Princeton Bancorp(BPRN) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for the first quarter of 2024 was $4.3 million, or $0.68 per diluted common share, down from $5.3 million, or $0.82 per diluted common share, in the fourth quarter of 2023[5]. - Net income decreased to $4,345 thousand for the three months ended March 31, 2024, down 28.7% from $6,097 thousand in the same period last year[35]. - Net income decreased to $4,345 million, down 17.7% from $5,282 million[36]. - Return on average assets declined to 0.89%, down from 1.09%[41]. - Return on average equity decreased to 7.27%, compared to 8.93%[41]. Asset and Loan Growth - Net loans for the quarter increased by $22.9 million, representing a 5.9% annualized growth rate[2]. - Total assets were $1.99 billion on March 31, 2024, an increase of $71.5 million, or 3.73%, compared to $1.92 billion at the end of 2023[6]. - Total loans increased to $1,573,556 thousand in March 2024, up from $1,550,133 thousand in December 2023, representing a growth of 1.5%[34]. - Loans receivable net of deferred loan fees rose to $1,571,231 thousand, reflecting a 1.48% increase from $1,548,335 thousand[22]. Deposit Growth - Total deposits on March 31, 2024, increased by $69.9 million, or 4.27%, compared to December 31, 2023[3]. - Total deposits reached $1,705,620 thousand, a 4.27% increase from $1,635,741 thousand[22]. - Total deposits increased to $1,705,620 thousand in March 2024, up from $1,635,741 thousand in December 2023, marking a growth of 4.3%[34]. Non-Interest Income and Expense - Total non-interest income for the first quarter of 2024 was $1.9 million, an increase of $206 thousand or 11.6% compared to the fourth quarter of 2023[12]. - Non-interest income increased by 44.5% to $1,985 thousand, compared to $1,374 thousand in the prior year[35]. - Total non-interest income rose to $1,985 million, an increase of 11.6% from $1,779 million[36]. - Total non-interest expense for the first quarter of 2024 was $11.8 million, an increase of $887 thousand, or 8.1%, compared to the fourth quarter of 2023[14]. - Non-interest expense increased to $11,836 million, up 8.1% from $10,949 million[36]. Asset Quality - Non-performing assets decreased to $2.1 million from $6.7 million at year-end 2023[2]. - Nonperforming loans decreased to $2,115 million, down from $6,708 million[41]. - The allowance for credit losses remained stable at $18,618 thousand, slightly up from $18,492 thousand in December 2023[34]. - Provision for credit losses significantly reduced to $186 million, a decrease of 66.9% from $562 million[36]. Equity and Capital Ratios - The ratio of equity to total assets at March 31, 2024, was 12.2%, down from 12.5% at December 31, 2023[8]. - Total stockholders' equity rose to $241,808 thousand, a 0.66% increase from $240,211 thousand[22]. - Total capital to risk-weighted assets ratio is at 14.31%, down from 14.68%[41]. Other Financial Metrics - The effective tax rate for the first quarter of 2024 was 19.7%, compared to 15.9% for the fourth quarter of 2023[15]. - The net interest margin for the quarter was reported at 3.42%[29]. - The net interest margin (FTE) was reported at 3.42%, down from 3.55% in the previous period, indicating a slight compression in margins[35]. - The efficiency ratio improved to 42.1%, indicating better cost management compared to the previous period[33]. - Book value per common share increased to $38.26, up 0.58% from $38.04[22]. - The tangible book value per common share was $36.65, reflecting a 0.66% increase from $36.41[22]. - The tangible book value per common share was reported at $38.00, reflecting a stable equity position[33]. - Total interest and dividends rose to $28,066 thousand, reflecting a significant increase of 36.2% from $20,612 thousand year-over-year[35]. - Total interest and dividends increased to $28,066 million, a 1.9% increase from $27,554 million[36]. - Net interest income for the three months ended March 31, 2024, was $15,448 thousand, a decrease of 7.3% compared to $16,661 thousand for the same period in 2023[35]. - Net interest income decreased to $15,448 million, down 3.5% from $16,010 million[36]. Acquisition - The Company announced the acquisition of Cornerstone Financial Corporation with total assets of over $300 million, expected to close in the second or third quarter of 2024[5]. Stock Repurchase - The company commenced treasury stock repurchases on March 8, 2024, as part of a program announced on August 10, 2023[22].