Princeton Bancorp, Inc. Goodwill & Intangibles Disclosure
Note 13 – Goodwill and Core Deposit Intangible
Goodwill and core deposit intangibles result from the Company’s prior acquisitions. The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows:
|
|
Goodwill |
|
|
Core Deposit |
|
||
|
|
(In thousands) |
|
|||||
Balance at January 1, 2025 |
|
$ |
14,381 |
|
|
$ |
3,632 |
|
Amortization expense |
|
|
— |
|
|
|
(856 |
) |
Balance at December 31, 2025 |
|
$ |
14,381 |
|
|
$ |
2,776 |
|
|
|
|
|
|
|
|
||
|
|
Goodwill |
|
|
Core Deposit |
|
||
|
|
(In thousands) |
|
|||||
Balance at January 1, 2024 |
|
$ |
8,853 |
|
|
$ |
1,422 |
|
Acquisition of Cornerstone Bank |
|
|
5,528 |
|
|
|
2,812 |
|
Amortization expense |
|
|
— |
|
|
|
(602 |
) |
Balance at December 31, 2024 |
|
$ |
14,381 |
|
|
$ |
3,632 |
|
The core deposit intangible assets are being amortized over 10 years, using the sum of the year’s digits. As of December 31, 2025, the future fiscal periods amortization for the core deposit intangible is as follows:
|
|
Amount |
|
|
|
|
(In thousands) |
|
|
2026 |
|
|
717 |
|
2027 |
|
|
587 |
|
2028 |
|
|
457 |
|
2029 |
|
|
320 |
|
2030 |
|
|
245 |
|
Thereafter |
|
|
450 |
|
Total |
|
$ |
2,776 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 25, 2024 | |
| 2022 | Mar 24, 2023 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.