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

The allowance for loan losses totaled $2.5 million, or 0.9% of total loans and 40.7% of non-performing loans at March 31, 2013 as compared to $1.9 million, or 0.7% of total loans and 13.4% of non-performing loans at September 30, 2012. 

Non-interest income amounted to $173,000 and $398,000 for the three and six month periods ended March 31, 2013, compared with $133,000 and $306,000 for the same periods in 2012. The fluctuation in the periods primarily related to decreases in the other than temporary impairment ("OTTI") charges related to non-agency mortgage-backed securities received by the Company as a result of its redemption in kind of an investment in a mutual fund.

For the quarter ended March 31, 2013, non-interest expense increased $91,000 compared to the same period in the prior year, while non-interest expense increased $3,000 for the six month period ended March 31, 2013 compared to the same period in the prior year. The increases for the 2013 periods primarily related to writedowns due to declines in the value of real estate owned properties. The increases were partially offset by decreases in professional services expense.

The Company recorded income tax expense for the quarter and six months ended March 31, 2013 of $186,000 and $537,000, respectively, compared to income tax expense of $273,000 and $494,000, respectively, for the quarter and six months ended March 31, 2012. The tax expense was adversely impacted by the decline in available unrealized capital gains resulting in an increase in the valuation allowance recognized in the 2012 and 2013 periods related to the deferred tax asset for the capital loss carryforward created in connection with the redemption in kind referenced above. 

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.

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