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

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 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 March 31, 2013 At September 30, 2012
  (Dollars in Thousands)
Selected Consolidated Financial and Other Data (Unaudited):    
Total assets $479,103 $490,504
Cash and cash equivalents 33,612 81,273
Investment and mortgage-backed securities:    
Held-to-maturity 87,976 63,110
Available-for-sale 62,715 65,975
Loans receivable, net 278,237 260,684
Deposits 416,097 425,602
FHLB advances 340 483
Stockholders' equity 60,180 59,831
Full-service offices 7 7
  Three Months Ended  March 31, Six Months Ended  March 31,
  2013 2012 2013 2012
  (Dollars in Thousands Except Per Share Amounts) (Dollars in Thousands Except Per Share Amounts)
Selected Operating Data:        
Total interest income $4,253 $4,813 $8,650 $9,796
Total interest expense 1,139 1,493 2,359 3,007
Net interest income 3,114 3,320 6,291 6,789
Provision for loan losses -- 100 -- 250
Net interest income after provision for loan losses 3,114 3,220 6,291 6,539
Total non-interest income 173 133 398 306
Total non-interest expense 3,087 2,996 5,866 5,863
Income before income taxes 200 357 823 982
Income tax expense 186 273 537 494
Net income $14 $84 $286 $488
Basic earnings per share $0.00 $0.01 $0.03 $0.05
Diluted earnings per share $0.00 $0.01 $0.03 $0.05
Selected Operating Ratios(1):        
Average yield on interest-earning assets 3.66% 4.01% 3.70% 4.09%
Average rate paid on interest-bearing liabilities 1.09% 1.37% 1.12% 1.38%
Average interest rate spread(2) 2.57% 2.64% 2.58% 2.71%
Net interest margin(2) 2.68% 2.77% 2.69% 2.83%
Average interest-earning assets to average interest-bearing liabilities 111.35% 109.86% 111.21% 110.05%
Net interest income after provision for loan losses to non-interest expense 100.87% 107.48% 107.25% 111.53%
Total non-interest expense to average assets 2.55% 2.39% 2.41% 2.34%
Efficiency ratio(3) 93.92% 86.77% 87.70% 82.64%
Return on average assets 0.01% 0.07% 0.12% 0.20%
Return on average equity 0.09% 0.58% 0.95% 1.68%
Average equity to average assets 12.44% 11.61% 12.32% 11.58%
  At or for the Three Months Ended  March 31, At or for the Six Months Ended  March 31,
  2013 2012 2013 2012
Asset Quality Ratios(4)        
Non-performing loans as a percentage of loans receivable, net(5) 2.22% 5.30% 2.22% 5.30%
Non-performing assets as a percentage of total assets(5) 1.55% 2.96% 1.55% 2.96%
Allowance for loan losses as a percentage of total loans 0.89% 1.23% 0.89% 1.23%
Allowance for loan losses as a percentage of non-performing loans 40.66% 24.14% 40.66% 24.14%
Net charge-offs to average loans receivable NA (6) 0.77% NA (6) 0.47%
Capital Ratio(4)        
Tier 1 leverage ratio        
Company 12.24% 11.22% 12.24% 11.22%
Bank 11.47% 10.43% 11.47% 10.43%
Tier 1 risk-based capital ratio        
Company 26.74% 27.07% 26.74% 27.07%
Bank 25.06% 25.16% 25.06% 25.16%
Total risk-based capital ratio        
Company 27.87% 28.33% 27.87% 28.33%
Bank 26.19% 26.42% 26.19% 26.42%
(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, and 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.
(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 on non-accrual, loans which are 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 which are 90 days or more past due as to interest or principal.
(6) Net recoveries of $585,000 and $785,000 were recognized for the three and six months ended March 31, 2013, respectively.
CONTACT: Thomas A. Vento - President
         Joseph R. Corrato - Executive Vice President
         (215) 755-1500

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