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Prudential Bancorp of Pennsylvania net income down

Prudential Bancorp of Pennsylvania, the mid-tier holding company for Prudential Savings Bank has reported a net income of $560,000 for the quarter ended September 30, 2007 as compared to $913,000 for the same period in 2006. For the fiscal year ended September 30, 2007, net income was $3.4 million compared to $3.8 million for fiscal 2006.

EPS on the company’s outstanding common shares decreased to $.05 for the quarter ended September 30, 2007 from $.08 in the comparable period in 2006 and decreased to $0.30 for the year ended September 30, 2007 from $0.32 for fiscal 2006.

For the fiscal year ended September 30, 2007, net interest income decreased $484,000 or 3.8% to $12.1 million as compared to $12.6 million for the same period in 2006. The decrease was due to a $2.8 million or 23.9% increase in interest expense partially offset by a $2.4 million or 9.6% increase in interest income.

For the quarter ended September 30, 2007, the net interest margin was 2.55% as compared to 2.79% for the same period in 2006.

Tom Vento, president and CEO, said: Although our earnings were lower for fiscal 2007 than the prior year due to the unfavorable trends affecting the financial services industry, there were several positive aspects to look back on. We have opened our seventh full service office in Philadelphia.