Prudential Bancorp, Inc. Announces Updated Loan Deferral Information
29 Septiembre 2020 - 7:30AM
Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), announced updated loan
deferral information which includes a substantial decrease in the
amount of loans on temporary deferral compared to June 30, 2020. As
of September 15, 2020, loan deferrals totaled approximately $4.9
million, or 0.7%, of total loans as of such date compared to
approximately $149.7 million, or 21.6%, of total loans on deferral
at June 30, 2020. The loans still on deferral at September 15, 2020
consisted of six commercial loans, four of which with an aggregate
principal balance of approximately $644,000 were still in the first
90 day deferral period. Of the six loans still on deferral, two are
participation interests totaling approximately $4.3 million for
which the Bank is not the lead lender, and which relate to one
borrowing relationship. The four remaining loans are all related to
one borrowing relationship. All the loans which are no longer on
temporary deferral are current in their loan payments.
Dennis Pollack, President and CEO, commented,
“While we remain committed to supporting customers during these
challenging economic times, we are pleased by the significant
reduction in borrowers needing relief. The limited demand for
second deferral requests reflects, we believe, the quality of our
customer base, our process-driven approach to credit risk
management and our dedication to conservative underwriting
standards.”
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 March 31, 2020 and as may be further
supplemented by quarterly or other reports subsequently filed with
the SEC.
Contact: Jack E. RothkopfChief Financial Officer
(215) 755-1500
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