{"success":true,"data":{"pressRelease":{"id":"7395","rtpr_id":"nBw2FX8HVa","ticker":"BPRN","exchange":"NASDAQ","all_tickers":["BPRN"],"title":"Princeton Bancorp Announces First Quarter 2026 Results","author":"Business Wire","published_at":"2026-04-23T20:00:00.351Z","article_body":"Princeton Bancorp Announces First Quarter 2026 Results\n\nPrinceton Bancorp, Inc. (the “Company”) (NASDAQ - BPRN), the bank holding\ncompany for The Bank of Princeton (the “Bank”), today reported its\nunaudited financial condition at, and its results of operations for the\nquarter ended, March 31, 2026.\n\nPresident/CEO Edward Dietzler commented on the quarter results, “The Company\nstarted 2026 with a strong quarterly performance, with net income of $6.2\nmillion and diluted EPS of $0.91. These results were supported by an increase\nin non-interest income of over 15%, as well as a reduction in credit\nprovision, and an improved net interest margin when compared to the fourth\nquarter of 2025.\"\n\nThe Company reported net income of $6.2 million, or $0.91 per diluted common\nshare, for the first quarter of 2026, compared to $6.1 million, or $0.90 per\ndiluted common share, for the fourth quarter of 2025, and net income of $5.4\nmillion, or $0.77 per diluted common share, for the first quarter of 2025. The\nincrease in net income for the first quarter of 2026 when compared to the\nfourth quarter of 2025 was primarily due to an increase in non-interest income\nof $332 thousand, an increase in net interest income of $228 thousand, and a\ndecrease in provision for credit losses of $258 thousand, partially offset by\nan increase in non-interest expense of $686 thousand. The increase in net\nincome for the first quarter of 2026 when compared to the first quarter of\n2025 was primarily due to an increase in non-interest income of $261 thousand,\nan increase in net-interest income of $101 thousand, a decrease in\nnon-interest expense of $377 thousand, and a decrease in the provision for\ncredit losses of $424 thousand, partially offset by an increase of $312\nthousand in income tax expense.\n\nReview of Statements of Financial Condition\n\nTotal assets were $2.25 billion at March 31, 2026, a decrease of $29.4\nmillion, or 1.29%, when compared to $2.28 billion at the December 31, 2025.\nThe primary reason for the decrease in total assets was related to a decrease\nin cash and cash equivalents of $15.9 million and a decrease in investment\nsecurities of $15.2 million, partially offset by an increase in loans of $2.7\nmillion.\n\nTotal deposits at March 31, 2026, decreased $33.5 million, or 1.70%, when\ncompared to December 31, 2025. The decrease in the Company’s deposits\nconsisted primarily of decreases in certificates of deposit of $53.2 million,\nand interest-bearing demand deposits of $25.3 million, partially offset by an\nincrease in money market deposits of $26.5 million, non-interest-bearing\ndemand deposits of $17.2 million, and savings deposits of $1.3 million. We\nbelieve that our balance sheet liquidity remains strong at March 31, 2026 with\n$119.8 million in cash and cash equivalents, as well as available for sale\nsecurities of $164.5 million.\n\nTotal stockholders’ equity at March 31, 2026 increased $2.9 million, or\n1.07%, when compared to December 31, 2025. The increase was primarily due to\nan increase in retained earnings of $3.8 million (which consisted of $6.2\nmillion in net income, partially offset by $2.4 million of cash dividends\nrecorded during the period), partially offset by an increase in accumulated\nother comprehensive loss of $845 thousand due to increases in market interest\nrates. The ratio of equity to total assets at March 31, 2026 and at December\n31, 2025 was 12.1% and 11.9%, respectively.\n\nAsset Quality\n\nAt March 31, 2026, non-performing assets remained steady at $16.5 million,\ncompared to $16.5 million at December 31, 2025.\n\nReview of Quarterly and Year-to-Date Financial Results\n\nNet interest income was $18.9 million for the first quarter of 2026, an\nincrease of $228 thousand over the fourth quarter of 2025, and an increase of\n$101 thousand compared to $18.8 million for the first quarter of 2025. The\nincrease in net interest income when compared with the fourth quarter of 2025\nwas primarily related to a decrease in interest expense of $913 thousand or,\n7.0%, partially offset by a decrease in interest income of $685 thousand, or\n2.2%. The increase in net interest income when compared with the first quarter\nof 2025 was primarily due to a $2.3 million decrease in interest expense,\npartially offset by a decrease in interest income of $2.2 million. The net\ninterest margin for the first quarter of 2026 was 3.63%, an increase of 12\nbasis points when compared to the fourth quarter of 2025, and an increase of\n12 basis points when compared to the first quarter of 2025. When comparing the\nfirst quarter of 2026 and the fourth quarter of 2025 periods, the decrease in\ninterest income and increase in net interest margin were primarily associated\nwith a decrease in average total investments of $24.6 million, a decrease in\naverage loans of $1.7 million, partially offset by an increase in the\nCompany’s yield earned on interest-earning assets of 2 basis points.\n\nWhen comparing the first quarter of 2026 and first quarter of 2025, the $2.3\nmillion decrease in interest expense was primarily due to the Company's cost\nof funds decreasing by 38 basis points and average interest-bearing deposits\ndecreasing by $69.5 million. The decrease in interest expense was partially\noffset by a $2.2 million decrease in interest income caused by a decrease in\naverage interest-earning assets of $60.6 million, and a decrease of 25 basis\npoints in the yield earned on interest-earning assets.\n\nThe Company recorded a reversal of credit losses of $156 thousand during the\nfirst quarter of 2026, which consisted of a $291 thousand decrease recorded to\nthe allowance of credit losses, offset by an increase to the provision for\ncredit losses of $135 thousand related to unfunded commitments, which are\nrecorded in other liabilities on the Company’s statements of financial\ncondition. The current quarters' reversal of provision recorded on the\nCompany’s statements of income was $258 thousand lower when compared to the\nfourth quarter of 2025 and was $424 thousand lower when compared to the first\nquarter of 2025. The coverage ratio of the allowance for credit losses to\nperiod end loans was 1.10% at March 31, 2026, and 1.12% at December 31, 2025.\n\nTotal non-interest income of $2.5 million for the first quarter of 2026\nincreased $332 thousand, or 15.7%, when compared to the fourth quarter of 2025\nand increased $261 thousand, or 11.9%, when compared to the first quarter of\n2025. The increase over the fourth quarter of 2025 was primarily due to an\nincrease in other non-interest income of $320 thousand discussed below. The\nincrease over the prior year’s first quarter was primarily due to increases\nin other non-interest income of $303 thousand, an increase in fees and service\ncharges of $69 thousand, and an increase in income from bank-owned life\ninsurance of $36 thousand, partially offset by a decrease in loan fees of $147\nthousand. The increase in other non-interest income for the first quarter of\n2026 was related to a gain recorded on an equity investment in the amount of\n$232 thousand recorded in the first quarter of 2026 compared to no such net\ngain in either the fourth or first quarters of 2025.\n\nTotal non-interest expense of $13.4 million for the first quarter of 2026\nincreased $686 thousand, or 5.4%, when compared to the fourth quarter of 2025.\nThis increase over the prior quarter was primarily due to increases in\nsalaries and employee benefits expenses of $608 thousand, occupancy and\nequipment expenses of $236 thousand, partially offset by a decrease in other\nnon-interest expenses of $206 thousand. Total non-interest expense for the\nfirst quarter of 2026 decreased $377 thousand, or 2.7%, when compared to the\nfirst quarter of 2025, primarily due to lower salary and employee benefits\nexpense and FDIC insurance expense.\n\nFor the quarter ended March 31, 2026, the Company recorded an income tax\nexpense of $1.8 million, resulting in an effective tax rate of 22.6%, compared\nto an income tax expense of $1.8 million, resulting in an effective tax rate\nof 23.2% for the quarter ended December 31, 2025 and compared to an income tax\nexpense of $1.5 million resulting in an effective tax rate of 21.9% for the\nquarter ended March 31, 2025.\n\nAbout Princeton Bancorp, Inc. and The Bank of Princeton\n\nPrinceton Bancorp, Inc. is the holding company for The Bank of Princeton, a\ncommunity bank founded in 2007. The Bank is a New Jersey state-chartered\ncommercial bank with 28 branches in New Jersey, including three in Princeton\nand others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill,\nCream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville,\nLawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park,\nPennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville,\nVoorhees, and Woodbury. There are also five branches in the Philadelphia,\nPennsylvania area and two in the New York City metropolitan area. The Bank of\nPrinceton is a member of the Federal Deposit Insurance Corporation.\n\nForward-Looking Statements\n\nThe Company may from time to time make written or oral “forward-looking\nstatements,” including statements contained in the Company’s filings with\nthe Securities and Exchange Commission, in its reports to stockholders and in\nother communications by the Company (including this press release), which are\nmade in good faith by the Company pursuant to the “safe harbor” provisions\nof the Private Securities Litigation Reform Act of 1995 and Section 21E of the\nSecurities Exchange Act of 1934, as amended.\n\nThese forward-looking statements involve risks and uncertainties, such as\nstatements of the Company’s plans, objectives, expectations, estimates and\nintentions that are subject to change based on various important factors (some\nof which are beyond the Company’s control). The most significant factors\nthat could cause future results to differ materially from those anticipated by\nour forward-looking statements include the potential impact of any future\nFederal budget stalemates in Congress, higher tariffs imposed by the Trump\nadministration, higher inflation levels, and general economic and recessionary\nconcerns, all of which could impact economic growth and could cause an\nincrease in loan delinquencies, a reduction in financial transactions and\nbusiness activities including decreased deposits and reduced loan\noriginations, difficulties in managing liquidity in a rapidly changing and\nunpredictable market, and supply chain disruptions. Other factors that could\ncause actual results to differ materially from those indicated by\nforward-looking statements include, but are not limited to, the following\nfactors: the global impact of foreign military conflicts; the impact of any\nfuture pandemics or other natural disasters; civil unrest, rioting, acts or\nthreats of terrorism, or actions taken by the local, state and Federal\ngovernments in response to such events, which could impact business and\neconomic conditions in our market area; the strength of the United States\neconomy in general and the strength of the local economies in which the\nCompany and Bank conduct operations; the effects of, and changes in, trade,\nmonetary and fiscal policies and laws, including interest rate policies of the\nBoard of Governors of the Federal Reserve System; market and monetary\nfluctuations; market volatility; the value of the Bank’s products and\nservices as perceived by actual and prospective customers, including the\nfeatures, pricing and quality compared to competitors’ products and\nservices; the willingness of customers to substitute competitors’ products\nand services for the Bank’s products and services; credit risk associated\nwith the Bank’s lending activities; risks relating to the real estate market\nand the Bank’s real estate collateral; the impact of changes in applicable\nlaws and regulations and requirements arising out of our supervision by\nbanking regulators; other regulatory requirements applicable to the Company\nand the Bank; the timing and nature of the regulatory response to any\napplications filed by the Company and the Bank; developments in technology,\nsuch as artificial intelligence, and our ability to incorporate innovative\ntechnologies in our business and provide products and services that satisfy\nour customers' expectations for convenience and security; other acquisitions;\nchanges in consumer spending and saving habits; those risks under the heading\n“Risk Factors” set forth in the Company’s Annual Report on Form 10-K for\nthe year ended December 31, 2025; and the success of the Company at managing\nthe risks involved in the foregoing.\n\nThe Company cautions that the foregoing list of important factors is not\nexclusive. The Company does not undertake to update any forward-looking\nstatement, whether written or oral, that may be made from time to time by or\non behalf of the Company, except as required by applicable law or regulation.\n Princeton Bancorp, Inc. \n Consolidated Statements of Financial Condition \n (Unaudited) \n (Dollars in thousands, except per share data) \n   \n                       March 31, 2026 vs     March 31, 2026 vs   \n     March 31,     December 31,     March 31,     December 31, 2025     March 31, 2025   \n     2026     2025     2025     $ Change     % Change     $ Change     % Change   \n ASSETS                                           \n Cash and cash equivalents   $ 119,794     $ 135,686     $ 67,674     $ (15,892 )     (11.71 )%   $ 52,120       77.02 % \n Securities available-for-sale-     125,582       140,817       199,931       (15,235 )     (10.82 )%     (74,349 )     (37.19 )% \n \ntaxable \n Securities available-for-sale-     38,975       39,752       39,304       (777 )     (1.95 )%     (329 )     (0.84 )% \n \ntax-exempt \n Securities held-to-maturity     151       153       159       (2 )     (1.31 )%     (8 )     (5.03 )% \n Loans receivable, net of deferred     1,819,133       1,816,416       1,856,539       2,717       0.15 %     (37,406 )     (2.01 )% \n \nloan fees \n Allowance for credit losses     (20,033 )     (20,325 )     (23,942 )     292       (1.44 )%     3,909       (16.33 )% \n Goodwill     14,381       14,381       14,381       —       —       —       —   \n Core deposit intangible     2,580       2,776       3,403       (196 )     (7.06 )%     (823 )     (24.18 )% \n Other assets     153,204       153,491       160,648       (287 )     (0.19 )%     (7,444 )     (4.63 )% \n TOTAL ASSETS   $ 2,253,767     $ 2,283,147     $ 2,318,097     $ (29,380 )     (1.29 )%   $ (64,330 )     (2.78 )% \n LIABILITIES                                           \n Non-interest checking   $ 303,233     $ 286,013     $ 290,496     $ 17,220       6.02 %   $ 12,737       4.38 % \n Interest checking     308,204       333,533       331,032       (25,329 )     (7.59 )%     (22,828 )     (6.90 )% \n Savings     169,031       167,735       172,546       1,296       0.77 %     (3,515 )     (2.04 )% \n Money market     490,711       464,205       464,012       26,506       5.71 %     26,699       5.75 % \n Time deposits over $250,000     241,134       256,929       220,968       (15,795 )     (6.15 )%     20,166       9.13 % \n Other time deposits     430,346       467,778       531,612       (37,432 )     (8.00 )%     (101,266 )     (19.05 )% \n Total deposits     1,942,659       1,976,193       2,010,666       (33,534 )     (1.70 )%     (68,007 )     (3.38 )% \n Other liabilities     37,509       36,242       40,444       1,267       3.50 %     (2,935 )     (7.26 )% \n TOTAL LIABILITIES     1,980,168       2,012,435       2,051,110       (32,267 )     (1.60 )%     (70,942 )     (3.46 )% \n STOCKHOLDERS’ EQUITY                                       N/A   \n Paid-in capital     122,988       122,954       120,452       34       0.03 %     2,536       2.11 % \n Treasury stock     (8,762 )     (8,707 )     (1,005 )     (55 )     0.63 %     (7,757 )     771.84 % \n Retained earnings     165,483       161,730       155,170       3,753       2.32 %     10,313       6.65 % \n Accumulated other     (6,110 )     (5,265 )     (7,630 )     (845 )     16.05 %     1,520       (19.92 )% \n \ncomprehensive income (loss) \n TOTAL STOCKHOLDERS’     273,599       270,712       266,987       2,887       1.07 %     6,612       2.48 % \n \nEQUITY \n TOTAL LIABILITIES   $ 2,253,767     $ 2,283,147     $ 2,318,097       (29,380 )     (4.21 )%     (64,330 )     (2.78 )% \n \nAND STOCKHOLDERS’ \n \nEQUITY \n Book value per common share   $ 40.26     $ 40.01     $ 38.56     $ 0.25       0.62 %   $ 1.70       4.41 % \n Tangible book value per   $ 37.76     $ 37.48     $ 36.00     $ 0.28       0.75 %   $ 1.76       4.89 % \n \ncommon share (1) \n\n 1 Tangible book value per common share is a non-GAAP measure. \n   For more information, see “Supplemental Information - Non-GAAP Financial \n Measures (Unaudited)” below. \n\n\nPrinceton Bancorp, Inc.\n\nLoan and Deposit Tables\n\n(Unaudited)\n\nThe components of loans receivable, net at March 31, 2026 and December 31,\n2025 were as follows:\n     March 31,     December 31,   \n     2026     2025   \n     (In thousands)   \n Commercial real estate   $ 1,323,347     $ 1,343,531   \n Commercial and industrial     80,673       76,557   \n Construction     210,862       209,483   \n Residential first-lien mortgages     170,553       163,813   \n Home equity / consumer     36,192       25,359   \n Total loans     1,821,627       1,818,743   \n Deferred fees and costs     (2,494 )     (2,327 ) \n Allowance for credit losses     (20,033 )     (20,325 ) \n Loans, net   $ 1,799,100     $ 1,796,091   \n\n\nThe components of deposits at March 31, 2026 and December 31, 2025 were as\nfollows:\n     March 31,     December 31,   \n     2026     2025   \n     (In thousands)   \n Non-interest checking   $ 303,233     $ 286,013   \n Interest checking     308,204       333,533   \n Savings     169,031       167,735   \n Money market     490,711       464,205   \n Time deposits     671,480       724,707   \n Total deposits   $ 1,942,659     $ 1,976,193   \n\n Princeton Bancorp, Inc. \n Consolidated Statements of Income \n (Unaudited) \n (Amounts in thousands except per share data) \n   \n     Three Months Ended March 31,               \n     2026     2025     $ Change     % Change   \n Interest and dividend income                         \n Loans and fees   $ 28,066     $ 29,624     $ (1,558 )     (5.3 )% \n Available-for-sale debt securities:                         \n Taxable     1,519       2,616       (1,097 )     (41.9 )% \n Tax-exempt     274       284       (10 )     (3.5 )% \n Held-to-maturity debt securities     2       2       —       —   \n Other interest and dividend income     1,210       769       441       57.3 % \n Total interest and dividends     31,071       33,295       (2,224 )     (6.7 )% \n Interest expense                         \n Deposits     12,213       14,538       (2,325 )     (16.0 )% \n Borrowings     —       —       —     N/A   \n Total interest expense     12,213       14,538       (2,325 )     (16.0 )% \n Net interest income     18,858       18,757       101       0.5 % \n Provision for (reversal of) credit losses     (156 )     268       (424 )     (158.2 )% \n Net interest income after provision for (reversal of) credit losses     19,014       18,489       525       2.8 % \n Non-interest income                         \n Income from bank-owned life insurance     507       471       36       7.6 % \n Fees and service charges     580       511       69       13.5 % \n Loan fees, including prepayment penalties     528       675       (147 )     (21.8 )% \n Other     836       533       303       56.8 % \n Total non-interest income     2,451       2,190       261       11.9 % \n Non-interest expense                         \n Salaries and employee benefits     7,025       7,172       (147 )     (2.0 )% \n Occupancy and equipment     2,392       2,285       107       4.7 % \n Professional fees     760       761       (1 )     (0.1 )% \n Data processing and communications     1,627       1,626       1       0.1 % \n Federal deposit insurance     300       533       (233 )     (43.7 )% \n Advertising and promotion     175       171       4       2.3 % \n Office     131       110       21       19.1 % \n Other real eastate owned     —       27       (27 )     (100.0 )% \n Core deposit intangible     196       228       (32 )     (14.0 )% \n Other     809       879       (70 )     (8.0 )% \n Total non-interest expense     13,415       13,792       (377 )     (2.7 )% \n Income before income tax expense     8,050       6,887       1,163       16.9 % \n Income tax expense     1,821       1,509       312       20.7 % \n Net income   $ 6,229     $ 5,378     $ 851       15.8 % \n Net income per common share - basic   $ 0.92     $ 0.78     $ 0.14       17.8 % \n Net income per common share - diluted   $ 0.91     $ 0.77     $ 0.14       18.5 % \n Weighted average shares outstanding - basic     6,788       6,905       (117 )     (1.7 )% \n Weighted average shares outstanding - diluted     6,808       6,964       (156 )     (2.2 )% \n\n Princeton Bancorp, Inc. \n Consolidated Statements of Income (Current Quarter vs Prior Quarter) \n (Unaudited) \n (Amounts in thousands, except per share data) \n   \n     Three Months Ended               \n     March 31,     December 31,               \n     2026     2025     $ Change     % Change   \n Interest and dividend income                         \n Loans and fees   $ 28,066     $ 28,597     $ (531 )     (1.9 )% \n Available-for-sale debt securities:                         \n Taxable     1,519       1,797       (278 )     (15.5 )% \n Tax-exempt     274       276       (2 )     (0.7 )% \n Held-to-maturity debt securities     2       2       —       0.0 % \n Other interest and dividend income     1,210       1,084       126       11.6 % \n Total interest and dividends     31,071       31,756       (685 )     (2.2 )% \n Interest expense                         \n Deposits     12,213       13,126       (913 )     (7.0 )% \n Borrowings     —       —       —     N/A   \n Total interest expense     12,213       13,126       (913 )     (7.0 )% \n Net interest income     18,858       18,630       228       1.2 % \n Provision for (reversal of) credit losses     (156 )     102       (258 )     (252.9 )% \n Net interest income after provision for (reversal of) credit losses     19,014       18,528       486       2.6 % \n Non-interest income                         \n Income from bank-owned life insurance     507       528       (21 )     (4.0 )% \n Fees and service charges     580       575       5       0.9 % \n Loan fees, including prepayment penalties     528       500       28       5.6 % \n Other     836       516       320       62.0 % \n Total non-interest income     2,451       2,119       332       15.7 % \n Non-interest expense                         \n Salaries and employee benefits     7,025       6,417       608       9.5 % \n Occupancy and equipment     2,392       2,156       236       10.9 % \n Professional fees     760       789       (29 )     (3.7 )% \n Data processing and communications     1,627       1,600       27       1.7 % \n Federal deposit insurance     300       275       25       9.1 % \n Advertising and promotion     175       160       15       9.4 % \n Office     131       117       14       12.0 % \n Core deposit intangible     196       200       (4 )     (2.0 )% \n Other     809       1,015       (206 )     (20.3 )% \n Total non-interest expense     13,415       12,729       686       5.4 % \n Income before income tax expense     8,050       7,918       132       1.7 % \n Income tax expense     1,821       1,838       (17 )     (0.9 )% \n Net income   $ 6,229     $ 6,080     $ 149       2.5 % \n Net income per common share - basic   $ 0.92     $ 0.90     $ 0.02       2.2 % \n Net income per common share - diluted   $ 0.91     $ 0.90     $ 0.01       1.1 % \n Weighted average shares outstanding - basic     6,788       6,765       23       0.3 % \n Weighted average shares outstanding - diluted     6,808       6,787       21       0.3 % \n\n Princeton Bancorp, Inc. \n Consolidated Average Statement of Financial Condition \n (Unaudited) \n (Dollars in thousands) \n   \n     For the Three Months Ended March 31,               \n     2026     2025     Change in     Change in   \n     Average     Yield/     Average     Yield/     Average     Yield/   \n \nBalance \nRate \nBalance \nRate \nBalance \nRate \n Earning assets                                     \n Loans   $ 1,800,201       6.32 %   $ 1,851,439       6.49 %   $ (51,238 )     (0.17 )% \n Securities                                     \n Taxable available-for-sale     132,740       4.58 %     203,992       5.13 %     (71,252 )     (0.55 )% \n Tax-exempt available-for-sale     40,054       2.73 %     39,978       2.84 %     76       (0.11 )% \n Held-to-maturity     152       5.33 %     160       5.33 %     (8 )     —   \n Total Securities     172,946       4.15 %     244,130       4.76 %     (71,184 )     (0.61 )% \n Other interest earning assets                                     \n Federal funds sold     68,415       3.72 %     53,314       4.42 %     15,101       (0.70 )% \n Other interest-earning assets     62,700       3.84 %     16,028       4.81 %     46,672       (0.97 )% \n Other interest-earning assets     131,115       3.78 %     69,342       4.51 %     61,773       (0.73 )% \n Total interest-earning assets     2,104,262       5.99 %     2,164,911       6.24 %     (60,649 )     (0.25 )% \n Total non-earning assets     164,573             170,945                     \n Total assets   $ 2,268,835           $ 2,335,856                     \n Interest-bearing liabilities                                     \n Checking   $ 329,872       2.03 %   $ 325,278       1.94 %   $ 4,594       0.09 % \n Savings     168,820       2.13 %     171,404       2.24 %     (2,584 )     (0.11 )% \n Money market     470,343       2.94 %     476,338       3.10 %     (5,995 )     (0.16 )% \n Certificates of deposit     700,384       3.63 %     765,942       4.45 %     (65,558 )     (0.82 )% \n Total interest-bearing deposits     1,669,419       2.97 %     1,738,962       3.39 %     (69,543 )     (0.42 )% \n Non-interest bearing deposits     288,984             287,506                     \n Total deposits     1,958,403       2.53 %     2,026,468       2.91 %     (68,065 )     (0.38 )% \n Borrowings     —     N/A       —     N/A       —     N/A   \n Total interest-bearing liabilities     1,669,419       2.97 %     1,738,962       3.39 %     (69,543 )     (0.42 )% \n \n(excluding non-interest deposits) \n Non-interest-bearing deposits     288,984             287,506                     \n Total cost of funds     1,958,403       2.53 %     2,026,468       2.91 %     (68,065 )     (0.38 )% \n Accrued expenses and other liabilities     38,114             45,354                     \n Stockholders’ equity     272,318             264,034                     \n Total liabilities and stockholders’   $ 2,268,835           $ 2,335,856                     \n \nequity \n Net interest spread           3.02 %           2.85 %             \n Net interest margin           3.63 %           3.51 %             \n Net interest margin (FTE) (1, 2)           3.67 %           3.56 %             \n\n 1 Includes federal and state tax effect of tax-exempt securities and loans. \n 2 This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n\n Princeton Bancorp, Inc. \n Consolidated Average Statement of Financial Condition \n (Unaudited) \n (Dollars in thousands) \n   \n     For the Three Months Ended               \n     March 31, 2026     December 31, 2025     Change in     Change in   \n     Average     Yield/     Average     Yield/     Average     Yield/   \n \nBalance \nRate \nBalance \nRate \nBalance \nRate \n Earning assets                                     \n Loans   $ 1,800,201       6.32 %   $ 1,801,913       6.30 %   $ (1,712 )     0.02 % \n Securities                                     \n Taxable available-for-sale     132,740       4.58 %     157,363       4.57 %     (24,623 )     0.01 % \n Tax-exempt available-for-sale     40,054       2.73 %     39,981       2.77 %     73       (0.04 )% \n Held-to-maturity     152       5.33 %     154       5.33 %     (2 )     —   \n Total Securities     172,946       4.15 %     197,498       4.20 %     (24,552 )     (0.05 )% \n Other interest earning assets                                     \n Federal funds sold     68,415       3.72 %     87,963       3.83 %     (19,548 )     (0.11 )% \n Other interest-earning assets     62,700       3.84 %     21,283       4.35 %     41,417       (0.51 )% \n Other interest-earning assets     131,115       3.78 %     109,246       3.94 %     21,869       (0.16 )% \n Total interest-earning assets     2,104,262       5.99 %     2,108,657       5.97 %     (4,395 )     0.02 % \n Total non-earning assets     164,573             168,225                     \n Total assets   $ 2,268,835           $ 2,276,882                     \n Interest-bearing liabilities                                     \n Checking   $ 329,872       2.03 %   $ 316,278       2.04 %   $ 13,594       (0.01 )% \n Savings     168,820       2.13 %     167,008       2.26 %     1,812       (0.13 )% \n Money market     470,343       2.94 %     468,642       3.09 %     1,701       (0.15 )% \n Certificates of deposit     700,384       3.63 %     725,795       3.77 %     (25,411 )     (0.14 )% \n Total interest-bearing deposits     1,669,419       2.97 %     1,677,723       3.10 %     (8,304 )     (0.13 )% \n Non-interest bearing deposits     288,984             293,467             (4,483 )       \n Total deposits     1,958,403       2.53 %     1,971,190       2.64 %     (12,787 )     (0.11 )% \n Borrowings     —     N/A       —     N/A       —     N/A   \n Total interest-bearing liabilities     1,669,419       2.97 %     1,677,723       3.10 %     (8,304 )     (0.13 )% \n \n(excluding non-interest deposits) \n Non-interest-bearing deposits     288,984             293,467             (4,483 )     —   \n Total cost of funds     1,958,403       2.53 %     1,971,190       2.64 %     (12,787 )     (0.11 )% \n Accrued expenses and other liabilities     38,114             37,721                     \n Stockholders’ equity     272,318             267,971                     \n Total liabilities and stockholders’   $ 2,268,835           $ 2,276,882                     \n \nequity \n Net interest spread           3.02 %           2.87 %             \n Net interest margin           3.63 %           3.51 %             \n Net interest margin (FTE) (1, 2)           3.67 %           3.54 %             \n\n 1 Includes federal and state tax effect of tax-exempt securities and loans. \n 2 This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n\n Princeton Bancorp, Inc. \n Quarterly Financial Highlights \n (Unaudited) \n   \n     2026     2025     2025     2025     2025   \n     March     December     September     June     March   \n Return on average assets     1.11 %     1.06 %     1.15 %     0.12 %     0.93 % \n Return on average equity     9.28 %     9.00 %     9.75 %     1.04 %     8.26 % \n Return on average tangible equity(1)     9.90 %     9.62 %     10.45 %     1.12 %     8.86 % \n Net interest margin     3.63 %     3.51 %     3.77 %     3.54 %     3.51 % \n Net interest margin (FTE)(1)     3.67 %     3.54 %     3.81 %     3.58 %     3.56 % \n Adjusted efficiency ratio(1)     62.03 %     60.38 %     63.68 %     63.10 %     64.75 % \n COMMON STOCK DATA                               \n Market value at period end   $ 33.77     $ 34.69     $ 31.84     $ 30.54     $ 30.55   \n Market range:                               \n High   $ 37.84     $ 36.69     $ 34.84     $ 32.97     $ 34.31   \n Low   $ 32.98     $ 29.75     $ 29.95     $ 27.69     $ 30.02   \n Book value per common share at period end   $ 40.26     $ 40.01     $ 39.48     $ 38.49     $ 38.56   \n Tangible book value per common share(1)   $ 37.76     $ 37.48     $ 36.80     $ 35.91     $ 36.00   \n Shares of common stock outstanding (in thousands)     6,796       6,766       6,773       6,806       6,923   \n CAPITAL RATIOS                               \n Total capital (to risk-weighted assets)(2)     13.98 %     14.01 %     13.78 %     13.05 %     13.67 % \n Tier 1 capital (to risk-weighted assets)(2)     12.93 %     12.95 %     12.73 %     12.01 %     12.48 % \n Tier 1 capital (to average assets)(2)     11.35 %     11.12 %     11.15 %     10.63 %     10.91 % \n Equity to assets     12.14 %     11.86 %     11.96 %     11.69 %     11.52 % \n Tangible equity to tangible assets(1)     11.47 %     11.19 %     11.27 %     10.99 %     10.83 % \n CREDIT QUALITY DATA (Dollars in thousands)                               \n Net charge-offs (recoveries)   $ 1     $ 235     $ (86 )   $ 9,859     $ (60 ) \n Annualized net charge-offs (recoveries) to average     0.000 %     (0.003 )%     (0.019 )%     2.136 %     (0.013 )% \n \nloans \n Nonperforming loans   $ 16,478     $ 16,529     $ 16,710     $ 16,530     $ 26,522   \n Other real estate owned     —       —       —       —       —   \n Total nonperforming assets   $ 16,478     $ 16,529     $ 16,710     $ 16,530     $ 26,522   \n Allowance for credit losses as a percent of:                               \n Period-end loans, net of deferred fees and costs     1.10 %     1.12 %     1.14 %     1.14 %     1.29 % \n Nonperforming loans     121.58 %     122.97 %     122.33 %     127.13 %     90.27 % \n Nonperforming assets     121.58 %     122.97 %     122.33 %     127.13 %     90.27 % \n Nonaccrual loans as a percent of total loans, net of     0.91 %     0.91 %     0.93 %     0.90 %     1.43 % \n \ndeferred fees and costs \n\n 1  This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n 2 Capital ratios presented herein are derived from the Call Report of The Bank \n of Princeton. \n\n\nPrinceton Bancorp, Inc\n\nSupplemental Information – Non-GAAP Financial Measures\n\n(Unaudited)\n\nThis press release contains certain supplemental financial information,\ndescribed in the table below, which has been determined by methods other than\nU.S. Generally Accepted Accounting Principles (“GAAP”) that management\nuses in its analysis of its performance. These non-GAAP financial measures are\n“tangible book value per common share,” “return on average tangible\nequity,” “efficiency ratio,” “adjusted efficiency ratio,”\n“tangible equity to tangible assets,” and “net interest margin on a\nfully taxable equivalent.” For the purpose of calculating return on average\ntangible equity, net income for such period is annualized and divided by\naverage tangible equity during such period. Average tangible equity equals\naverage shareholders’ equity during the applicable period less average\ngoodwill and other intangible assets during the applicable period. For the\npurpose of calculating tangible equity to tangible assets, tangible equity is\ndivided by tangible assets. Tangible equity equals total shareholders’\nequity less goodwill and other intangible assets, in each case at period end.\nTangible assets equal total assets less goodwill and other intangible assets,\nin each case at period end. For the purpose of calculating tangible book value\nper common share, tangible equity is divided by the number of common shares\noutstanding, in each case at period end. For the purpose of calculating\nefficiency ratio, total operating expense is divided by total revenue for the\nperiod. For the purpose of calculating adjusted efficiency ratio, total\noperating expense minus core deposit intangible amortization is divided by\ntotal revenue for the period. For the purpose of calculating net interest\nmargin on a fully taxable equivalent, fully taxable equivalent adjustments are\nadded to net interest income for the period, net interest income fully taxable\nequivalent for such period is annualized and divided by average interest\nearning assets during such period.\n\nManagement believes that these non-GAAP financial measures provide valuable\ninsights into understanding our financial results by excluding certain items\nthat can distort our core business results. This allows investors to better\nunderstand our ongoing operations and assess our future potential, while still\nbeing transparent about the adjustments made to arrive at these non-GAAP\nfigures. These non-GAAP measures should not be considered a substitute for\nGAAP basis measures and results and the Company strongly encourages investors\nto review its consolidated financial statements in their entirety and not to\nrely on any single financial measure. Because non-GAAP financial measures are\nnot standardized, it may not be possible to compare these financial measures\nwith other companies’ non-GAAP financial measures having the same or similar\nnames.\n\nIn addition to the items noted above, defined footnotes are included in the\nSupplemental Information – Non-GAAP Financial Measures table below. Income\nannualized is calculated using income for the period divided by the number of\ndays in the period, then multiplied by total days in the year. Average equity\nis calculated using the sum of daily equity balance for the period, divided by\nthe number of days in the period. Fully taxable equivalent adjustment is\ncalculated using tax exempt loan income plus tax exempt securities income for\nthe period, multiplied by a tax rate of 28%.\n Princeton Bancorp, Inc. \n Supplemental Information - Non-GAAP Financial Measures \n (Unaudited) \n (Dollars in thousands) \n   \n     Three months ended   \n     2026     2025     2025     2025     2025   \n     March     December     September     June     March   \n Net (loss) income (annualized)(1)   $ 25,262     $ 24,122     $ 25,653     $ 2,760     $ 21,811   \n Average equity(2)     272,318       267,971       263,088       264,878       264,034   \n Less: average intangible assets(3)     (17,084 )     (17,280 )     (17,493 )     (17,701 )     (17,929 ) \n Average Tangible Equity   $ 255,234     $ 250,691     $ 245,595     $ 247,177     $ 246,105   \n Return on average tangible equity     9.90 %     9.62 %     10.45 %     1.12 %     8.86 % \n                                 \n Net interest income   $ 18,858     $ 18,630     $ 19,619     $ 18,810     $ 18,757   \n Other income     2,451       2,119       1,908       2,251       2,190   \n Total revenue     21,309       20,749       21,527       21,061       20,947   \n Non-interest expenses   $ 13,415     $ 12,729     $ 13,917     $ 13,509     $ 13,792   \n Less: core deposit intangible amortization     (196 )     (200 )     (209 )     (219 )     (228 ) \n Total operating expenses   $ 13,219     $ 12,529     $ 13,708     $ 13,290     $ 13,564   \n Adjusted efficiency ratio     62.03 %     60.38 %     63.68 %     63.10 %     64.75 % \n                                 \n Total Assets   $ 2,253,767     $ 2,283,147     $ 2,229,090     $ 2,241,668     $ 2,318,097   \n Less: intangible assets     (16,961 )     (17,157 )     (17,357 )     (17,566 )     (17,784 ) \n Tangible assets   $ 2,236,806     $ 2,265,990     $ 2,211,733     $ 2,224,102     $ 2,300,313   \n Stockholders’ equity   $ 273,599     $ 270,712     $ 266,607     $ 261,946     $ 266,987   \n Less: intangible assets     (16,961 )     (17,157 )     (17,357 )     (17,566 )     (17,784 ) \n Tangible equity   $ 256,638     $ 253,555     $ 249,250     $ 244,380     $ 249,203   \n Tangible equity to tangible assets     11.47 %     11.19 %     11.27 %     10.99 %     10.83 % \n                                 \n Tangible equity   $ 256,638     $ 253,555     $ 249,250     $ 244,380     $ 249,203   \n Shares outstanding (in thousands)     6,796       6,766       6,773       6,806       6,923   \n Tangible book value per share   $ 37.76     $ 37.48     $ 36.80     $ 35.91     $ 36.00   \n\n 1 Income annualized is calculated using income for the period divided by the \n number of days in the period, then multiplied by total days in the year. \n 2 Average equity is calculated using the sum of daily equity balance for the \n period, divided by the number of days in the period. \n 3 Average intangible assets is calculated using the sum of daily equity balance \n for the period, divided by the number of days in the period. \n\n     Three months ended   \n     2026     2026     2026     2026     2025   \n     March     December     September     June     March   \n Net interest income   $ 18,858     $ 18,630     $ 19,619     $ 18,810     $ 18,757   \n FTE adjustment(1)     207       209       211       212       250   \n Net interest income FTE   $ 19,065     $ 18,839     $ 19,830     $ 19,022     $ 19,007   \n Net interest income FTE (annualized)(2)   $ 77,318     $ 74,743     $ 78,675     $ 76,297     $ 77,083   \n Average interest earning assets     2,104,262       2,108,657       2,063,990       2,129,246       2,164,911   \n Net interest margin FTE     3.67 %     3.54 %     3.81 %     3.58 %     3.56 % \n\n 1 Fully taxable equivalent adjustment is calculated using tax exempt loan income \n plus tax exempt securities income for the period, multiplied by a tax rate of \n 28%. \n 2 Income annualized is calculated using income for the period divided by the \n number of days in the period, then multiplied by total days in the year. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260423814098/en/\n(https://www.businesswire.com/news/home/20260423814098/en/)\n\nGeorge Rapp \n\n609.454.0718 \n\ngrapp@thebankofprinceton.com (mailto:grapp@thebankofprinceton.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw2FX8HVa","title":"Princeton Bancorp Announces First Quarter 2026 Results","author":"Business Wire","ticker":"BPRN","created":"2026-04-23T20:00:00.351Z","tickers":["BPRN"],"exchange":"NASDAQ","article_body":"Princeton Bancorp Announces First Quarter 2026 Results\n\nPrinceton Bancorp, Inc. (the “Company”) (NASDAQ - BPRN), the bank holding\ncompany for The Bank of Princeton (the “Bank”), today reported its\nunaudited financial condition at, and its results of operations for the\nquarter ended, March 31, 2026.\n\nPresident/CEO Edward Dietzler commented on the quarter results, “The Company\nstarted 2026 with a strong quarterly performance, with net income of $6.2\nmillion and diluted EPS of $0.91. These results were supported by an increase\nin non-interest income of over 15%, as well as a reduction in credit\nprovision, and an improved net interest margin when compared to the fourth\nquarter of 2025.\"\n\nThe Company reported net income of $6.2 million, or $0.91 per diluted common\nshare, for the first quarter of 2026, compared to $6.1 million, or $0.90 per\ndiluted common share, for the fourth quarter of 2025, and net income of $5.4\nmillion, or $0.77 per diluted common share, for the first quarter of 2025. The\nincrease in net income for the first quarter of 2026 when compared to the\nfourth quarter of 2025 was primarily due to an increase in non-interest income\nof $332 thousand, an increase in net interest income of $228 thousand, and a\ndecrease in provision for credit losses of $258 thousand, partially offset by\nan increase in non-interest expense of $686 thousand. The increase in net\nincome for the first quarter of 2026 when compared to the first quarter of\n2025 was primarily due to an increase in non-interest income of $261 thousand,\nan increase in net-interest income of $101 thousand, a decrease in\nnon-interest expense of $377 thousand, and a decrease in the provision for\ncredit losses of $424 thousand, partially offset by an increase of $312\nthousand in income tax expense.\n\nReview of Statements of Financial Condition\n\nTotal assets were $2.25 billion at March 31, 2026, a decrease of $29.4\nmillion, or 1.29%, when compared to $2.28 billion at the December 31, 2025.\nThe primary reason for the decrease in total assets was related to a decrease\nin cash and cash equivalents of $15.9 million and a decrease in investment\nsecurities of $15.2 million, partially offset by an increase in loans of $2.7\nmillion.\n\nTotal deposits at March 31, 2026, decreased $33.5 million, or 1.70%, when\ncompared to December 31, 2025. The decrease in the Company’s deposits\nconsisted primarily of decreases in certificates of deposit of $53.2 million,\nand interest-bearing demand deposits of $25.3 million, partially offset by an\nincrease in money market deposits of $26.5 million, non-interest-bearing\ndemand deposits of $17.2 million, and savings deposits of $1.3 million. We\nbelieve that our balance sheet liquidity remains strong at March 31, 2026 with\n$119.8 million in cash and cash equivalents, as well as available for sale\nsecurities of $164.5 million.\n\nTotal stockholders’ equity at March 31, 2026 increased $2.9 million, or\n1.07%, when compared to December 31, 2025. The increase was primarily due to\nan increase in retained earnings of $3.8 million (which consisted of $6.2\nmillion in net income, partially offset by $2.4 million of cash dividends\nrecorded during the period), partially offset by an increase in accumulated\nother comprehensive loss of $845 thousand due to increases in market interest\nrates. The ratio of equity to total assets at March 31, 2026 and at December\n31, 2025 was 12.1% and 11.9%, respectively.\n\nAsset Quality\n\nAt March 31, 2026, non-performing assets remained steady at $16.5 million,\ncompared to $16.5 million at December 31, 2025.\n\nReview of Quarterly and Year-to-Date Financial Results\n\nNet interest income was $18.9 million for the first quarter of 2026, an\nincrease of $228 thousand over the fourth quarter of 2025, and an increase of\n$101 thousand compared to $18.8 million for the first quarter of 2025. The\nincrease in net interest income when compared with the fourth quarter of 2025\nwas primarily related to a decrease in interest expense of $913 thousand or,\n7.0%, partially offset by a decrease in interest income of $685 thousand, or\n2.2%. The increase in net interest income when compared with the first quarter\nof 2025 was primarily due to a $2.3 million decrease in interest expense,\npartially offset by a decrease in interest income of $2.2 million. The net\ninterest margin for the first quarter of 2026 was 3.63%, an increase of 12\nbasis points when compared to the fourth quarter of 2025, and an increase of\n12 basis points when compared to the first quarter of 2025. When comparing the\nfirst quarter of 2026 and the fourth quarter of 2025 periods, the decrease in\ninterest income and increase in net interest margin were primarily associated\nwith a decrease in average total investments of $24.6 million, a decrease in\naverage loans of $1.7 million, partially offset by an increase in the\nCompany’s yield earned on interest-earning assets of 2 basis points.\n\nWhen comparing the first quarter of 2026 and first quarter of 2025, the $2.3\nmillion decrease in interest expense was primarily due to the Company's cost\nof funds decreasing by 38 basis points and average interest-bearing deposits\ndecreasing by $69.5 million. The decrease in interest expense was partially\noffset by a $2.2 million decrease in interest income caused by a decrease in\naverage interest-earning assets of $60.6 million, and a decrease of 25 basis\npoints in the yield earned on interest-earning assets.\n\nThe Company recorded a reversal of credit losses of $156 thousand during the\nfirst quarter of 2026, which consisted of a $291 thousand decrease recorded to\nthe allowance of credit losses, offset by an increase to the provision for\ncredit losses of $135 thousand related to unfunded commitments, which are\nrecorded in other liabilities on the Company’s statements of financial\ncondition. The current quarters' reversal of provision recorded on the\nCompany’s statements of income was $258 thousand lower when compared to the\nfourth quarter of 2025 and was $424 thousand lower when compared to the first\nquarter of 2025. The coverage ratio of the allowance for credit losses to\nperiod end loans was 1.10% at March 31, 2026, and 1.12% at December 31, 2025.\n\nTotal non-interest income of $2.5 million for the first quarter of 2026\nincreased $332 thousand, or 15.7%, when compared to the fourth quarter of 2025\nand increased $261 thousand, or 11.9%, when compared to the first quarter of\n2025. The increase over the fourth quarter of 2025 was primarily due to an\nincrease in other non-interest income of $320 thousand discussed below. The\nincrease over the prior year’s first quarter was primarily due to increases\nin other non-interest income of $303 thousand, an increase in fees and service\ncharges of $69 thousand, and an increase in income from bank-owned life\ninsurance of $36 thousand, partially offset by a decrease in loan fees of $147\nthousand. The increase in other non-interest income for the first quarter of\n2026 was related to a gain recorded on an equity investment in the amount of\n$232 thousand recorded in the first quarter of 2026 compared to no such net\ngain in either the fourth or first quarters of 2025.\n\nTotal non-interest expense of $13.4 million for the first quarter of 2026\nincreased $686 thousand, or 5.4%, when compared to the fourth quarter of 2025.\nThis increase over the prior quarter was primarily due to increases in\nsalaries and employee benefits expenses of $608 thousand, occupancy and\nequipment expenses of $236 thousand, partially offset by a decrease in other\nnon-interest expenses of $206 thousand. Total non-interest expense for the\nfirst quarter of 2026 decreased $377 thousand, or 2.7%, when compared to the\nfirst quarter of 2025, primarily due to lower salary and employee benefits\nexpense and FDIC insurance expense.\n\nFor the quarter ended March 31, 2026, the Company recorded an income tax\nexpense of $1.8 million, resulting in an effective tax rate of 22.6%, compared\nto an income tax expense of $1.8 million, resulting in an effective tax rate\nof 23.2% for the quarter ended December 31, 2025 and compared to an income tax\nexpense of $1.5 million resulting in an effective tax rate of 21.9% for the\nquarter ended March 31, 2025.\n\nAbout Princeton Bancorp, Inc. and The Bank of Princeton\n\nPrinceton Bancorp, Inc. is the holding company for The Bank of Princeton, a\ncommunity bank founded in 2007. The Bank is a New Jersey state-chartered\ncommercial bank with 28 branches in New Jersey, including three in Princeton\nand others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill,\nCream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville,\nLawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park,\nPennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville,\nVoorhees, and Woodbury. There are also five branches in the Philadelphia,\nPennsylvania area and two in the New York City metropolitan area. The Bank of\nPrinceton is a member of the Federal Deposit Insurance Corporation.\n\nForward-Looking Statements\n\nThe Company may from time to time make written or oral “forward-looking\nstatements,” including statements contained in the Company’s filings with\nthe Securities and Exchange Commission, in its reports to stockholders and in\nother communications by the Company (including this press release), which are\nmade in good faith by the Company pursuant to the “safe harbor” provisions\nof the Private Securities Litigation Reform Act of 1995 and Section 21E of the\nSecurities Exchange Act of 1934, as amended.\n\nThese forward-looking statements involve risks and uncertainties, such as\nstatements of the Company’s plans, objectives, expectations, estimates and\nintentions that are subject to change based on various important factors (some\nof which are beyond the Company’s control). The most significant factors\nthat could cause future results to differ materially from those anticipated by\nour forward-looking statements include the potential impact of any future\nFederal budget stalemates in Congress, higher tariffs imposed by the Trump\nadministration, higher inflation levels, and general economic and recessionary\nconcerns, all of which could impact economic growth and could cause an\nincrease in loan delinquencies, a reduction in financial transactions and\nbusiness activities including decreased deposits and reduced loan\noriginations, difficulties in managing liquidity in a rapidly changing and\nunpredictable market, and supply chain disruptions. Other factors that could\ncause actual results to differ materially from those indicated by\nforward-looking statements include, but are not limited to, the following\nfactors: the global impact of foreign military conflicts; the impact of any\nfuture pandemics or other natural disasters; civil unrest, rioting, acts or\nthreats of terrorism, or actions taken by the local, state and Federal\ngovernments in response to such events, which could impact business and\neconomic conditions in our market area; the strength of the United States\neconomy in general and the strength of the local economies in which the\nCompany and Bank conduct operations; the effects of, and changes in, trade,\nmonetary and fiscal policies and laws, including interest rate policies of the\nBoard of Governors of the Federal Reserve System; market and monetary\nfluctuations; market volatility; the value of the Bank’s products and\nservices as perceived by actual and prospective customers, including the\nfeatures, pricing and quality compared to competitors’ products and\nservices; the willingness of customers to substitute competitors’ products\nand services for the Bank’s products and services; credit risk associated\nwith the Bank’s lending activities; risks relating to the real estate market\nand the Bank’s real estate collateral; the impact of changes in applicable\nlaws and regulations and requirements arising out of our supervision by\nbanking regulators; other regulatory requirements applicable to the Company\nand the Bank; the timing and nature of the regulatory response to any\napplications filed by the Company and the Bank; developments in technology,\nsuch as artificial intelligence, and our ability to incorporate innovative\ntechnologies in our business and provide products and services that satisfy\nour customers' expectations for convenience and security; other acquisitions;\nchanges in consumer spending and saving habits; those risks under the heading\n“Risk Factors” set forth in the Company’s Annual Report on Form 10-K for\nthe year ended December 31, 2025; and the success of the Company at managing\nthe risks involved in the foregoing.\n\nThe Company cautions that the foregoing list of important factors is not\nexclusive. The Company does not undertake to update any forward-looking\nstatement, whether written or oral, that may be made from time to time by or\non behalf of the Company, except as required by applicable law or regulation.\n Princeton Bancorp, Inc. \n Consolidated Statements of Financial Condition \n (Unaudited) \n (Dollars in thousands, except per share data) \n   \n                       March 31, 2026 vs     March 31, 2026 vs   \n     March 31,     December 31,     March 31,     December 31, 2025     March 31, 2025   \n     2026     2025     2025     $ Change     % Change     $ Change     % Change   \n ASSETS                                           \n Cash and cash equivalents   $ 119,794     $ 135,686     $ 67,674     $ (15,892 )     (11.71 )%   $ 52,120       77.02 % \n Securities available-for-sale-     125,582       140,817       199,931       (15,235 )     (10.82 )%     (74,349 )     (37.19 )% \n \ntaxable \n Securities available-for-sale-     38,975       39,752       39,304       (777 )     (1.95 )%     (329 )     (0.84 )% \n \ntax-exempt \n Securities held-to-maturity     151       153       159       (2 )     (1.31 )%     (8 )     (5.03 )% \n Loans receivable, net of deferred     1,819,133       1,816,416       1,856,539       2,717       0.15 %     (37,406 )     (2.01 )% \n \nloan fees \n Allowance for credit losses     (20,033 )     (20,325 )     (23,942 )     292       (1.44 )%     3,909       (16.33 )% \n Goodwill     14,381       14,381       14,381       —       —       —       —   \n Core deposit intangible     2,580       2,776       3,403       (196 )     (7.06 )%     (823 )     (24.18 )% \n Other assets     153,204       153,491       160,648       (287 )     (0.19 )%     (7,444 )     (4.63 )% \n TOTAL ASSETS   $ 2,253,767     $ 2,283,147     $ 2,318,097     $ (29,380 )     (1.29 )%   $ (64,330 )     (2.78 )% \n LIABILITIES                                           \n Non-interest checking   $ 303,233     $ 286,013     $ 290,496     $ 17,220       6.02 %   $ 12,737       4.38 % \n Interest checking     308,204       333,533       331,032       (25,329 )     (7.59 )%     (22,828 )     (6.90 )% \n Savings     169,031       167,735       172,546       1,296       0.77 %     (3,515 )     (2.04 )% \n Money market     490,711       464,205       464,012       26,506       5.71 %     26,699       5.75 % \n Time deposits over $250,000     241,134       256,929       220,968       (15,795 )     (6.15 )%     20,166       9.13 % \n Other time deposits     430,346       467,778       531,612       (37,432 )     (8.00 )%     (101,266 )     (19.05 )% \n Total deposits     1,942,659       1,976,193       2,010,666       (33,534 )     (1.70 )%     (68,007 )     (3.38 )% \n Other liabilities     37,509       36,242       40,444       1,267       3.50 %     (2,935 )     (7.26 )% \n TOTAL LIABILITIES     1,980,168       2,012,435       2,051,110       (32,267 )     (1.60 )%     (70,942 )     (3.46 )% \n STOCKHOLDERS’ EQUITY                                       N/A   \n Paid-in capital     122,988       122,954       120,452       34       0.03 %     2,536       2.11 % \n Treasury stock     (8,762 )     (8,707 )     (1,005 )     (55 )     0.63 %     (7,757 )     771.84 % \n Retained earnings     165,483       161,730       155,170       3,753       2.32 %     10,313       6.65 % \n Accumulated other     (6,110 )     (5,265 )     (7,630 )     (845 )     16.05 %     1,520       (19.92 )% \n \ncomprehensive income (loss) \n TOTAL STOCKHOLDERS’     273,599       270,712       266,987       2,887       1.07 %     6,612       2.48 % \n \nEQUITY \n TOTAL LIABILITIES   $ 2,253,767     $ 2,283,147     $ 2,318,097       (29,380 )     (4.21 )%     (64,330 )     (2.78 )% \n \nAND STOCKHOLDERS’ \n \nEQUITY \n Book value per common share   $ 40.26     $ 40.01     $ 38.56     $ 0.25       0.62 %   $ 1.70       4.41 % \n Tangible book value per   $ 37.76     $ 37.48     $ 36.00     $ 0.28       0.75 %   $ 1.76       4.89 % \n \ncommon share (1) \n\n 1 Tangible book value per common share is a non-GAAP measure. \n   For more information, see “Supplemental Information - Non-GAAP Financial \n Measures (Unaudited)” below. \n\n\nPrinceton Bancorp, Inc.\n\nLoan and Deposit Tables\n\n(Unaudited)\n\nThe components of loans receivable, net at March 31, 2026 and December 31,\n2025 were as follows:\n     March 31,     December 31,   \n     2026     2025   \n     (In thousands)   \n Commercial real estate   $ 1,323,347     $ 1,343,531   \n Commercial and industrial     80,673       76,557   \n Construction     210,862       209,483   \n Residential first-lien mortgages     170,553       163,813   \n Home equity / consumer     36,192       25,359   \n Total loans     1,821,627       1,818,743   \n Deferred fees and costs     (2,494 )     (2,327 ) \n Allowance for credit losses     (20,033 )     (20,325 ) \n Loans, net   $ 1,799,100     $ 1,796,091   \n\n\nThe components of deposits at March 31, 2026 and December 31, 2025 were as\nfollows:\n     March 31,     December 31,   \n     2026     2025   \n     (In thousands)   \n Non-interest checking   $ 303,233     $ 286,013   \n Interest checking     308,204       333,533   \n Savings     169,031       167,735   \n Money market     490,711       464,205   \n Time deposits     671,480       724,707   \n Total deposits   $ 1,942,659     $ 1,976,193   \n\n Princeton Bancorp, Inc. \n Consolidated Statements of Income \n (Unaudited) \n (Amounts in thousands except per share data) \n   \n     Three Months Ended March 31,               \n     2026     2025     $ Change     % Change   \n Interest and dividend income                         \n Loans and fees   $ 28,066     $ 29,624     $ (1,558 )     (5.3 )% \n Available-for-sale debt securities:                         \n Taxable     1,519       2,616       (1,097 )     (41.9 )% \n Tax-exempt     274       284       (10 )     (3.5 )% \n Held-to-maturity debt securities     2       2       —       —   \n Other interest and dividend income     1,210       769       441       57.3 % \n Total interest and dividends     31,071       33,295       (2,224 )     (6.7 )% \n Interest expense                         \n Deposits     12,213       14,538       (2,325 )     (16.0 )% \n Borrowings     —       —       —     N/A   \n Total interest expense     12,213       14,538       (2,325 )     (16.0 )% \n Net interest income     18,858       18,757       101       0.5 % \n Provision for (reversal of) credit losses     (156 )     268       (424 )     (158.2 )% \n Net interest income after provision for (reversal of) credit losses     19,014       18,489       525       2.8 % \n Non-interest income                         \n Income from bank-owned life insurance     507       471       36       7.6 % \n Fees and service charges     580       511       69       13.5 % \n Loan fees, including prepayment penalties     528       675       (147 )     (21.8 )% \n Other     836       533       303       56.8 % \n Total non-interest income     2,451       2,190       261       11.9 % \n Non-interest expense                         \n Salaries and employee benefits     7,025       7,172       (147 )     (2.0 )% \n Occupancy and equipment     2,392       2,285       107       4.7 % \n Professional fees     760       761       (1 )     (0.1 )% \n Data processing and communications     1,627       1,626       1       0.1 % \n Federal deposit insurance     300       533       (233 )     (43.7 )% \n Advertising and promotion     175       171       4       2.3 % \n Office     131       110       21       19.1 % \n Other real eastate owned     —       27       (27 )     (100.0 )% \n Core deposit intangible     196       228       (32 )     (14.0 )% \n Other     809       879       (70 )     (8.0 )% \n Total non-interest expense     13,415       13,792       (377 )     (2.7 )% \n Income before income tax expense     8,050       6,887       1,163       16.9 % \n Income tax expense     1,821       1,509       312       20.7 % \n Net income   $ 6,229     $ 5,378     $ 851       15.8 % \n Net income per common share - basic   $ 0.92     $ 0.78     $ 0.14       17.8 % \n Net income per common share - diluted   $ 0.91     $ 0.77     $ 0.14       18.5 % \n Weighted average shares outstanding - basic     6,788       6,905       (117 )     (1.7 )% \n Weighted average shares outstanding - diluted     6,808       6,964       (156 )     (2.2 )% \n\n Princeton Bancorp, Inc. \n Consolidated Statements of Income (Current Quarter vs Prior Quarter) \n (Unaudited) \n (Amounts in thousands, except per share data) \n   \n     Three Months Ended               \n     March 31,     December 31,               \n     2026     2025     $ Change     % Change   \n Interest and dividend income                         \n Loans and fees   $ 28,066     $ 28,597     $ (531 )     (1.9 )% \n Available-for-sale debt securities:                         \n Taxable     1,519       1,797       (278 )     (15.5 )% \n Tax-exempt     274       276       (2 )     (0.7 )% \n Held-to-maturity debt securities     2       2       —       0.0 % \n Other interest and dividend income     1,210       1,084       126       11.6 % \n Total interest and dividends     31,071       31,756       (685 )     (2.2 )% \n Interest expense                         \n Deposits     12,213       13,126       (913 )     (7.0 )% \n Borrowings     —       —       —     N/A   \n Total interest expense     12,213       13,126       (913 )     (7.0 )% \n Net interest income     18,858       18,630       228       1.2 % \n Provision for (reversal of) credit losses     (156 )     102       (258 )     (252.9 )% \n Net interest income after provision for (reversal of) credit losses     19,014       18,528       486       2.6 % \n Non-interest income                         \n Income from bank-owned life insurance     507       528       (21 )     (4.0 )% \n Fees and service charges     580       575       5       0.9 % \n Loan fees, including prepayment penalties     528       500       28       5.6 % \n Other     836       516       320       62.0 % \n Total non-interest income     2,451       2,119       332       15.7 % \n Non-interest expense                         \n Salaries and employee benefits     7,025       6,417       608       9.5 % \n Occupancy and equipment     2,392       2,156       236       10.9 % \n Professional fees     760       789       (29 )     (3.7 )% \n Data processing and communications     1,627       1,600       27       1.7 % \n Federal deposit insurance     300       275       25       9.1 % \n Advertising and promotion     175       160       15       9.4 % \n Office     131       117       14       12.0 % \n Core deposit intangible     196       200       (4 )     (2.0 )% \n Other     809       1,015       (206 )     (20.3 )% \n Total non-interest expense     13,415       12,729       686       5.4 % \n Income before income tax expense     8,050       7,918       132       1.7 % \n Income tax expense     1,821       1,838       (17 )     (0.9 )% \n Net income   $ 6,229     $ 6,080     $ 149       2.5 % \n Net income per common share - basic   $ 0.92     $ 0.90     $ 0.02       2.2 % \n Net income per common share - diluted   $ 0.91     $ 0.90     $ 0.01       1.1 % \n Weighted average shares outstanding - basic     6,788       6,765       23       0.3 % \n Weighted average shares outstanding - diluted     6,808       6,787       21       0.3 % \n\n Princeton Bancorp, Inc. \n Consolidated Average Statement of Financial Condition \n (Unaudited) \n (Dollars in thousands) \n   \n     For the Three Months Ended March 31,               \n     2026     2025     Change in     Change in   \n     Average     Yield/     Average     Yield/     Average     Yield/   \n \nBalance \nRate \nBalance \nRate \nBalance \nRate \n Earning assets                                     \n Loans   $ 1,800,201       6.32 %   $ 1,851,439       6.49 %   $ (51,238 )     (0.17 )% \n Securities                                     \n Taxable available-for-sale     132,740       4.58 %     203,992       5.13 %     (71,252 )     (0.55 )% \n Tax-exempt available-for-sale     40,054       2.73 %     39,978       2.84 %     76       (0.11 )% \n Held-to-maturity     152       5.33 %     160       5.33 %     (8 )     —   \n Total Securities     172,946       4.15 %     244,130       4.76 %     (71,184 )     (0.61 )% \n Other interest earning assets                                     \n Federal funds sold     68,415       3.72 %     53,314       4.42 %     15,101       (0.70 )% \n Other interest-earning assets     62,700       3.84 %     16,028       4.81 %     46,672       (0.97 )% \n Other interest-earning assets     131,115       3.78 %     69,342       4.51 %     61,773       (0.73 )% \n Total interest-earning assets     2,104,262       5.99 %     2,164,911       6.24 %     (60,649 )     (0.25 )% \n Total non-earning assets     164,573             170,945                     \n Total assets   $ 2,268,835           $ 2,335,856                     \n Interest-bearing liabilities                                     \n Checking   $ 329,872       2.03 %   $ 325,278       1.94 %   $ 4,594       0.09 % \n Savings     168,820       2.13 %     171,404       2.24 %     (2,584 )     (0.11 )% \n Money market     470,343       2.94 %     476,338       3.10 %     (5,995 )     (0.16 )% \n Certificates of deposit     700,384       3.63 %     765,942       4.45 %     (65,558 )     (0.82 )% \n Total interest-bearing deposits     1,669,419       2.97 %     1,738,962       3.39 %     (69,543 )     (0.42 )% \n Non-interest bearing deposits     288,984             287,506                     \n Total deposits     1,958,403       2.53 %     2,026,468       2.91 %     (68,065 )     (0.38 )% \n Borrowings     —     N/A       —     N/A       —     N/A   \n Total interest-bearing liabilities     1,669,419       2.97 %     1,738,962       3.39 %     (69,543 )     (0.42 )% \n \n(excluding non-interest deposits) \n Non-interest-bearing deposits     288,984             287,506                     \n Total cost of funds     1,958,403       2.53 %     2,026,468       2.91 %     (68,065 )     (0.38 )% \n Accrued expenses and other liabilities     38,114             45,354                     \n Stockholders’ equity     272,318             264,034                     \n Total liabilities and stockholders’   $ 2,268,835           $ 2,335,856                     \n \nequity \n Net interest spread           3.02 %           2.85 %             \n Net interest margin           3.63 %           3.51 %             \n Net interest margin (FTE) (1, 2)           3.67 %           3.56 %             \n\n 1 Includes federal and state tax effect of tax-exempt securities and loans. \n 2 This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n\n Princeton Bancorp, Inc. \n Consolidated Average Statement of Financial Condition \n (Unaudited) \n (Dollars in thousands) \n   \n     For the Three Months Ended               \n     March 31, 2026     December 31, 2025     Change in     Change in   \n     Average     Yield/     Average     Yield/     Average     Yield/   \n \nBalance \nRate \nBalance \nRate \nBalance \nRate \n Earning assets                                     \n Loans   $ 1,800,201       6.32 %   $ 1,801,913       6.30 %   $ (1,712 )     0.02 % \n Securities                                     \n Taxable available-for-sale     132,740       4.58 %     157,363       4.57 %     (24,623 )     0.01 % \n Tax-exempt available-for-sale     40,054       2.73 %     39,981       2.77 %     73       (0.04 )% \n Held-to-maturity     152       5.33 %     154       5.33 %     (2 )     —   \n Total Securities     172,946       4.15 %     197,498       4.20 %     (24,552 )     (0.05 )% \n Other interest earning assets                                     \n Federal funds sold     68,415       3.72 %     87,963       3.83 %     (19,548 )     (0.11 )% \n Other interest-earning assets     62,700       3.84 %     21,283       4.35 %     41,417       (0.51 )% \n Other interest-earning assets     131,115       3.78 %     109,246       3.94 %     21,869       (0.16 )% \n Total interest-earning assets     2,104,262       5.99 %     2,108,657       5.97 %     (4,395 )     0.02 % \n Total non-earning assets     164,573             168,225                     \n Total assets   $ 2,268,835           $ 2,276,882                     \n Interest-bearing liabilities                                     \n Checking   $ 329,872       2.03 %   $ 316,278       2.04 %   $ 13,594       (0.01 )% \n Savings     168,820       2.13 %     167,008       2.26 %     1,812       (0.13 )% \n Money market     470,343       2.94 %     468,642       3.09 %     1,701       (0.15 )% \n Certificates of deposit     700,384       3.63 %     725,795       3.77 %     (25,411 )     (0.14 )% \n Total interest-bearing deposits     1,669,419       2.97 %     1,677,723       3.10 %     (8,304 )     (0.13 )% \n Non-interest bearing deposits     288,984             293,467             (4,483 )       \n Total deposits     1,958,403       2.53 %     1,971,190       2.64 %     (12,787 )     (0.11 )% \n Borrowings     —     N/A       —     N/A       —     N/A   \n Total interest-bearing liabilities     1,669,419       2.97 %     1,677,723       3.10 %     (8,304 )     (0.13 )% \n \n(excluding non-interest deposits) \n Non-interest-bearing deposits     288,984             293,467             (4,483 )     —   \n Total cost of funds     1,958,403       2.53 %     1,971,190       2.64 %     (12,787 )     (0.11 )% \n Accrued expenses and other liabilities     38,114             37,721                     \n Stockholders’ equity     272,318             267,971                     \n Total liabilities and stockholders’   $ 2,268,835           $ 2,276,882                     \n \nequity \n Net interest spread           3.02 %           2.87 %             \n Net interest margin           3.63 %           3.51 %             \n Net interest margin (FTE) (1, 2)           3.67 %           3.54 %             \n\n 1 Includes federal and state tax effect of tax-exempt securities and loans. \n 2 This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n\n Princeton Bancorp, Inc. \n Quarterly Financial Highlights \n (Unaudited) \n   \n     2026     2025     2025     2025     2025   \n     March     December     September     June     March   \n Return on average assets     1.11 %     1.06 %     1.15 %     0.12 %     0.93 % \n Return on average equity     9.28 %     9.00 %     9.75 %     1.04 %     8.26 % \n Return on average tangible equity(1)     9.90 %     9.62 %     10.45 %     1.12 %     8.86 % \n Net interest margin     3.63 %     3.51 %     3.77 %     3.54 %     3.51 % \n Net interest margin (FTE)(1)     3.67 %     3.54 %     3.81 %     3.58 %     3.56 % \n Adjusted efficiency ratio(1)     62.03 %     60.38 %     63.68 %     63.10 %     64.75 % \n COMMON STOCK DATA                               \n Market value at period end   $ 33.77     $ 34.69     $ 31.84     $ 30.54     $ 30.55   \n Market range:                               \n High   $ 37.84     $ 36.69     $ 34.84     $ 32.97     $ 34.31   \n Low   $ 32.98     $ 29.75     $ 29.95     $ 27.69     $ 30.02   \n Book value per common share at period end   $ 40.26     $ 40.01     $ 39.48     $ 38.49     $ 38.56   \n Tangible book value per common share(1)   $ 37.76     $ 37.48     $ 36.80     $ 35.91     $ 36.00   \n Shares of common stock outstanding (in thousands)     6,796       6,766       6,773       6,806       6,923   \n CAPITAL RATIOS                               \n Total capital (to risk-weighted assets)(2)     13.98 %     14.01 %     13.78 %     13.05 %     13.67 % \n Tier 1 capital (to risk-weighted assets)(2)     12.93 %     12.95 %     12.73 %     12.01 %     12.48 % \n Tier 1 capital (to average assets)(2)     11.35 %     11.12 %     11.15 %     10.63 %     10.91 % \n Equity to assets     12.14 %     11.86 %     11.96 %     11.69 %     11.52 % \n Tangible equity to tangible assets(1)     11.47 %     11.19 %     11.27 %     10.99 %     10.83 % \n CREDIT QUALITY DATA (Dollars in thousands)                               \n Net charge-offs (recoveries)   $ 1     $ 235     $ (86 )   $ 9,859     $ (60 ) \n Annualized net charge-offs (recoveries) to average     0.000 %     (0.003 )%     (0.019 )%     2.136 %     (0.013 )% \n \nloans \n Nonperforming loans   $ 16,478     $ 16,529     $ 16,710     $ 16,530     $ 26,522   \n Other real estate owned     —       —       —       —       —   \n Total nonperforming assets   $ 16,478     $ 16,529     $ 16,710     $ 16,530     $ 26,522   \n Allowance for credit losses as a percent of:                               \n Period-end loans, net of deferred fees and costs     1.10 %     1.12 %     1.14 %     1.14 %     1.29 % \n Nonperforming loans     121.58 %     122.97 %     122.33 %     127.13 %     90.27 % \n Nonperforming assets     121.58 %     122.97 %     122.33 %     127.13 %     90.27 % \n Nonaccrual loans as a percent of total loans, net of     0.91 %     0.91 %     0.93 %     0.90 %     1.43 % \n \ndeferred fees and costs \n\n 1  This is a non-GAAP financial measure. For more information, see \n “Supplemental Information - Non-GAAP Financial Measures (Unaudited)” \n below. \n 2 Capital ratios presented herein are derived from the Call Report of The Bank \n of Princeton. \n\n\nPrinceton Bancorp, Inc\n\nSupplemental Information – Non-GAAP Financial Measures\n\n(Unaudited)\n\nThis press release contains certain supplemental financial information,\ndescribed in the table below, which has been determined by methods other than\nU.S. Generally Accepted Accounting Principles (“GAAP”) that management\nuses in its analysis of its performance. These non-GAAP financial measures are\n“tangible book value per common share,” “return on average tangible\nequity,” “efficiency ratio,” “adjusted efficiency ratio,”\n“tangible equity to tangible assets,” and “net interest margin on a\nfully taxable equivalent.” For the purpose of calculating return on average\ntangible equity, net income for such period is annualized and divided by\naverage tangible equity during such period. Average tangible equity equals\naverage shareholders’ equity during the applicable period less average\ngoodwill and other intangible assets during the applicable period. For the\npurpose of calculating tangible equity to tangible assets, tangible equity is\ndivided by tangible assets. Tangible equity equals total shareholders’\nequity less goodwill and other intangible assets, in each case at period end.\nTangible assets equal total assets less goodwill and other intangible assets,\nin each case at period end. For the purpose of calculating tangible book value\nper common share, tangible equity is divided by the number of common shares\noutstanding, in each case at period end. For the purpose of calculating\nefficiency ratio, total operating expense is divided by total revenue for the\nperiod. For the purpose of calculating adjusted efficiency ratio, total\noperating expense minus core deposit intangible amortization is divided by\ntotal revenue for the period. For the purpose of calculating net interest\nmargin on a fully taxable equivalent, fully taxable equivalent adjustments are\nadded to net interest income for the period, net interest income fully taxable\nequivalent for such period is annualized and divided by average interest\nearning assets during such period.\n\nManagement believes that these non-GAAP financial measures provide valuable\ninsights into understanding our financial results by excluding certain items\nthat can distort our core business results. This allows investors to better\nunderstand our ongoing operations and assess our future potential, while still\nbeing transparent about the adjustments made to arrive at these non-GAAP\nfigures. These non-GAAP measures should not be considered a substitute for\nGAAP basis measures and results and the Company strongly encourages investors\nto review its consolidated financial statements in their entirety and not to\nrely on any single financial measure. Because non-GAAP financial measures are\nnot standardized, it may not be possible to compare these financial measures\nwith other companies’ non-GAAP financial measures having the same or similar\nnames.\n\nIn addition to the items noted above, defined footnotes are included in the\nSupplemental Information – Non-GAAP Financial Measures table below. Income\nannualized is calculated using income for the period divided by the number of\ndays in the period, then multiplied by total days in the year. Average equity\nis calculated using the sum of daily equity balance for the period, divided by\nthe number of days in the period. Fully taxable equivalent adjustment is\ncalculated using tax exempt loan income plus tax exempt securities income for\nthe period, multiplied by a tax rate of 28%.\n Princeton Bancorp, Inc. \n Supplemental Information - Non-GAAP Financial Measures \n (Unaudited) \n (Dollars in thousands) \n   \n     Three months ended   \n     2026     2025     2025     2025     2025   \n     March     December     September     June     March   \n Net (loss) income (annualized)(1)   $ 25,262     $ 24,122     $ 25,653     $ 2,760     $ 21,811   \n Average equity(2)     272,318       267,971       263,088       264,878       264,034   \n Less: average intangible assets(3)     (17,084 )     (17,280 )     (17,493 )     (17,701 )     (17,929 ) \n Average Tangible Equity   $ 255,234     $ 250,691     $ 245,595     $ 247,177     $ 246,105   \n Return on average tangible equity     9.90 %     9.62 %     10.45 %     1.12 %     8.86 % \n                                 \n Net interest income   $ 18,858     $ 18,630     $ 19,619     $ 18,810     $ 18,757   \n Other income     2,451       2,119       1,908       2,251       2,190   \n Total revenue     21,309       20,749       21,527       21,061       20,947   \n Non-interest expenses   $ 13,415     $ 12,729     $ 13,917     $ 13,509     $ 13,792   \n Less: core deposit intangible amortization     (196 )     (200 )     (209 )     (219 )     (228 ) \n Total operating expenses   $ 13,219     $ 12,529     $ 13,708     $ 13,290     $ 13,564   \n Adjusted efficiency ratio     62.03 %     60.38 %     63.68 %     63.10 %     64.75 % \n                                 \n Total Assets   $ 2,253,767     $ 2,283,147     $ 2,229,090     $ 2,241,668     $ 2,318,097   \n Less: intangible assets     (16,961 )     (17,157 )     (17,357 )     (17,566 )     (17,784 ) \n Tangible assets   $ 2,236,806     $ 2,265,990     $ 2,211,733     $ 2,224,102     $ 2,300,313   \n Stockholders’ equity   $ 273,599     $ 270,712     $ 266,607     $ 261,946     $ 266,987   \n Less: intangible assets     (16,961 )     (17,157 )     (17,357 )     (17,566 )     (17,784 ) \n Tangible equity   $ 256,638     $ 253,555     $ 249,250     $ 244,380     $ 249,203   \n Tangible equity to tangible assets     11.47 %     11.19 %     11.27 %     10.99 %     10.83 % \n                                 \n Tangible equity   $ 256,638     $ 253,555     $ 249,250     $ 244,380     $ 249,203   \n Shares outstanding (in thousands)     6,796       6,766       6,773       6,806       6,923   \n Tangible book value per share   $ 37.76     $ 37.48     $ 36.80     $ 35.91     $ 36.00   \n\n 1 Income annualized is calculated using income for the period divided by the \n number of days in the period, then multiplied by total days in the year. \n 2 Average equity is calculated using the sum of daily equity balance for the \n period, divided by the number of days in the period. \n 3 Average intangible assets is calculated using the sum of daily equity balance \n for the period, divided by the number of days in the period. \n\n     Three months ended   \n     2026     2026     2026     2026     2025   \n     March     December     September     June     March   \n Net interest income   $ 18,858     $ 18,630     $ 19,619     $ 18,810     $ 18,757   \n FTE adjustment(1)     207       209       211       212       250   \n Net interest income FTE   $ 19,065     $ 18,839     $ 19,830     $ 19,022     $ 19,007   \n Net interest income FTE (annualized)(2)   $ 77,318     $ 74,743     $ 78,675     $ 76,297     $ 77,083   \n Average interest earning assets     2,104,262       2,108,657       2,063,990       2,129,246       2,164,911   \n Net interest margin FTE     3.67 %     3.54 %     3.81 %     3.58 %     3.56 % \n\n 1 Fully taxable equivalent adjustment is calculated using tax exempt loan income \n plus tax exempt securities income for the period, multiplied by a tax rate of \n 28%. \n 2 Income annualized is calculated using income for the period divided by the \n number of days in the period, then multiplied by total days in the year. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260423814098/en/\n(https://www.businesswire.com/news/home/20260423814098/en/)\n\nGeorge Rapp \n\n609.454.0718 \n\ngrapp@thebankofprinceton.com (mailto:grapp@thebankofprinceton.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-04-23T20:00:00.464628642Z","server_sent_at_ms":1776974400464},"received_at":"2026-04-23T20:00:00.659Z","source_url":"https://www.businesswire.com/news/home/20260423814098/en/"},"analysis":null,"durationMs":null,"modelName":null}}