Royal Bancshares Reports Profit for Full Year and Fourth Quarter
Profitability Improvement Plan and Core Customer Growth Enable
Progress
NARBERTH, PA--(Marketwired - Feb 20, 2014) - Royal Bancshares of
Pennsylvania, Inc. ("Company") (NASDAQ: RBPAA), parent company of
Royal Bank America ("Royal Bank"), announced net income of $2.4
million and basic and diluted earnings per share of $0.14 for the
three months ended December 31, 2013. This compares to a net
loss of $8.0 million and basic and diluted loss per share of $0.64
for the comparable period in 2012. Net income for the full
year of 2013 amounted to $2.1 million and basic and diluted
earnings per share of $0.00 compared to a net loss of $15.6 million
and basic and diluted loss per share of $1.33 for 2012.
Royal Bank recorded net income of $2.6 million for the fourth
quarter of 2013 compared to a net loss of $6.8 million for the
comparable period in 2012. Net income for the year ended December
31, 2013 was $2.7 million compared to a net loss of $13.2 million
for the year ended December 31, 2012.
Selected Company highlights, explained further below,
included:
- Net income improved $17.7 million in 2013 from 2012
- Quarterly earnings per share of $0.14
- Reduction in nonperforming assets of 45.7%
- Non-interest expense reduction of 27.5%
- Resolution of the Company's two significant legal matters
- Positive impact of a designed Company owned real estate
strategy
Significant progress in core business and asset quality
"Comply, Reposition, Grow" was the mantra for 2013 with the
result of solidifying core earnings and reporting a
profit. The Company's Chief Executive Officer Kevin Tylus
noted, "Today's announcement is due to the execution of a
multi-faceted strategic plan with the goal of a return to
profitability. During 2013 we focused on transitioning Royal
Bank into a community bank built on a solid commercial revenue and
retail delivery foundation. We achieved our goals to improve
efficiency by restructuring the organization
and modernizing. Some of those key actions included:
- Introducing new technologies
- Automating business processes
- Unlocking value in our owned real estate assets
- Improving brand reputation
- Revitalizing our retail network
Positive quarterly and annual results for both Royal Bank and
the Company reflect a diverse number of factors including quality
loan growth, progress in reducing non-performing assets, expense
reductions, and enhancements in organizational
efficiencies. Perhaps most significant was the revenue growth
from a sizable increase in commercial customers new to Royal Bank
as well as success in retaining important legacy customers."
Tylus added, "With the December hiring of Lars Eller as Chief
Retail Banking Officer, we look to grow our retail customer base as
we deploy new commercial and consumer solutions, enhance our
product offerings and develop our retail sales teams. Mr.
Eller has significant experience in private and retail banking,
consumer lending and wealth management. A December retail campaign
exceeded goals for new customer acquisition and set the stage for
future cross-selling opportunities. Continuing with the objective
of refreshing our retail branch network, we relocated our Villanova
branch in January 2014. We are in the process of relocating
three additional branches to more convenient, high-traffic
locations within the same markets. Our expectation from the
foundation established in 2013 is a vibrant retail network in 2014
that enhances the brand and offers numerous new choices for
individual and business customers."
Fourth quarter 2013 results
The $10.4 million improvement for the fourth quarter of 2013 as
compared to same period in 2012 was mainly related to the following
items:
- Credit related expenses decreased $3.6 million, or 75.1%
as the total level of non-performing assets continues to
decline
- Provision for loan and lease losses declined $3.3 million
due to the improved credit quality of the loan portfolio
- Other-than-temporary investment impairment fell $1.5
million to $0 in 2013
- Gains on the sale of two Company owned buildings were $1.3
million
- Net interest income increased $578,000, or 12.0%
Full year 2013 results
The $17.7 million improvement for the year ended December 31,
2013 as compared to the year ended December 31, 2012 was mainly
related to the following items:
- Credit related expenses declined $7.4 million, or 67.8%,
with non-performing assets now at 2.7% of total assets compared to
4.7% at December 31, 2012
- Provision for loan and lease losses dropped $6.9 million
as a result of the loan portfolio's improved credit quality
- Other-than-temporary investment impairment declined $2.4
million
- Gains on the sale of Company owned real estate were $2.5
million
- Salaries and benefits declined $1.3 million, or 11.2%, as
a result of a 22% reduction in the workforce
- Professional and legal fees decreased $1.2 million, or
29.3%
- Net gains on sales of other real estate owned
("OREO") increased $1.1 million
Partially offsetting these positive items was a $1.9 million
decrease in net interest income, a $1.4 million decrease in gains
on sales of loans and leases, and an $872,000 decline in gains on
sale of investment securities. The Company's leasing subsidiary
continued to positively contribute to the annual and fourth quarter
financial results.
Loans and leases held for investment at December 31, 2013
totaled $366.5 million, which represents an increase of $22.3
million, or 6.5%, from 2012 despite the $12.8 million decline in
non-performing loans and the $11.9 million runoff in tax liens. New
business relationships spurred the growth and further
diversification of the loan portfolio, improving the composition of
interest earning assets. Investment securities declined $40.5
million, or 11.6%, from the level at December 31, 2012 partially
due to the reinvestment of cash flows from principal payments and
calls into loans. Total deposits declined $25.9 million, or 4.7%,
from $554.9 million at December 31, 2012 to $529.0 million at
December 31, 2013. The decline in deposits was primarily related to
the purposeful strategic re-pricing of higher cost deposit products
including money market accounts and maturing certificates of
deposit.
In 2013 the Federal Reserve Bank of Philadelphia upgraded the
Company and terminated its written agreement. Additionally,
during 2013 the Company achieved the resolution of two legal
matters, which had presented uncertainty in their outcome. The
Company was favorably dismissed from a lawsuit related to a $25
million CDO investment through Lehman Brothers Special Financing
and the Company reached an agreement in principle with plaintiffs
to settle a class action lawsuit involving its tax lien
subsidiaries. The Company recorded a $1.65 million loss contingency
for the settlement. After adjusting for the noncontrolling
interest, the Company's 60% share of the loss contingency amounted
to $990,000 on a pre-tax basis.
Net Interest Margin
The $578,000 growth in net interest income quarter over quarter
was primarily attributed to a reduction in interest expense coupled
with an increase in the yield on investments. For the fourth
quarter of 2013, the net interest margin of 3.12% grew 49 basis
points from the comparable quarter of 2012 and 18 basis points from
the quarter ended September 30, 2013. Average interest-earning
assets declined $41.6 million and included a change in the
composition as average loans increased $30.8 million while average
investments declined $56.1 million. Average interest-earning
deposits decreased $38.0 million. The yield on average
interest-earning assets increased 27 basis points quarter over
quarter. The $41.3 million decrease in average
interest-bearing liabilities for the fourth quarter of 2013 from
the comparable quarter in 2012 was accompanied by a 24 basis point
reduction in average rates.
Net interest income for the year ended December 31, 2013
declined $1.9 million from the comparable period in 2012. The
decrease was primarily attributed to a reduction in average
interest-earning assets coupled with a decline in the yield on
loans and investments year over year. Despite the decrease in net
interest income, the net interest margin of 2.92% for 2013
decreased only 2 basis points from 2.94% for 2012. To mitigate the
decline in net interest income the Company reduced funding costs
through the redemption and lower re-pricing of maturing retail CDs
and the lower re-pricing of FHLB advances, and is continuing
efforts to improve the mix of interest-earning assets. The 26
basis point decline in the yield on interest-earning assets was
driven by lower yields on average loan balances mainly due to the
planned substantial decline of the higher yielding tax liens and
the decrease in the yield on investment securities year over year.
At December 31, 2013, average lower-yielding investment securities
fell $32.7 million and average loans decreased $17.2 million from
year-end 2012. Average interest-bearing deposits declined
$50.1 million while average borrowings declined $16.1
million. These reductions led to a drop in average rates on
interest-bearing liabilities of 26 basis points.
Asset quality continues improvement
During 2013, non-performing loans and non-performing assets
decreased $12.8 million and $16.7 million, respectively. This
improvement reflects management's continued focus on improving
asset quality as non-performing loans and non-performing assets
have decreased by 80.2% and 72.7%, respectively, since December 31,
2011. As a result the provision for loan and lease losses has
declined by $6.9 million in 2013 as compared to 2012.
|
|
|
|
|
|
|
|
|
At December 31, |
|
(in thousands except percentages) |
|
2013 |
|
|
2012 |
|
|
2011 |
|
Non-performing loans |
|
$ |
10,157 |
|
|
$ |
23,004 |
|
|
$ |
51,324 |
|
Non-performing assets (which includes OREO) |
|
$ |
19,774 |
|
|
$ |
36,439 |
|
|
$ |
72,340 |
|
Percentage of non-accrual loans to total loans |
|
|
2.8 |
% |
|
|
6.7 |
% |
|
|
12.0 |
% |
Percentage of non-performing assets to total assets |
|
|
2.7 |
% |
|
|
4.7 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Positive impact of the Profitability Improvement Plan
Early in 2013, management had announced a set of sweeping
initiatives through the Company's "Profitability Improvement Plan"
(the "Plan") designed to enhance company-wide efficiency,
productivity and modernization. During 2013, the Company realized a
22% reduction in the workforce, which included restructuring the
organizational staff. Two branches were consolidated and four
Company-owned buildings were sold pursuant to the real estate
rationalization plan. The Company launched a completely
redesigned website with on-line account opening features, debuted
mobile and TouchBanking, automated select processes and introduced
new products. To support the marketing of these enhancements the
Company began refreshing its brand with new advertising through
billboards and online and print media. The expense reductions,
revenue growth and planned additional improvements are intended to
bring core performance more in line with our peers.
As a result of the Plan, the Company recorded $361,000 in
restructuring charges during 2013. As mentioned previously, credit
related expenses (including OREO), salaries and benefits, and
professional and legal fees declined $7.4 million, $1.3 million,
and $1.2 million, respectively, year over year. Total non-interest
expense declined $10.0 million, or 27.5%, for the year ended
December 31, 2013 when compared to the comparable 2012 period. A
full year's benefit is anticipated for 2014, as these improvements
were phased in at various times during 2013.
Royal Bank's 50th Anniversary
On January 13, 2014, members of the Company's board of
directors, management, and staff participated in the Opening Bell
ceremony of the NASDAQ Stock Market. This event was the
ceremonial kick-off to a year-long series of events and promotions
which will celebrate Royal Bank's 50th anniversary and connection
to the communities we serve.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in
Narberth, Pennsylvania, is the parent company of Royal Bank
America, which for the past 50 years has played a lead role in the
growth and development of our region by empowering small
businesses, entrepreneurs and individuals to achieve their
financial goals and enrich our communities. More information on
Royal Bancshares of Pennsylvania, Inc., Royal Bank America and its
subsidiaries can be found at www.royalbankamerica.com.
Forward-Looking Statements
The foregoing material may contain forward-looking statements.
We caution that such statements may be subject to a number of
uncertainties, and actual results could differ materially;
therefore, readers should not place undue reliance on any
forward-looking statements. Royal Bancshares of Pennsylvania, Inc.
does not undertake, and specifically disclaims, any obligation to
publicly release the results of any revisions that may be made to
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. For a discussion of the factors that could
cause actual results to differ from the results discussed in any
such forward-looking statements, see the filings made by Royal
Bancshares of Pennsylvania, Inc. with the Securities and Exchange
Commission, including its Annual Report -- Form 10-K for the year
ended December 31, 2012.
|
ROYAL BANCSHARES OF PENNSYLVANIA, INC. |
CONDENSED INCOME STATEMENT |
|
(in thousands, except for loss per common
share) |
|
Three months ended Dec. 31st |
|
|
For the years ended Dec. 31st |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Interest Income |
|
$ |
7,069 |
|
|
$ |
6,991 |
|
|
$ |
27,524 |
|
|
$ |
31,981 |
|
Interest Expense |
|
|
1,690 |
|
|
|
2,190 |
|
|
|
7,357 |
|
|
|
9,899 |
|
Net Interest Income |
|
|
5,379 |
|
|
|
4,801 |
|
|
|
20,167 |
|
|
|
22,082 |
|
(Credit) Provision for Loan and Lease Losses |
|
|
(676 |
) |
|
|
2,637 |
|
|
|
(872 |
) |
|
|
5,997 |
|
Net Interest Income after (Credit) Provision |
|
|
6,055 |
|
|
|
2,164 |
|
|
|
21,039 |
|
|
|
16,085 |
|
Non Interest Income |
|
|
2,558 |
|
|
|
(148 |
) |
|
|
6,864 |
|
|
|
3,609 |
|
Non Interest Expense |
|
|
6,333 |
|
|
|
10,256 |
|
|
|
26,330 |
|
|
|
36,324 |
|
Income (Loss) before Taxes |
|
|
2,280 |
|
|
|
(8,240 |
) |
|
|
1,573 |
|
|
|
(16,630 |
) |
Income Taxes |
|
|
42 |
|
|
|
- |
|
|
|
42 |
|
|
|
- |
|
Net Income (Loss) |
|
|
2,238 |
|
|
|
(8,240 |
) |
|
|
1,531 |
|
|
|
(16,630 |
) |
Less Net Loss Attributable to Noncontrolling
Interest |
|
|
(214 |
) |
|
|
(246 |
) |
|
|
(578 |
) |
|
|
(1,005 |
) |
Net Income (Loss) Attributable to Royal Bancshares |
|
$ |
2,452 |
|
|
$ |
(7,994 |
) |
|
$ |
2,109 |
|
|
$ |
(15,625 |
) |
|
Less Preferred Stock Series A Accumulated Dividend and
Accretion |
|
$ |
522 |
|
|
$ |
513 |
|
|
$ |
2,075 |
|
|
$ |
2,038 |
|
|
Net Income (Loss) to Common Shareholders |
|
$ |
1,930 |
|
|
$ |
(8,507 |
) |
|
$ |
34 |
|
|
$ |
(17,663 |
) |
Income (Loss) Per Common Share - Basic and Diluted |
|
$ |
0.14 |
|
|
$ |
(0.64 |
) |
|
$ |
- |
|
|
$ |
(1.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months |
|
|
For the years |
|
|
|
ended Dec. 31st |
|
|
ended Dec. 31st |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Return on Average Assets |
|
|
1.3 |
% |
|
|
-4.0 |
% |
|
|
0.3 |
% |
|
|
-1.9 |
% |
Return on Average Equity |
|
|
19.9 |
% |
|
|
-50.8 |
% |
|
|
4.1 |
% |
|
|
-22.9 |
% |
Average Equity to Average Assets |
|
|
6.7 |
% |
|
|
8.0 |
% |
|
|
6.9 |
% |
|
|
8.3 |
% |
Book Value Per Share |
|
$ |
1.41 |
|
|
$ |
1.50 |
|
|
$ |
1.41 |
|
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
|
|
|
|
|
|
|
Capital ratios (US GAAP): |
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
Royal Bank Tier I Leverage |
|
|
9.8 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
Royal Bank Total Risk Basked Capital |
|
|
16.6 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
Company Tier I Leverage |
|
|
9.9 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
Company Total Risk Basked Capital |
|
|
18.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
At Dec 31, 2013 |
|
|
At Dec 31, 2012 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Cash and Cash Equivalents |
|
$ |
16,844 |
|
|
$ |
28,802 |
|
Investment Securities |
|
|
315,181 |
|
|
|
357,464 |
|
Loans and leases held for sale ("LHFS") |
|
|
1,446 |
|
|
|
1,572 |
|
Loans and Leases |
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
|
160,030 |
|
|
|
178,871 |
|
|
Construction and land development |
|
|
45,261 |
|
|
|
37,215 |
|
|
Commercial and industrial |
|
|
79,589 |
|
|
|
40,560 |
|
|
Residential real estate |
|
|
25,535 |
|
|
|
24,981 |
|
|
Leases |
|
|
42,524 |
|
|
|
37,347 |
|
|
Tax certificates |
|
|
12,716 |
|
|
|
24,569 |
|
|
Other |
|
|
826 |
|
|
|
622 |
|
Loans and Leases |
|
|
366,481 |
|
|
|
344,165 |
|
Allowance for loan and lease losses |
|
|
(13,671 |
) |
|
|
(17,261 |
) |
Loans and Leases (net) |
|
|
352,810 |
|
|
|
326,904 |
|
Premises and Equipment (net) |
|
|
4,475 |
|
|
|
5,232 |
|
Other Real Estate Owned (net) |
|
|
9,617 |
|
|
|
13,435 |
|
Accrued Interest receivable |
|
|
7,054 |
|
|
|
10,256 |
|
Other Assets |
|
|
25,823 |
|
|
|
25,790 |
|
|
|
Total
Assets |
|
$ |
733,250 |
|
|
$ |
769,455 |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
528,964 |
|
|
|
554,917 |
|
Borrowings |
|
|
107,881 |
|
|
|
108,333 |
|
Other Liabilities |
|
|
21,244 |
|
|
|
26,277 |
|
Subordinated debentures |
|
|
25,774 |
|
|
|
25,774 |
|
Royal Bancshares Shareholders' Equity |
|
|
49,116 |
|
|
|
50,344 |
|
Noncontrolling Interest |
|
|
271 |
|
|
|
3,810 |
|
|
|
Total
Equity |
|
|
49,387 |
|
|
|
54,154 |
|
|
|
Total
Liabilities and Equity |
|
$ |
733,250 |
|
|
$ |
769,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AND
MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
(In thousands, except percentages) |
|
Average Balance |
|
Interest |
|
Yield/Rate |
|
|
Average Balance |
|
Interest |
|
Yield/Rate |
|
Cash equivalents |
|
$ |
7,553 |
|
$ |
5 |
|
0.26 |
% |
|
$ |
23,919 |
|
$ |
10 |
|
0.17 |
% |
Investment securities |
|
|
299,228 |
|
|
1,654 |
|
2.19 |
% |
|
|
355,314 |
|
|
1,481 |
|
1.66 |
% |
Loans |
|
|
377,040 |
|
|
5,410 |
|
5.69 |
% |
|
|
346,228 |
|
|
5,500 |
|
6.32 |
% |
Total interest-earning assets |
|
|
683,821 |
|
|
7,069 |
|
4.10 |
% |
|
|
725,461 |
|
|
6,991 |
|
3.83 |
% |
Non-earning assets |
|
|
45,631 |
|
|
|
|
|
|
|
|
60,623 |
|
|
|
|
|
|
|
|
Total
average assets |
|
$ |
729,452 |
|
|
|
|
|
|
|
$ |
786,084 |
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money markets |
|
$ |
205,770 |
|
$ |
153 |
|
0.29 |
% |
|
$ |
217,436 |
|
$ |
190 |
|
0.35 |
% |
|
Savings |
|
|
17,479 |
|
|
9 |
|
0.20 |
% |
|
|
17,288 |
|
|
10 |
|
0.23 |
% |
|
Time deposits |
|
|
239,953 |
|
|
799 |
|
1.32 |
% |
|
|
266,445 |
|
|
1,057 |
|
1.58 |
% |
Total interest-bearing deposits |
|
|
463,202 |
|
|
961 |
|
0.82 |
% |
|
|
501,169 |
|
|
1,257 |
|
1.00 |
% |
Borrowings |
|
|
130,866 |
|
|
729 |
|
2.21 |
% |
|
|
134,174 |
|
|
933 |
|
2.77 |
% |
Total interest-bearing liabilities |
|
|
594,068 |
|
|
1,690 |
|
1.13 |
% |
|
|
635,343 |
|
|
2,190 |
|
1.37 |
% |
Non-interest bearing deposits |
|
|
61,799 |
|
|
|
|
|
|
|
|
58,653 |
|
|
|
|
|
|
Other liabilities |
|
|
24,619 |
|
|
|
|
|
|
|
|
29,505 |
|
|
|
|
|
|
Shareholders' equity |
|
|
48,966 |
|
|
|
|
|
|
|
|
62,583 |
|
|
|
|
|
|
|
|
Total
average liabilities and equity |
|
$ |
729,452 |
|
|
|
|
|
|
|
$ |
786,084 |
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
|
|
$ |
5,379 |
|
3.12 |
% |
|
|
|
|
$ |
4,801 |
|
2.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended |
|
|
For the year ended |
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
(In thousands, except percentages) |
|
Average Balance |
|
Interest |
|
Yield/Rate |
|
|
Average Balance |
|
Interest |
|
Yield/Rate |
|
Cash equivalents |
|
$ |
10,941 |
|
$ |
26 |
|
0.24 |
% |
|
$ |
22,551 |
|
$ |
38 |
|
0.17 |
% |
Investment securities |
|
|
312,127 |
|
|
5,757 |
|
1.84 |
% |
|
|
344,862 |
|
|
6,677 |
|
1.94 |
% |
Loans |
|
|
367,219 |
|
|
21,741 |
|
5.92 |
% |
|
|
384,440 |
|
|
25,266 |
|
6.57 |
% |
Total interest-earning assets |
|
|
690,287 |
|
|
27,524 |
|
3.99 |
% |
|
|
751,853 |
|
|
31,981 |
|
4.25 |
% |
Non-earning assets |
|
|
50,037 |
|
|
|
|
|
|
|
|
67,358 |
|
|
|
|
|
|
|
|
Total
average assets |
|
$ |
740,324 |
|
|
|
|
|
|
|
$ |
819,211 |
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money markets |
|
$ |
210,077 |
|
$ |
617 |
|
0.29 |
% |
|
$ |
224,602 |
|
$ |
1,317 |
|
0.59 |
% |
|
Savings |
|
|
17,802 |
|
|
37 |
|
0.21 |
% |
|
|
17,006 |
|
|
67 |
|
0.39 |
% |
|
Time deposits |
|
|
239,584 |
|
|
3,368 |
|
1.41 |
% |
|
|
275,959 |
|
|
4,514 |
|
1.64 |
% |
Total interest-bearing deposits |
|
|
467,463 |
|
|
4,022 |
|
0.86 |
% |
|
|
517,567 |
|
|
5,898 |
|
1.14 |
% |
Borrowings |
|
|
133,261 |
|
|
3,335 |
|
2.50 |
% |
|
|
149,416 |
|
|
4,001 |
|
2.68 |
% |
Total interest-bearing liabilities |
|
|
600,724 |
|
|
7,357 |
|
1.22 |
% |
|
|
666,983 |
|
|
9,899 |
|
1.48 |
% |
Non-interest bearing deposits |
|
|
59,989 |
|
|
|
|
|
|
|
|
55,666 |
|
|
|
|
|
|
Other liabilities |
|
|
28,492 |
|
|
|
|
|
|
|
|
28,182 |
|
|
|
|
|
|
Shareholders' equity |
|
|
51,119 |
|
|
|
|
|
|
|
|
68,380 |
|
|
|
|
|
|
|
|
Total
average liabilities and equity |
|
$ |
740,324 |
|
|
|
|
|
|
|
$ |
819,211 |
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
|
|
$ |
20,167 |
|
2.92 |
% |
|
|
|
|
$ |
22,082 |
|
2.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Contact: Marc Sanders Vice President - Marketing
610.668.4700 Email Contact
Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA)
Historical Stock Chart
From Jul 2023 to Jul 2024