We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royal Bancshares of Pennsylvania, Inc. | NASDAQ:RBPAA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.52 | 3.24 | 4.75 | 0 | 01:00:00 |
From May 2019 to May 2024
Net income attributable to the Company for the nine months ended September 30, 2017 was $7.1 million, or $0.23 per diluted share, compared to $6.3 million, or $0.17 per diluted share, for the nine months ended September 30, 2016. Excluding expenses directly related to the merger with Bryn Mawr Bank Corporation of $659 thousand, net income attributable to the Company was $7.8 million, or $0.26 per diluted share, for the nine months ended September 30, 2017.
Kevin Tylus, the Company's President and Chief Executive Officer, noted, "Our net interest margin, which increased 24 basis points from the comparable period in 2016, contributed to the positive results for the third quarter. Credit quality remains strong as we have been able to reduce non-performing assets by 29% during 2017. While we move forward with our merger planning activities with Bryn Mawr Bank Corporation, we continue to be equally focused on the daily operations of the bank and serving our customers.”
The merger with Bryn Mawr Bank Corporation was approved by the Company’s shareholders on May 24, 2017. The merger is subject to certain additional closing conditions, including receipt of applicable regulatory approvals. At this time, the merger has been approved by the Pennsylvania Department of Banking and Securities, one of the two required regulatory agencies. The closing of the merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.
Highlights for the three and nine months ended September 30, 2017 included:
Balance Sheet Trends:
Asset Quality:
Income Statement and Other Highlights:
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Bala Cynwyd, Pennsylvania, is the parent company of Royal Bank America, which is headquartered in Narberth, Pennsylvania. Royal Bank serves growing small and middle market businesses, commercial real estate investors, consumers, and depositors principally in Montgomery, Delaware, Chester, Bucks, Philadelphia and Berks counties in Pennsylvania, central and southern New Jersey, and Delaware. Established in 1963, Royal Bank provides an array of financial products and services through a comprehensive suite of cash management services and twelve branches and two loan production offices. 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, 2016.
ROYAL BANCSHARES OF PENNSYLVANIA, INC. | |||||||||||||
CONDENSED INCOME STATEMENT | |||||||||||||
(unaudited, in thousands, except per share data) | |||||||||||||
For the three months | For the nine months | ||||||||||||
ended September 30, | ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Interest income | $ | 8,992 | $ | 8,460 | $ | 27,412 | $ | 24,855 | |||||
Interest expense | 1,945 | 1,902 | 5,848 | 5,389 | |||||||||
Net Interest Income | 7,047 | 6,558 | 21,564 | 19,466 | |||||||||
Provision for loan and lease losses | 159 | 578 | 513 | 987 | |||||||||
Net interest income after provision for loan and lease losses | 6,888 | 5,980 | 21,051 | 18,479 | |||||||||
Non-interest income | 431 | 1,189 | 1,885 | 3,469 | |||||||||
Non-interest expense | 4,866 | 5,001 | 15,412 | 15,268 | |||||||||
Income before taxes | 2,453 | 2,168 | 7,524 | 6,680 | |||||||||
Income tax expense | 80 | 25 | 132 | 85 | |||||||||
Net Income | 2,373 | 2,143 | 7,392 | 6,595 | |||||||||
Less net income attributable to noncontrolling interest | 98 | 113 | 298 | 342 | |||||||||
Net Income Attributable to Royal Bancshares | $ | 2,275 | $ | 2,030 | $ | 7,094 | $ | 6,253 | |||||
Less Preferred stock Series A accumulated dividend and accretion | $ | - | $ | 342 | $ | - | $ | 1,014 | |||||
Net income to common shareholders | $ | 2,275 | $ | 1,688 | $ | 7,094 | $ | 5,239 | |||||
Income Per Common Share – Basic | $ | 0.08 | $ | 0.06 | $ | 0.24 | $ | 0.17 | |||||
Income Per Common Share – Diluted | $ | 0.08 | $ | 0.06 | $ | 0.23 | $ | 0.17 |
SELECTED PERFORMANCE RATIOS: | ||||||||||||
For the three months | For the nine months | |||||||||||
ended September 30, | ended September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Return on Average Assets | 1.12 | % | 0.99 | % | 1.15 | % | 1.04 | % | ||||
Return on Average Equity | 15.30 | % | 11.23 | % | 16.91 | % | 11.59 | % | ||||
Average Equity to Average Assets | 7.33 | % | 8.86 | % | 6.82 | % | 8.98 | % | ||||
Book Value Per Share | $ | 1.99 | $ | 1.90 | $ | 1.99 | $ | 1.90 | ||||
At | At | |||||||||||
September 30, | December 31, | |||||||||||
Capital ratios (US GAAP): | 2017 | 2016 | ||||||||||
Company Tier 1 Leverage | 9.57 | % | 8.49 | % | ||||||||
Company Total Risk Based Capital | 14.76 | % | 13.30 | % | ||||||||
Company Common Equity Tier 1 | 9.35 | % | 7.99 | % | ||||||||
NON-GAAP MEASURES: | |||||||||||||||
(unaudited, dollars in thousands, except per share data) | |||||||||||||||
For the three months | For the nine months | ||||||||||||||
ended September 30, | ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to Royal Bancshares | $ | 2,275 | $ | 2,030 | $ | 7,094 | $ | 6,253 | |||||||
Merger expenses | 254 | - | 659 | - | |||||||||||
Net income attributable to Royal Bancshares (non-GAAP) | $ | 2,529 | $ | 2,030 | $ | 7,753 | $ | 6,253 | |||||||
Less Preferred stock Series A accumulated dividend and accretion | $ | - | $ | 342 | $ | - | $ | 1,014 | |||||||
Net income to common shareholders (non-GAAP) | $ | 2,529 | $ | 1,688 | $ | 7,753 | $ | 5,239 | |||||||
Income per common share – basic and diluted (non-GAAP) | $ | 0.08 | $ | 0.06 | $ | 0.26 | $ | 0.17 | |||||||
Return on Average Assets | 1.25 | % | 0.99 | % | 1.26 | % | 1.04 | % | |||||||
Return on Average Equity | 17.01 | % | 11.23 | % | 18.48 | % | 11.59 | % |
ROYAL BANCSHARES OF PENNSYLVANIA, INC. | |||||||
CONDENSED BALANCE SHEET | |||||||
(unaudited, in thousands) | |||||||
At Sept. 30,2017 | At December 31,2016 | ||||||
Cash and cash equivalents | $ | 25,108 | $ | 21,230 | |||
Investment securities, at fair value | 155,508 | 169,854 | |||||
Other investment, at cost | 2,250 | 2,250 | |||||
Federal Home Loan Bank stock | 2,036 | 3,216 | |||||
Loans and leases | |||||||
Commercial real estate and multi-family | 290,203 | 284,950 | |||||
Construction and land development | 78,388 | 83,369 | |||||
Commercial and industrial | 110,861 | 108,146 | |||||
Residential real estate | 55,643 | 56,899 | |||||
Leases | 55,270 | 61,838 | |||||
Tax certificates | 1,290 | 3,705 | |||||
Consumer | 2,910 | 3,102 | |||||
Loans and leases | 594,565 | 602,009 | |||||
Allowance for loan and lease losses | (10,123 | ) | (10,420 | ) | |||
Loans and leases, net | 584,442 | 591,589 | |||||
Company owned life insurance | 21,030 | 20,781 | |||||
Other real estate owned, net | 1,680 | 3,536 | |||||
Premises and equipment, net | 4,748 | 5,398 | |||||
Accrued interest receivable | 2,975 | 3,968 | |||||
Other assets | 10,057 | 10,663 | |||||
Total Assets | $ | 809,834 | $ | 832,485 | |||
Deposits | $ | 627,066 | $ | 629,546 | |||
Borrowings | 75,000 | 104,000 | |||||
Other liabilities | 21,419 | 20,892 | |||||
Subordinated debentures | 25,774 | 25,774 | |||||
Royal Bancshares shareholders’ equity | 59,876 | 51,648 | |||||
Noncontrolling interest | 699 | 625 | |||||
Total Equity | 60,575 | 52,273 | |||||
Total Liabilities and Equity | $ | 809,834 | $ | 832,485 | |||
ROYAL BANCSHARES OF PENNSYLVANIA, INC. | ||||||||||||||||||
NET INTEREST INCOME AND MARGIN | ||||||||||||||||||
(unaudited, in thousands, except percentages) | ||||||||||||||||||
For the three months ended | For the three months ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | |||||||||||||||||
AverageBalance | Interest | Yield | AverageBalance | Interest | Yield | |||||||||||||
Cash and cash equivalents | $ | 17,446 | $ | 57 | 1.30 | % | $ | 12,107 | $ | 15 | 0.49 | % | ||||||
Investment securities | 143,825 | 827 | 2.28 | % | 188,194 | 1,099 | 2.32 | % | ||||||||||
Loans | 601,966 | 8,108 | 5.34 | % | 561,904 | 7,346 | 5.20 | % | ||||||||||
Total interest-earning assets | 763,237 | 8,992 | 4.67 | % | 762,205 | 8,460 | 4.42 | % | ||||||||||
Non-interest earning assets | 41,067 | 49,734 | ||||||||||||||||
Total average assets | $ | 804,304 | $ | 811,939 | ||||||||||||||
Interest-bearing deposits | ||||||||||||||||||
NOW and money markets | $ | 197,465 | $ | 278 | 0.56 | % | $ | 213,926 | $ | 185 | 0.34 | % | ||||||
Savings | 84,004 | 127 | 0.60 | % | 79,851 | 143 | 0.71 | % | ||||||||||
Certificates of deposit | 244,893 | 782 | 1.27 | % | 208,902 | 758 | 1.44 | % | ||||||||||
Total interest-bearing deposits | 526,362 | 1,187 | 0.89 | % | 502,679 | 1,086 | 0.86 | % | ||||||||||
Borrowings | 100,904 | 758 | 2.98 | % | 122,432 | 816 | 2.65 | % | ||||||||||
Total interest-bearing liabilities | 627,266 | 1,945 | 1.23 | % | 625,111 | 1,902 | 1.21 | % | ||||||||||
Non-interest bearing deposits | 96,648 | 89,749 | ||||||||||||||||
Other liabilities | 21,411 | 25,171 | ||||||||||||||||
Shareholders' equity | 58,979 | 71,908 | ||||||||||||||||
Total average liabilities and equity | $ | 804,304 | $ | 811,939 | ||||||||||||||
Net interest income | $ | 7,047 | $ | 6,558 | ||||||||||||||
Net interest margin | 3.66 | % | 3.42 | % |
ROYAL BANCSHARES OF PENNSYLVANIA, INC. | ||||||||||||||||||
NET INTEREST INCOME AND MARGIN | ||||||||||||||||||
(unaudited, in thousands, except percentages) | ||||||||||||||||||
For the nine months ended | For the nine months ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | |||||||||||||||||
AverageBalance | Interest | Yield | AverageBalance | Interest | Yield | |||||||||||||
Cash and cash equivalents | $ | 9,169 | $ | 90 | 1.31 | % | $ | 13,246 | $ | 48 | 0.48 | % | ||||||
Investment securities | 160,347 | 2,809 | 2.34 | % | 202,856 | 3,639 | 2.40 | % | ||||||||||
Loans | 609,655 | 24,513 | 5.38 | % | 537,656 | 21,168 | 5.26 | % | ||||||||||
Total interest-earning assets | 779,171 | 27,412 | 4.70 | % | 753,758 | 24,855 | 4.40 | % | ||||||||||
Non-interest earning assets | 43,741 | 48,730 | ||||||||||||||||
Total average assets | $ | 822,912 | $ | 802,488 | ||||||||||||||
Interest-bearing deposits | ||||||||||||||||||
NOW and money markets | $ | 207,671 | $ | 775 | 0.50 | % | $ | 222,761 | $ | 595 | 0.36 | % | ||||||
Savings | 84,852 | 382 | 0.60 | % | 71,537 | 377 | 0.70 | % | ||||||||||
Time deposits | 241,749 | 2,316 | 1.28 | % | 208,256 | 2,221 | 1.42 | % | ||||||||||
Total interest-bearing deposits | 534,272 | 3,473 | 0.87 | % | 502,554 | 3,193 | 0.85 | % | ||||||||||
Borrowings | 117,529 | 2,375 | 2.70 | % | 118,321 | 2,196 | 2.48 | % | ||||||||||
Total interest-bearing liabilities | 651,801 | 5,848 | 1.20 | % | 620,875 | 5,389 | 1.16 | % | ||||||||||
Non-interest bearing deposits | 92,091 | 86,189 | ||||||||||||||||
Other liabilities | 22,921 | 23,339 | ||||||||||||||||
Shareholders' equity | 56,099 | 72,085 | ||||||||||||||||
Total average liabilities and equity | $ | 822,912 | $ | 802,488 | ||||||||||||||
Net interest income | $ | 21,564 | $ | 19,466 | ||||||||||||||
Net interest margin | 3.70 | % | 3.45 | % |
ROYAL BANCSHARES OF PENNSYLVANIA, INC. | |||||||
ASSET QUALITY TRENDS | |||||||
(unaudited, in thousands, except percentages) | |||||||
At September 30,2017 | At December 31,2016 | ||||||
Non-performing loans | $ | 4,613 | $ | 4,100 | |||
Non-performing tax certificates | 469 | 1,907 | |||||
Total nonperforming loans | 5,082 | 6,007 | |||||
Other real estate owned-loans | - | 236 | |||||
Other real estate owned-tax certificates | 1,680 | 3,300 | |||||
Total other real estate owned | 1,680 | 3,536 | |||||
Total nonperforming assets | $ | 6,762 | $ | 9,543 | |||
Ratio of non-performing loans to total loans | 0.85 | % | 1.00 | % | |||
Ratio of non-performing assets to total assets | 0.84 | % | 1.15 | % | |||
Ratio of allowance for loan and lease losses to total loans | 1.70 | % | 1.73 | % | |||
Ratio of allowance for loan and lease losses to non-performing loans | 199.18 | % | 173.46 | % |
Contact Information
Michael ThompsonExecutive Vice President and Chief Financial Officer(610) 677-2216mthompson@royalbankamerica.com
1 Year Royal Bancshares of Pennsylvania, Inc. Chart |
1 Month Royal Bancshares of Pennsylvania, Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions