Prudential Bancorp, Inc. Of Pennsylvania Announces First Quarter Results
PHILADELPHIA, Feb. 7, 2011 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:PBIP), the "mid-tier" holding company for Prudential Savings Bank (the "Bank"), today reported a net loss of $94,000 or $(0.01) per diluted share, for the quarter ended December 31, 2010 as compared to net income of $686,000, or $0.07 per diluted share, for the quarter ended December 31, 2009. The loss incurred for the first quarter of fiscal 2011 reflected the combined effects of increases in both the provision for loan losses and non-interest expense as well as a decrease in net interest income.
Tom Vento, President and Chief Executive Officer, stated, "We are very disappointed to be reporting a loss for the quarter. Our borrowers continue to be adversely affected by the difficult local real estate market that has resulted in increases in our non-performing loans and accordingly the level of our loan loss provisions. We are working aggressively to address our asset quality issues including the resolution of real estate owned properties and problem loans. However, as a result of our strong capital position, we continue to be considered well capitalized."
At December 31, 2010, the Company had total assets of $523.6 million, a decrease of $5.5 million from $529.1 million at September 30, 2010. The decrease was primarily attributable to decreases during the first quarter of fiscal 2010 of $16.2 million in cash and cash equivalents and $2.4 million in net loans. These decreases were partially offset by a $14.6 million increase in the investment and mortgage-backed securities portfolio as we re-invested a portion of our cash and cash equivalents in such higher yielding assets.Total liabilities decreased $4.4 million to $467.7 million at December 31, 2010 from $472.1 million at September 30, 2010. The decrease was primarily the result of a $3.3 million decrease in accrued interest related to certificates of deposit generally distributed at the end of the calendar year.
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