Printer Friendly

ROYAL BANK OF PENNSYLVANIA REPORTS A 57 PERCENT INCREASE IN EARNINGS FOR THE NINE MONTHS ENDED SEPT. 30, 1993, AND SEEKS OPPORTUNITIES

 NARBERTH, Pa., Nov. 2 /PRNewswire/ -- Royal Bank of Pennsylvania (NASDAQ: RBPAA) reported earnings for the first nine months of 1993 of $4,817,612, as compared to $3,063,769, for the same period ended Sept. 30, 1992.
 Return on average assets and shareholder's equity were 2.2 percent and 11.1 percent, respectively, for the nine months ended Sept. 30, 1993, as compared to 1.5 percent and 7.7 percent, respectively, for the same period ended Sept. 30, 1992. Earnings per share were $.69, versus $.43, for these respective nine month periods ended Sept. 30. In June, Royal Bank adopted Financial Accounting Standard (FAS) No. 109, "Accounting for Income Taxes," which resulted in a one-time benefit of $499,508. Year to date earnings for 1993 before this cumulative tax adjustment were $4,318,104, a 41 percent increase over the same nine month period ended Sept. 30, 1992.
 Earnings before the third quarter of 1993 were $1,469,074, as compared to $1,575,833, for the same quarter ended Sept. 30, 1992, a 7 percent decrease primarily due to losses incurred on the sale of a nonperforming loan and other real estate portfolios in the third quarter of 1993. Earnings per share for the quarter ended Sept. 30, 1993, were $.20, vs. $.22 for the same quarter ended Sept. 30, 1992.
 Royal Bank of Pennsylvania's total assets at Sept. 30, 1993, were $291,935,354, compared to $288,652,338, at Sept. 30, 1992. Net loans and mortgages were $163,979,433 at Sept. 30, 1993, as compared to $190,131,483, at Sept. 30, 1992. Total deposits at Sept. 30, 1993, were $210,990,486 compared to $228,382,624 at Sept. 30, 1992.
 Lee Tabas, president of Royal Bank of Pennsylvania said, "The bank's nonperforming assets have decreased for the 8th straight quarter to $17.1 million, a trend which we expect to continue. As loan problems wind down, the economy has offered little real growth in new loans. As an alternative, we have engaged a merchant banker to seek out opportunities to acquire assets, or purchase part or all of the shares of other banks. We believe with our strong capital position we can help other independent banks in our trade area, and also develop full value for our shareholders."
 Capital rose to $60,753,427 for the period ending Sept. 30, 1993, as compared to $55,425,141 for the same period ending Sept. 30, 1992, a 10 percent increase. Tier 1 capital and total risk-based Capital Ratios were 24.96 percent and 26.23 percent, respectively, which significantly exceeds the 8 percent minimum capital ratio required by regulators. Book value of the bank's stock was $8.54 at Sept. 30, 1993, as compared to $7.56 for the same period in 1992.
 Royal Bank of Pennsylvania, with nine offices in the region, seeks to serve growing businesses with annual sales of up to $25 million and features a special division for professionals in Health Care, Legal, and Environmental Services. Executive offices are located in Narberth, with offices in King of Prussia, Phoenixville, Bridgeport, Trooper, Jenkintown, and Center City Philadelphia.
 /delval/
 -0- 11/2/93
 /CONTACT: David Greenfield of Royal Bank of Pennsylvania, 215-668-4700/


CO: Royal Bank of Pennsylvania ST: Pennsylvania IN: FIN SU: ERN

JM-MJ -- PH031 -- 9862 11/02/93 17:46 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 2, 1993
Words:561
Previous Article:STONECIPHER ASSUMES ADDITIONAL POST AS CHAIRMAN OF PRECISION CASTPARTS
Next Article:PRECISION CASTPARTS NAMES STONECIPHER CHAIRMAN OF THE BOARD
Topics:

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