Princeton Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 27, 2023 at 09:01 pm
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Princeton Bancorp, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 15.66 million compared to USD 16.29 million a year ago. Net income was USD 6.79 million compared to USD 6.33 million a year ago. Basic earnings per share from continuing operations was USD 1.08 compared to USD 1 a year ago. Diluted earnings per share from continuing operations was USD 1.07 compared to USD 0.98 a year ago.
For the six months, net interest income was USD 32.32 million compared to USD 32.14 million a year ago. Net income was USD 12.89 million compared to USD 12.35 million a year ago. Basic earnings per share from continuing operations was USD 2.06 compared to USD 1.93 a year ago. Diluted earnings per share from continuing operations was USD 2.02 compared to USD 1.89 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.