Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$2.0 million, or $0.26 per basic and $0.25 per diluted share, for
the quarter ended September 30, 2021 as compared to $548,000, or
$0.07 per basic and diluted share, for the same quarter in fiscal
2020. For the fiscal year ended September 30, 2021, the Company
reported net income of $7.8 million, or $0.98 per basic and diluted
share as compared to $9.6 million, or $1.12 per basic and diluted
share, for fiscal 2020. Fiscal year 2020 included significant gains
on sales of investment securities available for sale.
Dennis Pollack, President and CEO, commented,
“We are pleased to report improvement in both our net interest
margin and interest rate spread, but recognize the need for
additional improvement. Our overall operating performance remained
solid with improved credit quality and despite another surge of
COVID-19 during the summer and the on-going economic disruptions
created by the pandemic. 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
challenging times.”
Highlights for the Fiscal Year and Quarter Ended
September 30, 2021
- Net loans receivable increased by
$29.9 million to $618.2 million at September 30, 2021 compared to
$588.3 million at September 30, 2020, primarily due to increases in
multi-family, commercial business and commercial real estate
loans.
- The net interest margin improved to
2.31% for the three months ended September 30, 2021 compared to
1.89% for the three months ended September 30, 2020 and 2.13% for
the three months ended June 30, 2021.
- The Company repurchased 386,883
shares of its common stock during the fiscal year ended September
30, 2021 at a weighted average per share cost of $13.93, well below
the Company’s book value per share.
- Non-performing assets declined to
$12.5 million or 1.1% of total assets at September 30, 2021 as
compared to $13.0 million or 1.2% of total assets at September 30,
2020.
- The Company’s tangible book value
per share (non-GAAP) was $15.97 per share at September 30, 2021 as
compared to $15.07 at September 30, 2020.
- As of September 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 and remained current at September 30, 2021.
Net Interest Income:
Net interest income for the fourth quarter of
fiscal 2021 amounted to $6.1 million, increasing by $692,000 as
compared to the same period in fiscal 2020. Primarily contributing
to the favorable increase was a decrease of $747,000 in interest
paid on deposits and borrowings during the quarter ended September
30, 2021. Partially offsetting the increase in net interest income
was a $55,000 decrease in interest earned on interest-earning
assets. The weighted average cost of borrowings and deposits
decreased 12 basis points to 1.50% for the quarter ended September
30, 2021 from 1.62% 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 26 basis points, to 3.64% for the quarter ended
September 30, 2021, but the average balance of interest-earning
assets declined by $85.1 million to $1.0 billion primarily due to
paydowns in the investment portfolio, in particular,
mortgage-backed securities. The weighted average yield increased
due to the change in the asset mix as loans generally bear higher
yields than investment securities.
On a linked quarter basis, for the three months
ended September 30, 2021, net interest income increased by $287,000
to $6.1 million as compared to the three months ended June 30,
2021. The increase in net interest income reflected the effects of
an increase of $207,000 in interest earned on interest-earning
assets and a decrease of $80,000 in interest paid on deposits and
borrowings. The yield earned on interest-earning assets increased
19 basis points from 3.45% to 3.64% while the weighted average rate
paid on interest-bearing liabilities increased only one basis point
from 1.49% to 1.50%. The average balance of interest-earning assets
decreased by $44.7 million during the fourth quarter of fiscal
2021.
Net interest income for the fiscal year ended
September 30, 2021 amounted to $23.2 million, increasing by
$437,000 as compared to fiscal 2020. The increase was due to a $4.6
million, or 23.8%, decrease in interest paid on deposits and
borrowings. This was largely offset by a decrease of $4.2 million,
or 9.9%, in interest income. The weighted average cost of
borrowings and deposits decreased to 1.53% for the fiscal year
ended September 30, 2021 from 1.79% for fiscal 2020 primarily due
to decreases in market rates of interest. The decrease in interest
income was primarily due to the decrease in the weighted average
balance of interest-earning assets of $99.3 million and to a lesser
extent by the 5 basis point decline to 3.49% 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, primarily mortgage-backed
securities.
For the three months and the fiscal year ended
September 30, 2021, the net interest margin was 2.31% and 2.13%,
respectively, compared to 1.89% and 1.92% for the same periods in
fiscal 2020, respectively. The margin improvement experienced in
the fiscal 2021 periods in large part reflected the more rapid
decline in interest-bearing liability costs compared to the decline
in interest-earning asset yields in response to the declining
interest rate environment.
Non-Interest Income:
Non-interest income amounted to $1.1 million and $3.6 million
for the three months and the fiscal year ended September 30, 2021,
respectively, compared to $841,000 and $8.1 million, respectively,
for the comparable periods in fiscal 2020. The increase in
non-interest income for the fourth quarter of fiscal 2021 as
compared to the same period in fiscal 2020 reflected the
recognition of $734,000 in aggregate gain on the sale of $15.0
million of investment securities. The higher level of non-interest
income experienced in fiscal 2020 was primarily attributable to the
aggregate $6.0 million of gains on sale of investment securities
compared to $1.6 million for fiscal 2021 reflecting the sale in
fiscal 2020 of $142.1 million of investment securities.
Non-Interest Expenses:
For the three months and fiscal year ended September 30, 2021,
non-interest expense increased $390,000 and $904,000, respectively,
compared to the same periods in the prior fiscal year. The
increases were 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 months and fiscal year ended
September 30, 2021, the Company recorded income tax expense of
$361,000 and $1.3 million, respectively, compared to an income tax
benefit of $239,000 and income tax expense of $1.6 million,
respectively, for the same periods in fiscal 2020. The increase in
income tax expense for the quarter ended September 30, 2021 was due
to the substantial increase in income before taxes during the
fourth quarter as compared to the 2020 period as compared to an
income tax benefit recognized during the 2020 period as a result of
stock compensation plans.
Balance Sheet:
Total assets decreased by $122.9 million to
approximately $1.1 billion at September 30, 2021 from September 30,
2020. Net loans receivable increased $29.9 million to $618.2
million at September 30, 2021 from $588.3 million at September 30,
2020 due to the continuing efforts to expand our commercial real
estate and commercial business loan portfolio. Offsetting the
increase in net loans were decreases in the investment portfolio of
$117.2 million primarily as a result of paydowns of U.S. government
agency mortgage-backed securities and a decrease in cash and cash
equivalents of $35.4 million.
Total liabilities decreased by $124.2 million to
$970.2 million at September 30, 2021 as compared to September 30,
2020 due primarily to a $59.4 million decrease in deposits and a
$53.2 million decrease in FHLB borrowings. We have consciously
allowed higher costing FHLB borrowings and certificates of deposit
to run off at maturity as part of our efforts to both reduce our
cost of funds as well as improve our net interest margin.
Total stockholders’ equity increased by $1.3
million to $130.5 million at September 30, 2021 from $129.1 million
at September 30, 2020. The increase was primarily due to net income
of $7.8 million recognized during the fiscal year ended September
30, 2021. Also contributing to the increase was an after tax $5.3
million increase in the fair value of interest rate swap
arrangements. These increases were largely offset by the cost of
net stock repurchases totaling $5.0 million, an after tax decrease
in fair value of investment securities available for sale of $4.5
million and dividend payments totaling $2.2 million during the
fiscal year ended September 30, 2021.
Asset Quality:
At September 30, 2021, the Company’s
non-performing assets totaled $12.5 million or 1.1% of total assets
as compared to $13.0 million or 1.2% of total assets at September
30, 2020. Non-performing assets at September 30, 2021 included
three construction loans aggregating $4.1 million, 18 one-to-four
family residential mortgage loans aggregating $3.0 million, two
commercial real estate loans aggregating $1.3 million and two
construction loans aggregating $4.1 million that were foreclosed
during the third quarter of fiscal 2021 and are held as other real
estate owned. At September 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 $390,000 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 $6.0
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 with the borrower noted above 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 September 30, 2021, 35 units
have been sold in the project resulting in $875,000 applied against
the outstanding debt owed the Bank.
The Company recorded a provision for loan losses
of $200,000 for the three months and fiscal year ended September
30, 2021 compared to provisions for loan losses of $1.7 million and
$3.0 million, respectively, for the same periods in fiscal 2020, as
the $3.0 million provision expense incurred in fiscal 2020,
combined with minimal charge-offs, was deemed sufficient to
maintain the allowance at a level sufficient to cover all inherent
and probable losses in the current portfolio prior to the fourth
quarter of fiscal 2021. During the three months and fiscal year
ending September 30, 2021, the Company recorded one charge off of
$40,000 while during the same periods the Company recorded
recoveries aggregating $0 and $54,000, respectively. During the
three months and fiscal year ending September 30, 2020, the Company
recorded charge offs of $50,000 and $145,000, respectively. During
the three months and fiscal year ended September 30, 2020, the
Company recorded recoveries aggregating $12,000 and $30,000,
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 September 30, 2021.
The allowance for loan losses totaled $8.5
million, or 1.4% of total loans, and 101.6% of total non-performing
loans at September 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 63.7% of total non-performing loans at
September 30, 2020. The Company believes that the allowance for
loan losses at September 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
continuing to provide 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 these challenging times.
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 September 30, |
|
At September 30, |
| |
2021 |
|
2020 |
| |
(Dollars in Thousands) |
|
| Selected Consolidated
Financial and Other Data (Unaudited): |
|
|
|
Total assets |
$ |
1,100,468 |
|
|
$ |
1,223,353 |
|
| Cash and cash equivalents |
|
82,698 |
|
|
|
117,081 |
|
| Investment and mortgage-backed
securities: |
|
|
|
|
Held-to-maturity |
|
20,074 |
|
|
|
22,860 |
|
|
Available-for-sale |
|
305,947 |
|
|
|
420,415 |
|
| Loans receivable, net |
|
618,206 |
|
|
|
588,300 |
|
| Goodwill and intangible
assets |
|
6,348 |
|
|
|
6,442 |
|
| Deposits |
|
711,515 |
|
|
|
770,949 |
|
| FHLB advances |
|
232,025 |
|
|
|
285,254 |
|
| Non-performing loans |
|
8,379 |
|
|
|
13,037 |
|
| Non-performing assets |
|
12,488 |
|
|
|
13,037 |
|
| Stockholders’ equity |
$ |
130,456 |
|
|
$ |
129,117 |
|
| Common stock outstanding
(shares) |
|
7,769,387 |
|
|
|
8,138,675 |
|
| Full-service offices |
|
10 |
|
|
|
10 |
|
| |
At or For the |
|
At or For the |
| |
Three Months Ended |
|
Fiscal Year Ended |
| |
September 30, |
|
September 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Dollars in Thousands Except Per Share Amounts) |
| Selected Operating
Data: |
|
|
|
|
| Total interest income |
$ |
9,544 |
|
|
$ |
9,599 |
|
|
$ |
38,037 |
|
|
$ |
42,227 |
|
| Total interest expense |
|
3,486 |
|
|
|
4,233 |
|
|
|
14,798 |
|
|
|
19,425 |
|
| Net interest income |
|
6,058 |
|
|
|
5,366 |
|
|
|
23,239 |
|
|
|
22,802 |
|
| Provision for loan losses |
|
200 |
|
|
|
1,650 |
|
|
|
200 |
|
|
|
3,025 |
|
| Net interest income after
provision for loan losses |
|
5,858 |
|
|
|
3,716 |
|
|
|
23,039 |
|
|
|
19,777 |
|
| Total non-interest income |
|
1,132 |
|
|
|
841 |
|
|
|
3,639 |
|
|
|
8,103 |
|
| Total non-interest
expense |
|
4,638 |
|
|
|
4,248 |
|
|
|
17,629 |
|
|
|
16,725 |
|
| Income before income
taxes |
|
2,352 |
|
|
|
309 |
|
|
|
9,049 |
|
|
|
11,155 |
|
| Income tax expense
(benefit) |
|
361 |
|
|
|
(239 |
) |
|
|
1,269 |
|
|
|
1,600 |
|
| Net income |
$ |
1,991 |
|
|
$ |
548 |
|
|
$ |
7,780 |
|
|
$ |
9,555 |
|
| Basic earnings per share |
$ |
0.26 |
|
|
$ |
0.07 |
|
|
$ |
0.98 |
|
|
$ |
1.12 |
|
| Diluted earnings per
share |
$ |
0.25 |
|
|
$ |
0.07 |
|
|
$ |
0.98 |
|
|
$ |
1.12 |
|
| Dividends paid per common
share |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.28 |
|
|
$ |
0.71 |
|
| Tangible book value per share
(period end)(1) |
$ |
15.97 |
|
|
$ |
15.07 |
|
|
$ |
15.97 |
|
|
$ |
15.07 |
|
| Common stock outstanding
(shares) (period end) |
|
7,769,387 |
|
|
|
8,138,675 |
|
|
|
7,769,387 |
|
|
|
8,138,675 |
|
| |
|
|
|
|
| Selected Operating
Ratios(2): |
|
|
|
|
| Average yield earned on
interest-earning assets |
|
3.64 |
% |
|
|
3.38 |
% |
|
|
3.49 |
% |
|
|
3.54 |
% |
| Average rate paid on
interest-bearing liabilities |
|
1.50 |
% |
|
|
1.62 |
% |
|
|
1.53 |
% |
|
|
1.79 |
% |
| Average interest rate spread
(3) |
|
2.14 |
% |
|
|
1.76 |
% |
|
|
1.97 |
% |
|
|
1.75 |
% |
| Net interest margin (3) |
|
2.31 |
% |
|
|
1.89 |
% |
|
|
2.13 |
% |
|
|
1.92 |
% |
| Average interest-earning
assets to average interest-bearing liabilities |
|
113.04 |
% |
|
|
108.94 |
% |
|
|
112.38 |
% |
|
|
109.69 |
% |
| Net interest income after
provision for loan losses to non-interest expense |
|
126.30 |
% |
|
|
87.48 |
% |
|
|
130.69 |
% |
|
|
118.25 |
% |
| Total non-interest expense to
total average assets |
|
1.68 |
% |
|
|
1.39 |
% |
|
|
1.52 |
% |
|
|
1.33 |
% |
| Efficiency ratio(4) |
|
64.51 |
% |
|
|
68.44 |
% |
|
|
65.59 |
% |
|
|
54.12 |
% |
| Return on average assets |
|
0.72 |
% |
|
|
0.18 |
% |
|
|
0.67 |
% |
|
|
0.76 |
% |
| Return on average equity |
|
6.06 |
% |
|
|
1.69 |
% |
|
|
5.93 |
% |
|
|
6.88 |
% |
| Average equity to average
total assets |
|
11.89 |
% |
|
|
10.62 |
% |
|
|
11.35 |
% |
|
|
11.04 |
% |
| |
At or for the Three Months Ended |
|
At or for Fiscal Year Ended |
| |
September 30, |
|
September 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Asset Quality
Ratios(5) |
|
|
|
|
|
Non-performing loans as a percentage of loans receivable,
net(6) |
1.36 |
% |
|
2.22 |
% |
|
1.36 |
% |
|
2.22 |
% |
| Non-performing assets as a
percentage of total assets(6) |
1.13 |
% |
|
1.07 |
% |
|
1.13 |
% |
|
1.07 |
% |
| Allowance for loan losses as a
percentage of total loans |
1.36 |
% |
|
1.39 |
% |
|
1.36 |
% |
|
1.39 |
% |
| Allowance for loan losses as a
percentage of total non-performing loans |
101.63 |
% |
|
63.68 |
% |
|
101.63 |
% |
|
63.68 |
% |
| Net charge-offs to average
loans receivable |
0.03 |
% |
|
0.04 |
% |
|
0.00 |
% |
|
0.02 |
% |
| |
|
|
|
|
| Capital
Ratios(7) |
|
|
|
|
| Tier 1 leverage ratio |
|
|
|
|
|
Company |
11.48 |
% |
|
10.34 |
% |
|
11.48 |
% |
|
10.34 |
% |
|
Bank |
11.30 |
% |
|
10.51 |
% |
|
11.30 |
% |
|
10.51 |
% |
| Tier 1 common risk-based
capital ratio |
|
|
|
|
|
Company |
16.70 |
% |
|
17.21 |
% |
|
16.70 |
% |
|
17.21 |
% |
|
Bank |
16.37 |
% |
|
16.88 |
% |
|
16.37 |
% |
|
16.88 |
% |
| Tier 1 risk-based capital
ratio |
|
|
|
|
|
Company |
16.70 |
% |
|
17.21 |
% |
|
16.70 |
% |
|
17.21 |
% |
|
Bank |
16.37 |
% |
|
16.88 |
% |
|
16.37 |
% |
|
16.88 |
% |
| Total risk-based capital
ratio |
|
|
|
|
|
Company |
17.87 |
% |
|
18.41 |
% |
|
17.87 |
% |
|
18.41 |
% |
|
Bank |
17.55 |
% |
|
18.08 |
% |
|
17.55 |
% |
|
18.08 |
% |
|
__________________________________________________________ |
|
|
(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 September 30, 2021 |
|
As of September 30, 2020 |
|
(In Thousands, Except Per Share Amounts) |
|
|
|
|
|
Book Value |
|
Tangible |
|
Book Value |
|
Tangible |
|
|
|
|
Book Value |
|
|
|
Book Value |
|
Total stockholders’ equity |
$ |
130,456 |
|
|
$ |
130,456 |
|
|
$ |
129,117 |
|
|
$ |
129,117 |
|
|
Less intangible assets: |
|
|
|
|
|
|
Goodwill |
|
-- |
|
|
|
6,102 |
|
|
|
-- |
|
|
|
6,102 |
|
|
Core deposit intangible |
|
-- |
|
|
|
246 |
|
|
|
-- |
|
|
|
342 |
|
|
Total intangibles |
$ |
-- |
|
|
$ |
6,348 |
|
|
$ |
-- |
|
|
$ |
6,444 |
|
|
Adjusted stockholders’ equity |
$ |
130,456 |
|
|
$ |
124,108 |
|
|
$ |
129,117 |
|
|
$ |
122,673 |
|
|
Shares of common stock outstanding |
|
7,769,387 |
|
|
|
7,769,387 |
|
|
|
8,138,675 |
|
|
|
8,138,675 |
|
|
Adjusted book value per share |
$ |
16.79 |
|
|
$ |
15.97 |
|
|
$ |
15.86 |
|
|
$ |
15.07 |
|
|
Contact: |
Jack E. Rothkopf |
|
|
Chief Financial |
|
|
Officer |
|
|
(215) 755-1500 |
|
|
|
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