Princeton Bancorp, Inc. reported its financial results for the first quarter of 2026, revealing a net income of $6.2 million, or $0.91 per diluted share, compared to $5.4 million, or $0.77 per diluted share, in the same period last year. The increase in net income was attributed to a rise in non-interest income, which grew by $261,000, and a slight increase in net interest income of $101,000. Additionally, the company experienced a decrease in non-interest expenses by $377,000 and a reversal of credit losses amounting to $156,000, which contributed to the overall improvement in profitability.
Total assets for Princeton Bancorp decreased to $2.25 billion as of March 31, 2026, down from $2.29 billion at the end of 2025, marking a decline of 1.37%. This reduction was primarily driven by a $15.9 million decrease in cash and cash equivalents and an $18 million drop in investment securities, which were partially offset by a $2.7 million increase in net loans. The company’s loan portfolio saw a modest increase, with notable growth in home equity and consumer loans, residential mortgages, and commercial and industrial loans, although this was countered by a decrease in commercial real estate loans.
In terms of operational metrics, total deposits fell by $33.5 million, or 1.70%, to $1.94 billion, largely due to declines in certificates of deposit and interest-bearing demand deposits. However, non-interest-bearing demand deposits and money market accounts saw increases, indicating a shift in customer preferences. The company maintained a strong liquidity position, with approximately $613.3 million in uninsured deposits as of the end of the quarter.
Princeton Bancorp's strategic developments included the completion of its acquisition of Cornerstone Financial Corporation in August 2024, which expanded its market presence in New Jersey. The company continues to focus on enhancing its product offerings and customer engagement, as evidenced by the increase in non-interest income. Looking ahead, the company remains cautious about economic conditions, particularly regarding inflation and interest rate fluctuations, which could impact future performance. Management believes that the current economic environment presents both challenges and opportunities for growth, and they are committed to navigating these dynamics effectively.
About Princeton Bancorp, Inc.
Princeton Bancorp, Inc. is a Pennsylvania-based holding company for The Bank of Princeton, a full-service bank serving New Jersey, Pennsylvania, and New York markets. It offers personal and business banking, mortgage, construction, and consumer loans, along with deposit services. The company emphasizes community banking, competitive rates, and technological innovation, operating under extensive federal and state regulation to provide financial services and maintain capital adequacy.
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