Princeton Bancorp(BPRN) - 2025 Q3 - Quarterly Results

Financial Performance - The Company reported a net income of $6.5 million, or $0.95 per diluted common share, for Q3 2025, compared to a net loss of ($4.5) million, or ($0.68) per diluted common share, in Q3 2024[3] - For the nine-month period ended September 30, 2025, net income was $12.5 million, or $1.82 per diluted common share, compared to $5.0 million, or $0.77 per diluted common share, for the same period in 2024[15] - Net income rose to $6,466 in Q3 2025, compared to a net loss of $4,456 in Q3 2024, marking a $10,922 improvement[26] - Net income for the three months ended September 30, 2025, was $6,466,000, an increase of 839.8% compared to $688,000 for the same period in 2024[28] - Income before income tax expense for the three months ended September 30, 2025, was $8,282,000, a significant increase of 1289.6% from $596,000 in the same period last year[28] Assets and Deposits - Total assets decreased by $111.1 million, or 4.75%, to $2.23 billion at September 30, 2025, compared to $2.34 billion at the end of 2024[4] - Total deposits decreased by $104.0 million, or 5.12%, to $1.93 billion as of September 30, 2025, compared to December 31, 2024[5] - Total assets decreased to $2,234.25 million from $2,295.04 million, a change of $(60.79) million or approximately -2.65%[36] - Total deposits decreased to $1,930.50 million from $1,986.27 million, a decline of $(55.77) million or approximately -2.81%[36] Income and Expenses - Net interest income for Q3 2025 was $19.6 million, an increase of $809 thousand over Q2 2025, and an increase of $2.5 million compared to Q3 2024[9] - Non-interest income for Q3 2025 was $1.9 million, a decrease of $343 thousand, or 15.2%, compared to Q2 2025[12] - Total non-interest expense for Q3 2025 was $13.9 million, an increase of $408 thousand, or 3.0%, compared to Q2 2025[13] - Non-interest expense decreased by $6,227, or 30.9%, from $20,144 in Q3 2024 to $13,917 in Q3 2025[26] - Total non-interest expense for the three months ended September 30, 2025, was $13,917,000, reflecting a 3.0% increase from $13,509,000 in the previous quarter[28] Credit Quality - The Company recorded a reversal of credit losses of $672 thousand in Q3 2025, with a coverage ratio of the allowance for credit losses to period-end loans at 1.14%[11] - The provision for credit losses reversed by $672 in Q3 2025, compared to a provision of $4,601 in Q3 2024, indicating a significant improvement in credit quality[26] - Provision for credit losses increased by 40.3% to $6,552,000 for the nine months ended September 30, 2025, compared to $4,669,000 in 2024[30] - Nonperforming loans increased slightly to $16,710 thousand from $16,530 thousand, a change of $180 thousand or approximately 1.09%[38] Equity and Shares - Total stockholders' equity increased by $4.6 million, or 1.74%, to $267.5 million at September 30, 2025, compared to December 31, 2024[6] - The book value per common share increased by $1.29, or 3.39%, from $38.07 on December 31, 2024, to $39.36 on September 30, 2025[22] - The company reported a weighted average shares outstanding increase of 3.1% from 6,573 in Q3 2024 to 6,776 in Q3 2025[26] - Weighted average shares outstanding - basic decreased by 1.3% to 6,776,000 from 6,867,000 year-over-year[28] Interest and Margins - The net interest margin increased to 3.77% in Q3 2025, up 23 basis points from Q2 2025 and 36 basis points from Q3 2024[9] - Net interest income after provision for credit losses increased by 71.2% to $20,291,000 from $11,854,000 year-over-year[28] - Total interest and dividends for the nine months ended September 30, 2025, rose to $98,796,000, a 10.7% increase from $89,286,000 in 2024[30] - The net interest margin improved to 3.77% from 3.41%, indicating a positive trend in interest income generation[32] - The net interest spread for the nine months was 2.94%, compared to 2.66% in the previous year, showing enhanced profitability[34] Market and Efficiency Ratios - The market value per common share at period end was $31.84, up from $30.54 in the previous quarter, reflecting an increase of $1.30 or approximately 4.26%[38] - The Tier 1 capital ratio to risk-weighted assets improved to 12.73% from 12.01%, an increase of 0.72%[38] - The adjusted efficiency ratio was reported at 63.68%, slightly higher than the previous quarter's 63.10%[38] - The return on average tangible equity improved to 10.45% in Q3 2025, up from 1.12% in Q2 2025[47]