Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported a net loss of
$2.1 million, or ($0.27) per basic and diluted shares, for the
quarter ended March 31, 2017 as compared to net income of $548,000,
or $0.08 and $0.07 per basic and diluted shares, respectively, for
the same quarter in fiscal 2016. The loss in the current period
reflected the effects of a one-time $2.7 million expense charge
related to the Polonia Bancorp, Inc. (“Polonia”) acquisition
completed on January 1, 2017 as well as a $1.9 million non-cash
charge-off associated with a large lending relationship (further
discussion below). For the six months ended March 31, 2017,
the Company recognized net loss of $1.4 million, or ($0.18) per
basic and diluted share as compared to net income of $961,000, or
$0.13 and $0.12 per basic and diluted shares, respectively, for the
same period in fiscal 2016.
Highlights for the quarter ended March 31,
2017 are as follows:
- Core earnings (a non-GAAP measure) increased to $1.1 million
for the quarter ended March 31, 2017 from $548,000 for the
comparable quarter in fiscal 2016 (see reconciliation below).
- The completion of the Polonia acquisition as of January 1,
2017, which added the following:- $270.5 million in assets
including $163.6 million of loans;- $171.3 million in deposits;
and- Five Financial Centers, that expand our footprint in
Philadelphia and in portions of Montgomery and Bucks Counties.
- Net loans increased an additional $13.3 million, excluding the
loans acquired from Polonia in the acquisition, from $344.9 million
at September 30, 2016.
- Total deposits increased an addition $34.6 million, excluding
the deposits acquired from Polonia in the acquisition, from $389.2
million at September 30, 2016.
Net Interest Income:
For the three months ended March 31, 2017, net
interest income increased to $5.3 million as compared to $3.5
million for the same period in fiscal 2016. The increase reflected
a $2.3 million, or 52.8%, increase in interest income, partially
offset by an increase of $523,000, or 61.0%, in interest paid on
deposits and borrowings. For the six months ended March 31, 2017,
net interest income increased to $8.9 million as compared to $6.8
million for the same period in fiscal 2016. The increase reflected
a $2.8 million, or 32.7%, increase in interest income, partially
offset by an increase of $580,000, or 35.2%, in interest paid on
deposits and borrowings. The increase in interest income in both
periods in 2017 was primarily due to the increase in the weighted
average balance of earning assets and costing liabilities primarily
reflecting the addition of earning assets and costing liabilities
acquired January 1, 2017 upon completion of the Polonia
acquisition.
For both the three and six months ended March 31,
2017, the net interest margin was 2.76% and 2.73%, compared to
2.73% and 2.74% for the same periods in fiscal 2016, respectively.
The margin improvement in the second quarter of fiscal 2017
reflected in large part the increase in the weighted average
balances noted above as well, to a lesser degree, the increase in
the weighted average yield on earning assets which reflected the
effects of purchase accounting fair value adjustments on the assets
acquired from Polonia.
Non-Interest Income:
Non-interest income amounted to $518,000 and
$876,000 for the three and six month periods ended March 31, 2017,
compared to $209,000 and $483,000, respectively, for the comparable
periods in fiscal 2016. The increase experienced in both of the
2017 periods was primarily attributable to the acquisition of
Polonia along with an increased return on bank owned life insurance
(“BOLI”) as a result of an additional $10.0 million of BOLI
purchased in the quarter ended December 31, 2016.
Non-Interest Expenses:
For the three and six month periods ended March 31,
2017, non-interest expense increased $4.0 million or 141.9% and
$3.8 million or 66.6%, respectively, compared to the same periods
in the prior fiscal year. The primary reasons for the
increases for the three and six month periods ended March 31, 2017
were the one-time merger related charge of approximately $2.7
million, pre-tax, combined with the additional operating expense
resulting from the Polonia acquisition which added five additional
branch offices to our branch network as well as additional
personnel.
Income Taxes:
For the three month period ended March 31, 2017,
the Company recorded a tax benefit of $1.2 million, compared to a
$307,000 tax expense for the same period in fiscal 2016. For the
six month period ended March 31, 2017, the Company recorded income
tax benefit of $801,000 as compared to tax expense of $528,000 for
the same period in fiscal 2016. The Company’s tax obligation for
both the three and six month periods in fiscal 2017 was greatly
reduced due to the one-time expenses recorded during the three
months ended March 31, 2017. Of the $2.7 million in merger-related
expenses incurred in connection with the Polonia acquisition, $1.9
million was deductible for tax purposes.
Balance Sheet:
At March 31, 2017, the Company had total assets of
$844.2 million, as compared to $559.5 million at September 30,
2016, an increase of $284.8 million or 50.9%. The substantial
majority of the growth was attributed to the acquisition of
Polonia. In addition to the acquisition, the Company experienced
growth in the balance of loans receivable of $13.3 million or 3.9%
when comparing it to the $344.9 million balance of net loans as of
September 30, 2016. In addition, as a result of the Polonia
acquisition, the Company recorded $8.0 million of goodwill and
intangible assets during the quarter ended March 31, 2017.
Total liabilities increased by $268.0 million to
$713.5 million at March 31, 2017 from $445.5 million at September
30, 2016. As with the asset growth, the bulk of the liability
growth was the result of the acquisition of Polonia. Along with the
acquisition, the Company experienced growth in deposits by $34.6
million or 8.9% when comparing it to the $389.2 million deposit
balance as of September 30, 2016.
Total stockholders’ equity increased by $16.8
million to $130.8 million at March 31, 2017 from $114.0 million at
September 30, 2016. This increase was primarily due to the issuance
of 1,274,197 shares of common stock to the stockholders of Polonia
as the stock portion of the merger consideration for the
acquisition (the merger consideration consisted of 50% stock and
50% cash). Another item that impacted stockholders’ equity was the
termination of the Bank’s employee stock ownership plan (“ESOP”) as
of December 31, 2016. A portion of the shares of common stock
held in the ESOP’s suspense account was used to satisfy the ESOP’s
indebtedness due the Company that was incurred by the ESOP to
purchase shares in connection with the Bank’s mutual holding
company reorganization in 2005 and its second-step conversion in
2013. In addition, stockholders’ equity was affected by a $2.1
million decline in the fair value of the Company’s
available-for-sale portfolio and the net loss for the first six
months of fiscal 2017.
Asset Quality:
At March 31, 2017, the Company’s non-performing
assets totaled $16.6 million or 2.0% of total assets as compared to
$16.5 million or 2.8% of total assets at September 30, 2016.
Non-performing assets at March 31, 2017 included five construction
loans aggregating $8.7 million, 34 one-to-four family residential
loans aggregating $4.5 million, one single-family residential
investment property loan totaling $1.4 million and four commercial
real estate loans aggregating $1.5 million. Non-performing
assets also included at March 31, 2017 one real estate owned
property consisting of a single-family residential property with a
carrying value of $192,000. At March 31,
2017, the Company had ten loans aggregating $6.9 million that were
classified as troubled debt restructurings (“TDRs”). Three of such
loans aggregating $4.9 million were designated non-performing as of
March 31, 2017; one of such loans in the amount of $1.4 million has
continued to make payments in accordance with the restructured
terms, but management still has concerns over the borrower’s
ability to make future payments and thereby has not upgraded the
loan to performing status. The remaining two TDRs classified
non-accrual totaling $3.5 million are a part of one of the Bank’s
largest borrowing relationships. The primary project of the
borrower is the subject of litigation between the Bank and the
borrower and as a result, the project is currently not proceeding.
As a result, the Company charged-off a portion of the outstanding
loan balance as further discussed below. The remaining seven
TDRs have performed in accordance with the terms of their revised
agreements and have been placed on accruing status. As of March 31,
2017, the Company had reviewed $16.9 million of loans for possible
impairment of which $11.5 million was deemed classified as
substandard compared to $19.4 million reviewed for possible
impairment and $14.6 million of which was classified substandard as
of September 30, 2016.
The Company recorded a provision for loan losses in
the amount of $2.4 million and $2.6 million for the three and six
months ended March 31, 2017, primarily due a $1.9 million
charge-off related to the aforementioned borrower who planned to
develop 169 residential lots. As noted above, the Bank and the
borrower are in litigation and no resolution of the situation has
been arrived at as of the date hereof. In light of the litigation
status and the status of construction of the project, the Company
determined it was prudent to have all of the borrower’s collateral
pledged for the borrowing relationship re-appraised, specifically
evaluating the fair value collateral of the loans related to the
project on a “liquidation value” basis and not on a “performing
project value” basis that has been previously used. Based on
the new appraisals and the uncertainty the development of the
project will recommence in the near future, the Company recorded a
$1.9 million non-cash charge-off. The remaining portion of
the provision recorded was related to an increase in the
outstanding loans balance. The loans acquired from Polonia
did not have any impact on the allowance for loan and lease losses,
because they were transferred at their fair value. Any write-downs
to fair value were reflected in the one-time merger-related
charge.
The allowance for loan losses totaled $3.9 million,
or 0.74% of total loans and 23.7% of total non-performing loans at
March 31, 2017 as compared to $3.3 million, or 0.9% of total loans
and 20.6% of total non-performing loans at September 30, 2016. The
Company believes that the allowance for loan losses at March 31,
2017 was sufficient to cover all inherent and known losses
associated with the loan portfolio at such date.
About Prudential Bancorp,
Inc.:
Prudential Bancorp, Inc. is the holding company for
Prudential Bank. Prudential 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 10 additional full-service
financial centers, eight of which are in Philadelphia, one in
Drexel Hill, Delaware County, and one in Huntingdon Valley,
Montgomery County, Pennsylvania.
Forward Looking Statements:
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited
to, expectations or predictions of future financial or business
performance, conditions relating to the Company, or other effects
of the merger of the Company and Polonia. These forward-looking
statements include statements with respect to the Company’s
beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, that are subject to significant risks and
uncertainties, and are subject to change based on various factors
(some of which are beyond the Company’s control). The words “may,”
“could,” “should,” “would,” “will,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “plan” and similar expressions are
intended to identify forward-looking statements.
In addition to factors previously disclosed in the
reports filed by the Company with the Securities and Exchange
Commission (“SEC”) and those identified elsewhere in this press
release, the following factors, among others, could cause actual
results to differ materially from forward looking statements or
historical performance: difficulties and delays in integrating the
Polonia business or fully realizing anticipated cost savings and
other benefits of the merger; business disruptions following the
merger; the strength of the United States economy in general and
the strength of the local economies in which the Company conducts
its operations; general economic conditions; legislative and
regulatory changes; monetary and fiscal policies of the federal
government; changes in tax policies, rates and regulations of
federal, state and local tax authorities; changes in interest
rates, deposit flows, the cost of funds, demand for loan products,
demand for financial services, competition, changes in the quality
or composition of the Company’s loan, investment and
mortgage-backed securities portfolios; changes in accounting
principles, policies or guidelines and other economic, competitive,
governmental and technological factors affecting the Company’s
operations, markets, products, services and fees; and the success
of the Company at managing the risks involved in the foregoing.
The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company to reflect
events or circumstances occurring after the date of this press
release.
For a complete discussion of the assumptions, risks
and uncertainties related to our business, you are encouraged to
review the Company’s filings with the SEC, including the “Risk
Factors” section in its most recent Annual Report on Form 10-K, as
supplemented by its quarterly or other reports subsequently filed
with the SEC.
|
SELECTED CONSOLIDATED FINANCIAL AND OTHER
DATA |
|
|
|
(Unaudited) |
|
|
|
At March 31, |
|
At September 30, |
|
|
|
2017 |
|
2016 |
|
|
|
(Dollars in Thousands) |
|
|
Selected Consolidated Financial and Other Data
(Unaudited): |
|
|
|
|
Total
assets |
$ |
844,228 |
|
|
$ |
559,480 |
|
|
Cash and
cash equivalents |
|
13,058 |
|
|
|
12,440 |
|
|
Investment
and mortgage-backed securities: |
|
|
|
|
Held-to-maturity |
|
58,197 |
|
|
|
39,971 |
|
|
Available-for-sale |
|
190,108 |
|
|
|
138,694 |
|
|
Loans
receivable, net |
|
521,885 |
|
|
|
344,948 |
|
|
Goodwill
and intangible assets |
|
7,948 |
|
|
|
- |
|
|
Deposits |
|
595,110 |
|
|
|
389,201 |
|
|
FHLB
advances |
|
106,057 |
|
|
|
50,638 |
|
|
Non-performing loans |
|
16,419 |
|
|
|
15,878 |
|
|
Non-performing assets |
|
16,611 |
|
|
|
16,459 |
|
|
Stockholders’ equity |
|
130,766 |
|
|
|
114,002 |
|
|
Full-service offices |
|
11 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the |
At or For the |
|
Three Months Ended |
Six Months Ended |
|
March 31, |
March 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(Dollars in Thousands Except Per Share Amounts) |
|
Selected
Operating Data: |
|
|
|
|
|
Total interest
income |
$ |
6,671 |
|
|
$ |
4,366 |
|
|
$ |
11,176 |
|
|
$ |
8,422 |
|
|
Total interest
expense |
|
1,372 |
|
|
|
849 |
|
|
|
2,229 |
|
|
|
1,649 |
|
|
Net interest
income |
|
5,299 |
|
|
|
3,517 |
|
|
|
8,947 |
|
|
|
6,773 |
|
|
Provision for loan
losses |
|
2,365 |
|
|
|
75 |
|
|
|
2,550 |
|
|
|
75 |
|
|
Net interest income
after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
for loan losses |
|
2,934 |
|
|
|
3,442 |
|
|
|
6,397 |
|
|
|
6,698 |
|
|
Total non-interest
income |
|
518 |
|
|
|
209 |
|
|
|
876 |
|
|
|
483 |
|
|
Total non-interest
expense |
|
6,763 |
|
|
|
2,796 |
|
|
|
9,483 |
|
|
|
5,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income tax (benefit) expense |
|
(3,311 |
) |
|
|
855 |
|
|
|
(2,210 |
) |
|
|
1,489 |
|
|
Income tax (benefit)
expense |
|
(1,171 |
) |
|
|
307 |
|
|
|
(801 |
) |
|
|
528 |
|
|
Net (loss) income |
$ |
(2,140 |
) |
|
$ |
548 |
|
|
$ |
(1,409 |
) |
|
$ |
961 |
|
|
Basic (loss) earnings
per share |
$ |
(0.27 |
) |
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.13 |
|
|
Diluted (loss) earnings
per share |
$ |
(0.27 |
) |
|
$ |
0.07 |
|
|
$ |
(0.18 |
) |
|
$ |
0.12 |
|
|
Dividends paid per
common share |
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
Tangible book value per
share at end of period |
$ |
13.63 |
|
|
$ |
13.93 |
|
|
$ |
13.63 |
|
|
$ |
13.93 |
|
|
|
|
|
|
|
|
Selected
Operating Ratios(1): |
|
|
|
|
|
Average yield on
interest- |
|
|
|
|
|
earning
assets |
|
3.48 |
% |
|
|
3.39 |
% |
|
|
3.40 |
% |
|
|
3.41 |
% |
|
Average rate paid on
interest-bearing |
|
|
|
|
|
liabilities |
|
0.85 |
% |
|
|
0.81 |
% |
|
|
0.80 |
% |
|
|
0.84 |
% |
|
Average interest rate
spread (2) |
|
2.62 |
% |
|
|
2.58 |
% |
|
|
2.60 |
% |
|
|
2.57 |
% |
|
Net interest margin
(2) |
|
2.76 |
% |
|
|
2.73 |
% |
|
|
2.73 |
% |
|
|
2.74 |
% |
|
Average
interest-earning assets |
|
|
|
|
|
to
average interest-bearing |
|
|
|
|
|
liabilities |
|
119.34 |
% |
|
|
123.22 |
% |
|
|
118.32 |
% |
|
|
125.44 |
% |
|
Net interest income
after |
|
|
|
|
|
provision
for loan losses to |
|
|
|
|
|
non-interest expense |
|
43.38 |
% |
|
|
123.14 |
% |
|
|
67.46 |
% |
|
|
117.67 |
% |
|
Total non-interest
expense to total |
|
|
|
|
|
average
assets |
|
3.25 |
% |
|
|
2.10 |
% |
|
|
2.71 |
% |
|
|
2.20 |
% |
|
Efficiency
ratio(3) |
|
116.26 |
% |
|
|
75.04 |
% |
|
|
96.54 |
% |
|
|
78.43 |
% |
|
Return on average
assets |
|
(1.03 |
)% |
|
|
0.41 |
% |
|
|
(0.40 |
)% |
|
|
0.37 |
% |
|
Return on average
equity |
|
(6.49 |
)% |
|
|
1.92 |
% |
|
|
(2.30 |
)% |
|
|
1.66 |
% |
|
Average equity to
average total assets |
|
15.83 |
% |
|
|
21.44 |
% |
|
|
17.56 |
% |
|
|
22.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Three Months Ended |
At or for Six Months Ended |
|
|
|
|
|
March 31, |
March 31, |
|
|
|
|
|
|
2017 |
2016 |
|
2017 |
|
2016 |
|
|
Asset Quality
Ratios(4) |
|
|
|
|
|
|
Non-performing loans as
a percentage of loans receivable, net(5) |
|
3.15 |
% |
|
|
4.71 |
% |
|
|
3.15 |
% |
|
|
4.71 |
% |
|
|
|
Non-performing assets
as a percentage of total assets(5) |
|
1.97 |
% |
|
|
2.82 |
% |
|
|
1.97 |
% |
|
|
2.82 |
% |
|
|
|
Allowance for loan
losses as a percentage of total loans |
|
0.74 |
% |
|
|
0.93 |
% |
|
|
0.74 |
% |
|
|
0.93 |
% |
|
|
|
Allowance for loan
losses as a percentage of non-performing |
|
23.73 |
% |
|
|
20.01 |
% |
|
|
23.73 |
% |
|
|
20.01 |
% |
|
|
|
loans |
|
|
|
|
|
Net charge-offs to
average loans receivable |
|
1.51 |
% |
|
|
0.05 |
% |
|
|
0.45 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
Capital
Ratios(4)(6) |
|
|
|
|
|
|
Tier 1 leverage
ratio |
|
|
|
|
|
|
Company |
|
15.70 |
% |
|
|
20.76 |
% |
|
|
15.70 |
% |
|
|
20.76 |
% |
|
|
|
Bank |
|
14.30 |
% |
|
|
18.28 |
% |
|
|
14.30 |
% |
|
|
18.28 |
% |
|
|
|
Tier 1 common
risk-based capital ratio |
|
|
|
|
|
|
Company |
|
25.46 |
% |
|
|
42.36 |
% |
|
|
25.46 |
% |
|
|
42.36 |
% |
|
|
|
Bank |
|
23.18 |
% |
|
|
37.38 |
% |
|
|
23.18 |
% |
|
|
37.38 |
% |
|
|
|
Tier 1 risk-based
capital ratio |
|
|
|
|
|
|
Company |
|
25.46 |
% |
|
|
42.07 |
% |
|
|
25.46 |
% |
|
|
42.07 |
% |
|
|
|
Bank |
|
23.18 |
% |
|
|
37.09 |
% |
|
|
23.18 |
% |
|
|
37.09 |
% |
|
|
|
Total risk-based
capital ratio |
|
|
|
|
|
|
Company |
|
26.30 |
% |
|
|
43.25 |
% |
|
|
26.30 |
% |
|
|
43.25 |
% |
|
|
|
Bank |
|
24.02 |
% |
|
|
38.27 |
% |
|
|
24.02 |
% |
|
|
38.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. 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 as to
principal or interest, and real estate acquired through foreclosure
or acceptance of a deed in-lieu of foreclosure. Non-performing
assets and non-performing loans also include loans classified as
troubled debt restructurings due to being recently restructured and
are initially placed on non-accrual in connection with such
restructuring until such time that an adequate sustained payment
period under the restructured terms has been established to justify
returning the loan to accrual status. 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) The Company is not subject to the regulatory capital
ratios imposed by Basel III on bank holding companies because the
Company is deemed to be a small bank holding
company. |
|
|
Non-GAAP Measures Disclosures |
|
|
Reported amounts are presented in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). The Company’s management believes that the supplemental
non-GAAP information provided in this press release is utilized by
market analysts and others to evaluate a company's financial
condition and, therefore, such information is useful to investors.
These disclosures should not be viewed as a substitute for
financial results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures presented
by other companies. |
|
The
following table shows the reconciliation of net income and core net
income (a non-GAAP measure which excludes the effects of the
merger-related expenses and the one-time charge-off related to
a large lending relationship; management believes many
investors desire to evaluate net income without regard to such
expenses): |
|
|
At or For the Three |
At or For the Six Months |
|
|
|
|
|
|
Months Ended March 31, |
Ended March 31, |
|
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
2016 |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes |
$ |
(3,311 |
) |
|
$ |
855 |
|
|
$ |
(2,210 |
) |
|
$ |
1,489 |
|
|
|
Income tax (benefit)
expense |
|
(1,171 |
) |
|
|
307 |
|
|
|
(801 |
) |
|
|
528 |
|
|
|
Net (loss) income |
|
(2,140 |
) |
|
|
548 |
|
|
|
(1,409 |
) |
|
|
961 |
|
|
|
One time merger-related
costs (net of tax) |
|
1,968 |
|
|
|
|
|
|
|
1,968 |
|
|
|
|
|
|
|
One time charge-off
(net of taxes) |
|
1,280 |
|
|
|
|
|
|
|
1,280 |
|
|
|
|
Core net income |
$ |
1,108 |
|
|
$ |
548 |
|
|
$ |
1,839 |
|
|
$ |
961 |
|
|
|
|
Contact: Jack E. Rothkopf
Chief Financial
Officer
(215) 755-1500
Prudenital Bancorp Inc o... (NASDAQ:PBIP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Prudenital Bancorp Inc o... (NASDAQ:PBIP)
Historical Stock Chart
From Sep 2023 to Sep 2024