Princeton Bancorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total assets, which rose to $2.35 billion, reflecting a 22.87% increase from $1.92 billion at the end of 2023. This growth was primarily driven by the acquisition of Cornerstone Bank, which contributed approximately $303.5 million in assets.

Total deposits also saw a substantial increase, climbing to $2.05 billion, up 25.08% from $1.64 billion at the end of 2023. This increase included $282.8 million from the Cornerstone acquisition and $127.5 million from existing operations. The components of this growth included significant rises in certificates of deposit and money market deposits.

For the three months ended September 30, 2024, Princeton Bancorp reported total interest and dividend income of $31.81 million, an increase from $27 million in the same period of 2023. However, net interest income after provisions for credit losses fell to $12.51 million, down from $16.87 million year-over-year. The company recorded a net loss of $4.46 million for the quarter, a stark contrast to the net income of $7.60 million reported in the same quarter of 2023. This decline was attributed to increased non-interest expenses related to the Cornerstone acquisition, which totaled $10 million, and a provision for credit losses of $4.6 million.

For the nine months ended September 30, 2024, net income was $5.02 million, a decrease from $20.48 million in the same period of 2023. The decline was influenced by a lack of significant bargain purchase gains, as seen in the previous year’s acquisition of Noah Bank, and increased operational costs associated with the recent merger.

The company’s total non-interest expense surged to $20.14 million for the third quarter, up from $10.16 million in the prior year, primarily due to merger-related costs. Additionally, the provision for credit losses increased significantly, reflecting the impact of the acquired loan portfolio from Cornerstone Bank.

Princeton Bancorp's strategic acquisitions, including the recent merger with Cornerstone Financial Corporation, have positioned the company for growth, although they have also introduced challenges in terms of integration costs and credit loss provisions. The company continues to maintain a strong capital position, with total stockholders' equity increasing to $261.5 million as of September 30, 2024.