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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20429

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-41589

PRINCETON BANCORP, INC.

(Exact name of registrant as specified in its charter)

     Pennsylvania

     88-4268702

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

183 Bayard Lane, Princeton, New Jersey 08540

(Address of principal executive offices) (Zip Code)

(609) 921-1700

(Registrant’s telephone number, including area code)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

     Title of each class
 
     Trading
Symbol(s)
 
     Name of each exchange
on which registered

     Common stock, no par value

     BPRN

     The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☒

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 5, 2026, there were 6,811,150 outstanding shares of the issuer’s common stock, no par value.

TABLE OF CONTENTS


PART I FINANCIAL INFORMATION

Item 1	Financial Statements
	Unaudited Consolidated Statements of Financial Condition - March 31, 2026 and December 31, 2025	3
	Unaudited Consolidated Statements of Income - three months ended March 31, 2026 and 2025	4
	Unaudited Consolidated Statements of Comprehensive Income - three months ended March 31, 2026 and 2025	5
	Unaudited Consolidated Statements of Changes in Stockholders’ Equity - three months ended March 31, 2026 and 2025	6
	Unaudited Consolidated Statements of Cash Flows - three months ended March 31, 2026 and 2025	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3	Quantitative and Qualitative Disclosure about Market Risk	36
Item 4	Controls and Procedures	36

PART II OTHER INFORMATION

Item 1	Legal Proceedings	37
Item 1A	Risk Factors	37
Item 2	Unregistered Sale of Equity Securities and Use of Proceeds	37
Item 3	Defaults Upon Senior Securities	37
Item 4	Mine Safety Disclosures	37
Item 5	Other Information	37
Item 6	Exhibits	38

PART I–FINANCIAL INFORMATION

Item 1. Financial Statements.

PRINCETON BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except share data)


	March 31, 2026			December 31, 2025
ASSETS
Cash and due from banks	$	16,989		$	17,038
Interest-earning bank balances		89,995			19,309
Due from Federal Reserve Bank		12,810			99,339
Total cash and cash equivalents		119,794			135,686
Securities available-for-sale, at fair value (amortized cost $173,093 and $189,924 at March 31, 2026 and December 31, 2025, respectively)		164,557			182,569
Securities held-to-maturity (fair value $152 and $154 at March 31, 2026 and December 31, 2025, respectively)		151			153
Loans receivable, net of deferred fees and costs		1,819,133			1,816,416
Less: allowance for credit losses		(20,033	)		(20,325	)
Loan receivable, net		1,799,100			1,796,091
Bank-owned life insurance		71,395			70,888
Premises and equipment, net		16,720			16,900
Accrued interest receivable		7,323			7,797
Restricted investment in bank stock		2,366			2,366
Deferred taxes, net		17,192			16,857
Goodwill		14,381			14,381
Core deposit intangible		2,580			2,776
Operating lease right-of-use asset		20,228			20,121
Other assets		17,980			18,562
TOTAL ASSETS	$	2,253,767		$	2,285,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits:
Non-interest-bearing	$	303,233		$	286,013
Interest-bearing		1,639,426			1,690,180
Total deposits		1,942,659			1,976,193
Accrued interest payable		8,081			8,529
Operating lease liability		21,298			21,194
Other liabilities		8,130			8,519
TOTAL LIABILITIES		1,980,168			2,014,435
STOCKHOLDERS’ EQUITY:
Preferred stock, no par value; 2,000,000 shares authorized and none outstanding at March 31, 2026 and at December 31, 2025		—			—
Common stock, no par value; 15,000,000 shares authorized, 7,074,429 shares issued and 6,796,253 outstanding at March 31, 2026; 7,042,206 shares issued and 6,765,530 outstanding at December 31, 2025		—			—
Paid-in capital		122,988			122,904
Treasury stock, at cost; 278,176 shares at March 31, 2026 and 276,676 shares at December 31, 2025		(8,762	)		(8,707	)
Retained earnings		165,483			161,780
Accumulated other comprehensive loss		(6,110	)		(5,265	)
TOTAL STOCKHOLDERS’ EQUITY		273,599			270,712
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,253,767		$	2,285,147

See accompanying notes to unaudited consolidated financial statements.

PRINCETON BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except share data)


	Three Months Ended
	March 31,
	2026			2025
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees	$	28,066		$	29,624
Securities available-for-sale:
Taxable		1,519			2,616
Tax-exempt		274			284
Securities held-to-maturity		2			2
Other interest and dividend income		1,210			769
TOTAL INTEREST AND DIVIDEND INCOME		31,071			33,295
INTEREST EXPENSE
Deposits		12,213			14,538
TOTAL INTEREST EXPENSE		12,213			14,538
NET INTEREST INCOME		18,858			18,757
Provision for (reversal of) credit losses		(156	)		268
NET INTEREST INCOME AFTER PROVISION FOR (REVERSAL OF) CREDIT LOSSES		19,014			18,489
NON-INTEREST INCOME
Income from bank-owned life insurance		507			471
Fees and service charges		580			511
Loan fees, including prepayment penalties		528			675
Other		836			533
TOTAL NON-INTEREST INCOME		2,451			2,190
NON-INTEREST EXPENSE
Salaries and employee benefits		7,025			7,172
Occupancy and equipment		2,392			2,285
Professional fees		760			761
Data processing and communications		1,627			1,626
Federal deposit insurance		300			533
Advertising and promotion		175			171
Office		131			110
Other real estate owned		—			27
Core deposit intangible amortization		196			228
Other		809			879
TOTAL NON-INTEREST EXPENSE		13,415			13,792
INCOME BEFORE INCOME TAX EXPENSE		8,050			6,887
INCOME TAX EXPENSE		1,821			1,509
NET INCOME	$	6,229		$	5,378
Earnings per common share-basic	$	0.92		$	0.78
Earnings per common share-diluted	$	0.91		$	0.77

See accompanying notes to unaudited consolidated financial statements.

PRINCETON BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)


	Three Months Ended
	March 31,
	2026			2025
NET INCOME	$	6,229		$	5,378
Other comprehensive income
Unrealized gains (losses) arising during period on securities available-for-sale		(1,181	)		1,828
Net unrealized gain (loss) income		(1,181	)		1,828
Tax effect		336			(517	)
Total other comprehensive income (loss)		(845	)		1,311
COMPREHENSIVE INCOME	$	5,384		$	6,689

See accompanying notes to unaudited consolidated financial statements.

PRINCETON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands, except share data)


												Accumulated
												Other
	Common		Paid-in			Treasury			Retained			Comprehensive
	Stock		Capital			Stock			Earnings			Loss			Total
Three Months Ended March 31, 2026 and 2025
Balance, January 1, 2025	$	—	$	119,908		$	(842	)	$	151,915		$	(8,941	)	$	262,040
Net income		—		—			—			5,378			—			5,378
Other comprehensive income		—		—			—			—			1,311			1,311
Treasury stock repurchases (5,250 shares)		—		—			(163	)		—			—			(163	)
Stock options exercised (21,300 shares)		—		443			—			—			—			443
Share redemption for tax withholding on restricted stock vesting		—		(231	)		—			—			—			(231	)
Dividends declared ($0.30 per share)		—		—			—			(2,092	)		—			(2,092	)
Dividend reinvestment plan (994 shares)		—		31			—			(31	)		—			—
Stock-based compensation expense		—		301			—			—			—			301
Balance, March 31, 2025	$	—	$	120,452		$	(1,005	)	$	155,170		$	(7,630	)	$	266,987
Balance, January 1, 2026	$	—	$	122,904		$	(8,707	)	$	161,780		$	(5,265	)	$	270,712
Net income		—		—			—			6,229			—			6,229
Other comprehensive loss		—		—			—			—			(845	)		(845	)
Treasury stock repurchases (1,500 shares)		—		—			(55	)		—			—			(55	)
Stock options exercised (1,500 shares)		—		41			—			—			—			41
Share redemption for tax withholding on restricted stock vesting		—		(246	)		—			—			—			(246	)
Dividends declared ($0.35 per share)		—		—			—			(2,490	)		—			(2,490	)
Dividend reinvestment plan (1,053 shares)		—		36			—			(36	)		—			—
Stock-based compensation expense		—		253			—			—			—			253
Balance, March 31, 2026	$	—	$	122,988		$	(8,762	)	$	165,483		$	(6,110	)	$	273,599

See accompanying notes to unaudited consolidated financial statements.

PRINCETON BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Three Months Ended March 31,
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	6,229		$	5,378
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses		(156	)		268
Depreciation and amortization of premises and equipment		454			444
Stock-based compensation expense		253			301
Amortization of premiums and accretion of discounts on securities, net		3			7
Accretion of net deferred loan fees and costs		(1,345	)		(1,246	)
Increase in cash surrender value of bank-owned life insurance		(507	)		(470	)
Deferred income (benefit) tax		(335	)		713
Amortization of core deposit intangible		196			229
Decrease in accrued interest receivable and other assets		1,285			751
Decrease in accrued interest payable and other liabilities		(870	)		(5,124	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		5,207			1,251
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of available-for-sale securities		—			(2,564	)
Maturities, calls and principal repayments of securities available-for-sale		16,828			12,320
Maturities, calls and principal repayments of securities held-to-maturity		2			2
Decrease in loans, net of repayments		(29,091	)		(67,202	)
Purchase of loans		27,720			30,784
Purchases of premises and equipment		(274	)		(200	)
Purchases of restricted bank stock		—			(63	)
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES		15,185			(26,923	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) in deposits		(33,534	)		(21,959	)
Cash dividends		(2,490	)		(2,092	)
Share redemption for tax withholding on restricted stock vesting		(246	)		(231	)
Purchase of treasury stock		(55	)		(163	)
Proceeds from exercise of stock options		41			443
NET CASH USED IN BY FINANCING ACTIVITIES		(36,284	)		(24,002	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(15,892	)		(49,674	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		135,686			117,348
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	119,794		$	67,674
SUPPLEMENTARY CASH FLOWS INFORMATION:
Interest paid	$	12,661		$	17,429
Income taxes paid	$	488		$	1,094
Increase in ROU leases	$	860		$	—

See accompanying notes to unaudited consolidated financial statements.

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 1 – Summary of Significant Accounting Policies

Organization and Nature of Operations

The Bank of Princeton (the “Bank”) was incorporated on March 5, 2007, under the laws of the State of New Jersey and is a New Jersey state-chartered banking institution. The Bank was granted its bank charter on April 17, 2007, commenced operations on April 23, 2007, and is a full-service bank providing personal and business lending and deposit services. As a state-chartered bank, the Bank is subject to regulation by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation (“FDIC”). The area served by the Bank, through its 35 branches, is generally an area within an approximate 50-mile radius of Princeton, NJ, including parts of Burlington, Camden, Gloucester, Hunterdon, Mercer, Middlesex, Ocean, and Somerset Counties in New Jersey, and additional areas in portions of Philadelphia, Montgomery, and Bucks Counties in Pennsylvania. The Bank also has two retail branches and conducts loan origination activities in select areas of New York.

The Bank offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, commercial business loans and consumer loans, including home equity loans and lines of credit.

On January 10, 2023, Princeton Bancorp, Inc., a Pennsylvania corporation formed by the Bank (the “Company”), acquired all the outstanding stock of the Bank in a corporate reorganization. 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. As of March 31, 2026, the Company and its subsidiaries had 242 total employees and 241 full-time equivalent employees.

On August 23, 2024, the Company completed the acquisition of Cornerstone Financial Corporation (“CFC”), the holding company for Cornerstone Bank, a New Jersey chartered state bank headquartered in Mt. Laurel, New Jersey that primarily served the South Jersey market. On that date, CFC was merged into the Company, and Cornerstone Bank was merged with and into the Bank.

Basis of Financial Statement Presentation

The unaudited consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiaries: Bayard Lane, LLC, Bayard Properties, LLC, 112 Fifth Avenue, LLC, TBOP Delaware Investment Company and TBOP REIT, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation.

The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and the FDIC. Accordingly, they do not include all the information and disclosures required by GAAP for annual financial statements. In management’s opinion, the unaudited consolidated financial statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of uncertainties associated with estimating the amounts, timing and likelihood of possible outcomes, actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and evaluation of the potential impairment of goodwill.

Management believes that the allowance for credit losses is adequate as of March 31, 2026. While management uses current information to recognize losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions in the market area or other factors.

In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Such agencies may require the Company to effect certain changes that result in additions to the allowance based on their judgments about information available to them at the time of their examinations.

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 1 – Summary of Significant Accounting Policies (continued)

Segment Reporting

The Company has determined that all of its banking divisions and subsidiaries meet the aggregation criteria of Accounting Standards Codification (ASC) 280, Segment Reporting, as its current operating model is structured whereby banking divisions and subsidiaries serve a similar customer base utilizing a company-wide offering of similar products and services managed through similar processes and platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been identified as the chief operating decision maker (“CODM”).

The CODM regularly assesses performance of the aggregated single operating and reporting segment and decides how to allocate resources based on net income calculated on the same basis as is net income reported in the Company’s consolidated statements of income. The CODM is also regularly provided with expense information at a level consistent with that disclosed in the Company’s consolidated statements of income.

Reclassifications

Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year’s presentation.

Recent Accounting Pronouncements Not Yet Adopted

ASU 2023-06, “Disclosure Improvements” amends disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective dates will depend, in part, on whether an entity is already subject to the SEC’s current disclosure requirements. This ASU is not expected to have a material impact on the Company’s consolidated financial statements.

ASU 2025-08, “Financial Instruments—Credit Losses: Purchased Loans,” expands the gross‑up approach for the allowance for credit losses to certain purchased seasoned loans. The amendments are effective for fiscal years beginning after December 15, 2026, are applied prospectively, and early adoption is permitted. The Company is currently evaluating the impact and does not expect adoption to have a material impact on its consolidated financial statements.

Note 2 – Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding for the period adjusted to include the effect of outstanding stock options, if dilutive, using the treasury stock method. Shares issued during any period are weighted for the portion of the period they were outstanding.

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 2 – Earnings Per Share (concluded)

The following schedule presents earnings per share data for the three months ended March 31, 2026 and 2025 (in thousands, except per share data):


	Three months ended March 31,
	2026		2025
Net income applicable to common stock	$	6,229	$	5,378
Weighted average number of common shares outstanding		6,788		6,905
Basic earnings per share	$	0.92	$	0.78
Net income applicable to common stock	$	6,229	$	5,378
Weighted average number of common shares outstanding		6,788		6,905
Dilutive effect on common shares outstanding		20		59
Weighted average number of diluted common shares outstanding		6,808		6,964
Diluted earnings per share	$	0.91	$	0.77

Restricted stock units and options to purchase 174,751 shares of common stock at a weighted average exercise price of $30.75 were included in the computation of diluted earnings per share for the three months ended March 31, 2026. There were no antidilutive shares to be excluded from the computation of diluted earnings per share at March 31, 2026.

Restricted stock units and options to purchase 260,698 shares of common stock at a weighted average exercise price of $26.99 were included in the computation of diluted earnings per share for the three months ended March 31, 2025. There were no antidilutive shares to be excluded from the computation of diluted earnings per share at March 31, 2025.

Note 3 – Investment Securities

The following summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2026 and December 31, 2025 with gross unrealized gains and losses therein:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Available-for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	116,939	$	472	$	(5,296	)	$	112,115
U.S. government agency securities		11,260		—		(825	)		10,435
Obligations of state and political subdivisions		41,867		2		(2,895	)		38,974
Small business association (SBA) securities		1,064		6		(1	)		1,069
U.S. treasury securities		1,963		1		—			1,964
Total	$	173,093	$	481	$	(9,017	)	$	164,557

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 3 – Investment Securities (continued)


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
			(In thousands)
Available -for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	132,040	$	688	$	(5,081	)	$	127,647
U.S. government agency securities		11,260		2		(750	)		10,512
Obligations of state and political subdivisions		42,423		8		(2,233	)		40,198
Small business association (SBA) securities		1,254		6		(1	)		1,259
U.S. treasury securities		2,947		6		—			2,953
Total	$	189,924	$	710	$	(8,065	)	$	182,569

The unrealized losses, categorized by the length of time in a continuous loss position, and the fair value of related securities available-for-sale at March 31, 2026 and December 31, 2025 are as follows:


	Less than 12 Months					More than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
March 31, 2026
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	31,198	$	(174	)	$	28,698	$	(5,122	)	$	59,896	$	(5,296	)
U.S. government agency securities		4,964		(36	)		5,471		(789	)		10,435		(825	)
Obligations of state and political subdivisions		11,304		(174	)		24,660		(2,721	)		35,964		(2,895	)
Small business association (SBA) securities		191		(1	)		218		—			409		(1	)
U.S. Treasuries		—		—			—		—			—		—
Total	$	47,657	$	(385	)	$	59,047	$	(8,632	)	$	106,704	$	(9,017	)


	Less than 12 Months					More than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
December 31, 2025
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	22,206	$	(52	)	$	29,492	$	(5,029	)	$	51,698	$	(5,081	)
U.S. government agency securities		—		—			5,510		(750	)		5,510		(750	)
Obligations of state and political subdivisions		1,901		(3	)		31,025		(2,230	)		32,926		(2,233	)
Small business association (SBA) securities		381		—			223		(1	)		604		(1	)
	$	24,488	$	(55	)	$	66,250	$	(8,010	)	$	90,738	$	(8,065	)

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 3 – Investment Securities (concluded)

The amortized cost and fair value of securities available-for-sale at March 31, 2026 by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:


	Amortized		Fair
	Cost		Value
	(In thousands)
Due in one year or less	$	3,063	$	3,064
Due after one year through five years		10,842		10,668
Due after five years through ten years		39,888		36,695
Due after ten years		2,361		2,015
Mortgage-backed securities (GSEs)		116,939		112,115
	$	173,093	$	164,557

The Company uses a defined methodology for allowance for credit losses on its investment securities available-for-sale. The Company did not have an allowance for credit losses on its investment securities available-for-sale as of March 31, 2026 or 2025.

The Company’s securities primarily consist of the following types of instruments; U.S. guaranteed mortgage-backed securities, U.S. guaranteed agency bonds, state and political subdivision issued bonds, mortgage related securities guaranteed by the SBA and U.S. treasury notes. We believe it is reasonable to expect that the securities with a credit guarantee of the U.S. government will have a zero-credit loss. Therefore, no reserve was recorded for U.S. guaranteed securities or bonds at March 31, 2026. The state and political subdivision securities carry a minimum investment rating of A by either Moody’s or Standard and Poor’s. Some of the smaller municipalities also have insurance to cover the Company in the event of default. Therefore, the Company did not project a credit loss and no reserve was recorded as of March 31, 2026.

At March 31, 2026, the Company’s available-for-sale securities portfolio consisted of approximately 261 securities, of which 136 available-for-sale securities were in an unrealized loss position for more than twelve months and 48 available-for-sale securities were in an unrealized loss position for less than twelve months. The available-for-sale securities in an unrealized loss position for more than twelve months consisted of 81 municipal securities aggregating $24.7 million with a loss of $2.7 million, 49 mortgage-backed securities-GSE aggregating $28.7 million with a loss of $5.1 million, 4 agency security aggregating $5.5 million with a loss of $789 thousand and 2 SBA securities aggregating $218 thousand with a loss less than $1 thousand. The Company does not intend to sell these securities, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. Unrealized losses primarily relate to interest rate fluctuations and not credit concerns.

Accrued interest receivable on investment securities represents interest earned but not yet collected on the Company’s available-for-sale and held-to-maturity securities portfolios. Accrued interest receivable related to investments, at March 31, 2026 and December 31, 2025 was $934 thousand and $1.1 million, respectively. Accrued interest receivable is generally written off when collection of the underlying interest is deemed uncollectible, which typically occurs when the related security is placed on nonaccrual status. When a security is placed on nonaccrual, previously accrued but uncollected interest is reversed from interest income. There were no investment securities on nonaccrual status and no write-offs of accrued interest receivable for the three-month period ended March 31, 2026 and for the year ended December 31, 2025.

There are no securities pledged as of March 31, 2026 and December 31, 2025.

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 4 – Loans Receivable

Loans receivable, net at March 31, 2026 and December 31, 2025 were comprised of the following:


	March 31, 2026			December 31, 2025
	(In thousands)
Commercial real estate	$	1,323,347		$	1,343,531
Commercial and industrial		80,673			76,557
Construction		210,862			209,483
Residential first-lien mortgage		170,553			163,813
Home equity/consumer		36,192			25,359
Total loans		1,821,627			1,818,743
Deferred fees and costs, net		(2,494	)		(2,327	)
Loans, net	$	1,819,133		$	1,816,416

The Company purchased $15.8 million in residential loans and $11.9 million in consumer loans during the three months ended March 31, 2026. The Company purchased $108.2 million in residential loans and $8.7 million in consumer loans during the twelve months ended December 31, 2025.

The Company uses the discounted cash flow ("DCF") methodology in determining the allowance for credit losses (“ACL”), which projects future losses, based on historical and peer loss data. Qualitative adjustments to the DCF methodology include and consider changes in national, regional, and local economic and business conditions, an assessment of the lending environment, including underwriting standards, and other factors affecting credit quality. There were no significant changes to the Company’s ACL methodology for the quarter ended March 31, 2026.

The following table presents the components of the allowance for credit losses:


	March 31, 2026			December 31, 2025
	(In thousands)
Allowance for credit losses - loans	$	(20,033	)	$	(20,325	)
Allowance for credit losses - off balance sheet		(534	)		(399	)
	$	(20,567	)	$	(20,724	)

The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	With a Related Allowance		Without a Related Allowance		With a Related Allowance		Without a Related Allowance
	(In thousands)
Commercial real estate	$	—	$	15,674	$	—	$	15,229
Commercial and industrial		—		361		—		1,257
Construction		—		—		—		92
Residential first-lien mortgage		—		443		—		—
Home equity/consumer		—		—		—		—
Total nonaccrual loans	$	—	$	16,478	$	—	$	16,578

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 4 – Loans Receivable (continued)

The calculation of the allowance for credit losses does not include any accrued interest receivable. The Company’s policy is to write off any interest not collected after 90 days past due, or earlier, when the ability to collect principal and interest according to the contractual terms is in doubt. During the three months ended March 31, 2026, the Company wrote off $257 thousand in accrued interest receivable for loans, compared to $422 thousand for the three months ended March 31, 2025. Accrued interest receivable related to loans, at March 31, 2026 and December 31, 2025, was $6.4 million and $6.7 million, respectively. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loan receivables by the length of time a recorded payment is past due. The following table presents the segments of the loan portfolio, summarized by the past due status as of March 31, 2026:


	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current		Total Loans Receivable		Loans Receivable >90 Days and Accruing
	(In thousands)
Commercial real estate	$	1,838	$	—	$	15,674	$	17,512	$	1,305,835	$	1,323,347	$	—
Commercial and industrial		82		—		361		443		80,230		80,673		—
Construction		—		—		—		—		210,862		210,862		—
Residential first-lien mortgage		1,305		—		443		1,748		168,805		170,553		—
Home equity/consumer		—		—		—		—		36,192		36,192		—
Total	$	3,225	$	—	$	16,478	$	19,703	$	1,801,924	$	1,821,627	$	—

The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2025:


	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current		Total Loans Receivable		Loans Receivable >90 Days and Accruing
	(In thousands)
Commercial real estate	$	7,523	$	—	$	15,229	$	22,752	$	1,320,779	$	1,343,531	$	—
Commercial and industrial		15		273		302		590		75,967		76,557		—
Construction		—		—		—		—		209,483		209,483		—
Residential first-lien mortgage		370		—		18		388		163,425		163,813		—
Home equity/consumer		180		—		—		180		25,179		25,359		—
Total	$	8,088	$	273	$	15,549	$	23,910	$	1,794,833	$	1,818,743	$	—

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis and assigns one of the following ratings: pass, special mention, substandard and doubtful. The Company engages a third party to review its assessment on a semiannual basis. The Company classifies residential and consumer loans as either performing or nonperforming based on payment status.

PRINCETON BANCORP, INC.

Notes to Consolidated Financial Statements (unaudited)

Note 4 – Loans Receivable (continued)

The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2026. Gross charge-offs are included for the three months ended March 31, 2026.


	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(Dollars in thousands)
Commercial real estate
Pass	$	14,191	$	58,134	$	122,506	$	159,861	$	290,331	$	647,860	$	5,758	$	1,298,641
Special mention		—		—		—		—		1,065		8,278		—		9,343
Substandard		—		—		—		—		—		15,363		—		15,363
Total commercial real estate		14,191		58,134		122,506		159,861		291,396		671,501		5,758		1,323,347
Current period gross charge-offs												14				14
Commercial and industrial

Princeton Bancorp, Inc. 10-Q