Princeton Bancorp Announces Third Quarter 2025 Results

Core Insights - Princeton Bancorp, Inc. reported a strong financial performance for the third quarter of 2025, achieving a net income of $6.5 million, or $0.95 per diluted share, a significant increase from a net loss of $4.5 million in the same quarter of 2024 [2][12]. Financial Performance - The net interest margin increased by 23 basis points to 3.77% compared to the previous quarter, driven by higher asset yields and reduced funding costs [2]. - Net interest income for the third quarter of 2025 was $19.6 million, up $809 thousand from the second quarter of 2025 and up $2.5 million from $17.1 million in the third quarter of 2024 [7][23]. - The company recorded a reversal of credit losses of $672 thousand during the third quarter of 2025, compared to a provision for credit losses of $4.6 million in the same quarter of 2024 [8][23]. Asset and Liability Management - Total assets decreased to $2.23 billion as of September 30, 2025, down $111.1 million or 4.75% from the end of 2024, primarily due to declines in cash, investment securities, and net loans [3][18]. - Total deposits decreased by $104 million, or 5.12%, compared to December 31, 2024, with significant reductions in certificates of deposit and money market deposits [4][22]. Equity and Capital Structure - Total stockholders' equity increased by $4.6 million, or 1.74%, compared to December 31, 2024, mainly due to an increase in retained earnings [5]. - The ratio of equity to total assets improved to 12.0% as of September 30, 2025, compared to 11.2% at the end of 2024 [5]. Non-Interest Income and Expenses - Total non-interest income for the third quarter of 2025 was $1.9 million, a decrease of $343 thousand or 15.2% from the previous quarter, primarily due to a decline in other non-interest income [9]. - Total non-interest expense increased by $408 thousand, or 3.0%, compared to the second quarter of 2025, but decreased significantly by $6.2 million or 30.9% compared to the third quarter of 2024, largely due to the absence of merger-related expenses [10][24].