Net interest income growth has significantly decelerated to 0.5% in 2026Q1, while the net interest margin remains constrained at a flat 0.8% level.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Net Interest Income | 75.92M | 75.82M | 66.53M | 65.02M | 68.08M | 62.6M | 48.85M | 41.45M | 41.01M | 39.13M | 37.67M | 36.38M | 0 | 0 | 0 | -289K | -342.51K |
| NII Growth % | 36.47% | 13.95% | 2.33% | -4.5% | 8.76% | 28.15% | 17.85% | 1.08% | 4.8% | 3.88% | 3.53% | - | - | - | 100% | 15.62% | - |
| Net Interest Margin % | 3.37% | 3.32% | 2.84% | 3.39% | 4.25% | 3.71% | 3.05% | 2.85% | 3.28% | 3.26% | 3.67% | 3.59% | 0% | 0% | 0% | -0.04% | -0.07% |
| Interest Income | 128.33M | 130.55M | 122.95M | 98.18M | 74.08M | 69.28M | 61.68M | 59.72M | 54.37M | 47.97M | 45.43M | 43.22M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52.41M | 54.74M | 56.41M | 33.16M | 6M | 6.67M | 12.83M | 18.27M | 13.36M | 8.84M | 7.76M | 6.84M | 7.16M | 7.12M | 7.25M | 289K | 342.51K |
| Loan Loss Provision | 6.23M | 6.65M | 5.11M | 3.11M | 400K | 3.63M | 5.22M | 4.8M | 665K | 3.77M | -41K | 1.9M | 0 | 0 | 0 | 27.94M | 17.32M |
| Non-Interest Income | 8.73M | 8.44M | 8.15M | 7.22M | 4.86M | 4.67M | 4.81M | 3.38M | 2.12M | 2.83M | 2.35M | 2.29M | 34.58M | 29.79M | 27.04M | 28.23M | 17.66M |
| Non-Interest Income % | 6.37% | 6.07% | 6.22% | 6.85% | 6.16% | 6.31% | 7.23% | 5.36% | 3.76% | 5.57% | 4.93% | 5.03% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 137.06M | 138.99M | 131.1M | 105.4M | 78.94M | 73.94M | 66.48M | 63.1M | 56.49M | 50.8M | 47.79M | 45.51M | 34.58M | 29.79M | 27.04M | 28.23M | 17.66M |
| Revenue Growth % | 2.93% | 6.02% | 24.38% | 33.51% | 6.77% | 11.22% | 5.36% | 11.71% | 11.19% | 6.31% | 5.01% | 31.62% | 16.07% | 10.19% | -4.24% | 59.85% | - |
| Non-Interest Expense | 53.57M | 53.92M | 56.76M | 38.8M | 38.49M | 34.45M | 31.14M | 27.73M | 24.76M | 23.33M | 23.76M | 22.06M | 19.21M | 18.01M | 18.04M | 4.99M | 3.01M |
| Efficiency Ratio | 39.09% | 38.79% | 43.3% | 36.81% | 48.76% | 46.6% | 46.84% | 43.95% | 43.83% | 45.93% | 49.72% | 48.47% | 55.56% | 60.47% | 66.72% | 17.68% | 17.02% |
| Operating Income | 24.85M | 23.68M | 12.82M | 30.34M | 34.05M | 29.19M | 17.29M | 12.3M | 17.71M | 14.86M | 16.3M | 14.71M | 13.71M | 13.16M | 10.72M | 3.99M | -115.67K |
| Operating Margin % | 18.13% | 17.04% | 9.78% | 28.78% | 43.14% | 39.48% | 26.01% | 19.5% | 31.35% | 29.26% | 34.12% | 32.32% | 39.65% | 44.19% | 39.65% | 14.13% | -0.65% |
| Operating Income Growth % | - | 84.78% | -57.75% | -10.92% | 16.66% | 68.82% | 40.52% | -30.52% | 19.14% | -8.84% | 10.85% | 7.29% | 4.13% | 22.81% | 168.78% | 3547.65% | - |
| Pretax Income | 24.85M | 23.68M | 12.82M | 30.34M | 34.05M | 29.19M | 17.29M | 12.3M | 17.71M | 14.86M | 16.3M | 14.71M | 12.17M | 11.78M | 9M | 3.88M | 898.8K |
| Pretax Margin % | 18.13% | 17.04% | 9.78% | 28.78% | 43.14% | 39.48% | 26.01% | 19.5% | 31.35% | 29.26% | 34.12% | 32.32% | 35.19% | 39.53% | 33.28% | 13.73% | 5.09% |
| Income Tax | 5.38M | 5.07M | 2.57M | 4.57M | 7.56M | 6.7M | 3.48M | 2.16M | 3M | 3.85M | 4.46M | 3.7M | 3.17M | 2.98M | 2.69M | 1.06M | -1.49M |
| Effective Tax Rate % | 21.67% | 21.41% | 20.08% | 15.07% | 22.2% | 22.96% | 20.15% | 17.57% | 16.94% | 25.9% | 27.36% | 25.17% | 26.03% | 25.26% | 29.85% | 27.43% | -165.58% |
| Net Income | 19.46M | 18.61M | 10.24M | 25.77M | 26.49M | 22.49M | 13.81M | 10.14M | 14.71M | 11.01M | 11.84M | 11.01M | 9M | 8.8M | 6.31M | 2.81M | 2.39M |
| Net Margin % | 14.2% | 13.39% | 7.81% | 24.44% | 33.56% | 30.41% | 20.77% | 16.07% | 26.04% | 21.68% | 24.78% | 24.18% | 26.03% | 29.54% | 23.34% | 9.96% | 13.52% |
| Net Income Growth % | 72.62% | 81.71% | -60.25% | -2.75% | 17.82% | 62.87% | 36.13% | -31.04% | 33.54% | -7% | 7.6% | 22.28% | 2.27% | 39.45% | 124.35% | 17.84% | - |
| Net Income (Continuing) | 19.46M | 18.61M | 10.24M | 25.77M | 26.49M | 22.49M | 13.81M | 10.14M | 14.71M | 11.01M | 11.84M | 11.01M | 9M | 8.8M | 6.31M | 2.81M | 2.39M |
| EPS (Diluted) | 2.86 | 2.71 | 1.55 | 4.03 | 4.11 | 3.30 | 2.01 | 1.47 | 2.14 | 1.90 | 2.36 | 2.34 | 1.92 | 1.90 | 1.36 | 0.68 | 0.68 |
| EPS Growth % | 74.39% | 74.84% | -61.54% | -1.95% | 24.55% | 64.18% | 36.73% | -31.31% | 12.63% | -19.49% | 0.85% | 21.88% | 1.05% | 39.71% | 100% | 0% | - |
| EPS (Basic) | - | 2.73 | 1.57 | 4.10 | 4.19 | 3.37 | 2.04 | 1.51 | 2.22 | 2.00 | 2.52 | 2.34 | 1.92 | 1.90 | 1.36 | 0.69 | 0.69 |
| Diluted Shares Outstanding | 6.81M | 6.86M | 6.62M | 6.39M | 6.45M | 6.81M | 6.87M | 6.9M | 6.87M | 5.79M | 5.02M | 4.7M | 4.69M | 4.64M | 4.64M | 4.16M | 3.51M |
CRE concentration refinance risk
According to quarterly financial data, BPRN's net interest income growth has decelerated from a peak of 21.4% in 2025Q1 to 0.5% by 2026Q1, reflecting the mounting pressure of rising funding costs on the bank's core interest-earning asset base within the competitive New Jersey market.
The trajectory suggests that the bank is struggling to maintain loan yield expansion as deposit betas likely normalize at higher levels. Investors should monitor whether the bank can sustain its current NII levels without further compressing its already tight net interest margin.
As reported in financial statements, BPRN's net interest margin has remained stubbornly flat at 0.8% for the majority of the last ten quarters, indicating that asset repricing is being almost entirely offset by the rising cost of interest-bearing liabilities in the current rate environment.
This lack of margin expansion suggests that the bank's deposit base may be more price-sensitive than its localized brand equity would imply. Without a shift toward lower-cost core deposits, the bank appears limited in its ability to improve profitability through interest rate tailwinds alone.
Based on BPRN's reported figures, the efficiency ratio has exhibited significant volatility, spiking to 59.5% in 2024Q3 before settling near 40.0% in 2026Q1, which highlights the difficulty of managing fixed operating costs against a fluctuating revenue base in a regional banking model.
The periodic spikes in the efficiency ratio suggest that non-interest expenses are not perfectly scalable, potentially creating earnings drag during periods of revenue stagnation. Management's ability to control these overhead costs will be critical to maintaining stable operating margins moving forward.
Data from recent filings reveals erratic provision expenses, including a notable $7.0 million charge in 2025Q2, which suggests that the bank is actively managing potential credit deterioration within its concentrated commercial real estate and multi-family loan portfolios as regional property valuations face increased scrutiny.
The inconsistency in provision levels warrants further investigation into the specific underlying asset quality of the CRE book. Investors should interpret these swings as a sign of heightened sensitivity to the credit cycle rather than a reflection of stable, long-term loss expectations.
As evidenced by the sharp net income decline in 2024Q3 and 2025Q2, BPRN's bottom-line performance appears highly susceptible to lumpy provision expenses, which may obscure the underlying core earnings power of the institution and complicate the assessment of its true long-term profitability and dividend sustainability.
The reliance on periodic, large-scale provisioning suggests that the bank's earnings are not as predictable as the stable NIM might imply. This volatility may indicate that the bank is absorbing credit shocks in real-time, which could limit its ability to deploy capital effectively.
Quick answers to the most common questions about buying BPRN stock.
Princeton Bancorp, Inc. (BPRN) is profitable, generating $18.6M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Princeton Bancorp, Inc. (BPRN) reported an operating income of $23.7M, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Princeton Bancorp, Inc. (BPRN) generated $77.6M in gross profit for the year, representing a gross profit margin of 55.8%. This demonstrates the company's core pricing power and production efficiency.