ROYAL BANK GROUP, INC. ANNOUNCES FIRST-QUARTER EARNINGS
ROYAL BANK GROUP, INC. ANNOUNCES FIRST-QUARTER EARNINGS ROYAL OAK, Mich., April 18 /PRNewswire/ -- Royal Bank Group, Inc.
announced its first-quarter earnings this afternoon. Net income for the corporation after taxes was $405,000 vs. $331,000 last year, or an increase of $74,000 or 22.3 percent. Total assets as of March 31, 1992, were $178,177,000 vs. $149,704,000 a year ago, an increase of $28,473,000 or 19.5 percent.
Earnings per share for the year were $.70 per share vs. $.58 for the same period last year after adjusting for the 10-percent stock dividend in September of 1991. Book value as of March 31, 1992, was $23.09 per share, vs. $20.58 for the same period last year. Return on assets was 0.95 percent for the first three months, vs. 0.92 percent for the same period last year. As of March 31, 1992, the corporation's capital was $13,300,000, or 7.5 percent of primary capital, while risk-based capital was 11.2 percent. Both of those ratios are well above the guidelines required by the Federal Reserve and the Comptroller of the Currency. Royal Bank Group, Inc. is a one-bank holding company located in Royal Oak. The primary asset of the holding company is the ownership of the National Bank of Royal Oak. National Bank of Royal Oak maintains its main office and three branch offices within Royal Oak. Recently, the bank broke ground for a new branch office on Woodward Avenue in Royal Oak. This new office, when completed, will contain not only a full-service banking office, but will also house offices for the bank's mortgage services department. Recently, the Comptroller of the Currency examined National Bank of Royal Oak under the Community Reinvestment Act (CRA), Safety and Soundness, and Consumer Compliance. The results of that examination were quite positive, and the bank received a "satisfactory" rating under CRA. -0- 4/18/92 /CONTACT: Donald Wolcott Jr., director of marketing, National Bank of Royal Oak, 313-691-6400/ CO: Royal Bank Group, Inc.; National Bank of Royal Oak ST: Michigan IN: FIN SU: ERN
SM -- DESA03 -- 9805 04/18/92 21:20 EDT
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|Date:||Apr 18, 1992|
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