Princeton Bancorp, Inc. reported a net income of $5.4 million, or $0.77 per diluted share, for the first quarter of 2025, reflecting a 24% increase from the $4.3 million, or $0.68 per diluted share, recorded in the same period of 2024. The rise in profitability was primarily driven by a $3.2 million increase in net interest income after provisions for credit losses, alongside a $205,000 increase in non-interest income. However, this was partially offset by a $2.0 million increase in non-interest expenses and a $443,000 rise in income tax expenses.
Total assets for Princeton Bancorp decreased by $22.1 million, or 0.95%, to $2.32 billion as of March 31, 2025, compared to $2.34 billion at the end of 2024. This decline was attributed to a significant drop in cash and cash equivalents, which fell by $49.7 million, or 42.3%, to $67.7 million. Conversely, net loans increased by $37.7 million, or 2.1%, driven by a $29.2 million rise in residential mortgages and a $19.0 million increase in commercial real estate loans.
The company’s total deposits also saw a decrease of $22.0 million, or 1.08%, to $2.01 billion, influenced by declines in money market deposits, certificates of deposit, and non-interest-bearing deposits. Despite these reductions, there were increases in interest-bearing demand deposits and savings deposits. As of March 31, 2025, Princeton Bancorp had approximately $645.1 million in uninsured deposits, highlighting a significant portion of its deposit base that is not federally insured.
Strategically, Princeton Bancorp completed the acquisition of Cornerstone Financial Corporation in August 2024, which has contributed to its operational scale. The company reported a total employee count of 245 as of March 31, 2025, reflecting its ongoing commitment to expanding its workforce in line with its growth strategy. Looking ahead, the company remains cautious about potential economic challenges, including inflationary pressures and geopolitical uncertainties, which could impact its financial performance and operational stability.
About Princeton Bancorp, Inc.
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