PHILADELPHIA, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. (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.
