Princeton Bancorp, Inc.
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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FY2024 · Filed Mar 14, 2025
BPRN$44.54+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $10,242 | $25,765 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 5,109 | 3,108 |
| Depreciation and amortization | 1,681 | 1,476 |
| Stock-based compensation expense | 1,013 | 807 |
| Amortization of premiums and accretion of discounts on securities, net | 303 | 26 |
| Accretion of net deferred loan fees and costs | (4,146) | (2,814) |
| Loss (gain) on call/sale of securities available-for-sale | 7 | (39) |
| Increase in cash surrender value of bank-owned life insurance | (1,673) | (1,293) |
| Deferred income tax | (807) | 200 |
| Amortization of core deposit intangible | 602 | 502 |
| Bargain purchase gain | — | (9,696) |
| Write down on other real estate owned | — | (203) |
| Decrease in accrued interest receivable and other assets | 3,936 | 1,817 |
| Increase (decrease) in accrued interest payable and other liabilities | (1,537) | 3,456 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 14,730 | 23,112 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of available-for-sale securities | (179,488) | (8,439) |
| Maturities, calls and principal repayments of securities available-for-sale | 34,827 | 6,505 |
| Maturities, calls and principal repayments of securities held-to-maturity | 32 | 8 |
| Net (increase) decrease in loans | (10,898) | 10,738 |
| Cash paid for acquisition | — | (25,414) |
| Cash received from acquisition | 7,866 | 23,181 |
| Purchases of premises and equipment | (1,525) | (1,712) |
| Purchases of bank-owned life insurance | (2,873) | (4,950) |
| Purchases of equity method investments | (1,675) | (6,245) |
| Redemption (purchases) of restricted bank stock | (319) | 332 |
| Proceeds from other real estate owned | — | 236 |
| NET CASH (USED IN) INVESTMENT ACTIVITIES | (154,053) | (5,760) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net increase in deposits | 114,127 | 96,311 |
| Proceeds from overnight borrowings | — | (10,000) |
| Cash dividends | (7,607) | (7,446) |
| Share redemption for tax withholding on restricted stock vesting | (249) | — |
| Purchase of treasury stock | (842) | — |
| Proceeds from exercise of stock options | 685 | 989 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 106,114 | 79,854 |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (33,209) | 97,206 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 150,557 | 53,351 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $117,348 | $150,557 |
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| SUPPLEMENTARY CASH FLOWS INFORMATION: | ||
| Interest paid | $50,175 | $25,029 |
| Income taxes paid | $1,820 | $5,883 |
| Net assets acquired from Cornerstone Bank 1 | $303,476 | $— |
| Net liabilities assumed from Cornerstone Bank 1 | $288,971 | $— |
| Property transferred to other real estate owned | $295 | $— |
| 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. |
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