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 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.

1 of 4

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
AAPL $94.01 0.40%
FB $117.83 -0.62%
GOOG $695.72 -0.36%
TSLA $233.46 -3.40%
YHOO $36.03 -1.40%


Chart of I:DJI
DOW 17,698.80 -192.36 -1.08%
S&P 500 2,058.67 -22.76 -1.09%
NASDAQ 4,759.78 -57.8140 -1.20%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs