PHILADELPHIA, September 29, 2020 (GLOBE NEWSWIRE) – Prudential Bancorp, Inc. (the “Company”) (Nasdaq: PBIP), the holding company of Prudential Bank (the “Bank”), announced updated information on loan deferral which includes a substantial decrease in the amount of loan deferrals compared to June 30, 2020. As of September 15, 2020, loan carryforwards totaled approximately $ 4.9 million, or 0.7%, of total loans. loans as of that date compared to approximately $ 149.7 million, or 21.6% of total loans carried over to June 30, 2020. Loans still carried over to September 15, 2020 consisted of six commercial loans, four of which had a balance in total capital of approximately $ 644,000 were still in the first 90 day deferral period. Of the six loans still deferred, two are participations totaling approximately $ 4.3 million for which the Bank is not the primary lender and which relate to a borrowing relationship. The remaining four loans are all tied to a borrowing relationship. All loans that are no longer subject to a temporary deferral are in the process of being repaid.
Dennis Pollack, President and CEO, said: “While we remain committed to supporting our clients in these difficult economic times, we are pleased with the significant reduction in the number of borrowers in need of assistance. The limited demand for second deferral requests reflects, in our view, the quality of our client base, our process-oriented approach to credit risk management and our commitment to prudent underwriting standards. “
About Prudential Bancorp, Inc .:
Prudential Bancorp, Inc. is the holding company of Prudential Bank. Prudential Bank is an FDIC-insured, Pennsylvania chartered savings bank that was originally established in 1886. The bank operates from its head office and main office in Philadelphia, PA, as well as nine other full-service financial centers, seven of which are located in Philadelphia, one in Drexel Hill, Delaware County, and one in Huntingdon Valley, Montgomery County, Pennsylvania.
Cheeky–Look at the statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, expectations or forecasts of future financial or business performance, conditions relating to the Society. These forward-looking statements include statements regarding the beliefs, plans, objectives, goals, expectations, expectations, estimates and intentions of the Company, which are subject to significant risks and uncertainties, and are subject to change from time to time. depending on various factors (some of which are beyond the control of the Company). The words “may”, “could”, “should”, “should”, “will”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan” And similar phrases are intended to identify forward-looking statements.
In addition to factors previously disclosed in 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 differ materially from future results: forward-looking statements or historical performance: the strength of the US economy in general and the strength of the local economies in which the Company operates; general economic conditions; the scope and duration of the COVID-19 pandemic; the effects of the COVID-19 pandemic, including on the credit quality and operations of the Company as well as its impact on general economic conditions; legislative and regulatory changes, including actions taken by government authorities in response to the COVID-19 pandemic; the 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 law on tax reform; changes in interest rates, deposit flows, cost of funds, demand for loan products and demand for financial services, in each case potentially affected by the COVID-19 pandemic, competition, changes in the quality or composition of the Company’s loan, investment portfolios and mortgage-backed securities; geographic concentration of the Company’s activities; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangible assets recorded in the Company’s financial statements are impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the operations, markets, products, services and costs of the Company.
The Company does not undertake to update any forward-looking statements, 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 full discussion of the assumptions, risks and uncertainties associated with our business, we encourage you to consult the documents filed by the company with the SEC, including the “Risk Factors” section of its most recent annual report on Form 10-K for the closed fiscal year. September 30, 2019, as completed by its Form 10-Q for the quarter ended March 31, 2020 and may be supplemented by quarterly or other reports subsequently filed with the SEC.