Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$548,000, or $0.07 per basic and diluted share, for the quarter
ended September 30, 2020 as compared to $2.6 million, or $0.30 per
basic share and $0.29 per diluted share, for the same quarter in
fiscal 2019. For the fiscal year ended September 30, 2020, the
Company reported net income of $9.6 million, or $1.12 per basic and
diluted share as compared to $9.5 million, or $1.09 per basic and
$1.07 per diluted share, for fiscal 2019.
Dennis Pollack, President and CEO, commented,
“As we continue to serve our customers and communities in this
challenging time, we are maintaining our focus on credit quality
and being well capitalized, due to the on-going economic volatility
caused by the COVID-19 pandemic. Our overall operating performance
remained solid, while we continued to prudently provision an
additional $1.6 million during the fourth quarter due to the
economic uncertainty created by the pandemic and to strengthen the
balance sheet.” Mr. Pollack continued, “We are striving to create
additional operational efficiencies in our organization to offset
margin compression and increased provisioning. We are continuing to
closely monitor the rapidly challenging environment surrounding the
COVID-19 pandemic but remain confident in our long-term strength
and stability and our ability to weather the storm of this crisis.
I also want to thank our dedicated staff who have continued to go
the extra mile to help our customers and community during these
challenging times.”
Highlights for the Fiscal Year and Quarter Ended
September 30, 2020
- Record level of net income for the
fiscal year ended September 30, 2020.
- Dividends for the fiscal year ended
September 30, 2020 totaled $0.71 per share as compared to $0.65 per
share for fiscal 2019.
- Our efficiency ratio improved
significantly during the fiscal year ended September 30, 2020,
improving to 54.1% as compared to 58.4% for fiscal 2019.
- On a linked quarter basis, our net
interest margin improved to 1.89% for the three months ended
September 30, 2020 compared to 1.83% for the three months ended
June 30, 2020.
- The Company repurchased 829,388
shares of common stock at a weighted average cost of $12.70, well
below the Company’s book value per share.
- The Company’s tangible book value
per share (non-GAAP) was $15.07 per share at September 30, 2020 as
compared to $14.97 at September 30, 2019.
- The Company announced a new stock
repurchase program to repurchase up to 5% (407,000 shares) of its
outstanding shares of common stock over a one-year period or such
longer period of time as may be necessary to complete such
repurchases.
- The Company originated 63 Paycheck
Protection Program loans totaling approximately $5.1 million. These
loans were subsequently sold at a gain of $111,000.
- Based on management’s evaluation
and taking into account the estimated effects of the COVID-19
pandemic, provisions for loan losses totaling $1.7 million and $3.0
million, respectively, for the three months and the fiscal year
ended September 30, 2020 were established.
- The allowance for loan losses
increased to $8.3 million or 1.4% of total loans as of September
30, 2020 as compared to $5.4 million or 0.9% of total loans as of
September 30, 2019.
Net Interest Income:
For the three months ended September 30, 2020,
net interest income decreased by $831,000 to $5.4 million as
compared to $6.2 million for the same period in fiscal 2019. The
decrease reflected the effects of a $2.0 million, or 17.5%,
decrease in interest income partially offset by a decrease of $1.2
million, or 22.1%, in interest paid on deposits and borrowings. The
decline in net interest income continued to primarily reflect the
effects of margin compression. The weighted average yield on
interest-earning assets decreased by 47 basis points, to 3.38% for
the quarter ended September 30, 2020 from the comparable period in
2019 due to the decline in market yields of interest, in particular
as a result of the Federal Reserve’s Open Market Committee’s action
to reduce the Federal Funds Rate earlier in the year. The weighted
average rate paid on interest-bearing liabilities decreased from
1.99% to 1.62% as we continued our efforts to reduce the Company’s
reliance on wholesale funds, which are generally a more expensive
funding source.
In addition, with the unexpected significant
decline in the Wall Street Journal Prime Rate (“WSJ Prime”) during
the second half of fiscal 2020 as a result of actions taken to
address the COVID-19 pandemic, a significant portion of the
Company’s commercial real estate and construction loan loans which
bear adjustable rates experienced downward adjustments in the
interest rates borne by such loans during the third and fourth
quarters of fiscal 2020.
For the fiscal year ended September 30, 2020,
net interest income was $22.8 million as compared to $24.8 million
for the same period in fiscal 2019. The decrease primarily was due
to a decrease of $1.6 million, or 6.0%, in interest on loans
combined with a$136,000 or 0.7% increase in interest expense. The
weighted average yield on interest-earning assets decreased by 37
basis points, to 3.54%, for the fiscal year ended September 30,
2020 from 3.92% for fiscal 2019 primarily due to the reduction in
market yields of interest which created downward pressure on our
yields in all interest-earning asset categories, in particular
commercial real estate and construction loans. The increase in
interest expense was due to a $74.7 million increase in the average
balance of interest-bearing liabilities to fund growth during
fiscal 2020. The weighted average cost of borrowings and deposits
decreased by 12 basis points to 1.79% for fiscal 2020 from 1.91%
for fiscal 2019.
For the three months and the fiscal year ended
September 30, 2020, the net interest margin was 1.89% and 1.92%,
respectively, compared to 2.05% and 2.20%, respectively, for the
same periods in fiscal 2019. The margin compression experienced in
the 2020 periods in large part reflected the more rapid decline in
asset yields as compared to declines in liability costs as a result
of the declining interest rate environment. As part of the
Company’s strategic lending initiatives, the Company has increased
its involvement in commercial real estate and construction lending.
The yields on such loans are typically tied to the WSJ Prime and
adjust rapidly with changes in the WSJ Prime. As a result of the
implementation of the Company’s strategic lending initiatives, its
interest-earning assets are more rate sensitive than its
interest-bearing liabilities and as a result, adjust more rapidly
to changes in interest rates than its interest-bearing
liabilities.
For the three months ended September 30, 2020,
net interest income increased by $62,000 to $5.4 million as
compared to $5.3 million for the three months ended June 30, 2020.
The decrease reflected the effects of a decrease of $253,000, or
5.6%, in interest paid on deposits and borrowings, partially offset
by a decrease of $22,000, or 2.0% in interest earned on
interest-earning assets. The weighted average rate paid on
interest-bearing liabilities decreased from 1.73% to 1.62% as we
continued our efforts to reduce the Company’s reliance on wholesale
funds.
Non-Interest Income:
Non-interest income amounted to $841,000 and
$8.1 million for the three months and the fiscal year ended
September 30, 2020, respectively, compared to $985,000 and $3.1
million, respectively, for the comparable periods in fiscal 2019.
The increase experienced in fiscal 2020 was primarily attributable
to the gain on sale of investment securities totaling $6.0 million
compared to gains of totaling $1.1 million during fiscal
2019. The investment securities sales were consummated
to recognize gains in the portfolio in order to take advantage of
the historically low interest rate environment which has resulted
in significant appreciation in the fair value of such
investments.
Non-Interest Expenses:
For the three months and the fiscal year ended
September 30, 2020, non-interest expense increased $306,000 or
7.8%, and $455,000 or 2.8%, respectively, compared to the same
periods in fiscal 2019. The increase was due in large part to the
hiring of additional personnel in our lending operations to support
our expanded lending activities. Partially offsetting
this increase for the fiscal year ended September 30, 2020 was a
decrease in occupancy and advertising expense as the Company
maintained its focus on the continued implementation of operating
efficiencies. The continued improvement of the Company’s efficiency
ratio reflects the success of management’s efforts. The efficiency
ratio for the fiscal year ended September 30, 2020 improved to
54.1% from 58.4% for fiscal 2019.
Income Taxes:
For the three months and fiscal year ended
September 30, 2020, the Company recorded an income tax benefit of
$239,000 and income tax expense of $1.6 million, respectively,
compared to income tax expense of $554,000 and $1.9 million,
respectively, for the same periods in fiscal 2019. The decrease in
both 2020 periods was primarily due to tax benefits recognized as a
result of stock compensation plans.
Balance Sheet:
The Company had total assets of $1.2 billion at
September 30, 2020 compared to $1.3 billion at September 30, 2019.
At September 30, 2020, the investment portfolio decreased by $138.3
million to $443.2 million as compared to $581.5 million at
September 30, 2019 primarily as a result of investment securities
sales, calls and paydowns of amortizing mortgage-backed securities.
Net loans receivable increased slightly by $1.7 million to $587.2
million at September 30, 2020 from $585.5 million at September 30,
2019 due primarily to the continued intense competition for quality
loans combined with the uncertain economic climate created by the
COVID-19 pandemic. In addition, the Company sold a $14.0 million
package of long-term, fixed-rate mortgage loans as part of its
strategy to address interest-rate margin compression as well as
sold the PPP loans generated in the third quarter of fiscal
2020.
Total liabilities were $1.1 billion at both
September 30, 2020 and September 30, 2019. Deposits increased by
$25.5 million to $770.9 million at September 30, 2020 from $745.4
million at September 30, 2019. The increase was primarily in demand
deposit and money market products. FHLB borrowings decreased by
$91.7 million to $285.3 million at September 30, 2020 from $376.9
million at September 30, 2020 as the Company allowed higher costing
FHLB borrowings to run-off as they mature in order to reduce its
cost of funds.
Total stockholders’ equity decreased by $10.5
million to $129.1 million at September 30, 2020 from $139.6 million
at September 30, 2019. The decrease was primarily due to treasury
stock purchases, net of stock plan activity, totaling $9.5 million.
During the fiscal year ended September 30, 2020, the Company
repurchased 829,388 shares at an average cost of $12.70, which is
well below book value per share. Also contributing to
the decrease were dividend payments totaling $6.2 million combined
with an aggregate $4.1 million decrease in the fair market value of
interest rate swaps and available for sale securities which
significantly reduced other comprehensive income (loss). The
decrease in the fair value of the interest rate swaps was due to
the large decrease in market rates of interest during the second
and third quarters of fiscal 2020. These decreases were partially
offset by net income of $9.6 million for the fiscal year ended
September 30, 2020.
Asset Quality:
At September 30, 2020, the Company’s
non-performing assets totaled $13.0 million or 1.1% of total assets
as compared to $14.3 million or 1.1% of total assets at September
30, 2019. Non-performing assets at September 30, 2020 included five
construction loans aggregating $8.5 million, 28 one-to-four family
residential loans aggregating $3.1 million and four commercial real
estate loans aggregating $1.4 million. There was no real estate
acquired through foreclosure or deed-in-lieu as of September 30,
2020. At September 30, 2020, the Company had four loans totaling
$5.0 million that were classified as troubled debt restructurings
(“TDRs”). One TDR is on non-accrual and consists of a $415,000 loan
secured by a single-family residential property and is performing
in accordance with the restructured terms. The three remaining TDRs
totaling $4.6 million are also classified as non-accrual and are
part of a lending relationship totaling $10.4 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 has 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. Nine units have been sold in the project and a portion
of the proceeds have been applied against the outstanding debt.
The Company recorded provisions for loan losses
of $1.7 million and $3.0 million, respectively, for the three
months and the fiscal year ended September 30, 2020, compared to a
$100,000 provision for loan losses for the same periods in fiscal
2019, primarily due to the continued uncertainty associated with
the economic effects of the COVID-19 pandemic, especially in light
of the increasing level of cases of COVID-19 in recent months, and
the potential credit deterioration caused thereby. Minimal
delinquencies have occurred as of September 30, 2020 due to the
effects of the COVID-19 pandemic. There were no loan deferments
outstanding as of September 30, 2020 and all existing deferrals had
ended by September 30, 2020 compared to loans on deferral totaling
$149.7 million, or 21.6% of total loans at June 30, 2020. Two
participation interests in commercial real estate loans aggregating
$10.0 million, or 1.5% of total loans, each entered into a
subsequent deferral period during October 2020. With respect
to one of the two loan participations on deferral in the amount of
$3.0 million, the Company was granted a put option as an integral
part of the purchase of the participation from the lead lender. The
Company has notified the lead lender that it is exercising the put
option. These deferments were not considered to be TDRs as of
September 30, 2020 as all applicable borrowers were current as of
December 31, 2019 and the request for the deferments were related
to the current economic conditions caused by the COVID-19 pandemic,
and not by underlying weaknesses within the respective loans.
Notwithstanding the foregoing, the Company believes there is a
material risk that credit losses and non-performing assets may
increase due to current economic conditions. During the quarter 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.
During the three months and the fiscal year ended September
30, 2019, the Company recorded two charge offs amounting to
$38,000. Recoveries of $2,000 and $166,000 were recognized during
the quarter and fiscal year ended September 30, 2019,
respectively.
The allowance for loan losses totaled $8.3
million, or 1.4% of total loans and 63.7% of total non-performing
loans at September 30, 2020 as compared to $5.4 million, or 0.9% of
total loans and 38.7% of total non-performing loans at September
30, 2019. The Company believes that the allowance for loan losses
at September 30, 2020 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 Paycheck Protection Program offered
under the CARES Act as a Small Business Administration (“SBA”)
lender. During the quarter ended June 30, 2020, we had originated
63 requests for PPP loans totaling approximately $5.1 million.
These loans were sold during the quarter ended September 30, 2020
at a net gain of $111,000. We are working closely with our loan
customers to effectively manage our portfolio through the ongoing
uncertainty surrounding the duration, impact and government
response to the crisis.
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 suspend temporarily the determination of
certain loan modifications related to the COVID19 pandemic from
being treated as TDRs. See “Asset Quality” above”.
While the Company’s banking operations were not
restricted by the government stay-at-home orders, the Company took
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 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, conditions relating to the Company. 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, 2019, as supplemented by its Form 10-Q
for the quarter ended June 30, 2020 and as may be further
supplemented by quarterly or other reports subsequently filed with
the SEC.
|
SELECTED CONSOLIDATED FINANCIAL
OPERATING AND OTHER DATA |
|
|
(Unaudited) |
|
|
At September 30, |
|
At September 30, |
|
|
2020 |
|
2019 |
|
|
(Dollars in Thousands) |
|
Selected Consolidated
Financial and Other Data (Unaudited): |
|
|
|
Total assets |
$ |
1,223,353 |
|
$ |
1,289,434 |
|
Cash and cash equivalents |
|
117,081 |
|
|
47,968 |
|
Investment and mortgage-backed
securities: |
|
|
|
Held-to-maturity |
|
22,860 |
|
|
68,635 |
|
Available-for-sale |
|
420,415 |
|
|
512,822 |
|
Loans receivable, net |
|
587,230 |
|
|
585,456 |
|
Goodwill and intangible
assets |
|
6,442 |
|
|
6,550 |
|
Deposits |
|
770,949 |
|
|
745,444 |
|
FHLB advances |
|
285,254 |
|
|
376,904 |
|
Non-performing loans |
|
13,037 |
|
|
13,936 |
|
Non-performing assets |
|
13,037 |
|
|
14,284 |
|
Stockholders’ equity |
|
129,117 |
|
|
139,611 |
|
Full-service offices |
|
10 |
|
|
10 |
|
|
At or For the Three Months Ended September 30, |
|
At or For theFiscal Year EndedSeptember 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
(Dollars in Thousands, Except Per Share Amounts) |
Selected Operating
Data(unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
$ |
9,599 |
|
|
$ |
11,631 |
|
|
$ |
42,227 |
|
|
$ |
44,040 |
|
Total interest expense |
|
4,233 |
|
|
|
5,434 |
|
|
|
19,425 |
|
|
|
19,289 |
|
Net interest income |
|
5,366 |
|
|
|
6,197 |
|
|
|
22,802 |
|
|
|
24,751 |
|
Provision for loan losses |
|
1,650 |
|
|
|
100 |
|
|
|
3,025 |
|
|
|
100 |
|
Net interest income after
provision for loan losses |
|
3,716 |
|
|
|
6,097 |
|
|
|
19,777 |
|
|
|
24,651 |
|
Total non-interest income |
|
841 |
|
|
|
985 |
|
|
|
8,103 |
|
|
|
3,094 |
|
Total non-interest expense |
|
4,248 |
|
|
|
3,942 |
|
|
|
16,725 |
|
|
|
16,270 |
|
Income before income taxes |
|
309 |
|
|
|
3,140 |
|
|
|
11,155 |
|
|
|
11,475 |
|
Income tax (benefit) expense |
|
(239 |
) |
|
|
554 |
|
|
|
1,600 |
|
|
|
1,945 |
|
Net income |
$ |
548 |
|
|
$ |
2,586 |
|
|
$ |
9,555 |
|
|
$ |
9,530 |
|
Basic earnings per share |
$ |
0.07 |
|
|
$ |
0.30 |
|
|
$ |
1.12 |
|
|
$ |
1.09 |
|
Diluted earnings per share |
$ |
0.07 |
|
|
$ |
0.29 |
|
|
$ |
1.12 |
|
|
$ |
1.07 |
|
Dividends paid per common
share |
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.71 |
|
|
$ |
0.65 |
|
Tangible book value per share at
end of period(1) |
$ |
15.07 |
|
|
$ |
14.97 |
|
|
$ |
15.07 |
|
|
$ |
14.97 |
|
Common shares outstanding (at
period end) |
|
8,138,675 |
|
|
|
8,889,447 |
|
|
|
8,138,675 |
|
|
|
8,889,447 |
|
|
|
|
|
|
Selected Operating
Ratios(2)(unaudited): |
|
|
|
|
Average yield on interest-earning
assets |
|
3.38 |
% |
|
|
3.85 |
% |
|
|
3.54 |
% |
|
|
3.92 |
% |
Average rate paid on
interest-bearing liabilities |
|
1.62 |
% |
|
|
1.99 |
% |
|
|
1.79 |
% |
|
|
1.91 |
% |
Average interest rate spread
(3) |
|
1.76 |
% |
|
|
1.86 |
% |
|
|
1.75 |
% |
|
|
2.00 |
% |
Net interest margin (3) |
|
1.89 |
% |
|
|
2.05 |
% |
|
|
1.92 |
% |
|
|
2.20 |
% |
Average interest-earning assets
to average interest-bearing liabilities |
|
108.94 |
% |
|
|
110.83 |
% |
|
|
109.69 |
% |
|
|
111.46 |
% |
Net interest income after
provision for loan losses to non-interest expense |
|
87.48 |
% |
|
|
154.67 |
% |
|
|
118.25 |
% |
|
|
151.51 |
% |
Total non-interest expense to
total average assets |
|
1.39 |
% |
|
|
1.26 |
% |
|
|
1.33 |
% |
|
|
1.38 |
% |
Efficiency ratio(4) |
|
68.44 |
% |
|
|
54.89 |
% |
|
|
54.12 |
% |
|
|
58.43 |
% |
Return on average assets |
|
0.18 |
% |
|
|
0.83 |
% |
|
|
0.76 |
% |
|
|
0.81 |
% |
Return on average equity |
|
1.69 |
% |
|
|
7.47 |
% |
|
|
6.88 |
% |
|
|
7.06 |
% |
Average equity to average total
assets |
|
10.62 |
% |
|
|
11.08 |
% |
|
|
11.04 |
% |
|
|
11.47 |
% |
|
At or for the Three Months Ended September 30, |
|
At or for the Fiscal Year Ended September 30, |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Asset Quality
Ratios(5) |
|
|
|
|
Non-performing loans as a
percentage of loans receivable, net(6) |
2.22 |
% |
2.38 |
% |
|
2.22 |
% |
2.38 |
% |
Non-performing assets as a
percentage of total assets(6) |
1.07 |
% |
1.11 |
% |
|
1.07 |
% |
1.11 |
% |
Allowance for loan losses as a
percentage of total loans |
1.39 |
% |
0.91 |
% |
|
1.39 |
% |
0.91 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
63.68 |
% |
38.70 |
% |
|
63.68 |
% |
38.70 |
% |
Net charge-offs (recoveries) to
average loans receivable |
0.04 |
% |
(0.07 |
)% |
|
0.02 |
% |
(0.03 |
)% |
|
|
|
|
|
Capital
Ratios(7) |
|
|
|
|
Tier 1 leverage ratio |
|
|
|
|
Company |
10.34 |
% |
10.89 |
% |
|
10.34 |
% |
10.89 |
% |
Bank |
10.51 |
% |
10.49 |
% |
|
10.51 |
% |
10.49 |
% |
Tier 1 common risk-based capital
ratio |
|
|
|
|
Company |
17.21 |
% |
18.43 |
% |
|
17.21 |
% |
18.43 |
% |
Bank |
16.88 |
% |
18.10 |
% |
|
16.88 |
% |
18.10 |
% |
Tier 1 risk-based capital
ratio |
|
|
|
|
Company |
17.21 |
% |
18.43 |
% |
|
17.21 |
% |
18.43 |
% |
Bank |
16.88 |
% |
18.10 |
% |
|
16.88 |
% |
18.10 |
% |
Total risk-based capital
ratio |
|
|
|
|
Company |
18.41 |
% |
19.27 |
% |
|
18.41 |
% |
19.27 |
% |
Bank |
18.08 |
% |
18.94 |
% |
|
18.08 |
% |
18.94 |
% |
|
|
|
|
|
(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 (“TDR”)
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, generally at least six
months. 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 Polonia Bancorp, Inc. acquisition as of January
1, 2017 from total stockholders’ equity as calculated in accordance
with GAAP).
|
|
As of September 30, 2020 |
|
As of September 30, 2019 |
(In Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
|
|
Book Value |
Tangible Book Value |
|
Book Value |
Tangible Book Value |
Total stockholders’ equity |
|
$ |
129,117 |
$ |
129,117 |
|
$ |
139,611 |
$ |
139,611 |
Less intangible assets: |
|
|
|
|
|
|
Goodwill |
|
|
-- |
|
6,102 |
|
|
-- |
|
6,102 |
Core deposit intangible |
|
|
-- |
|
342 |
|
|
-- |
|
448 |
Total intangibles |
|
$ |
-- |
$ |
6,444 |
|
$ |
-- |
$ |
6,550 |
Adjusted stockholders’ equity |
|
$ |
129,117 |
$ |
122,673 |
|
$ |
139,611 |
$ |
133,061 |
Shares of common stock outstanding |
|
|
8,138,675 |
|
8,138,675 |
|
|
8,889,447 |
|
8,889,447 |
Adjusted book value per share |
|
$ |
15.86 |
$ |
15.07 |
|
$ |
15.71 |
$ |
14.97 |
Contact: Jack E. RothkopfChief Financial Officer (215)
755-1500
Grafico Azioni Prudenital Bancorp Inc o... (NASDAQ:PBIP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Prudenital Bancorp Inc o... (NASDAQ:PBIP)
Storico
Da Giu 2023 a Giu 2024