Princeton Bancorp, Inc. (NASDAQ: BPRN), a leading holding company in the United States, announced a decline in its net income for the fourth quarter, primarily driven by heightened non-interest expenses and an increased tax burden. However, these factors were somewhat mitigated by improved interest income.
For the fourth quarter of 2024, Princeton Bancorp recorded a net income of $5.2 million or $0.75 per share, down from $5.3 million or $0.82 per share in the same quarter of the previous year.
Net interest income for the quarter rose to $18 million, up from $16 million in the corresponding period last year.
Despite the increase in interest income, the company's net interest margin experienced a dip, falling to 3.28 percent from 3.55 percent in the fourth quarter of the prior year.
Overall, Princeton’s net revenue for the quarter was $29.477 million, reflecting an increase from $24.364 million during the same period last year.
