Princeton Bancorp Inc. has announced a material impairment charge related to two commercial real estate loans, amounting to a net charge of approximately $9.9 million. This decision follows the delinquency of these loans, which represent a significant portion of the company's non-performing assets totaling $26.5 million as of March 31, 2025. The impairment charge is expected to have an after-tax effect of approximately $6.0 million on the company's consolidated statements of income, equating to a loss of $0.86 per diluted common share. The lead bank involved in these loans is currently in the process of marketing the collateral for potential sale. Despite the impairment, the occupancy levels of the properties involved are believed to be adequate to support their day-to-day operations and maintenance.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.