Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$1.7 million, or $0.22 per basic share and $0.21 per diluted share,
for the quarter ended March 31, 2021 as compared to $2.9 million,
or $0.33 per basic share and $0.32 per diluted share, for the same
quarter in fiscal 2020. For the six months ended March 31, 2021,
the Company reported net income of $3.6 million, or $0.44 per basic
share and $0.44 per diluted share as compared to $5.4 million, or
$0.61 per basic and $0.60 per diluted share, for the same period in
fiscal 2020. The 2020 periods included significant
gains on sales of investment securities available for sale.
Dennis Pollack, President and CEO, commented,
“We are glad to be able to report continued positive operating
results. We are also pleased to report improvement in both our net
interest margin and interest rate spread, but we recognize the need
for additional improvement. We continue to evaluate and implement
strategies to enhance shareholder value including stock repurchase
programs and the maintenance of our regular quarterly dividend, but
with a focus on protecting our capital in these uncertain
times.”
Highlights for the Quarter Ended March 31,
2021
- Net loans receivable increased by
$32.6 million to $620.9 million at March 31, 2021 compared to
$588.3 million at September 30, 2020.
- The net interest margin improved to
2.08% for the three months ended March 31, 2021 compared to 1.89%
for the three months ended March 31, 2020 and 2.02% for the three
months ended December 31, 2020.
- The Company repurchased 204,311
shares of its common stock during the six months ended March 31,
2021 at a weighted average per share cost of $13.89, well below the
Company’s book value per share.
- The Company’s tangible book value
per share (non-GAAP) was $15.59 per share at March 31, 2021 as
compared to $15.07 at September 30, 2020.
- As of March 31, 2021 there were no
loans on COVID-19 deferral.
Net Interest Income:
Although average interest-earning assets
declined by $114.4 million for the three months ended March 31,
2021 as compared to the same period in 2020, net interest income
for the second quarter of fiscal 2021 amounted to $5.7 million,
decreasing by only $64,000 as compared to the same period in 2020.
The $1.5 million decrease in interest income was offset almost
completely by a decrease of $1.5 million in interest paid on
deposits and borrowings. The weighted average cost of borrowings
and deposits decreased 41 basis points to 1.52% for the quarter
ended March 31, 2021 from 1.93% for the same period in 2020 due to
decreases in market rates of interest which affected both deposit
and borrowing costs. Although the weighted average yield on
interest-earning assets decreased during the quarter ended March
31, 2021, it did so to lesser degree due to the more repricing of
our interest-bearing liabilities than our interest-earning assets.
The weighted average yield on our interest-earning assets declined
by 15 basis points, to 3.45% for the quarter ended March 31, 2021
from the comparable period in 2020 due to the decline in market
rates of interest, in particular as a result of the Federal
Reserve’s Open Market Committee’s action to reduce the Federal
Funds Rate in early 2020 in an effort to address potential
disruption in the markets occasioned by the COVID-19 pandemic.
On a linked quarter basis, for the three months
ended March 31, 2021, net interest income increased by $40,000 to
$5.7 million as compared to the three months ended December 31,
2020. The increase reflected the effects of a decrease of $266,000,
or 6.6% in interest paid on deposits and borrowings, partially
offset by a decrease of $226,000, or 2.3%, in interest earned on
interest-earning assets. The weighted average yield rate paid on
interest-bearing liabilities decreased from 1.63% to 1.52% while
the yield earned on interest-earning assets increased slightly to
3.45% from 3.44%.
Average interest-earning assets declined by
$117.8 million for the six months ended March 31, 2021 as compared
to the same period in 2020. However, due to relative shifts in
yields earned and rates paid which offset such declines in part,
net interest income was $11.4 million, decreasing by $723,000 as
compared to the same period in fiscal 2020. The decrease was due to
a decrease of $3.7 million, or 16.1%, in interest income partially
offset by a $3.0 million, or 27.7%, decrease in interest paid on
deposits and borrowings. The decrease in interest income was due to
the decrease in the weighted average balance of interest-earning
assets and by the 25 basis point decline in the weighted average
yield earned on our interest-earning assets. The weighted average
cost of borrowings and deposits decreased to a greater degree,
decreasing to 1.55% during the six months ended March 31, 2021 from
1.96% during the comparable period in 2020 primarily due to
decreases in market rates of interest.
For the three and six months ended March 31,
2021, the net interest margin was 2.08% and 2.05%, respectively,
compared to 1.89% and 1.96% for the same periods in fiscal 2020,
respectively. The margin improvement experienced in the 2021
periods in large part reflected the more rapid decline in liability
costs compared to asset yields in response to the declining
interest rate environment.
Non-Interest Income:
Non-interest income amounted to $575,000 and
$1.1 million for the three and six month periods ended March 31,
2021, respectively, compared to $2.7 million and $3.5 million,
respectively, for the comparable periods in fiscal 2020. Both of
the 2020 periods included significant gains on the sale of various
investment securities of $2.4 million and $2.7 million for the
quarter and six months ended March 31, 2020, respectively.
Non-Interest Expenses:
For the three and six month periods ended March
31, 2021, non-interest expense decreased $110,000 or 2.5% and
$33,000 or 0.4%, respectively, compared to the same periods in the
prior fiscal year. Non-interest expense decreased in both of the
fiscal 2021 periods primarily due in part to the reductions in
other real estate, advertising and depreciation expenses. The
Company maintained its focus on the continued implementation of
operating efficiencies.
Income Taxes:
For the three month and six-month periods ended
March 31, 2021, the Company recorded tax expense of $235,000 and
$521,000, respectively, compared to $572,000 and $1.1 million for
the same periods in fiscal 2020. The reduction in tax expense for
the three and six month periods was commensurate with the decrease
in pre-tax income.
Balance Sheet:
Total assets decreased by $17.4 million to
approximately $1.2 billion at March 31, 2020 from September 30,
2020. However, net loans receivable increased $32.6 million to
$620.9 million at March 31, 2021 from $588.3 million at September
30, 2020 due to our continuing efforts to expand our commercial
loan portfolio. Offsetting the increase in net loans were decreases
in the investment portfolio of $67.1 million primarily as a result
of paydowns of U.S. government agency mortgage-backed
securities.
Total liabilities decreased by $20.5 million
during the quarter to $1.1 billion at March 31, 2021 due primarily
to a $33.6 million decrease in FHLB borrowings and a $6.1 million
decrease in interest rate swap contracts. Offsetting the decrease
was a $22.8 million increase in deposits, primarily in certificates
of deposit, at terms more favorable than the maturing FHLB
advances.
Total stockholders’ equity increased by $1.1
million to $130.3 million at March 31, 2021 from $129.1 million at
September 30, 2020. The increase was primarily due to net income of
$3.6 million. Also contributing to the increase was a $1.4 million
increase in the fair value of investment securities held for sale
and in connection with interest rate swap arrangements. These
increases were partially offset by net stock repurchases totaling
$2.7 million and dividend payments totaling $1.1 million during the
six months ended March 31, 2021.
Asset Quality:
At March 31, 2021, the Company’s non-performing
assets totaled $13.1 million or 1.1% of total assets as compared to
$13.0 million or 1.1% of total assets at September 30, 2020.
Non-performing assets at March 31, 2021 included five construction
loans aggregating $8.3 million, 25 one-to-four family residential
mortgage loans aggregating $3.5 million, and three commercial real
estate loans aggregating $1.3 million. At March 31, 2021, the
Company had four loans totaling $4.9 million that were classified
as troubled debt restructurings (“TDRs”). One TDR is on non-accrual
and consists of a $399,000 loan secured by a single-family
residential property which is performing in accordance with the
restructured terms. The three remaining TDRs totaling $4.5 million
are also classified as non-accrual and are a part of a lending
relationship totaling $10.1 million (after taking into account the
previously disclosed $1.9 million write-down recognized during the
quarter ending March 31, 2017 related to this borrowing
relationship). The primary project of the borrower (the development
of a 169-unit townhouse project in Bristol Borough, Pennsylvania)
is the subject of litigation between the Bank and the borrower. As
previously disclosed, subsequent to the commencement of the
litigation, the borrower filed for bankruptcy under Chapter 11
(Reorganization) of the federal bankruptcy code in June 2017. The
Bank moved the underlying litigation noted above with the borrower
and the Bank from state court to the federal bankruptcy court in
which the bankruptcy proceeding is being heard. The state
litigation is stayed pending the resolution of the bankruptcy
proceedings. As of March 31, 2021, twenty-three units have been
sold in the project with a portion of the proceeds of each sale
being applied against the outstanding debt.
The Company recorded no provisions for loan
losses for the three and six months ended March 31, 2021 compared
to provisions for loan losses of $500,000 and $625,000,
respectively, for the same periods in fiscal 2020, as the $3.0
million provision expense incurred in fiscal 2020, combined with
minimal recent charge-offs, was deemed sufficient to maintain the
allowance at a level sufficient to cover all inherent and known
losses in the current portfolio. During the three and six months
ending March 31, 2021, the Company recorded no charge offs while
during the same periods the Company recorded recoveries aggregating
$15,000 and $51,000, respectively. During the three and six months
ending March 31, 2020, the Company recorded three charge offs
aggregating $74,000. During the three and six months ended March
31, 2020, the Company recorded recoveries aggregating $7,000 and
$17,000, respectively. Although our COVID-19 loan deferrals were as
high as $149.7 million during portions of fiscal 2020, all existing
deferrals had ended by September 30, 2020. All of the loans which
had been on deferral were current as of March 31, 2021.
The allowance for loan losses totaled $8.4
million, or 1.3% of total loans, and 64.0% of total non-performing
loans at March 31, 2021 (which included loans acquired at their
fair value as a result of the acquisition of Polonia Bancorp, Inc.
(“Polonia”) as of January 1, 2017) as compared to $8.3 million, or
1.4% of total loans and 63.7% of total non-performing loans at
September 30, 2020. The Company believes that the allowance for
loan losses at March 31, 2021 was sufficient to cover all inherent
and known losses associated with the loan portfolio at such
date.
COVID-19 Related
Information
As noted above, in response to the current
situation surrounding the COVID-19 pandemic, the Company is
providing assistance to its customers in a variety of ways. The
Company participated in the initial Paycheck Protection Program
(“PPP”) offered under the CARES Act as a Small Business
Administration (“SBA”) lender. We are currently working with a
third party in order for our customers to be able to participate in
the updated PPP loan program adopted as part of the COVID-19
stimulus bill enacted in December 2020 as part of the 2021
Consolidated Appropriations Act.
The primary method of relief is to allow the
borrower to defer their loan payments for three months (and
extending the term of the loan accordingly). The CARES Act and
regulatory guidelines shave temporarily suspended the determination
of certain loan modifications related to the COVID-19 pandemic from
being treated as TDRs. See “Asset Quality” discussion above.
While the Company’s banking operations were not
restricted by the government stay-at-home orders, the Company took
and continues to take steps to protect its employees and customers
by providing for remote working for many employees, enhancing
cleaning procedures for the Company’s offices, in particular its
branch offices, requiring face masks to be worn by employees and
maintaining appropriate social distancing in our offices. The
Company continues to assess and monitor the on-going COVID-19
pandemic and will take additional such steps as are necessary to
protect its employees and assist its depositor and borrower
customers during this difficult time.
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 nine additional full-service
financial centers, seven 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 or conditions relating to the Company and its
operations. 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: 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; the
scope and duration of the COVID-19 pandemic; the effects of the
COVID-19 pandemic, including on the Company’s credit quality and
operations as well as its impact on general economic conditions;
legislative and regulatory changes including actions taken by
governmental authorities in response to the COVID-19 pandemic;
monetary and fiscal policies of the federal government; changes in
tax policies, rates and regulations of federal, state and local tax
authorities including the effects of the Tax Reform Act; changes in
interest rates, deposit flows, the cost of funds, demand for loan
products and the demand for financial services, in each case as may
be affected by the COVID-19 pandemic; competition, changes in the
quality or composition of the Company’s loan, investment and
mortgage-backed securities portfolios; geographic concentration of
the Company’s business; fluctuations in real estate values; the
adequacy of loan loss reserves; the risk that goodwill and
intangibles recorded in the Company’s financial statements will
become impaired; 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.
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 for
the year ended September 30, 2020, as supplemented by its quarterly
or other reports filed subsequently with the SEC.
SELECTED CONSOLIDATED FINANCIAL AND OTHER
DATA |
|
(Unaudited) |
|
At March 31, |
|
At September
30, |
|
2021 |
|
2020 |
|
|
|
(Dollars in
Thousands) |
Selected Consolidated Financial and Other Data
(Unaudited): |
|
|
Total assets |
|
$1,204,032 |
|
|
$1,223,353 |
Cash and
cash equivalents |
|
135,229 |
|
|
117,081 |
Investment
and mortgage-backed securities: |
|
|
Held-to-maturity |
|
22,270 |
|
|
22,860 |
Available-for-sale |
|
353,861 |
|
|
420,415 |
Loans
receivable, net |
|
620,875 |
|
|
588,300 |
Goodwill and
intangible assets |
|
6,393 |
|
|
6,442 |
Deposits |
|
793,745 |
|
|
770,949 |
FHLB
advances |
|
251,639 |
|
|
285,254 |
Non-performing loans |
|
13,053 |
|
|
13,037 |
Non-performing assets |
|
13,053 |
|
|
13,037 |
Stockholders’ equity |
|
130,258 |
|
|
129,117 |
Common stock
outstanding (shares) |
|
7,944,002 |
|
|
8,138,675 |
Full-service
offices |
|
10 |
|
|
10 |
|
At or For
the |
|
|
At or For
the |
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
March 31, |
|
|
March 31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands Except Per Share Amounts) |
Selected Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income |
$9,464 |
|
$11,010 |
|
|
$19,154 |
|
$22,837 |
|
Total
interest expense |
|
3,740 |
|
|
5,222 |
|
|
|
7,746 |
|
|
10,706 |
|
Net interest
income |
|
5,724 |
|
|
5,788 |
|
|
|
11,408 |
|
|
12,131 |
|
Provision
for loan losses |
|
- |
|
|
500 |
|
|
|
- |
|
|
625 |
|
Net interest
income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
5,724 |
|
|
5,288 |
|
|
|
11,408 |
|
|
11,506 |
|
Total
non-interest income |
|
575 |
|
|
2,668 |
|
|
|
1,112 |
|
|
3,500 |
|
Total
non-interest expense |
|
4,350 |
|
|
4,460 |
|
|
|
8,448 |
|
|
8,481 |
|
Income
before income taxes |
|
1,949 |
|
|
3,496 |
|
|
|
4,072 |
|
|
6,525 |
|
Income tax
expense |
|
235 |
|
|
572 |
|
|
|
521 |
|
|
1,138 |
|
Net
income |
$1,714 |
|
$2,924 |
|
|
$ 3,551 |
|
$ 5,387 |
|
Basic
earnings per share |
$0.22 |
|
$0.33 |
|
|
$0.44 |
|
$0.61 |
|
Diluted
earnings per share |
$0.21 |
|
$0.32 |
|
|
$0.44 |
|
$0.60 |
|
Dividends
paid per common share |
$0.07 |
|
$0.50 |
|
|
$0.14 |
|
$0.57 |
|
Tangible
book value per share at end of |
|
|
|
|
|
|
|
|
|
|
|
|
|
period(1) |
$15.59 |
|
$14.32 |
|
|
$15.59 |
|
$14.32 |
|
Common stock
outstanding (shares) (period end) |
|
7,944,002 |
|
|
8,782,025 |
|
|
|
7,944,002 |
|
|
8,782,025 |
|
|
|
|
|
|
|
Selected Operating Ratios(2): |
|
|
|
|
|
Average
yield on interest- |
|
|
|
|
|
earning assets |
|
3.45% |
|
|
3.60% |
|
|
|
3.44% |
|
|
3.69% |
|
Average rate
paid on interest-bearing |
|
|
|
|
|
liabilities |
|
1.52% |
|
|
1.93% |
|
|
|
1.55% |
|
|
1.96% |
|
Average
interest rate spread (3) |
|
1.93% |
|
|
1.67% |
|
|
|
1.89% |
|
|
1.73% |
|
Net interest
margin (3) |
|
2.08% |
|
|
1.89% |
|
|
|
2.05% |
|
|
1.96% |
|
Average
interest-earning assets |
|
|
|
|
|
to average interest-bearing |
|
|
|
|
|
liabilities |
|
111.32% |
|
|
112.94% |
|
|
|
111.63% |
|
|
113.24% |
|
Net interest
income after |
|
|
|
|
|
provision for loan losses to |
|
|
|
|
|
non-interest expense |
|
131.59% |
|
|
118.57% |
|
|
|
135.04% |
|
|
135.67% |
|
Total
non-interest expense to total |
|
|
|
|
|
average assets |
|
1.47% |
|
|
1.39% |
|
|
|
1.43% |
|
|
1.32% |
|
Efficiency
ratio(4) |
|
69.06% |
|
|
52.74% |
|
|
|
67.48% |
|
|
54.26% |
|
Return on
average assets |
|
0.58% |
|
|
0.91% |
|
|
|
0.60% |
|
|
0.84% |
|
Return on
average equity |
|
5.24% |
|
|
8.28% |
|
|
|
5.42% |
|
|
7.26% |
|
Average
equity to average total assets |
|
11.07% |
|
|
11.02% |
|
|
|
11.06% |
|
|
11.51% |
|
|
At or for the Three Months EndedMarch 31, |
|
At or for Six Months EndedMarch 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
Asset Quality
Ratios(5) |
|
|
|
|
|
Non-performing loans as a
percentage of loans receivable, net(6) |
2.10 |
% |
2.43 |
% |
2.10 |
% |
2.43 |
% |
|
Non-performing assets as a
percentage of total assets(6) |
1.08 |
% |
1.14 |
% |
1.08 |
% |
1.14 |
% |
|
Allowance for loan losses as a
percentage of total loans |
1.33 |
% |
1.03 |
% |
1.33 |
% |
1.03 |
% |
|
Allowance for loan losses as a
percentage of total non-performing loans |
64.00 |
% |
42.84 |
% |
64.00 |
% |
42.84 |
% |
|
Net charge-offs (recoveries) to
average loans receivable |
-0.03 |
% |
0.05 |
% |
-0.11 |
% |
0.02 |
% |
|
|
|
|
|
|
|
Capital
Ratios(7) |
|
|
|
|
|
Tier 1 leverage ratio |
|
|
|
|
|
Company |
10.67 |
% |
10.26 |
% |
10.57 |
% |
10.26 |
% |
|
Bank |
10.49 |
% |
10.13 |
% |
10.42 |
% |
10.13 |
% |
|
Tier 1 common risk-based capital
ratio |
|
|
|
|
|
Company |
16.85 |
% |
18.37 |
% |
16.85 |
% |
18.37 |
% |
|
Bank |
16.55 |
% |
18.09 |
% |
16.55 |
% |
18.09 |
% |
|
Tier 1 risk-based capital
ratio |
|
|
|
|
|
Company |
16.85 |
% |
18.37 |
% |
16.85 |
% |
18.37 |
% |
|
Bank |
16.55 |
% |
18.09 |
% |
16.55 |
% |
18.09 |
% |
|
Total risk-based capital
ratio |
|
|
|
|
|
Company |
18.04 |
% |
19.28 |
% |
18.04 |
% |
19.28 |
% |
|
Bank |
17.74 |
% |
19.00 |
% |
17.74 |
% |
19.00 |
% |
|
|
|
|
|
|
|
(1) |
|
Non-GAAP measure; see reconciliation below. |
|
|
|
(2) |
|
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. |
|
|
|
(3) |
|
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. |
|
|
|
(4) |
|
The efficiency ratio represents the ratio of non-interest expense
divided by the sum of net interest income and non-interest
income. |
|
|
|
(5) |
|
Asset quality ratios and capital ratios are end of period ratios,
except for net charge-offs to average loans receivable. |
|
|
|
(6) |
|
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 (“TDRs”) due to being recently
restructured. TDRs are initially placed on non-accrual in
connection with such restructuring and remain on non-accrual 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. |
|
|
|
(7) |
|
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 Disclosure |
|
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. This disclosure 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
the Company’s book value and tangible book value (a non-GAAP
measure which excludes goodwill and the core deposit intangible
resulting from the acquisition of Polonia as of January 1, 2017
from total stockholders’ equity as calculated in accordance with
GAAP) at each of the dates presented.
|
|
As of March 31, 2021 |
As of September 30, 2020 |
As of March 31, 2020 |
(In Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
|
|
|
Book Value |
Tangible Book Value |
Book Value |
Tangible Book Value |
Book Value |
Tangible Book Value |
Total stockholders’ equity |
|
$ |
130,258 |
$ |
130,258 |
$ |
129,117 |
$ |
129,117 |
$ |
132,246 |
$ |
132,246 |
Less intangible assets: |
|
|
|
|
|
|
|
Goodwill |
|
|
-- |
|
6,102 |
|
-- |
|
6,102 |
|
-- |
|
6,102 |
Core deposit intangible |
|
|
-- |
|
291 |
|
-- |
|
342 |
|
-- |
|
392 |
Total intangibles |
|
$ |
-- |
$ |
6,393 |
$ |
-- |
$ |
6,444 |
$ |
-- |
$ |
6,494 |
Adjusted stockholders’ equity |
|
$ |
130,258 |
$ |
123,865 |
$ |
129,117 |
$ |
122,673 |
$ |
142,299 |
$ |
125,759 |
Shares of common stock outstanding |
|
|
7,944,002 |
|
7,944,002 |
|
8,138,675 |
|
8,138,675 |
|
8,782,025 |
|
8,782,025 |
Adjusted book value per share |
|
$ |
16.40 |
$ |
15.59 |
$ |
15.86 |
$ |
15.07 |
$ |
15.06 |
$ |
14.32 |
Contact: Jack E. RothkopfChief Financial Officer (215)
755-1500
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