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

Stocks in this article: PBIP

PHILADELPHIA, July 31, 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 $685,000, or $0.07 per diluted share, for the quarter ended June 30, 2013 as compared to $460,000, or $0.05 per diluted share, for the comparable period in 2012. For the nine months ended June 30, 2013, the Company recognized net income of $971,000, or $0.10 per diluted share, as compared to net income of $948,000, or $0.10 per diluted share for the comparable period in 2012. The increased level of earnings for both the three and nine month periods ended June 30, 2013 was primarily due to gains on the sale of investment and mortgage-backed securities.

Tom Vento, Chairman, President and Chief Executive Officer, stated: "We are pleased to report our ninth consecutive quarter of positive earnings, but recognize our results continue to be negatively affected by low interest rates and a sluggish real estate market. With respect to asset quality, our management team continues to place special emphasis on reducing the level of non-performing assets. As of June 30, 2013, non-performing assets were $6.2 million or 1.3% of total assets. With the improvement in asset quality and selected indicators pointing toward economic recovery, we believe there will be great opportunities for community banks like us that are well capitalized with strong balance sheets. Accordingly, on June 13, 2013 we announced the Company's adoption of a Plan of Conversion and Reorganization, including undertaking a "second step" stock offering.   This conversion and reorganization will provide us with additional capital and balance sheet capacity to facilitate the continued implementation of our business strategy."

At June 30, 2013, we had total assets of $466.0 million, as compared to $490.5 million at September 30, 2012. The primary reasons for the $24.5 million decrease in assets during the first nine months of fiscal 2013 were a $42.2 million decrease in cash and cash equivalents as well as a $22.6 million decrease in investment and mortgage-backed securities available for sale. These decreases were partially offset by increases of $22.5 million and $21.7 million in our net loans receivable and investment and mortgage-backed securities held to maturity, respectively, reflecting the deployment of our cash and cash-equivalents as well as the proceeds from the call and sale of investment and mortgage-backed securities to fund the origination of loans, primarily one-to four-family residential mortgage loans, as well as the purchase of investment and mortgage-backed securities held to maturity. The decline in cash and cash equivalents also reflected the use of such assets to fund our deposit outflows described below. For the nine months ended June 30, 2013, we originated a total of $65.0 million of loans, including $21.5 million during the three months ended June 30, 2013, of which $58.2 million consisted of one-to four-family residential mortgage loans. Of the $58.2 million single-family residential loans originated, $16.7 million consisted of hybrid loans that have fixed interest rates for the initial five, seven or ten years and then adjust annually thereafter by reference to an index plus a margin.

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