Princeton Bancorp(US:BPRN)2023-08-13 16:00Financial 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].