PRUDENTIAL BANCORP, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed May 16, 2022. Its latest SEC filing is a 4 from Jul 6, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Accepts deposits and makes residential, commercial real estate, and construction loans to individuals and businesses in its Philadelphia-area market.

How Did They Make Money?

It earns interest by taking deposits from the public and using those funds to make loans and buy securities; it also earns fees and other non-interest income.

FY2021 revenue

Who Were Their Customers?

Individuals and businesses in the Philadelphia-area market use its branches and online and mobile banking services; borrowers also come through referrals and local advertising.

Did Revenues Turn Into Profits?

Yes. It kept 29 cents of every revenue dollar as net income in FY2021 and turned 18 cents into free cash flow.

Net income, FY2021

29% of revenue

▼ −19% vs FY2020 ($9.6M, 34%)

Free cash flow, FY2021

18% of revenue

▼ −78% vs FY2020 ($21.9M, 78%)

How Were They Changing?

Since the FY2021 annual report

Latest quarter: Q2 FY2023, the three months to Mar 31, 2022

Revenue: ▼ −7%; vs $9.5M in Q2 FY2022
Net income: ▼ Turned to a loss; vs $1.7M in Q2 FY2022

Jun 15, 2022 Shareholders approved Fulton’s acquisition of Prudential Bancorp. Fulton’s acquisition of the company and its bank was approved; the companies anticipated completing it in early July.
Mar 2, 2022 Prudential agreed to merge with Fulton Financial. Prudential Bank was also to merge into Fulton Bank, with Fulton surviving the transactions.

Grew. Revenue grew 32% in 4 years, from $20.3M in FY2017 to $26.7M in FY2021, about 7% a year.

Broader commercial lending The latest report describes commercial business loans alongside commercial real estate and construction lending, whereas the older report emphasized commercial real estate and construction lending.

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