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Prudential Bancorp, Inc. Of Pennsylvania Announces First Quarter Fiscal 2013 Results

PHILADELPHIA, Feb. 1, 2013 (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 $272,000, or $0.03 per diluted share, for the quarter ended December 31, 2012 as compared to $404,000, or $0.04 per diluted share, for the comparable period in 2011. The decreased level of earnings primarily reflected the effects of an increase in the valuation allowance related to a deferred tax asset.

Tom Vento, President and Chief Executive Officer, stated, "Although our earnings continue to be negatively impacted by a historically low interest rate environment, we continue to make significant progress in reducing our non-performing assets and improving our asset quality. In January we sold our largest non-performing loan relationship which totaled $9.2 million at December 31, 2012. As a result, our non-performing assets declined by approximately $7.9 million to approximately $7.8 million or 1.6% of total assets. There was no additional loss incurred in connection with the sale of this non-performing loan relationship."

At December 31, 2012, the Company had total assets of $491.2 million, an increase of $667,000 from $490.5 million at September 30, 2012. The increase was attributable to increases during the first quarter of fiscal 2013 of $16.6 million in the investment and mortgage-backed securities portfolio and increases of $13.3 million in the loan portfolio. These increases were substantially offset by a decrease in cash and cash equivalents of $28.0 million as funds received from the sale and call of investment and mortgage-backed securities during third and fourth quarters of fiscal 2012 were reinvested in loans and investment securities.

Total liabilities increased $430,000 to $431.1 million at December 31, 2012 from $430.7 million at September 30, 2012. The increase was due to a $2.2 million increase in deposits and a $916,000 increase in advances from borrowers for taxes and insurance. These increases were substantially offset by a $2.4 million decrease in accrued interest related to certificates of deposit as interest accrued on such deposits is generally distributed at the end of the calendar year.

Stock quotes in this article: PBIP 

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