Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$2.2 million, or $0.28 per basic and per diluted share, for the
quarter ended June 30, 2021 as compared to $3.6 million, or $0.44
per basic and per diluted share, for the same quarter in fiscal
2020. For the nine months ended June 30, 2021, the Company reported
net income of $5.8 million, or $0.73 per basic share and $0.72 per
diluted share as compared to $9.0 million, or $1.04 per basic and
$1.03 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 pleased to report continued positive operating results. We
are also pleased to report improvement in both our net interest
margin and interest rate spread, but 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 continued focus on protecting our capital in these uncertain
times.”
Highlights for the Quarter Ended June 30,
2021
- Net loans receivable increased by
$21.5 million to $609.8 million at June 30, 2021 compared to $588.3
million at September 30, 2020.
- The net interest margin improved to
2.13% for the three months ended June 30, 2021 compared to 1.83%
for the three months ended June 30, 2020 and 2.08% for the three
months ended March 31, 2021.
- The Company repurchased 309,311
shares of its common stock during the nine months ended June 30,
2021 at a weighted average per share cost of $13.95, well below the
Company’s book value per share.
- The Company’s tangible book value
per share (non-GAAP) was $15.94 per share at June 30, 2021 as
compared to $15.07 at September 30, 2020.
- As of June 30, 2021, there were no
loans on COVID-19 deferral and all the loans that had been on
COVID-19 deferral had returned to paying status as of October 1,
2020.
Net Interest Income:
Net interest income for the third quarter of
fiscal 2021 amounted to $5.8 million, increasing by $468,000 as
compared to the same period in 2020. Primarily contributing to the
favorable increase was a decrease of $920,000 in interest paid on
deposits and borrowings during the quarter ended June 30, 2021.
Partially offsetting the increase in net interest income was a
$452,000 decrease in interest earned on interest-earning assets.
The weighted average cost of borrowings and deposits decreased 24
basis points to 1.49% for the quarter ended June 30, 2021 from
1.73% for the same period in 2020 due to decreases in market rates
of interest which affected both deposit and borrowing costs. The
weighted average yield on our interest-earning assets increased by
3 basis points, to 3.45% for the quarter ended June 30, 2021, but
the average balance of interest-earning assets declined by $62.5
million to $1.1 billion primarily due to paydowns in the investment
portfolio.
On a linked quarter basis, for the three months
ended June 30, 2021, net interest income increased by $48,000 to
$5.8 million as compared to the three months ended March 31, 2021.
The increase in net interest income reflected the effects of a
decrease of $174,000 in interest paid on deposits and borrowings,
partially offset by a decrease of $126,000 in interest earned on
interest-earning assets. The weighted average rate paid on
interest-bearing liabilities decreased from 1.52% to 1.49% while
the yield earned on interest-earning assets remained level at
3.45%. The average balance of interest-earning assets decreased by
$28.5 million during the third quarter of fiscal 2021.
Average interest-earning assets declined by
$104.1 million for the nine months ended June 30, 2021 as compared
to the same period in 2020. However, due to relative shifts in
yields earned and rates paid which offset such decline in part, net
interest income was $17.2 million, decreasing by $255,000 as
compared to the same period in fiscal 2020. The decrease was due to
a decrease of $4.1 million, or 12.7%, in interest income partially
offset by a $3.9 million, or 25.5%, 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 14 basis point decline to 3.45% in the weighted
average yield earned on our interest-earning assets. The decrease
in the average balance of interest-earning assets was primarily due
to paydowns in the investment portfolio. However, the weighted
average cost of borrowings and deposits decreased to a greater
degree, decreasing to 1.53% during the nine months ended June 30,
2021 from 1.88% during the comparable period in 2020 primarily due
to decreases in market rates of interest.
For the three and nine months ended June 30,
2021, the net interest margin was 2.13% and 2.08%, respectively,
compared to 1.83% and 1.92% 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 the decline in asset yields in response to the
declining interest rate environment.
Non-Interest Income:
Non-interest income amounted to $1.4 million and
$2.5 million for the three and nine month periods ended June 30,
2021, respectively, compared to $3.8 million and $7.3 million,
respectively, for the comparable periods in fiscal 2020. Both of
the 2020 periods included significant gains on the sale of various
investment securities. The gain on sale of investment securities
aggregated $3.3 million and $6.0 million for the three and nine
months ended June 30, 2020, respectively compared to $910,000 for
both comparable periods in fiscal 2021.
Non-Interest Expenses:
For the three and nine month periods ended June
30, 2021, non-interest expense increased $547,000 and $514,000,
respectively, compared to the same periods in the prior fiscal
year. The increase was due primarily to increased employee expense
due in part to the hiring of additional personnel in our lending
operations to support our expanded lending activities.
Income Taxes:
For the three month and nine-month periods ended
June 30, 2021, the Company recorded income tax expense of $387,000
and $908,000, respectively, compared to $701,000 and $1.8 million
for the same periods in fiscal 2020. The reduction in tax expense
for the three and nine month periods was commensurate with the
decrease in pre-tax income.
Balance Sheet:
Total assets decreased by $98.9 million to
approximately $1.1 billion at June 30, 2021 from September 30,
2020. Net loans receivable increased $21.5 million to $609.8
million at June 30, 2021 from $588.3 million at September 30, 2020
due to our continuing efforts to expand our commercial real estate
and business loan portfolio. Offsetting the increase in net loans
were decreases in the investment portfolio of $86.3 million
primarily as a result of paydowns of U.S. government agency
mortgage-backed securities and a decrease in cash and cash
equivalents of $37.8 million.
Total liabilities decreased by $101.2 million to
$993.1 million at June 30, 2021 as compared to September 30, 2020
due primarily to a $51.0 million decrease in FHLB borrowings, and a
$39.7 million decrease in deposit. We have consciously allowed
higher costing FHLB borrowings and certificates of deposit to run
off at maturity.
Total stockholders’ equity increased by $2.3
million to $131.4 million at June 30, 2021 from $129.1 million at
September 30, 2020. The increase was primarily due to net income of
$5.8 million recognized during the nine months ended June 30, 2021.
Also contributing to the increase was an after tax $4.3 million
increase in the fair value of interest rate swap arrangements.
These increases were partially offset by the cost of net stock
repurchases totaling $4.1 million, an after tax decrease in fair
value of investment securities available for sale of $2.2 million
and dividend payments totaling $1.7 million during the nine months
ended June 30, 2021.
Asset Quality:
At June 30, 2021, the Company’s non-performing
assets totaled $12.8 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 June 30, 2021 included three construction
loans aggregating $4.2 million, 24 one-to-four family residential
mortgage loans aggregating $3.4 million, three commercial real
estate loans aggregating $1.3 million and two construction loans
aggregating $3.8 million that were foreclosed during the third
quarter of fiscal 2021 and are held as other real estate owned. At
June 30, 2021, the Company had two loans totaling $1.1 million that
were classified as troubled debt restructurings (“TDRs”). One TDR
is on non-accrual and consists of a $395,000 loan secured by a
single-family residential property which is performing in
accordance with the restructured terms. The remaining TDR is a
$705,000 commercial real estate loan classified as non-accrual and
is part of a lending relationship totaling $6.1 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 and the two construction
loans noted above that became other real estate owned during the
quarter ended June 30, 2021). 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 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 June 30, 2021, twenty-nine 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 nine months ended June 30, 2021 compared
to provisions for loan losses of $750,000 and $1.4 million,
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 nine months
ending June 30, 2021, the Company recorded no charge offs while
during the same periods the Company recorded recoveries aggregating
$3,000 and $54,000, respectively. During the three and nine months
ending June 30, 2020, the Company recorded one charge off of
$22,000 and four charge offs aggregating $95,000, respectively.
During the three and nine months ended June 30, 2020, the Company
recorded recoveries aggregating $1,000 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 June 30, 2021.
The allowance for loan losses totaled $8.4
million, or 1.3% of total loans, and 93.7% of total non-performing
loans at June 30, 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 49.3% of total non-performing loans at
September 30, 2020. The Company believes that the allowance for
loan losses at June 30, 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. During fiscal 2021, we worked 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 provided to loan
customers was to allow borrowers to defer their loan payments for
three months (and extend the term of the loan accordingly). The
CARES Act and regulatory guidelines have 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 June 30, |
|
At September 30, |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
(Dollars in Thousands) |
Selected Consolidated Financial and Other Data
(Unaudited): |
|
|
|
|
|
Total assets |
$ |
1,124,426 |
|
$ |
1,223,353 |
Cash and cash equivalents |
|
79,287 |
|
|
117,081 |
Investment and mortgage-backed
securities: |
|
|
|
|
|
Held-to-maturity |
|
22,006 |
|
|
22,860 |
Available-for-sale |
|
334,925 |
|
|
420,415 |
Loans receivable, net |
|
609,788 |
|
|
588,300 |
Goodwill and intangible
assets |
|
6,371 |
|
|
6,442 |
Deposits |
|
731,260 |
|
|
770,949 |
FHLB advances |
|
234,298 |
|
|
285,254 |
Non-performing loans |
|
8,919 |
|
|
13,037 |
Non-performing assets |
|
12,751 |
|
|
13,037 |
Stockholders’ equity |
$ |
131,366 |
|
$ |
129,117 |
Common stock outstanding
(shares) |
|
7,844,002 |
|
|
8,138,675 |
Full-service offices |
|
10 |
|
|
10 |
|
At or For the Three Months Ended June 30, |
|
At or For the Nine Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Data: |
(Dollars in Thousands Except Per Share
Amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
$ |
9,339 |
|
|
$ |
9,791 |
|
|
$ |
28,493 |
|
|
$ |
32,628 |
|
Total
interest expense |
|
3,566 |
|
|
|
4,486 |
|
|
|
11,312 |
|
|
|
15,192 |
|
Net
interest income |
|
5,773 |
|
|
|
5,305 |
|
|
|
17,181 |
|
|
|
17,436 |
|
Provision for loan losses |
|
- |
|
|
|
750 |
|
|
|
- |
|
|
|
1,375 |
|
Net
interest income after provision for loan losses |
|
5,773 |
|
|
|
4,555 |
|
|
|
17,181 |
|
|
|
16,061 |
|
Total
non-interest income |
|
1,395 |
|
|
|
3,762 |
|
|
|
2,507 |
|
|
|
7,262 |
|
Total
non-interest expense |
|
4,543 |
|
|
|
3,996 |
|
|
|
12,991 |
|
|
|
12,477 |
|
Income
before income taxes |
|
2,625 |
|
|
|
4,321 |
|
|
|
6,697 |
|
|
|
10,846 |
|
Income
tax expense |
|
387 |
|
|
|
701 |
|
|
|
908 |
|
|
|
1,839 |
|
Net
income |
$ |
2,238 |
|
|
$ |
3,620 |
|
|
$ |
5,789 |
|
|
$ |
9,007 |
|
Basic
earnings per share |
$ |
0.28 |
|
|
$ |
0.44 |
|
|
$ |
0.73 |
|
|
$ |
1.04 |
|
Diluted
earnings per share |
$ |
0.28 |
|
|
$ |
0.44 |
|
|
$ |
0.72 |
|
|
$ |
1.03 |
|
Dividends paid per common share |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.21 |
|
|
$ |
0.64 |
|
Tangible
book value per share at end of period(1) |
$ |
15.94 |
|
|
$ |
14.95 |
|
|
$ |
15.94 |
|
|
$ |
14.95 |
|
Common
stock outstanding (shares) (period end) |
|
7,844,002 |
|
|
|
8,147,005 |
|
|
|
7,844,002 |
|
|
|
8,147,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Ratios(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
yield on interest-earning assets |
|
3.45 |
% |
|
|
3.38 |
% |
|
|
3.45 |
% |
|
|
3.59 |
% |
Average
rate paid on interest-bearing liabilities |
|
1.49 |
% |
|
|
1.73 |
% |
|
|
1.53 |
% |
|
|
1.88 |
% |
Average
interest rate spread (3) |
|
1.96 |
% |
|
|
1.65 |
% |
|
|
1.92 |
% |
|
|
1.71 |
% |
Net
interest margin (3) |
|
2.13 |
% |
|
|
1.83 |
% |
|
|
2.08 |
% |
|
|
1.92 |
% |
Average
interest-earning assets to average interest-bearing
liabilities |
|
113.25 |
% |
|
|
111.55 |
% |
|
|
112.16 |
% |
|
|
112.10 |
% |
Net
interest income after provision for loan losses to non-interest
expense |
|
127.07 |
% |
|
|
113.99 |
% |
|
|
132.25 |
% |
|
|
128.72 |
% |
Total
non-interest expense to total average assets |
|
1.58 |
% |
|
|
1.31 |
% |
|
|
1.48 |
% |
|
|
1.31 |
% |
Efficiency ratio(4) |
|
63.38 |
% |
|
|
44.07 |
% |
|
|
65.98 |
% |
|
|
50.52 |
% |
Return
on average assets |
|
0.78 |
% |
|
|
1.19 |
% |
|
|
0.66 |
% |
|
|
0.85 |
% |
Return
on average equity |
|
6.83 |
% |
|
|
8.28 |
% |
|
|
5.89 |
% |
|
|
8.46 |
% |
Average
equity to average total assets |
|
11.42 |
% |
|
|
11.36 |
% |
|
|
11.18 |
% |
|
|
11.17 |
% |
|
At or for the Three Months EndedJune 30, |
|
At or for Nine Months EndedJune 30, |
|
2021 |
2020 |
|
2021 |
2020 |
Asset Quality Ratios(5) |
|
|
|
|
Non-performing loans as a percentage of loans receivable,
net(6) |
1.46 |
% |
2.33 |
% |
|
1.46 |
% |
2.33 |
% |
Non-performing assets as a percentage of total assets(6) |
1.13 |
% |
1.18 |
% |
|
1.13 |
% |
1.18 |
% |
Allowance for loan losses as a percentage of total loans |
1.35 |
% |
1.13 |
% |
|
1.35 |
% |
1.13 |
% |
Allowance for loan losses as a percentage of total non-performing
loans |
93.69 |
% |
49.03 |
% |
|
93.69 |
% |
49.03 |
% |
Net
charge-offs (recoveries) to average loans receivable |
(0.03 |
)% |
0.05 |
% |
|
(0.03 |
)% |
0.05 |
% |
|
|
|
|
|
Capital Ratios(7) |
|
|
|
|
Tier 1
leverage ratio |
|
|
|
|
Company |
11.02 |
% |
10.33 |
% |
|
11.02 |
% |
10.33 |
% |
Bank |
10.83 |
% |
10.29 |
% |
|
10.83 |
% |
10.29 |
% |
Tier 1
common risk-based capital ratio |
|
|
|
|
Company |
16.92 |
% |
17.31 |
% |
|
16.92 |
% |
17.31 |
% |
Bank |
16.63 |
% |
17.00 |
% |
|
16.63 |
% |
17.00 |
% |
Tier 1
risk-based capital ratio |
|
|
|
|
Company |
16.92 |
% |
17.31 |
% |
|
16.92 |
% |
17.31 |
% |
Bank |
16.63 |
% |
17.00 |
% |
|
16.63 |
% |
17.00 |
% |
Total
risk-based capital ratio |
|
|
|
|
Company |
18.11 |
% |
18.31 |
% |
|
18.11 |
% |
18.31 |
% |
Bank |
17.82 |
% |
17.99 |
% |
|
17.82 |
% |
17.99 |
% |
_____________________________________ |
(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 June 30, 2021 |
As of September 30, 2020 |
As of June 30, 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 |
|
$ |
131,366 |
$ |
131,366 |
$ |
129,117 |
$ |
129,117 |
$ |
128,239 |
$ |
128,239 |
Less intangible assets: |
|
|
|
|
|
|
|
Goodwill |
|
|
-- |
|
6,102 |
|
-- |
|
6,102 |
|
-- |
|
6,102 |
Core deposit intangible |
|
|
-- |
|
269 |
|
-- |
|
342 |
|
-- |
|
366 |
Total intangibles |
|
$ |
-- |
$ |
6,371 |
$ |
-- |
$ |
6,444 |
$ |
-- |
$ |
6,468 |
Adjusted stockholders’ equity |
|
$ |
131,366 |
$ |
124,995 |
$ |
129,117 |
$ |
122,673 |
$ |
128,239 |
$ |
121,771 |
Shares of common stock outstanding |
|
|
7,844,002 |
|
7,844,002 |
|
8,138,675 |
|
8,138,675 |
|
8,147,005 |
|
8,147,005 |
Adjusted book value per share |
|
$ |
16.75 |
$ |
15.94 |
$ |
15.86 |
$ |
15.07 |
$ |
15.74 |
$ |
14.95 |
Contact: |
Jack E.
Rothkopf Chief Financial Officer (215) 755-1500 |
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