Princeton Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:02 pm EDT
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Princeton Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 16.68 million compared to USD 17.7 million a year ago. Net income was USD 7.6 million compared to USD 6.98 million a year ago. Basic earnings per share from continuing operations was USD 1.21 compared to USD 1.12 a year ago. Diluted earnings per share from continuing operations was USD 1.19 compared to USD 1.09 a year ago.
For the nine months, net interest income was USD 49.01 million compared to USD 49.84 million a year ago. Net income was USD 20.48 million compared to USD 19.32 million a year ago. Basic earnings per share from continuing operations was USD 3.26 compared to USD 3.05 a year ago. Diluted earnings per share from continuing operations was USD 3.21 compared to USD 2.98 a year ago.
Princeton Bancorp, Inc. is the bank holding company for The Bank of Princeton (the Bank). The Bank is a New Jersey state-chartered commercial bank with 22 branches. The Bank is a full-service bank providing personal and business lending and deposit services. The Bank offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, commercial business loans and consumer loans, including home equity loans and lines of credit. The Bank's loan portfolio consists of variable-rate and fixed-rate loans with a significant concentration on commercial real estate lending. The Bank's commercial real estate and multi-family loan portfolio consists primarily of loans secured by small office buildings, strip shopping centers, small apartment buildings and other properties used for commercial and multi-family purposes located in the Companyâs market area.