This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PBIP $14.67 3.30%
YHOO $35.97 -0.11%
AAPL $94.30 -0.92%
FB $118.08 0.55%
GOOG $695.81 0.50%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,052.63 -10.74 -0.52%
NASDAQ 4,730.8550 -32.3690 -0.68%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs