SOURCE: Royal Bancshares of Pennsylvania
May 05, 2008 16:50 ET
Royal Bank America Parent Co. Announces First Quarter Earnings of $1.04 Million
NARBERTH, PA--(Marketwire - May 5, 2008) - Royal Bancshares of Pennsylvania, Inc.
(NASDAQ: RBPAA), parent company of Royal Bank America and Royal Asian Bank,
announced results for the first quarter of 2008.
Net income for the three months ended March 31, 2008 was $1.04 million
(after adding an additional $3.28 million pre-tax to our provision for loan
losses for the quarter) or $0.08 basic and diluted earnings per share,
compared to net income of $2.33 million, or $0.17 basic and diluted
earnings per share, for the same period in 2007.
Loans increased $6.59 million during the quarter to $651.07 million at
March 31, 2008 from $644.48 million at December 31, 2007.
Net interest margin increased to 3.55% at March 31, 2008 as compared to
2.58% at March 31, 2007.
Comments from Royal Bancshares of Pennsylvania, Inc. President/CEO Joseph
We increased our allowance for loan losses following further monitoring of
our loan portfolio. While this reduced our earnings, management believes
this action is prudent in light of the sluggish economy. Being well
capitalized, as defined by bank regulatory requirements, we continue to
pursue and finance sound projects.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth,
Pennsylvania, is a two-bank holding company operating the Royal Bank
America and Royal Asian Bank brands at 22 unique branch locations
throughout Pennsylvania, New Jersey and New York. As The Region's Premier
Commercial Real Estate Lender, Royal Bank America has played a lead role in
the growth and development of our area for the past 40+ years. Royal Asian
Bank enjoys a distinctive niche serving the financing and banking needs of
the growing Asian-American population. Additional subsidiaries include RBA
Leasing, engaged in equipment leasing solutions for small and mid-sized
businesses, and RBA Capital, a lender finance company. More information on
Royal Bancshares of Pennsylvania, our banks and subsidiaries is available
The foregoing material is unaudited and may contain forward-looking
statements. We caution that such statements may be subject to a number of
uncertainties, and actual results could differ materially; therefore,
readers should not place undue reliance on any forward-looking statements.
Royal Bancshares of Pennsylvania, Inc. does not undertake, and specifically
disclaims, any obligation to publicly release the results of any revisions
that may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances after
the date of such statements.