Printer Friendly

REGENT BANCSHARES ANNOUNCES RESULTS

 REGENT BANCSHARES ANNOUNCES RESULTS
 PHILADELPHIA, April 15 /PRNewswire/ -- Regent Bancshares Corp.


(NASDAQ: RBNK), the holding company for Regent National Bank, located at 1430 Walnut St., Philadelphia, reported that operating earnings for the first quarter of 1992 totalled $196,534, an increase of $161,729 over the $34,805 earned in the comparable 1991 period.
 The significant improvement in 1992's operating earnings resulted from higher net interest income of $126,807 or 15 percent which was attributable to higher average loan and securities balances and lower funding costs and to a reduction in the provision for loan losses to $75,000 in 1992 from $300,000 in 1991. Net income for the 1992 first quarter was $196,534 or $.12 per share vs. $479,943 or $.49 per share in the comparable 1991 period. Net income for the prior year be on average assets was .59 percent and return on average equity was 7.2 percent.
 Total assets at March 31, 1992, amounted to $139,929,201 compared to total assets at March 31, 1991, of $11,863,464. The increase in total assets of $28,065,737 or 25 percent was comprised of an increase in loan balances of $13,155,080 and the securities portfolio increasing by $16,902,275. Total deposits were higher by $17,542,672.
 The following table provides a summary of selected financial information:
 REGENT BANCSHARES CORP.
 Quarter ended March 31 1992 1991
 Net interest income $947,677 $820,870
 Provision for loan losses 75,000 300,000
 Operating earnings 196,534 34,805
 Gain on securities held for sale --- 445,138
 Net income 196,534 479,943
 Earnings per share:
 Primary .12 .49(A)
 Fully dilutive N/A .39(A)
 (A) Restated to reflect declaration of 10 percent common stock dividend payable on May 26, 1992, to holders of record on April 24.
 At March 31 1992 1991
 Total assets $139,929,201 $111,863,464
 Total deposits 117,571,373 100,028,701
 Total loans 58,525,941 45,370,861
 Allowance for loan losses 971,412 774,465
 Total shareholders' equity 10,978,312 10,107,074
 NASDAQ trading symbols:
 Common Stock: RBNK
 Series A Preferred Stock: RBNKP
 Common Stock Units: RBNKU
 Common Stock Warrants: RBNKW
 /delval/
 -0- 4/15/92
 /CONTACT: Harvey Porter, president and CEO, or Stephen J. Carroll, treasurer, 215-546-6500, both of Regent Bancshares/
 (RBNK) CO: Regent Bancshares Corporation ST: Pennsylvania IN: FIN SU: ERN


JS-CC -- PH033 -- 8787 04/15/92 14:23 EDT
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:Apr 15, 1992
Words:415
Previous Article:NORTHROP REPORTS INCREASES IN SALES, NET INCOME
Next Article:SPEAR FINANCIAL FIRST QUARTER EARNINGS INCREASE 340 PERCENT


Related Articles
REGENT BANCSHARES ANNOUNCES RESULTS
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

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