Princeton Bancorp in Princeton, N.J., reported lower quarterly profit that reflected higher credit costs and an asset write-down.
The $2.3 billion-asset company said in a press release that its third-quarter earnings fell 85% from the prior year to $1 million.
Princeton recorded a $7.6 million loan-loss provision tied to the charge-off of two commercial real estate loans. The results also reflected a $900,000 write-down tied to “future retail consolidation.”
“While these actions reduced reported net income … our bank’s core operations generated approximately $7 million plus in net income, demonstrating the underlying strength of our franchise,” President and CEO Edward Dietzler said in the release.