Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$2.1 million, or $0.25 per basic and diluted share, for the quarter
ended June 30, 2017 as compared to net income of $777,000, or $0.10
per basic and diluted share, for the same quarter in fiscal 2016.
The increase in the current period reflected the beneficial effects
resulting from the acquisition of Polonia Bancorp, Inc. (“Polonia”)
acquisition completed on January 1, 2017 that was spearheaded by
our new management team, combined with the results of the
implementation by our new management team of strategies to improve
earnings by increasing earning assets while simultaneously
controlling operating expenses. For the nine months ended June 30,
2017, the Company recognized net income of $707,000, or $0.08 per
basic and diluted share as compared to net income of $1.7 million,
or $0.23 per basic and diluted shares, for the same period in
fiscal 2016. The nine-month period in 2017 included a one-time $2.7
million pre-tax expense related to the Polonia acquisition as well
as a $1.9 million non-cash pre-tax charge-off associated with a
large lending relationship.
Dennis Pollack, President and CEO, commented,
“The three months ended June 30, 2017 reflected not only the
results of the successful implementation by our new management team
of various strategies to enhance our earnings but also the
successful acquisition and integration of Polonia. Core
earnings were substantially improved during the quarter and we are
particularly pleased with the Company’s direction.”
Highlights for the quarter ended June 30, 2017 are as
follows:
- Net income for the three month period ended June 30, 2017
increased $1.3 million or 172.5% over the same period in 2016.
- Core earnings (a non-GAAP measure) increased to $4.0 million
for the nine month period ended June 30, 2017 from $1.9 million for
the comparable period in fiscal 2016 (see reconciliation
below).
- Net loans increased an additional $35.9 million, excluding the
loans acquired from Polonia in the acquisition, from $344.9 million
at September 30, 2016.
- Total deposits increased an additional $54.4 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 June 30, 2017, net
interest income increased to $6.1 million as compared to $3.7
million for the same period in fiscal 2016. The increase reflected
a $3.0 million, or 66.1%, increase in interest income, partially
offset by an increase of $553,000, or 67.1%, in interest paid on
deposits and borrowings. For the nine months ended June 30, 2017,
net interest income increased to $15.0 million as compared to $10.4
million for the same period in fiscal 2016. The increase reflected
a $5.7 million, or 44.3%, increase in interest income, partially
offset by an increase of $1.1 million, or 45.9%, in interest paid
on deposits and borrowings. The increase in net interest income in
both periods in 2017 was primarily due to the increase in the
weighted average balance of earning assets reflecting in large part
the addition of earning assets acquired as of January 1, 2017 upon
completion of the Polonia acquisition. In addition, during the
third quarter of fiscal 2017 the average outstanding balance of
loans increased $20.1 million while the average balance of
investment securities increased $21.6 million, with such growth
primarily funded with an increase in deposits.
For the three and nine months ended June 30,
2017, the net interest margin was 2.99% and 2.82%, respectively,
compared to 2.78% and 2.74% for the same periods in fiscal 2016.
The margin improvements reflected in large part the increase in the
weighted average balances of interest-earning assets noted
above as well as, 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 $625,000 and
$1.5 million, respectively, for the three and nine month periods
ended June 30, 2017, compared to $400,000 and $883,000,
respectively, for the comparable periods in fiscal 2016. The
increase experienced in both of the 2017 periods was primarily
attributable to the addition of five full-serviced financial
centers, along with the related customer deposit base (increased
ATM fees and account service charges and transaction fees),
acquired from Polonia along with an increased return on bank owned
life insurance (“BOLI”) as a result of the increase in the amount
of BOLI due to the purchase of an additional $10.0 million of BOLI
in the quarter ended December 31, 2016.
Non-Interest Expenses:
For the three and nine months periods ended June
30, 2017, non-interest expense increased $685,000 or 24.3% and $4.5
million or 52.6%, respectively, compared to the same periods in the
prior fiscal year. The primary reason for the increase for
both three and nine months periods ended June 30, 2017 was the
additional expense resulting from the Polonia acquisition which
added five additional financial centers to our branch network as
well as additional personnel. In addition, during the nine-month
period ended June 30, 2017, the Company recorded a one-time merger
related charge of approximately $2.7 million, pre-tax.
Income Taxes:
For the three-month period ended June 30, 2017,
the Company recorded income tax expense of $1.1 million resulting
in an effective tax rate of 32.8%, compared to $308,000 and an
effective tax rate of 28.4% for the same period in 2016. For
the nine-month period ended June 30, 2017, the Company recorded
income tax expense of $230,000 resulting in an effective tax rate
of 24.5%, compared to $836,000 and an effective tax rate of 32.5%
for the same period in 2016. The effective tax rate for the
nine-month period ended June 30, 2017 was lower due to the net loss
recognized during the second quarter of fiscal 2017 primarily as a
result of the one-time merger-related costs incurred in connection
with the acquisition of Polonia.
Balance Sheet:
At June 30, 2017, the Company had total assets
of $870.7 million, as compared to $559.5 million at September 30,
2016, an increase of $311.2 million or 55.6%. The substantial
majority of the growth was attributable to the acquisition of
Polonia. In addition to the acquisition, the Company experienced
growth in the balance of net loans receivable of $35.9 million or
10.4% not related to the acquisition when compared to the $344.9
million balance of net loans receivable as of September 30,
2016.
Total liabilities increased by $291.0 million to
$736.5 million at June 30, 2017 from $445.5 million at September
30, 2016. As with the asset growth, the bulk of the liability
growth resulted from the acquisition of Polonia. In addition to the
deposits assumed, the Company assumed $56.0 million in FHLB
advances in addition to the $64.8 million of such borrowings
the Company already held. In addition to the deposit growth
resulting from the acquisition, the Company experienced growth in
deposits of $54.4 million or 14.0% when compared the balance
outstanding at June 30, 2017 to the $389.2 million balance as of
September 30, 2016.
Total stockholders’ equity increased by $20.2
million to $134.2 million at June 30, 2017 from $114.0 million at
September 30, 2016. This increase was primarily due to the issuance
of common stock to the stockholders of Polonia in connection with
the acquisition. 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 in full. In addition, stockholders’
equity was affected by a $1.5 million decline in the fair value of
the Company’s available-for-sale portfolio as well as the net loss
incurred during the first six months of fiscal 2017.
Asset Quality:
At June 30, 2017, the Company’s non-performing
assets totaled $16.3 million or 1.9% of total assets as compared to
$16.5 million or 2.8% of total assets at September 30, 2016.
Non-performing assets at June 30, 2017 included five construction
loans aggregating $8.7 million, 33 one-to-four family residential
loans aggregating $4.4 million, one single-family residential
investment property loan in the amount $1.4 million and five
commercial real estate loans aggregating $1.6 million.
Non-performing assets also included at June 30, 2017 one real
estate owned property consisting of a single-family residential
property with a carrying value of $192,000.
At June 30, 2017, the Company had nine loans
aggregating $6.1 million that were classified as troubled debt
restructurings (“TDRs”). Three of such loans aggregating $4.9
million were designated non-performing as of June 30, 2017 and on
non-accrual status; one of such loans in the amount of $1.4 million
has continued to make payments in accordance with the restructured
loan terms, but management continues to have concerns over the
borrower’s ability to make future payments and as a result has
determined to not return 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
totaling $8.9 million (after taking into account the $1.9 million
write-down recognized during the quarter ending March 31, 2017).
The primary project of the borrower is the subject of litigation
between the Bank and the borrower and as a result, the project
currently is not proceeding. The borrower has recently filed for
bankruptcy under Chapter 11of the federal bankruptcy code. The
Company has removed the underlying litigation noted above between
the borrower from state court to the federal bankruptcy court in
which the bankruptcy proceeding is being heard. The remaining six
TDRs have performed in accordance with the terms of their revised
agreements and have been placed on accruing status. As of June 30,
2017, the Company had reviewed $18.1 million of loans for possible
impairment of which $12.7 million was classified 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 $30,000 and $2.6 million for the three and nine
months ended June 30, 2017. The provision for loan losses for the
nine months ended June 30, 2017 was primarily due to a $1.9 million
charge-off related to the aforementioned borrower whose primary
project financed currently by the Bank involves the proposed
development of 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 part due to the
bankruptcy filing by the borrower effected in June 2017. In light
of the status of both the litigation as well as the progress of
construction of the project, the Company recorded a $1.9 million
non-cash charge-off during the quarter ended March 31, 2017.
The remaining portion of the provision recorded during the
nine-months ended June 30, 2017 was related to an increase in the
outstanding loans balance. The loans acquired from Polonia
initially did not have any impact on the allowance for loan losses,
because they were acquired at their fair value. Any write-downs to
fair value were reflected in the one-time merger-related charge. In
the event that the credit quality of any loans acquired from
Polonia credit should deteriorate in the future, additional
provisions may be required.
The allowance for loan losses totaled $4.1
million, or 0.7% of total loans and 25.2% of total non-performing
loans (which included loans acquired from Polonia at their
fair-value) at June 30, 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 June 30, 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 is 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 June 30, |
At September 30, |
|
|
2017 |
2016 |
|
|
(Dollars in Thousands) |
|
Selected Consolidated Financial and Other Data
(Unaudited): |
|
|
|
Total
assets |
$ |
870,703 |
$ |
559,480 |
|
Cash and
cash equivalents |
|
22,927 |
|
12,440 |
|
Investment
and mortgage-backed securities: |
|
|
|
Held-to-maturity |
|
59,654 |
|
39,971 |
|
Available-for-sale |
|
183,439 |
|
138,694 |
|
Loans
receivable, net |
|
544,422 |
|
344,948 |
|
Goodwill
and intangible assets |
|
7,910 |
|
-- |
|
Deposits |
|
614,846 |
|
389,201 |
|
FHLB
advances |
|
108,078 |
|
50,638 |
|
Non-performing loans |
|
16,090 |
|
15,878 |
|
Non-performing assets |
|
16,282 |
|
16,459 |
|
Stockholders’ equity |
|
134,196 |
|
114,002 |
|
Full-service offices |
|
11 |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended June 30, |
At or For theNine Months EndedJune 30, |
|
2017 |
2016 |
2017 |
2016 |
|
(Dollars in Thousands Except Per Share Amounts) |
Selected
Operating Data: |
|
|
|
|
Total interest
income |
$ |
7,430 |
|
$ |
4,474 |
|
$ |
18,606 |
|
$ |
12,896 |
|
Total interest
expense |
|
1,377 |
|
|
824 |
|
|
3,608 |
|
|
2,473 |
|
Net interest
income |
|
6,053 |
|
|
3,650 |
|
|
14,998 |
|
|
10,423 |
|
Provision for loan
losses |
|
30 |
|
|
150 |
|
|
2,580 |
|
|
225 |
|
Net interest income
after provision for loan losses |
|
6,023 |
|
|
3,500 |
|
|
12,418 |
|
|
10,198 |
|
Total non-interest
income |
|
625 |
|
|
400 |
|
|
1,500 |
|
|
883 |
|
Total non-interest
expense |
|
3,500 |
|
|
2,815 |
|
|
12,981 |
|
|
8,507 |
|
Income before income
taxes |
|
3,148 |
|
|
1,085 |
|
|
937 |
|
|
2,574 |
|
Income tax expense |
|
1,031 |
|
|
308 |
|
|
230 |
|
|
836 |
|
Net income |
$ |
2,117 |
|
$ |
777 |
|
$ |
707 |
|
$ |
1,738 |
|
Basic earnings per
share |
$ |
0.25 |
|
$ |
0.10 |
|
$ |
0.08 |
|
$ |
0.23 |
|
Diluted earnings per
share |
$ |
0.25 |
|
$ |
0.10 |
|
$ |
0.08 |
|
$ |
0.23 |
|
Dividends paid per
common share |
$ |
0.03 |
|
$ |
0.03 |
|
$ |
0.09 |
|
$ |
0.09 |
|
Tangible book value per
share at end of period |
$ |
14.02 |
|
$ |
14.05 |
|
$ |
14.02 |
|
$ |
14.05 |
|
Common stock
outstanding (shares) |
|
9,007,735 |
|
|
8,045,544 |
|
|
9,007,735 |
|
|
8,045,544 |
|
|
|
|
|
|
Selected
Operating Ratios(1): |
|
|
|
|
Average yield on
interest- earning assets |
|
3.67 |
% |
|
3.40 |
% |
|
3.49 |
% |
|
3.40 |
% |
Average rate paid on
interest-bearing liabilities |
|
0.76 |
% |
|
0.77 |
% |
|
0.78 |
% |
|
0.81 |
% |
Average interest rate
spread (2) |
|
2.91 |
% |
|
2.63 |
% |
|
2.71 |
% |
|
2.58 |
% |
Net interest margin
(2) |
|
2.99 |
% |
|
2.78 |
% |
|
2.82 |
% |
|
2.74 |
% |
Average
interest-earning assets to average interest-bearing
liabilities |
|
112.35 |
% |
|
122.64 |
% |
|
114.92 |
% |
|
119.88 |
% |
Net interest income
after provision for loan losses to non-interest
expense |
|
172.09 |
% |
|
124.33 |
% |
|
95.66 |
% |
|
124.74 |
% |
Total non-interest
expense to total average assets |
|
1.62 |
% |
|
2.05 |
% |
|
3.44 |
% |
|
2.15 |
% |
Efficiency
ratio(3) |
|
52.41 |
% |
|
69.51 |
% |
|
78.68 |
% |
|
75.24 |
% |
Return on average
assets |
|
0.98 |
% |
|
0.56 |
% |
|
0.19 |
% |
|
0.44 |
% |
Return on average
equity |
|
6.39 |
% |
|
2.69 |
% |
|
1.12 |
% |
|
2.00 |
% |
Average equity to
average total assets |
|
15.29 |
% |
|
21.00 |
% |
|
16.69 |
% |
|
21.94 |
% |
|
At or for the Three Months Ended June 30, |
At or for Nine Months Ended June 30, |
|
2017 |
2016 |
2017 |
2016 |
|
Asset Quality
Ratios(4) |
|
|
|
|
|
Non-performing loans as
a percentage of loans receivable, net(5) |
2.96 |
% |
4.70 |
% |
2.96 |
% |
4.70 |
% |
|
Non-performing assets
as a percentage of total assets(5) |
1.87 |
% |
2.93 |
% |
1.87 |
% |
2.93 |
% |
|
Allowance for loan
losses as a percentage of total loans |
0.74 |
% |
0.95 |
% |
0.74 |
% |
0.95 |
% |
|
Allowance for loan
losses as a percentage of non-performing loans |
25.32 |
% |
20.31 |
% |
25.32 |
% |
20.31 |
% |
|
Net charge-offs
(recoveries) to average loans receivable |
-0.10 |
% |
-0.01 |
% |
0.39 |
% |
-0.03 |
% |
|
|
|
|
|
|
|
Capital
Ratios(6) |
|
|
|
|
|
Tier 1 leverage
ratio |
|
|
|
|
|
Company |
14.76 |
% |
20.35 |
% |
14.76 |
% |
20.35 |
% |
|
Bank |
13.44 |
% |
18.02 |
% |
13.44 |
% |
18.02 |
% |
|
Tier 1 common
risk-based capital ratio |
|
|
|
|
|
Company |
24.60 |
% |
40.53 |
% |
24.60 |
% |
40.53 |
% |
|
Bank |
22.40 |
% |
35.98 |
% |
22.40 |
% |
35.98 |
% |
|
Tier 1 risk-based
capital ratio |
|
|
|
|
|
Company |
24.60 |
% |
40.53 |
% |
24.60 |
% |
40.53 |
% |
|
Bank |
22.40 |
% |
35.98 |
% |
22.40 |
% |
35.98 |
% |
|
Total risk-based
capital ratio |
|
|
|
|
|
Company |
25.44 |
% |
41.40 |
% |
25.44 |
% |
41.40 |
% |
|
Bank |
23.24 |
% |
36.85 |
% |
23.24 |
% |
36.85 |
% |
|
|
|
|
|
|
|
(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. Included in the nine-month period for fiscal 2017 was a
one-time charge relating to merger expenses. (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. It is the Company’s
policy to cease accruing interest on all loans which 90 days or
more past due as to interest or principal. 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. (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 results of operations 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 effect of
the one-time merger-related expenses, the one-time non-cash
charge-off related to a large lending relationship and severance
expense; management believes many investors desire to evaluate net
income without regard to such expenses): |
|
|
At or For the Three Months Ended June 30, |
At or For the Nine Months Ended June 30, |
|
|
2017 |
2016 |
|
2017 |
2016 |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
Income
before income taxes |
$ |
3,148 |
$ |
1,085 |
|
$ |
937 |
$ |
2,574 |
|
Income tax
expense |
|
1,031 |
|
308 |
|
|
230 |
|
836 |
|
Net (loss)
income |
|
2,117 |
|
777 |
|
|
707 |
|
1,738 |
|
One time
merger-related costs (net of tax) |
|
-- |
|
|
|
1,968 |
|
-- |
|
One time
charge-off (net of tax) |
|
-- |
|
|
|
1,280 |
|
-- |
|
One-time
severance expense (net of tax) |
|
-- |
|
131 |
|
|
-- |
|
131 |
|
Core net
income |
$ |
2,117 |
$ |
908 |
|
$ |
3,955 |
$ |
1,869 |
|
The following table shows the reconciliation of
book value and tangible book value (a non-GAAP measure which
excludes goodwill and core deposit intangible from total equity as
calculated in accordance with GAAP). Until the completion of the
Polonia acquisition as of January 1, 2017, the Company’s book value
and tangible book value were identical.
|
|
As of June 30, 2017 |
|
As of June 30, 2016 |
(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Book Value |
Tangible Book Value |
|
Book Value |
Tangible Book Value |
Total
stockholders’ equity |
|
$ |
134,196 |
$ |
134,196 |
|
$ |
113,066 |
$ |
113,066 |
Less
intangible assets: |
|
|
|
|
|
|
Goodwill |
|
|
-- |
|
7,163 |
|
|
-- |
|
-- |
Core
deposit intangible |
|
|
-- |
|
747 |
|
|
-- |
|
-- |
Total
intangibles |
|
$ |
-- |
|
7,910 |
|
$ |
-- |
$ |
-- |
Adjusted stockholders’ equity |
|
$ |
134,196 |
$ |
126,286 |
|
$ |
113,066 |
$ |
113,066 |
Shares of common stock outstanding |
|
|
9,007,735 |
|
9,007,735 |
|
|
8,045,544 |
|
8,045,544 |
Adjusted book value per share |
|
$ |
14.90 |
$ |
14.02 |
|
$ |
14.05 |
$ |
14.05 |
Contact: Jack E. Rothkopf
Chief Financial Officer
(215) 755-1500
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