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BPRN (Princeton Bancorp) Beneish M-Score : -2.16 (As of Mar. 20, 2025)


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What is Princeton Bancorp Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Princeton Bancorp's Beneish M-Score or its related term are showing as below:

BPRN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.16   Max: -2.06
Current: -2.16

During the past 10 years, the highest Beneish M-Score of Princeton Bancorp was -2.06. The lowest was -2.56. And the median was -2.16.


Princeton Bancorp Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Princeton Bancorp for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.2668+0.528 * 1+0.404 * 1.0028+0.892 * 1.0339+0.115 * 0.9134
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0855+4.679 * -0.001918-0.327 * 0.7738
=-2.16

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $7.98 Mil.
Revenue was 20.034 + 19.165 + 18.055 + 17.433 = $74.69 Mil.
Gross Profit was 20.034 + 19.165 + 18.055 + 17.433 = $74.69 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,340.23 Mil.
Property, Plant and Equipment(Net PPE) was $39.71 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.28 Mil.
Selling, General, & Admin. Expense(SGA) was $27.81 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $22.94 Mil.
Net Income was 5.227 + -4.456 + 5.126 + 4.345 = $10.24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 4.414 + 1.182 + 4.307 + 4.827 = $14.73 Mil.
Total Receivables was $6.09 Mil.
Revenue was 17.586 + 19.087 + 17.53 + 18.035 = $72.24 Mil.
Gross Profit was 17.586 + 19.087 + 17.53 + 18.035 = $72.24 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,916.50 Mil.
Property, Plant and Equipment(Net PPE) was $37.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.98 Mil.
Selling, General, & Admin. Expense(SGA) was $24.78 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $24.28 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(7.975 / 74.687) / (6.089 / 72.238)
=0.106779 / 0.084291
=1.2668

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(72.238 / 72.238) / (74.687 / 74.687)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 39.707) / 2340.233) / (1 - (0 + 37.851) / 1916.497)
=0.983033 / 0.98025
=1.0028

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=74.687 / 72.238
=1.0339

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1.978 / (1.978 + 37.851)) / (2.283 / (2.283 + 39.707))
=0.049662 / 0.05437
=0.9134

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(27.812 / 74.687) / (24.781 / 72.238)
=0.372381 / 0.343047
=1.0855

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((22.941 + 0) / 2340.233) / ((24.28 + 0) / 1916.497)
=0.009803 / 0.012669
=0.7738

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(10.242 - 0 - 14.73) / 2340.233
=-0.001918

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Princeton Bancorp has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.


Princeton Bancorp Beneish M-Score Related Terms

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Princeton Bancorp Business Description

Traded in Other Exchanges
N/A
Address
183 Bayard Lane, Princeton, NJ, USA, 08540
Princeton Bancorp Inc is a banking company. It is a full-service financial institution that provides business and personal banking. Its personal banking and business banking services include checking accounts and savings accounts. It 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. The Bank also has two retail branches and conducts loan origination activities in select areas of the New York City metropolitan area.
Executives
Martin Tuchman director 633 PROSPECT AVE, PRINCETON NJ 08540
Daniel J. O'donnell officer: Chief Operating Officer 183 BAYARD LANE, PRINCETON NJ 08540
Matthew T. Clark officer: Chief Information Officer 183 BAYARD LANE, PRINCETON NJ 08540
Stephanie Adkins officer: Chief Lending Officer 183 BAYARD LANE, PRINCETON NJ 08540
Robert N. Ridolfi director 183 BAYARD LANE, PRINCETON NJ 08540
Stephen Distler director 183 BAYARD LANE, PRINCETON NJ 08540
Judith A. Giacin director 183 BAYARD LANE, PRINCETON NJ 08540
Richard J. Gillespie director 183 BAYARD LANE, PRINCETON NJ 08540
Ross Wishnick director FIRST WASHINGTON STATE BANK, RT 130 & MANIN STREET, WINDSOR NJ 08561
Stephen Shueh director 183 BAYARD LANE, PRINCETON NJ 08540
George S. Rapp officer: Chief Financial Officer HARLEYSVILLE NATIONAL CORP, 483 MAIN STREET, HARLEYSVILLE PA 19438
Edward J Dietzler director, officer: Chief Executive Officer 2465 KUSER ROAD, HAMILTON NJ 08690
Christopher Tonkovich officer: Chief Credit Officer 183 BAYARD LANE, PRINCETON NJ 08540