial officers on May 12, 2022 - The report was signed on May 12, 2022, by Edward Dietzler, President and Principal Executive Officer, and George Rapp, Executive Vice President and Chief Financial Officer[29](index=29&type=chunk)