SOURCE: Royal Bancshares of Pennsylvania
March 19, 2008 10:15 ET
Royal Bank America Parent Co. Announces Fourth Quarter/Year-End Earnings
NARBERTH, PA--(Marketwire - March 19, 2008) - Royal Bancshares of Pennsylvania, Inc.
(NASDAQ: RBPAA), parent company of Royal Bank America and Royal Asian Bank,
announced that it has filed its Form 10-K for the year ended December 31,
2007 and released earnings results for the 4th Quarter and year-end.
Net income for the three months ended December 31, 2007 was $3.46 million
or $0.27 basic earnings per share, compared to $5.51 million or $0.38 basic
earnings per share for the same period in 2006.
Net income for the twelve months ended December 31, 2007 was $564 thousand
or $0.04 basic earnings per share as compared to $21.57 million or $1.60
basic earnings per share for the same period in 2006. Consolidated total
assets as of December 31, 2007 were $1.28 billion.
Joseph P. Campbell, President/CEO, Royal Bancshares of Pennsylvania, Inc.
comments on earnings:
The reduction in earnings from 2006 to 2007 shines a bright light on the
prevailing conditions in the commercial and residential real estate market.
The fact that we were able to return to the positive side of the income
sheet in the 4th quarter, coupled with the beginning impacts of the
organizational and procedural upgrades we made as outlined in our 3rd
Quarter results press release, are encouraging signs.
Comments on additional loan loss reserves:
For the second straight quarter we increased our allowance for loan losses.
The allowance is funded by charges to operating income and thus reduced net
income for the quarter and year. Our efforts are concentrated on actively
resolving credit quality issues and reducing our loan loss reserve account,
with the goal of returning income to the bottom line in future quarters.
Comments on the commercial real estate market:
We believe we are well-positioned and amply capitalized to play an active
role in the financing of the next wave of development in the region.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth,
Pennsylvania, operates sixteen full-service branch offices throughout
southeastern Pennsylvania and New Jersey under the name Royal Bank America
and six locations in metro-Philadelphia, Northern New Jersey and New York
under the name Royal Asian Bank. Together, Royal Bank America and Royal
Asian Bank, along with Royal's other affiliates, offer a wide variety of
products and services, including commercial real estate loans, asset based
lending, structured financing, equipment leasing, high-yielding CDs & MMAs
and Internet Banking solutions at www.royalbankamerica.com and
The forgoing 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 which could cause actual
results to differ from the results discussed in any such forward-looking
statements, see the Annual Report - Form 10-K of Royal Bancshares of
Pennsylvania, Inc. for the year ended December 31, 2007.