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REGENT BANCSHARES ANNOUNCES RESULTS

 PHILADELPHIA, July 19 /PRNewswire/ -- Regent Bancshares Corp. (NASDAQ: RBNK), the holding company for Regent National Bank, located at 1430 Walnut St., Philadelphia, today recorded higher net income of 44 percent for the second quarter of 1993 and 64 percent for the six months ended June 30, 1993, over the comparable periods in 1992.
 Net income for the three months ended June 30, 1993, totalled $381,135 or $.26 per share vs. net income of $264,428 or $.19 per share for the three months ended June 30, 1992. According to Harvey Porter, president and chief executive officer, the 44 percent improvement in net income for the 1993 second quarter resulted primarily from an increase in net interest income of $337,267 or 31 percent as Regent increased the amount of its average earning assets and benefitted from lower funding costs. The higher net interest income offset increases in the provision for loan losses of $50,000 and $141,302 in other expenses. For the quarter ended June 30, 1993, Regent's return on average assets was .73 percent and return on average equity was 12.24 percent.
 Net income for the six months ended June 30, 1993, was $753,902 or $.52 per share compared to net income of $460,962 or $.33 per share for the six months ended June 30, 1992. Porter attributed the $292,940 or 64 percent improvement in net income to higher net interest income despite a higher provision for loan losses of $125,000 and $249,936 in other expenses. Net interest income increased $769,914 for the six month period due to a larger volume of earning assets and lower funding costs. For the first six months of 1993, Regent's return on average assets was .74 percent and return on average equity was 12.35 percent.
 Total assets at June 30, 1993, amounted to $204,949,961 compared to total assets at June 30, 1992, of $172,978,804. This 18 percent increase in asset size was principally comprised of the growth in the investment securities portfolio which totalled $144,583,632 at June 30, 1993, compared to $105,715,897 at June 30, 1992.
 Regent also paid today a 10 percent stock dividend on its Series A Convertible Preferred Stock in shares of Series E Convertible Preferred Stock. The conversion ratio into common stock for both the Series A and Series E stock is on a share-for-share basis. In addition, Regent paid a 7 percent common stock dividend on July 2, 1993, and accordingly, earnings per share for the three and six months ended June 30, 1992, have been restated.
 REGENT BANCSHARES CORP.
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Net interest income $1,441,923 $1,104,656 $2,822,247 $2,052,333
 Provision for loan
 losses 150,000 100,000 300,000 175,000
 Other income 46,247 15,805 78,846 30,484
 Other expenses 761,535 620,233 1,459,791 1,209,855
 Income taxes 195,500 135,800 387,400 237,000
 Net income 381,135 264,428 753,902 460,962
 Earnings per share:
 Primary $.26 $.21(A) $.53 $.33(A)
 Fully diluted .26 .19(A) $.52 $.33(A)
 Average shares
 outstanding 921,358 874,859 910,037 849,246
 (A) Restated to reflect the declaration of 7 percent common stock dividend in May 1993.
 At June 30 1993 1992
 Total assets $204,949,961 $172,978,804
 Total deposits 170,283,576 142,798,565
 Investment securities 144,583,632 105,715,897
 Total loans 52,742,970 59,229,816
 Allowance for loan losses 1,176,281 1,071,412
 Total shareholders' equity 12,702,536 11,242,740
 /delval/
 -0- 7/19/93
 /CONTACT: Harvey Porter, president and CEO, or Stephen J. Carroll, treasurer, of Regent Bancshares, 215-546-6500/
 (RBNK)


CO: Regent Bancshares Corporation ST: Pennsylvania IN: FIN SU: ERN DIV

MJ-LJ -- PH020 -- 3188 07/19/93 15:31 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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