Princeton Bancorp(US:BPRN)2026-01-29 21:00Financial Performance - The Company reported net income of $6.1 million for Q4 2025, a decrease from $6.5 million in Q3 2025, but an increase from $5.2 million in Q4 2024[3]. - For the year ended December 31, 2025, net income was $18.6 million, or $2.71 per diluted common share, compared to $10.2 million, or $1.55 per diluted common share, for 2024[13]. - Net income rose by $853 thousand, or 16.3%, from $5,227 thousand in 2024 to $6,080 thousand in 2025[25]. - Net income per common share increased by $0.14, or 18.3%, from $0.76 in 2024 to $0.90 in 2025[25]. - For the year ended December 31, 2025, net income rose to $18,611,000, an increase of 81.7% from $10,242,000 in 2024[29]. Assets and Deposits - Total assets decreased by $57.1 million, or 2.44%, to $2.28 billion at December 31, 2025, compared to $2.34 billion at the end of 2024[4]. - Total deposits decreased by $56.4 million, or 2.78%, to $1.97 billion at December 31, 2025, primarily due to decreases in certificates of deposit and money market deposits[5]. - Total assets decreased by $57,086 thousand, or 2.44%, from $2,340,233 thousand in 2024 to $2,283,147 thousand in 2025[21]. - Total deposits declined by $56,432 thousand, or 2.78%, from $2,032,625 thousand in 2024 to $1,976,193 thousand in 2025[23]. Income and Expenses - Net interest income for Q4 2025 was $18.6 million, a decrease of $1.0 million from Q3 2025, but an increase of $623 thousand from Q4 2024[8]. - Total non-interest income for Q4 2025 was $2.1 million, an increase of $211 thousand, or 11.1%, compared to Q3 2025[10]. - Total non-interest expense decreased by $1.2 million, or 8.5%, to $12.7 million in Q4 2025 compared to Q3 2025[11]. - Non-interest income increased by $92 thousand, or 4.5%, from $2,027 thousand in 2024 to $2,119 thousand in 2025[25]. - Non-interest expense for the year decreased by 5.0% to $53,947,000, down from $56,762,000 in 2024[29]. Credit Losses and Allowances - The Company recorded a provision for credit losses of $102 thousand in Q4 2025, which was $774 thousand higher than the reversal in Q3 2025[9]. - The provision for credit losses for the year was $6,654,000, up 30.2% from $5,109,000 in the previous year[29]. - The allowance for credit losses improved by $3,332 thousand, or 14.08%, from $23,657 thousand in 2024 to $20,325 thousand in 2025[21]. - Non-performing assets totaled $16.5 million, a decrease of $10.6 million compared to December 31, 2024, primarily due to charge-offs[7]. Shareholder Equity - Total stockholders' equity increased by $8.7 million, or 3.31%, to $271.5 million at December 31, 2025, driven by an increase in retained earnings[6]. - Stockholders' equity increased to $264,999,000 as of December 31, 2025, compared to $249,417,000 in 2024, reflecting an increase of $15,582,000[33]. - The tangible book value per common share increased to $37.48 from $36.80 in the previous quarter, showing a growth in shareholder equity[37]. Interest and Yield - Net interest income increased by $623 thousand, or 3.5%, from $18,007 thousand in 2024 to $18,630 thousand in 2025[25]. - The net interest margin for the year ended December 31, 2025, was 3.58%, compared to 3.38% in 2024, reflecting an improvement of 0.20%[33]. - The net interest margin decreased to 3.51% from 3.77% in the previous quarter, indicating a decline of 0.26%[37]. - Average interest-earning assets increased to $2,116,402 million in 2025 from $1,968,184 million in 2024[47]. Market Performance - The market value per common share at period end was $34.69, an increase from $31.84 in the previous quarter[37]. - The adjusted efficiency ratio improved to 60.38% from 63.68% in the prior quarter, indicating enhanced operational efficiency[37].