Minimum | Midpoint | Maximum | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of shares | 5,278,542 | 6,210,199 | 7,141,602 | ||||||||||||||
Gross offering proceeds | $ | 52,785,420 | $ | 62,101,990 | $ | 71,416,020 | |||||||||||
Estimated offering expenses, excluding selling agent fees(1) | $ | 1,150,000 | $ | 1,150,000 | $ | 1,150,000 | |||||||||||
Estimated selling agent fees(2)(3) | $ | 1,009,000 | $ | 1,188,000 | $ | 1,367,000 | |||||||||||
Estimated net proceeds | $ | 50,626,420 | $ | 59,763,990 | $ | 68,899,020 | |||||||||||
Estimated net proceeds per share | $ | 9.59 | $ | 9.62 | $ | 9.65 |
Page | |||||||
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Use of Proceeds | Amount, at the minimum | Amount, at the maximum | Percentage of net offering proceeds at the maximum | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in Thousands) | |||||||||||||||||
Loan to our employee stock ownership plan | $ | 2,111 | $ | 2,857 | 4.15 | % | |||||||||||
Repurchase of shares for our new recognition and retention plan | 2,111 | 2,857 | 4.15 | ||||||||||||||
Investment in Prudential Savings Bank | 25,313 | 34,450 | 50.00 | ||||||||||||||
General corporate purposes – dividend payments, possible acquisitions and stock repurchases | 21,091 | 28,735 | 41.70 | ||||||||||||||
Total | $ | 50,626 | $ | 68,899 | 100.0 | % |
FIRST: | Eligible Account Holders (depositors at Prudential Savings Bank with $50 or more on deposit as of December 31, 2011). | ||||
SECOND: | Prudential Savings Bank’s employee stock ownership plan; | ||||
THIRD: | Supplemental Eligible Account Holders (depositors at Prudential Savings Bank with $50 or more on deposit as of the close of business on June 30, 2013). | ||||
FOURTH: | Other Depositors (depositors at Prudential Savings Bank as of the close of business on July 31, 2013 and who do not qualify as Eligible Account Holders or Supplemental Eligible Account Holders). |
Company Name and Ticker Symbol | Exchange | Headquarters | Total Assets (in Thousands) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Alliance Bancorp, Inc. of Pennsylvania (ALLB) | NASDAQ | Broomall, PA | $ | 457,401 | |||||||||||
Cape Bancorp, Inc. (CBNJ) | NASDAQ | Cape May Court House, NJ | 1,033,221 | ||||||||||||
Colonial Financial Services, Inc. (COBK) | NASDAQ | Vineland, NJ | 633,217 | ||||||||||||
FedFirst Financial Corporation (FFCO) | NASDAQ | Monessen, PA | 313,562 | ||||||||||||
Fox Chase Bancorp, Inc. (FXCB) | NASDAQ | Hatboro, PA | 1,085,340 | ||||||||||||
OBA Financial Services, Inc. (OBAF) | NASDAQ | Germantown, MD | 386,095 | ||||||||||||
Ocean Shore Holding Co. (OSHC) | NASDAQ | Ocean City, NJ | 1,053,872 | ||||||||||||
Oneida Financial Corp. (ONFC) | NASDAQ | Oneida, NY | 719,687 | ||||||||||||
Standard Financial Corp. (STND) | NASDAQ | Monroeville, PA | 436,302 | ||||||||||||
TF Financial Corporation (THRD) | NASDAQ | Newtown, PA | 716,002 |
Price to last 12 months (‘‘LTM’’) Earnings Multiple(2) | Price to LTM Core Earnings Multiple | Price to Book Value Ratio(3) | Price to Tangible Book Value Ratio | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prudential Bancorp–New (pro forma)(1) | ||||||||||||||||||||||
Minimum | 30.30 | x | 250.00 | x | 66.40 | % | 66.40 | % | ||||||||||||||
Midpoint | 35.71 | 333.33 | 72.41 | 72.41 | ||||||||||||||||||
Maximum | 41.67 | 500.00 | 77.58 | 77.58 | ||||||||||||||||||
Peer group companies as of July 24, 2013 | ||||||||||||||||||||||
Average | 24.06 | 29.51 | 95.71 | % | 104.52 | % | ||||||||||||||||
Median | 20.89 | 20.23 | 92.18 | 93.69 |
Shares to be Sold in the Offering | Shares of Prudential Bancorp–New Stock to be Issued in Exchange for Existing Prudential Bancorp Common Stock | Total Shares of Prudential Bancorp–New Common Stock to be Outstanding after the Conversion(1) | Exchange Ratio | 100 shares of Existing Prudential Bancorp Common Stock Would be Exchanged for the Following Number of Shares of Prudential Bancorp–New(2) | Equivalent Per Share Value(3) | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Minimum | 5,278,542 | 74.82 | 1,776,458 | 25.18 | 7,055,000 | 0.6979 | 69 | $ | 6.98 | |||||||||||||||||||||||||||||||||
Midpoint | 6,210,199 | 74.82 | 2,089,801 | 25.18 | 8,300,000 | 0.8210 | 82 | 8.21 | ||||||||||||||||||||||||||||||||||
Maximum | 7,141,602 | 74.82 | 2,403,398 | 25.18 | 9,545,000 | 0.9442 | 94 | 9.44 |
Number of Shares to be Granted or Purchased | Total Estimated Value of Grants | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
At Minimum of Offering Range | At Maximum of Offering Range | As a % of Shares in the Offering | As a % of Common Stock to be Outstanding After the Offering | Dilution Resulting From Issuance of Shares for Stock-Based Benefit Plans(3) | At Minimum of Offering Range | At Maximum of Offering Range | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||
Employee stock ownership plan(1) | 211,141 | 285,664 | 4.0 | % | 2.99 | % | 2.91 | % | $ | 2,111 | $ | 2,857 | |||||||||||||||||||||||||
Recognition and retention plan awards(1) | 211,141 | 285,664 | 4.0 | 2.99 | 2.91 | 2,111 | 2,857 | ||||||||||||||||||||||||||||||
Stock options(2) | 527,854 | 714,160 | 10.0 | 7.48 | 6.96 | 2,555 | 3,457 | ||||||||||||||||||||||||||||||
Total | 950,136 | 1,285,488 | 18.0 | % | 13.46 | % | 11.87 | % | $ | 6,777 | $ | 9,171 |
Existing and New Stock Benefit Plans | Participants | Number of Shares | Estimated Value of Shares | Percentage of Shares Outstanding After the Conversion | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Employee Stock Ownership Plan: | All Employees | |||||||||||||||||||
Shares previously purchased(1) | 427,056 | $ | 4,270,560 | 4.47 | % | |||||||||||||||
Shares to be purchased in this offering | 285,664 | 2,856,640 | 2.99 | |||||||||||||||||
Total employee stock ownership plan | 712,720 | 7,127,200 | 7.46 | |||||||||||||||||
Recognition and Retention Plans: | Directors and Officers | |||||||||||||||||||
2008 Recognition and Retention Plan(2)(3) | 213,528 | 2,135,280 | 2.24 | |||||||||||||||||
Proposed New Recognition and Retention Plan(4) | 285,664 | 2,856,640 | 2.99 | |||||||||||||||||
Total employee and retention plans | 499,192 | 4,991,920 | 5.23 | |||||||||||||||||
Stock Option Plans: | Directors and Officers | |||||||||||||||||||
2008 Stock Option Plan(2)(6)(7) | 533,821 | 1,617,478 | 5.59 | (5) | ||||||||||||||||
Proposed New Stock Option Plan(8) | 714,160 | 3,456,534 | 7.48 | |||||||||||||||||
Total stock option plans | 1,247,981 | 5,074,012 | 13.07 | % | ||||||||||||||||
Total stock benefits plans | 2,459,893 | $ | 17,193,132 | 25.76 | % |
At March 31, 2013 | At September 30, | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2012 | 2011 | 2010 | 2009 | 2008(1) | ||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Selected Financial and Other Data: | ||||||||||||||||||||||||||||||||
Total assets | $ | 479,103 | $ | 490,504 | $ | 499,537 | $ | 529,080 | $ | 514,761 | $ | 489,537 | ||||||||||||||||||||
Cash and cash equivalents | 33,612 | 81,273 | 53,829 | 66,524 | 13,669 | 9,454 | ||||||||||||||||||||||||||
Investment and mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Held-to-maturity | 87,976 | 63,110 | 108,956 | 112,673 | 160,126 | 163,303 | ||||||||||||||||||||||||||
Available-for-sale(2) | 62,715 | 65,975 | 75,370 | 72,425 | 62,407 | 55,106 | ||||||||||||||||||||||||||
Loans receivable, net | 278,237 | 260,684 | 240,511 | 255,091 | 256,694 | 243,969 | ||||||||||||||||||||||||||
Deposits | 416,097 | 425,602 | 436,014 | 464,455 | 432,374 | 376,830 | ||||||||||||||||||||||||||
FHLB advances | 340 | 483 | 570 | 615 | 19,659 | 31,701 | ||||||||||||||||||||||||||
Non-performing loans | 6,178 | 14,018 | 12,631 | 3,479 | 1,982 | 4,036 | ||||||||||||||||||||||||||
Non-performing assets | 7,436 | 15,990 | 14,899 | 6,676 | 5,604 | 5,524 | ||||||||||||||||||||||||||
Total stockholders’ equity, substantially restricted | 60,180 | 59,831 | 57,452 | 56,999 | 55,857 | 68,487 | ||||||||||||||||||||||||||
Banking offices | 7 | 7 | 7 | 7 | 7 | 7 |
Six Months Ended March 31, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008(1) | |||||||||||||||||||||||||||||||
(Dollars in Thousands, Except for Share Amounts) | |||||||||||||||||||||||||||||||||||||
Selected Operating Data: | |||||||||||||||||||||||||||||||||||||
Total interest income | $ | 8,650 | $ | 9,796 | $ | 18,979 | $ | 21,685 | $ | 25,109 | $ | 27,386 | $ | 26,408 | |||||||||||||||||||||||
Total interest expense | 2,359 | 3,007 | 5,779 | 7,097 | 9,416 | 12,942 | 14,654 | ||||||||||||||||||||||||||||||
Net interest income | 6,291 | 6,789 |