Prudential Bancorp, Inc. Of Pennsylvania Announces Third Quarter Results
PHILADELPHIA, Aug. 2, 2010 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:PBIP), the "mid-tier" holding company for Prudential Savings Bank (the "Bank"), today reported net income of $1.3 million, or $0.13 per diluted share, for the quarter ended June 30, 2010 as compared to a net loss of $226,000, or $(0.02) per share, for the same period in 2009. For the nine months ended June 30, 2010, the Company recognized net income of $2.8 million, or $0.29 per diluted share, compared to a net loss of $1.3 million, or $(0.12) per share, for the comparable period in 2009. The improved results of operations for the quarter and nine months ended June 30, 2010 reflected the effect of significantly reduced non-cash other than temporary impairment ("OTTI") charges in the 2010 periods as compared to the 2009 periods with respect to certain of the non-agency mortgage-backed securities received as a result of the redemption in kind during fiscal 2008 of the Company's investment in a mutual fund. Also contributing to the improved results were reductions in the deferred tax asset valuation reserve, which reduced income tax expense incurred in the 2010 periods.
Tom Vento, President and Chief Executive Officer, stated, "In these difficult economic times, we are pleased to be reporting increased net income and our fourth consecutive quarter of improved results. We continue to monitor carefully our asset quality, especially as the economic recovery, both locally and nationally, has been slower than originally expected. Our loan portfolio is under constant review in order to address as soon as possible any warning signs with respect to loan performance and we are working diligently to resolve our non-performing assets expeditiously."
At June 30, 2010, the Company's total assets were $538.3 million, an increase of $23.5 million from $514.8 million at September 30, 2009. The increase was almost exclusively due to an increase in cash and cash equivalents of $43.0 million, primarily due to the $30.0 million increase in deposits. Partially offsetting the increase in cash and cash equivalents was a net decrease in the investment and mortgage-backed securities portfolio of $19.5 million due primarily to calls for redemption of investments. The proceeds were held as cash pending future deployment or used to reduce outstanding borrowings.
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