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
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|Date:||Apr 15, 1992|
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