Prudential Bancorp, Inc. Of Pennsylvania Announces Fourth Quarter And Fiscal Year Results
PHILADELPHIA, Nov. 17, 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 $323,000, or $0.03 per diluted share, for the quarter ended September 30, 2010 as compared to a net income of $441,000, or $0.04 per diluted share, for the same period in 2009. For the fiscal year ended September 30, 2010, the Company recognized net income of $3.1 million, or $0.32 per diluted share, compared to a net loss of $826,000, or $0.08 per diluted share, for fiscal 2009. The improved results of operations reported for the year ended September 30, 2010 were primarily due to the reduction in 2010 in the amount of non-cash other-than-temporary impairment ("OTTI") charges related to certain of the non-agency mortgage-backed securities received as a result of the previously reported redemption in kind effected during the third quarter of fiscal 2008 of the Company's entire investment in a mutual fund.
Tom Vento, President and Chief Executive Officer, stated "We are pleased to be returning to profitable operations for the year as we continue to navigate through these recessionary times. Like most other financial institutions, we are continuing to manage through very challenging conditions in which we are experiencing declining real estate values combined with a historically low interest rate environment. The difficult economic conditions have taken their toll on our borrowers as evidenced by the increased level of non-performing assets as of September 30, 2010. We are committed to systematically and aggressively addressing the credit issues in our portfolio. While this process takes time and effort, we believe that we have identified the major credit issues and have plans that will satisfactorily resolve them."
At September 30, 2010, the Company's total assets were $531.1 million, an increase of $14.3 million from $514.8 million at September 30, 2009. The increase was almost exclusively due to an increase in cash and cash equivalents of $52.9 million resulting primarily from a $32.1 million increase in deposits. The increase in cash and cash equivalents also reflected the proceeds from the redemption of investment securities. The investment and mortgage-backed securities portfolio experienced a net decrease of $37.4 as a result primarily of security redemptions. The proceeds were held as cash or cash equivalents pending future deployment or used to reduce high cost outstanding borrowings.
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