Prudential Bancorp, Inc. Announces Adoption of New Stock Repurchase Program
21 Gennaio 2021 - 10:30PM
Prudential Bancorp, Inc. (the “Company”) (Nasdaq: PBIP) announced
today that its Board of Directors approved the Company’s fifth
stock repurchase program covering up to 390,000 shares or
approximately 5% of its issued and outstanding shares of common
stock, taking in account the completion of the current repurchase
program. The Company has purchased 184,170 shares of the 407,000
shares covered by the Company’s fourth repurchase program announced
in June 2020 at an average cost per share of $11.98, well below the
Company’s book value per share. The shares covered by the fifth
repurchase program may be purchased in the open market or in
privately negotiated transactions from time to time depending upon
market conditions and other factors over a one-year period or such
longer period of time as may be necessary to complete such
repurchases. Repurchases are expected to commence promptly
following the later of announcement of the Company’s operating
results for the quarter year ended December 31, 2020 or the
completion of the Company’s current repurchase program.
The actual timing, number and value of shares
repurchased under the stock repurchase program will depend on a
number of factors, including the market price for the Company’s
common stock, and general business and market conditions and
applicable legal and regulatory requirements. The stock
repurchase program does not obligate the Company to acquire any
specific number of shares in any period. There is no guarantee as
to the exact number or value of shares that will be repurchased by
the Company, and the Company may discontinue repurchases at any
time that management determines additional repurchases are not
warranted.
“We are pleased to announce our fifth stock
repurchase program, which reflects the Board’s confidence in our
future, and our commitment to managing our capital prudently and in
a manner which we believe will enhance shareholder value,” said
Dennis Pollack, President and Chief Executive Officer. Mr. Pollack
went on to say, “As we have indicated previously, we are committed
to building long-term shareholder value while effectively managing
our capital carefully and prudently in light of market conditions
and other factors. Adopting the fifth stock repurchase program is
one of the strategies the Board believes is integral to the
effective management of our capital. However, especially in light
of current market conditions and the continued uncertain economic
conditions resulting from the effects of the on-going COVID-19
pandemic, we will proceed carefully and cautiously.”
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. At September 30, 2020, the Company
had total assets of $1.2 billion, total liabilities of $1.1 billion
and total stockholders’ equity of $129.1 million.
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 Annual Report on Form 10-K for the
year ended September 30, 2019, as supplemented by its Form 10-Q for
the quarter ended March 31, 2020, and as further supplemented its
quarterly or other reports subsequently filed with the SEC.
Contact: |
Jack E.
RothkopfSenior Vice President and Chief Financial Officer (215)
755-1500 |
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