Princeton Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Princeton Bancorp, Inc. has submitted its 2023 10-K filing, outlining financial results and operational details.</b>

AI Summary

Princeton Bancorp, Inc. (BPRN) filed a Annual Report (10-K) with the SEC on March 25, 2024. Princeton Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing details the company's financial performance and business operations. Income tax expense of approximately $13,000 was realized in 2023, with no expense or benefit in 2022. The report includes data on various asset and liability categories as of December 31, 2022. Key dates related to the company's filings and fiscal year-end are provided.

Why It Matters

For investors and stakeholders tracking Princeton Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Princeton Bancorp's financial health and strategic positioning for investors and analysts. The detailed financial data and risk factors disclosed in the report are crucial for understanding the company's performance and future outlook in the banking sector.

Risk Assessment

Risk Level: medium — Princeton Bancorp, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks specific forward-looking statements or immediate significant events that would elevate the risk level beyond medium.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Princeton Bancorp's performance and potential risks in the current banking environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-25 — Filing Date (Filed as of date)
• $13,000 — 2023 Income Tax Expense (Income tax expense realized during 2023)

Key Players & Entities

• Princeton Bancorp, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2022 (date) — Prior fiscal year comparison
• 10-K (document) — Form type
• PA (location) — State of incorporation
• NJ (location) — Mail address state
• $13,000 (dollar_amount) — Income tax expense in 2023

FAQ

Industry Context

Princeton Bancorp, Inc. operates within the commercial banking industry, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Princeton Bancorp is subject to regulations from various federal and state agencies overseeing the banking sector.

What Investors Should Do

1. Analyze the Consolidated Statements of Income for revenue and expense details.
2. Examine the notes to the financial statements for specific details on assets acquired and liabilities assumed.
3. Review the company's business description and risk factors for operational and market insights.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date Princeton Bancorp, Inc. filed its 10-K.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the most recent annual financial and operational data for Princeton Bancorp, Inc.

Key Financial Figures

• $1.14 b — mily loans amounted in the aggregate to $1.14 billion, or 73.8% of the total loans rece
• $269.3 million — ial real estate portfolio has increased $269.3 million or 30.8% since December 31, 2022, when
• $873.6 m — tate and multi-family loans amounted to $873.6 million, or 63.7%, of our total portfolio
• $1.9 million — real estate loan size was approximately $1.9 million. Although terms for commercial real e
• $31 million — argest commercial real estate loan is a $31 million loan (split between two loans, $29 mill
• $29 million — million loan (split between two loans, $29 million and $2 million). This loan exceeds the
• $2 million — plit between two loans, $29 million and $2 million). This loan exceeds the Bank's internal
• $38.0 million — s below the regulatory lending limit of $38.0 million. The proceeds were used to refinance an
• $23.3 million — argest commercial real estate loan is a $23.3 million loan. The proceeds were used to refinan
• $20.7 million — argest commercial real estate loan is a $20.7 million loan. The proceeds were used to refinan
• $51.0 m — rial loans amounted in the aggregate to $51.0 million, or 3.3%, of the total loan portf
• $22.1 m — and industrial portfolio has increased $22.1 million, or 76.6%, since December 31, 202
• $31.3 m — ercial and industrial loans amounted to $31.3 million, or 2.3%, of our total loan portf
• $9.9 million — est commercial and industrial loan is a $9.9 million loan. The proceeds were used for busine
• $5.0 million — est commercial and industrial loan is a $5.0 million loan. The proceeds were used as a fully

Filing Documents

• d764933d10k.htm (10-K) — 2728KB
• d764933dex211.htm (EX-21.1) — 3KB
• d764933dex231.htm (EX-23.1) — 2KB
• d764933dex311.htm (EX-31.1) — 11KB
• d764933dex312.htm (EX-31.2) — 11KB
• d764933dex321.htm (EX-32.1) — 3KB
• d764933dex971.htm (EX-97.1) — 8KB
• g764933g15m88.jpg (GRAPHIC) — 65KB
• g764933g79a62.jpg (GRAPHIC) — 5KB
• 0001193125-24-076546.txt (&nbsp;) — 14162KB
• bprn-20231231.xsd (EX-101.SCH) — 87KB
• bprn-20231231_cal.xml (EX-101.CAL) — 96KB
• bprn-20231231_def.xml (EX-101.DEF) — 435KB
• bprn-20231231_lab.xml (EX-101.LAB) — 747KB
• bprn-20231231_pre.xml (EX-101.PRE) — 616KB
• d764933d10k_htm.xml (XML) — 2988KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 30 Item 1C Cybersecurity 30 Item 2

Properties

Properties 31 Item 3

Legal Proceedings

Legal Proceedings 33 Item 4 Mine Safety 33 PART II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters Issuer Purchase of Equity Securities 34 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 37 Item 7A Quantitative and Qualitative Disclosure and Market Data 46 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9 Changes in and Disagreement with Accounts and Accounting Financial Disclosure 91 Item 9A

Controls and Procedures

Controls and Procedures 91 Item 9B Other Information 91 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III Item 10 Directors, Executive Officers and Corporate Governance 92 Item 11

Executive Compensation

Executive Compensation 92 Item 12

Security Ownership of Certain Beneficial Owners and Management Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management Related Stockholder Matters 92 Item 13 Certain Relationships and Related Transaction, and Directors Independence 92 Item 14 Principal Accounting Fees and Services 92 PART IV Item 15 Exhibits: Financial Statement Schedules 93 Item 16 Form 10- K Summary 95

Signatures

Signatures 3 Table of Contents Explanatory Note On January 10, 2023 (the "Effective Date"), Princeton Bancorp, Inc., a Pennsylvania corporation (the "Company") acquired all of the outstanding stock of The Bank of Princeton, a New Jersey state-chartered bank (the "Bank"), in a corporate reorganization (the "Reorganization"). Pursuant to the Reorganization, shares of the Bank's common stock were exchanged for shares of the Company's common stock on a one-for-one basis. As a result, the Bank became the sole direct subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. Before the Effective Date, the Bank's common stock was registered under Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), and the Bank was subject to the information requirements of the Exchange Act and filed quarterly reports, proxy statements and other information with the Federal Deposit Insurance Corporation ("FDIC"). As of the Effective Date, the Company is the successor registrant to the Bank, the Company's common stock is deemed to be registered under Section 12(b) of the Exchange Act, and the Company has become subject to the information requirements of the Exchange Act and files reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). Prior to the Effective Date, the Company conducted no operations other than obtaining regulatory approval for the Reorganization. Accordingly, the consolidated financial statements as of and for the year ended December 31, 2022, discussions of those financial statements, and market data and all other information presented herein as of any dates prior to the Effective Date, are those of the Bank. In this report, unless the context indicates otherwise, references to "we," "us," and "our" refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Da

View Full Filing

View this 10-K filing on SEC EDGAR