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REGENT BANCSHARES ANNOUNCES RESULTS

 REGENT BANCSHARES ANNOUNCES RESULTS
 PHILADELPHIA, Oct. 13 /PRNewswire/ -- Regent Bancshares Corp.


(NASDAQ: RBNK), the holding company for Regent National Bank, located at 1430 Walnut St., Philadelphia, today reported higher operating earnings for the third quarter and nine months ended Sept. 30, 1992, over the comparable periods in 1991.
 Operating earnings, which excludes the gains from securities transactions, totalled $346,760 for the third quarter compared to the $153,007 earned in the third quarter of 1991. Harvey Porter, president and chief executive officer of Regent, attributed the 127 percent increase in quarterly earnings to net interest income being higher by 39 percent or $355,115 on the strength of higher average loan and investment securities balances and lower funding costs. Net income for the quarter ended Sept. 30, 1992, was $346,760 or $.26 per share vs. $263,225 or $.21 per share in the comparable 1991 period. Porter indicated that net income for the third quarter of 1991 benefitted from non-recurring gains of $110,218 on securities held for sale. For the three months ended Sept. 30, 1992, Regent's return on average assets was .75 percent and return on average equity was 12.08 percent.
 For the nine months ended Sept. 30, 1992, operating earnings totalled $807,722 compared to $366,435 for the nine months ended Sept. 30, 1991. According to Porter, the increase in operating earnings of $441,287 or 120 percent was attributable primarily to a $765,016 or 30 percent increase in net interest income and a lower provision for loan losses of $150,000. Net income for the nine months ended Sept. 30, 1992, was $807,722 or $.62 per share which was lower than the $928,806 or $.73 per share earned in the same 1991 period. Porter noted, however, that 1991's results included non-recurring gains on securities held for sale of $562,371. Regent's return on average assets for the 1992 nine month period was .69 percent and return on average equity was 9.72 percent.
 Total assets at Sept. 30, 1992, amounted to $192,921,065 compared to total assets at Sept. 30, 1991, of $123,984,489. The increase in total assets of $68,936,576 or 56 percent was comprised of an increase in total loans of $9,200,439 and in investment securities of $60,762,370.
 REGENT BANCSHARES CORP.
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Net interest
 income $1,272,225 $917,110 $3,324,558 $2,559,542
 Provision for loan
 losses 125,000 75,000 300,000 450,000
 Operating earnings 346,760 153,007 807,722 366,435
 Gain on securities
 held for sale --- 110,218 --- 562,371
 Net income 346,760 263,225 807,722 928,806
 Earnings per share:
 Primary $.30 $.27(A) $.66 $.88(A)
 Fully diluted .26 .21(A) .62 .73(A)
 Average shares
 outstanding 836,092 662,452 805,740 662,452
 At Sept. 30 1992 1991
 Total assets $192,921,065 $123,984,489
 Total deposits 153,347,882 111,229,863
 Total loans 57,049,141 47,848,702
 Allowance for loan losses 952,635 924,465
 Investment securities 126,258,529 65,496,159
 Total shareholders' equity 11,589,500 10,555,937
 (A) Restated to reflect payment of 10 percent common stock dividend in May 1992.
 /delval/
 -0- 10/13/92
 /CONTACT: Harvey Porter, president and CEO, or Stephen J. Carroll, treasurer, of Regent Bancshares, 215-546-6500/ CO: Regent Bancshares Corporation ST: Pennsylvania IN: FIN SU: ERN


JS-LJ -- PH029 -- 9455 10/13/92 15:40 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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