Princeton Bancorp Inc
For the period ended Dec 31, 2023. Filed Mar 25, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 25, 2024
BPRN$44.54+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $25,765 | $26,494 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 3,108 | 400 |
| Depreciation and amortization | 1,476 | 1,483 |
| Stock-based compensation expense | 807 | 44 |
| Amortization of premiums and accretion of discount on securities | 26 | 49 |
| Accretion of net deferred loan fees and costs | (2,814) | (5,094) |
| Gain on call/sale of securities available-for-sale | (39) | (2) |
| Increase in cash surrender value of bank-owned life insurance | (1,293) | (1,138) |
| Deferred income tax | 200 | 527 |
| Amortization of core deposit intangible | 502 | 568 |
| Bargain purchase gain | (9,696) | — |
| (Gain) loss on sale of other real estate owned | (203) | 125 |
| Write down on other real estate owned | — | 101 |
| Decrease in accrued interest receivable and other assets | 1,817 | 943 |
| Increase (decrease) in accrued interest payable and other liabilities | 3,456 | (513) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 23,112 | 23,987 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of available-for-sale securities | (8,439) | (5,377) |
| Principal repayments of securities available-for-sale | 4,901 | 6,701 |
| Maturities and calls of securities available-for-sale | 1,604 | 3,659 |
| Maturities, calls and principal repayments of securities held-to-maturity | 8 | 8 |
| Net decrease (increase) in loans | 10,738 | (30,444) |
| Cash paid for acquisition | (25,414) | — |
| Cash received from acquisition | 23,181 | — |
| Purchases of premises and equipment | (1,712) | (607) |
| Purchases of bank-owned life insurance | (4,950) | — |
| Purchases of equity method investments | (6,245) | — |
| Redemption (purchase) of restricted bank stock | 332 | (397) |
| Proceeds from other real estate owned | 236 | — |
| NET CASH USED IN INVESTMENT ACTIVITIES | (5,760) | (26,457) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net increase (decrease) in deposits | 96,311 | (98,413) |
| (Repayment of) proceeds from overnight borrowings | (10,000) | 10,000 |
| Cash dividends | (7,555) | (6,457) |
| Dividend reinvestment program | 109 | 94 |
| Purchase of treasury stock | — | (9,420) |
| Proceeds from exercise of stock options | 989 | 1,092 |
| Release of restricted stock units | — | 209 |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 79,854 | (102,895) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 97,206 | (105,365) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 53,351 | 158,716 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $150,557 | $53,351 |
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| SUPPLEMENTARY CASH FLOWS INFORMATION: | ||
| Interest paid | $25,029 | $6,017 |
| Income taxes paid | $5,883 | $6,985 |
| Net assets acquired from Noah Bank 1 | $239,451 | $— |
| Net liabilities assumed from Noah Bank 1 | $204,341 | $— |
| 1 | For details of assets acquired and liabilities assumed - See Note 2. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.