0000927089-15-000340.txt : 20150715 0000927089-15-000340.hdr.sgml : 20150715 20150715170152 ACCESSION NUMBER: 0000927089-15-000340 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150715 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150715 DATE AS OF CHANGE: 20150715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL BANCORP, INC. CENTRAL INDEX KEY: 0001578776 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55084 FILM NUMBER: 15989781 BUSINESS ADDRESS: STREET 1: 1834 W. OREGON AVENUE CITY: PHILADELPHIA STATE: PA ZIP: 19145 BUSINESS PHONE: 215-755-1500 MAIL ADDRESS: STREET 1: 1834 W. OREGON AVENUE CITY: PHILADELPHIA STATE: PA ZIP: 19145 8-K 1 form8k.htm FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
   
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
   
 
Date of Report (Date of earliest event reported)
July 15, 2015
 
   
Prudential Bancorp, Inc.
(Exact name of registrant as specified in its charter)
 
Pennsylvania
000-55084
46-2935427
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)
 
1834 West Oregon Avenue, Philadelphia, Pennsylvania
 
19145
 
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code
(215) 755-1500
 
Not Applicable
(Former name or former address, if changed since last report)
   
   
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

Item 7.01
Regulation FD Disclosure
On July 15, 2015, Prudential Bancorp, Inc. (the "Company") issued a press release announcing the adoption of the Company's second stock repurchase program which will commence upon completion of the Company's first stock repurchase program (the adoption of which was announced in September 2014). The second program will cover 850,000 shares of common stock or approximately 10% of the Company's issued and outstanding shares. Repurchases pursuant to the second repurchase program will not commence until after the second day subsequent to the announcement of the Company's operating results for the quarter ended June 30, 2015. For additional information, reference is made to the Company's press release, dated July 15, 2015, which is included as Exhibit 99.1 hereto and is incorporated herein by reference thereto.  The press release attached hereto is being furnished to the Securities and Exchange Commission and shall not be deemed to be "filed" for any purpose except as shall be expressly set forth by specific reference to such filing in other filings of the Company into which it may be incorporated.
 
Item
9.01
Financial Statements and Exhibits
 
 
(a)
Not applicable.
 
(b)
Not applicable.
 
(c)
Not applicable.
 
(d)
The following exhibits are included with this Report:

Exhibit No.
Description
99.1
Press release announcing adoption of the second stock repurchase program, dated July 15, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
PRUDENTIAL BANCORP, INC.
         
         
   
By:
/s/Jack E. Rothkopf
   
Name:
Jack E. Rothkopf
   
Title:
Senior Vice President, Chief Financial Officer and Treasurer
       
Date: July 15, 2015
   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3

 
EXHIBIT INDEX
 
 
Exhibit No.
Description
99.1
Press release announcing adoption of the second stock repurchase program, dated July 15, 2015
 
 
 
EX-99.1 2 pr.htm PRESS RELEASE
Exhibit 99.1


Press Release

RELEASE DATE:
July 15, 2015
                                       Contact:
Joseph R. Corrato
 
At 4:30 p.m. EST
 
President
     
(215) 755-1500


PRUDENTIAL BANCORP, INC. ANNOUNCES
ADOPTION OF NEW STOCK REPURCHASE PROGRAM

Philadelphia, Pennsylvania (July 15, 2015) -- Prudential Bancorp, Inc. (the "Company") (Nasdaq: PBIP) announced that its Board of Directors, at a meeting held today, approved the Company's second stock repurchase program covering up to 850,000 shares or approximately 10% of its issued and outstanding shares of common stock.  The Company has substantially completed its first repurchase program, repurchasing 916,871 shares of the 950,000 shares covered by the program at an average cost of $13.18. The shares 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 announcement of the Company's operating results for the quarter ended June 30, 2015.

"We are pleased to announce our second stock repurchase program, which reflects our commitment to manage our capital prudently and in a manner which we believe will enhance shareholder value" said Tom Vento, Chairman and Chief Executive Officer. Joe Corrato, President, added, "As we have indicated previously, we are committed to building long-term shareholder value while effectively managing our capital.  Implementing the second stock repurchase program is one of the strategies the Board believes is integral to the effective management of our capital."

Prudential Bancorp, Inc. is the holding company for Prudential Savings Bank, a Pennsylvania-chartered, FDIC-insured savings bank originally organized in 1886 and headquartered in Philadelphia, Pennsylvania. The Bank conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as six additional full-service branch offices, four of which are in Philadelphia, one is in Drexel Hill, Delaware County, Pennsylvania and the remaining branch is located in Chalfont, Bucks County, Pennsylvania.  At March 31, 2015, the Company had assets totaling $518.3 million, liabilities totaling $389.5 million and $128.8 million of stockholders' equity.
 

 

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may."  Forward-looking statements, by their nature, are subject to risks and uncertainties.  A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements.  The Company's reports filed from time-to-time with the Securities and Exchange Commission, describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality and interest rate risks associated with the Company's business and operations.  Other factors described include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes.  Investors are encouraged to access the Company's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding the Company at www.Prudentialsavingsbank.com under the Investor Relations menu. We undertake no obligation to update any forward-looking statements.