PBIP - PBIP STOCK NEWS

Fulton Financial Corporation (NASDAQ: FULT) has announced that over 98% of Prudential Bancorp, Inc. (NASDAQ: PBIP) shareholders approved its acquisition of Prudential Bancorp and its subsidiary, Prudential Bank. The merger, previously announced on March 2, 2022, is expected to close in early July 2022 following the receipt of all necessary regulatory approvals. Fulton aims to enhance its presence in the Philadelphia community and will operate both Fulton Bank and Prudential Bank until Prudential Bank merges into Fulton Bank, anticipated by Q4 2022.

Fulton Financial Corporation (NASDAQ: FULT) has received regulatory approvals from the Federal Reserve Bank of Philadelphia and Pennsylvania Department of Banking and Securities to acquire Prudential Bancorp, Inc. (NASDAQ: PBIP). This acquisition, initially announced on March 2, 2022, requires shareholder approval at a special meeting scheduled for June 15, 2022. The merger is expected to close in Q3 2022. Fulton aims to enhance its Philadelphia presence and customer service through this strategic acquisition of Prudential Bank, which has assets of approximately $1 billion.

Prudential Bancorp, Inc. (Nasdaq: PBIP) declared a quarterly cash dividend of $0.07 per share on May 18, 2022, payable on June 21, 2022, to shareholders on record as of June 7, 2022. As of March 31, 2022, the Company reported assets of $1.0 billion, liabilities of $888.8 million, and stockholders’ equity of $120.1 million. The press release also noted potential risks including economic conditions and COVID-19 impacts that could affect future performance.

Prudential Bancorp, Inc. (Nasdaq:PBIP) reported a net loss of $6.5 million ($0.84 per share) for Q2 2022, a stark contrast to net income of $1.7 million in Q2 2021. For the first half of 2022, the company incurred a net loss of $4.7 million, compared to net income of $3.6 million last year, mainly due to litigation settlements and merger expenses related to Fulton Financial Corporation. Despite these challenges, net interest income remained relatively stable at $5.7 million, with net interest margin improving to 2.33%. Total assets decreased to approximately $1 billion.

Fulton Financial Corporation (NASDAQ: FULT) and Prudential Bancorp, Inc. (NASDAQ: PBIP) have announced a merger agreement, where Prudential will merge into Fulton in a stock and cash deal. Each Prudential shareholder will receive 0.7974 Fulton shares and $3.65 in cash, valuing the transaction at approximately $142.1 million or $18.01 per Prudential share. The merger has been unanimously approved by both boards and is anticipated to close in Q3 2022, pending regulatory and shareholder approvals. The deal will also enhance Fulton’s community banking services in Philadelphia.

Prudential Bancorp, Inc. (Nasdaq: PBIP) announced a quarterly cash dividend of $0.07 per share, payable on March 21, 2022, to shareholders of record by March 7, 2022. With assets of $1.1 billion and stockholders' equity of $133.6 million as of December 31, 2021, the company operates nine full-service financial centers, with its headquarters in Philadelphia, Pennsylvania. The board's decision reflects the company's commitment to shareholder returns amidst economic uncertainties, including potential risks stemming from the ongoing COVID-19 pandemic.

Prudential Bancorp, Inc. (Nasdaq:PBIP) reported net income of $1.8 million, or $0.24 per diluted share, for Q1 FY2022, compared to $1.8 million or $0.23 per diluted share in FY2021. The net interest margin improved to 2.32%, while non-performing loans decreased to $8.1 million. Total assets decreased by $16.3 million to approximately $1.1 billion. Non-interest income fell to $370,000, down from $537,000 in Q1 FY2021. Total stockholders' equity increased to $133.6 million. The company continues to monitor the impacts of the COVID-19 pandemic on its operations and customers.

Prudential Bancorp, Inc. (Nasdaq: PBIP) has declared a quarterly cash dividend of $0.07 per share, payable on December 21, 2021, to shareholders of record on December 7, 2021. As of September 30, 2021, the Company reported total assets of $1.1 billion, liabilities of $970.2 million, and stockholders' equity of $130.5 million. The Company highlights uncertainties related to the financial outlook, particularly due to the ongoing impacts of the COVID-19 pandemic and other economic factors influencing operations.

Prudential Bancorp (Nasdaq:PBIP) reported a quarterly net income of $2.0 million, or $0.26 per share, for Q4 FY2021, up from $548,000, or $0.07 per share, in Q4 FY2020. For the fiscal year ending September 30, 2021, net income was $7.8 million, down from $9.6 million in FY2020. Key highlights include a $29.9 million increase in net loans, net interest margin improving to 2.31%, and non-performing assets decreasing to 1.1% of total assets. Despite these improvements, non-interest income significantly declined due to lower gains on investment securities.