Printer Friendly

REGENT BANCSHARES ANNOUNCES RESULTS

 REGENT BANCSHARES ANNOUNCES RESULTS
 PHILADELPHIA, Feb. 4 /PRNewswire/ -- Regent Bancshares Corp., the


holding company for Regent National Bank, located at 1430 Walnut St., Philadelphia, today reported higher net income for the year ended Dec. 31, 1991.
 Net income in 1991 amounted to $1,154,647 compared to a net loss of $264,102 in 1990. Several factors contributed to the improved 1991 earnings: an increase of $723,399 or 28 percent in net interest income that was attributable to higher average loan and securities balances and lower funding costs; and non-recurring gains of $642,371 related to the disposal of securities held for sale. The results in 1990 were affected by an unrealized loss on securities held for sale of $600,000. For 1991, Regent reported a return on average assets of 0.97 percent and a return on average equity of 11.24 percent.
 For the fourth quarter ended Dec. 31, 1991, net income totalled $225,841 vs. net income in the comparable 1990 period of $277,365. The decline in earnings resulted from a slight drop in net interest income of $22,734 or 3 percent and a decrease in the gain on securities held for sale of $223,000. Offsetting these two factors was the recording of a provision for loan losses of $75,000 in 1991 which was $200,000 less than the amount provided in 1990.
 REGENT BANCSHARES CORP.
 Periods ended Year Quarter
 Dec. 31 1991 1990 1991 1990
 Net interest income $3,280,652 $2,557,253 $721,110 $743,844
 Provisions for loan
 losses 525,000 460,000 75,000 275,000
 Income from operations 512,276 335,898 145,841 (25,635)
 Gain (loss) on securities
 held for sale 642,371 (600,000) 80,000 303,000
 Net income (loss) 1,154,647 (264,102) 225,841 277,365
 Net income (loss)
 per share:
 Primary $1.18 ($1.07) $.19 $.32
 Fully diluted 1.00 N/A N/A N/A
 At Dec. 31 1991 1990
 Total assets $132,416,382 $110,185,393
 Total deposits 119,722,678 99,013,398
 Total loans 50,770,494 47,794,093
 Allowance for loan loss 905,139 575,000
 Total shareholders' equity 10,781,778 9,627,131
 /delval/
 -0- 2/4/92
 /CONTACT: Harvey Porter, president and CEO, or Stephen Carroll, vp and CFO of Regent Bancshares, 215-546-6500/ CO: Regent Bancshares Corporation ST: Pennsylvania IN: FIN SU: ERN


KA-JS -- PH042 -- 6852 02/04/92 16:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 4, 1992
Words:415
Previous Article:CHEMDESIGN UPDATES FOURTH QUARTER OUTLOOK
Next Article:CAROLANTIC ISSUES '92 FORECASTS; GARDNER PROPOSES RECOVERY PLAN
Topics:


Related Articles
REGENT BANCSHARES REPORTS RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS
REGENT BANCSHARES ANNOUNCES RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters