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Prudential Bancorp, Inc. Of Pennsylvania Announces Fourth Quarter And Fiscal Year Results

Prudential Bancorp, Inc. of Pennsylvania is the "mid-tier" holding company for Prudential Savings Bank. Prudential Savings Bank is a Pennsylvania-chartered, FDIC-insured savings bank that was originally organized in 1886. The Bank conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as six additional full-service branch offices, five of which are in Philadelphia and one of which is in Drexel Hill in Delaware County, Pennsylvania.

The Prudential Bancorp, Inc. logo is available at

This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for Prudential Bancorp, Inc. of Pennsylvania. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties.  A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements.  The Company's reports filed from time-to-time with the Securities and Exchange Commission, describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, the adequacy of the allowance for loan losses and interest rate risks associated with the Company's business and operations.  Other factors described include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes.  Investors are encouraged to review the Company's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding the Company at under the Investor Relations menu.  We undertake no obligation to update any forward-looking statements.

  At September 30, 2010 At September 30, 2009
  (Dollars in Thousands)
Selected Financial and Other Data:    
Total assets $531,080 $514,761
Cash and cash equivalents 66,524 13,669
Investment and mortgage-backed securities:    
 Held-to-maturity 114,673 160,126
 Available-for-sale 72,425 62,407
Loans receivable, net 255,091 256,694
Deposits 464,455 432,374
FHLB advances 615 19,659
Stockholders' equity 56,999 55,857
Full-service offices 7 7
  Three Months Ended September 30, Year Ended September 30,  
  2010 2009 2010 2009
  (Dollars in Thousands Except Per Share Amounts) (Dollars in Thousands Except Per Share Amounts)  
Selected Operating Data:          
Total interest income $6,020 $6,634 $25,109 $27,386  
Total interest expense 2,298 2,865 9,416 12,942  
Net interest income 3,722 3,769 15,693 14,444  
Provision for loan losses 615 230 1,110 1,403  
Net interest income after  provision for loan losses   3,107   3,539   14,583   13,041  
Total non-interest income (loss)  137  (16) 387 (2,452)  
Total non-interest expense 2,790 3,151 10,794 11,065  
Income (loss) before income taxes 454 372 4,176 (476)  
Income tax expense (benefit) 131 (69) 1,046 350  
Net income (loss) 323 441 3,130 (826)  
Basic earnings (loss) per share 0.03 0.04 0.33 (0.08)  
Diluted earnings (loss) per share 0.03 0.04 0.32 (0.08)  
Selected Operating Ratios(1):          
Average yield on interest--  earning assets   4.66%   5.39%   5.08%   5.64%  
Average rate on interest-bearing Liabilities   1.94%   2.53%   2.06%   2.95%  
Average interest rate spread(2) 2.72% 2.86% 3.02% 2.69%  
Net interest margin(2) 2.88% 3.06% 3.17% 2.97%  
Average interest-earning assets to average interest-bearing liabilities     108.90%     108.55%     108.04%     110.64%  
Net interest income after provision for loan losses to non-interest expense     113.39%     112.31%     135.73%     117.86%  
Total non-interest expense to average assets   2.07%   2.43%   2.77%   2.17%  
Efficiency ratio(3) 72.30% 83.96% 67.13% 92.27%  
Return on average assets 0.24% 0.34% 0.80% (0.16)%  
Return on average equity 2.28% 3.13% 7.44% (1.32)%  
Average equity to average assets 10.54% 10.89% 10.78% 12.28%  
  At or for the Three Months Ended September 30,  At or for the Year Ended September 30,
  2010 2009 2010 2009
Asset Quality Ratios(4)        
Non-performing loans as a percent of loans receivable, net(5) 1.36% 0.77% 1.36% 0.77%
Non-performing assets as a percent of total assets(5) 1.26% 1.09% 1.26% 1.09%
Allowance for loan losses as a percent of total loans 1.20% 1.03% 1.20% 1.03%
Allowance for loan losses as a percent of non-performing loans 90.57% 137.77% 90.57% 137.77%
Net charge-offs to average loans receivable 0.00% 0.00% 0.30% 0.10%
Capital Ratio(4)        
Tier 1 leverage ratio        
 Company 10.27% 10.86% 10.27% 10.86%
 Bank 9.46% 9.99% 9.46% 9.99%
Tier 1 risk-based capital ratio        
 Company 23.12% 24.59% 23.12% 24.59%
 Bank 21.28% 22.61% 21.28% 22.61%
Total risk-based capital ratio        
 Company 24.37% 25.79% 24.37% 25.79%
 Bank 22.53% 23.81% 22.53% 23.81%
(1) With the exception of end of period ratios, all ratios are based on average monthly balances during the indicated periods and are annualized where appropriate.
(2) Average interest rate spread represents the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities.  Net interest margin represents net interest income as a percentage of average interest-earning assets.
(3) The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income (loss).
(4) Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable.
(5) Non-performing assets generally consist of all loans 90 days or more past due and real estate acquired through foreclosure or acceptance of a deed in-lieu of foreclosure. It is the Company's policy to cease accruing interest on all loans, other than single-family residential mortgage loans, which are 90 days or more past due as to interest or principal. 
CONTACT:  Prudential Bancorp, Inc. of Pennsylvania
          Thomas A. Vento - President
          Joseph R. Corrato - Executive Vice President
          (215) 755-1500

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