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Prudential Bancorp Inc. of Pennsylvania Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 17, 2010 02:16PM

Prudential Bancorp Inc. of Pennsylvania (PBIP) filed Quarterly Report for the period ended 2010-03-31. Prudential Bancorp Inc. Of Pennsylvania has a market cap of $73.67 million; its shares were traded at around $7.13 with a P/E ratio of 39.61 and P/S ratio of 2.95. The dividend yield of Prudential Bancorp Inc. Of Pennsylvania stocks is 2.81%.

PBIP is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

At March 31, 2010, the Company s total assets were $508.2 million, a decrease of $6.5 million from $514.8 million at September 30, 2009. The decrease was primarily attributable to net decreases in the investment and mortgage-backed securities portfolio of $15.1 million. Partially offsetting the decrease was an increase in cash and cash equivalents of $7.8 million as a result of the proceeds from the repayment or call of investment and mortgage-backed securities. The proceeds were held as cash pending future deployment or used to payoff borrowings.

Total liabilities decreased $4.9 million to $454.0 million at March 31, 2010 from $458.9 million at September 30, 2009. The decrease was primarily the result of an $6.0 million decrease in advances from the Federal Home Loan Bank which were paid down as proceeds were received from the call or repayment of investment and mortgage-backed securities. Partially offsetting the decrease in liabilities was a $3.9 million increase in deposits.

Stockholders equity decreased by $1.7 million to $54.2 million at March 31, 2010 from $55.9 million at September 30, 2009. The largest component of change in equity during the six months ended March 31, 2010 reflected the cost of stock repurchases totaling $2.9 million, partially offset by net income of $1.5 million.

Net income. The Company reported net income of $843,000 for the quarter ended March 31, 2010 as compared to a net loss of $48,000 for the same period in 2009. For the six months ended March 31, 2010, the Company recognized net income of $1.5 million compared to a net loss of $1.0 million for the comparable period in 2009. The improved results of operations for the quarter and six month periods ended March 31, 2010 were primarily due to significantly reduced non-cash other than temporary impairment (“OTTI”) charges in the 2010 periods as compared to the 2009 periods with respect to certain of the non-agency mortgage-backed securities received as a result of the redemption in kind of shares of a mutual fund during fiscal 2008.

Net interest income. Net interest income increased $546,000 or 15.7% to $4.0 million for the three months ended March 31, 2010 as compared to $3.5 million for the same period in 2009. The increase reflected the effects of a $1.1 million or 33.3% decrease in interest expense partially offset by a $594,000 or 8.6% decrease in interest income. The decrease in interest expense resulted primarily from a 115 basis point decrease to 2.03% in the weighted average rate paid on interest-bearing liabilities, reflecting the repricing downward of interest-bearing liabilities during the year, partially offset by a $18.5 million or 4.3% increase in the average balance of interest-bearing liabilities for the three months ended March 31, 2010, as compared to the same period in 2009. The decrease in interest income resulted from a 54 basis point decrease to 5.19% in the weighted average yield earned on interest-earning assets partially offset by a $4.0 million or 0.8% increase in the average balance of interest-earning assets for the three months ended March 31, 2010, as compared to the same period in 2009.

For the six months ended March 31, 2010, net interest income increased $759,000 or 10.5% to $8.0 million as compared to $7.2 million for the same period in 2009. The increase was due to a $2.1 million or 30.7% decrease in interest expense partially offset by a 1.4 million or 9.6% decrease in interest income. The decrease in interest expense resulted primarily from a 109 basis point decrease to 2.14% in the weighted average rate paid on interest-bearing liabilities, reflecting the repricing downward of interest-bearing liabilities during the year, partially offset by a $18.6 million or 4.4% increase in the average balance of interest-bearing liabilities, primarily in certificates of deposit, for the six months ended March 31, 2010, as compared to the same period in 2009. The decrease in interest income resulted primarily from a 59 basis point decrease to 5.28% in the weighted average yield earned on interest-earning assets partially offset by a $3.2 million or 0.7% increase in the average balance of interest-earning assets for the six months ended March 31, 2010, as compared to the same period in 2009.

Read the The complete Report



Stocks Discussed: PBIP,
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