Profile: Prudential Bancorp Inc (PBIP.OQ)
28 Apr 2017
Prudential Bancorp, Inc., incorporated on June 6, 2013, is a holding company for Prudential Savings Bank (the Bank). The Bank is a Pennsylvania-chartered, Federal Deposit Insurance Corporation (FDIC)-insured savings bank. As of September 30, 2015, the Bank had seven full service branches in the Philadelphia area. The Bank is engaged in the business of attracting deposits from its community through its branch offices and investing those deposits, together with funds from borrowings and operations, primarily in single-family residential loans. It also provides online and mobile banking services.
The Company's lending activities consist of various loan types, including single-family residential mortgage loans, construction and land development loans, non-residential or commercial real estate mortgage loans, home equity loans and lines of credit, commercial business loans and consumer loans. As of September 30, 2015, its net loans amounted to $312.6 million.
The Company's investment securities are classified as securities available for sale and securities held to maturity. As of September 30, 2015, its securities available for sale included the United States government and agency obligations, mortgage-backed securities-the United States government agencies, and Federal Home Loan Mortgage Corporation (FHLMC) preferred stock, and the securities held to maturity included the United States government and agency obligations, and mortgage-backed securities-the United States government agencies. As of September 30, 2015, its total debt securities available for sale amounted to $77.4 million and total securities held to maturity amounted to $66.8 million.
Sources of funds
The Company's principal sources of funds are deposits. It offers deposits, including money market deposit accounts, interest-bearing checking accounts, non-interest-bearing checking accounts, certificates maturing in six months or less, certificates maturing in more than six months, and passbook, club and statement savings. As of September 30, 2015, the Bank's total deposits amounted to $365 million.
Prudential Bancorp Inc
1834 W Oregon Ave
PHILADELPHIA PA 19145-4725