Princeton Bancorp Inc. said second-quarter earnings fell, however, profit for the period beat analysts’ estimates.
The company posted quarterly earnings of $688,000, or 10 cents per diluted share, compared with earnings of $5.13 million, or 80 cents, from the same period a year ago. Analysts on average had expected a loss of 3 cents.
The decrease in net income was primarily due to an increase in provision for credit losses of $6.7 million partially offset by a decrease in non-interest expense of $283,000, an increase in net-interest income of $53,000, an increase in non-interest income of $61,000, and a decrease in income tax expense of $1.6 million.
Total assets were $2.24 billion at June 30, 2025, a decrease of $98.6 million, or 4.21% when compared to $2.34 billion at the end of 2024. The primary reasons for the decrease in total assets were related to declines in cash and cash equivalents of $96.3 million and investment securities of $22.4 million, partially offset by an increase in net loans of $20.4 million.
President/CEO Edward Dietzler commented on the quarter results, saying “Although we were disappointed with the large previously disclosed credit loss recorded in the second quarter, we are encouraged by the improvement in net interest income and in non-interest income, as well as a reduction in operating expenses this quarter, reflecting improvement in our earnings excluding our provision for credit losses.
“Additionally, we repurchased 173,000 shares of our common stock at an average price of $31.14 as part of the share repurchase program. We expect stronger earnings in the second half of 2025.”
Shares of Princeton Bancorp are down 7.93% so far this year on the NASDAQ Global Select Market Composite.
Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The bank has 28 branches in New Jersey, five in Philadelphia, and two in the New York City metropolitan area.
