Royal Bancshares of Pennsylvania, Inc (RBPA) has reported 17.22 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $1.81 million, or $0.06 a share in the quarter, compared with $2.19 million, or $0.06 a share for the same period last year. Revenue during the quarter dropped 3.41 percent to $7.23 million from $7.49 million in the previous year period. Net interest income for the quarter rose 8.10 percent over the prior year period to $7.02 million. Non-interest income for the quarter fell 57.66 percent over the last year period to $0.51 million.
Royal Bancshares Of Pennsylvania has made provision of $0.30 million for loan losses during the quarter, up 40.09 percent from $0.21 million in the same period last year.
Net interest margin improved 9 basis points to 3.60 percent in the quarter from 3.51 percent in the last year period.
Kevin Tylus, the Company's President and Chief Executive Officer, noted, "Loan growth positively contributed to our first quarter results. We also significantly reduced our other real estate owned assets by 40%. While we are in the midst of our merger planning activities with Bryn Mawr Bank Corporation, we remain equally focused on the daily operations of the bank and serving our customers.”
Liabilities outpace assets growth
Total assets stood at $836.70 million as on Mar. 31, 2017, up 4.78 percent compared with $798.55 million on Mar. 31, 2016. On the other hand, total liabilities stood at $781.88 million as on Mar. 31, 2017, up 7.39 percent from $728.08 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $608.23 million as on Mar. 31, 2017, up 16.70 percent compared with $521.21 million on Mar. 31, 2016. Deposits stood at $644.42 million as on Mar. 31, 2017, up 9.35 percent compared with $589.33 million on Mar. 31, 2016.
Investments stood at $165.99 million as on Mar. 31, 2017, down 18.43 percent or $37.49 million from year-ago. Shareholders equity stood at $54.83 million as on Mar. 31, 2017, down 22.19 percent or $15.64 million from year-ago.
Return on average assets moved down 23 basis points to 0.88 percent in the quarter from 1.11 percent in the last year period. At the same time, return on average equity increased 184 basis points to 13.82 percent in the quarter from 11.98 percent in the last year period.
Nonperforming assets stood at $8.83 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 1.05 percent in the quarter.
Tier-1 leverage ratio stood at 8.53 percent for the quarter. Average equity to average assets ratio was 6.36 percent for the quarter, down from 9.28 percent for the previous year quarter. Book value per share was $1.80 for the quarter, down 1.64 percent or $0.03 compared to $1.83 for the same period last year.
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