Royal Bancshares of Pennsylvania (RBPAA) Inactive
Filed: 17 Oct 03, 12:00am
| Exhibit 99.2 | |
| FOR IMMEDIATE RELEASE | OCTOBER 16, 2003 |
ROYAL BANK OF PENNSYLVANIA’S PARENT COMPANY REPORTS AN INCREASE
OF 7% IN NET INCOME FOR THE 3rd QUARTER AND
DECLARES ITS 34th CONSECUTIVE QUARTERLY CASH DIVIDEND
(Narberth, PA) – October 16, 2003 – Royal Bank of Pennsylvania, Inc. reports that consolidated earnings for its holding company, Royal Bancshares of Pennsylvania, Inc., (NASDAQ-RBPAA) for the quarter ended September 30, 2003, were $4.8 million as compared to $4.5 million for the same three month period ended September 30, 2002, a 7% increase. Consolidated basic earnings per share for the three-months ended September 30, 2003 and 2002, were $0.40 and $0.38.
Consolidated total assets increased 7% to $1.2 billion at September 30, 2003, as compared to $1.1 billion at December 31, 2002. Investment securities increased to $539 million at September 30, 2003, as compared to $449 million at December 31, 2002, an increase of 20%. Total deposits at September 30, 2003 decreased 2% to $804 million, as compared to $821 million at December 31, 2002. Total consolidated capital rose to $130 million for the period ending September 30, 2003, as compared to $121 million for the period ended December 31, 2002, a 7% increase.
On October 15, 2003 the Board of Directors of Royal Bancshares of Pennsylvania, Inc. declared its 34th consecutive quarterly cash dividend. This dividend will be twenty-three and seventy-five hundredths cents ($.2375) per share for holders of Class A common stock and twenty-seven and three thousand one hundred twenty five ten-thousandths cents ($.273125) per share for holders of Class B common stock of Royal Bancshares of Pennsylvania, Inc. The record date is October 31, 2003, and the payment date is November 17, 2003.
Royal Bancshares President and CEO Joseph P. Campbell said, “I am pleased with the 3rd quarter results and wish to acknowledge the continued efforts expended by our personnel in achieving our success.”
Royal Bank of Pennsylvania, headquartered in Narberth, Pennsylvania, operates 16 full-service branch offices throughout southeastern Pennsylvania and southern New Jersey, including a branch in Turnersville, New Jersey (operating under the name “Royal Bank of America”). The bank offers a wide variety of products and services, including commercial real estate loans, business loans, residential mortgages and Internet Banking available at www.royalbankpa.com.
The foregoing material is unaudited and 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 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.
Joseph P. Campbell
President and CEO
Royal Bancshares of Pennsylvania, Inc
Parent of
Royal Bank of Pennsylvania
610-668-4700
www.royalbankpa.com
ROYAL BANCSHARES OF PENNSYLVANIA
CONDENSED INCOME STATEMENT (Unaudited)
| Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||
| (in thousands, except for earnings per share) | 2003 | 2002 | 2003 | 2002 | |||||||||
| Interest Income | $ | 18,197 | $ | 19,797 | $ | 54,382 | $ | 57,772 | |||||
| Interest Expense | 7,230 | 9,254 | 22,888 | 27,698 | |||||||||
| Net Interest Income | 10,967 | 10,543 | 31,494 | 30,074 | |||||||||
| Provision for Loan Losses | 197 | — | 514 | 250 | |||||||||
| Net Interest Income after Provision | 10,770 | 10,543 | 30,980 | 29,824 | |||||||||
| Non Interest Income | 926 | 1,230 | 2,155 | 2,431 | |||||||||
| Non Interest Expense | 4,713 | 4,843 | 13,938 | 13,921 | |||||||||
| Income before Taxes | 6,983 | 6,930 | 19,197 | 18,334 | |||||||||
| Income Taxes | 2,221 | 2,468 | 6,055 | 5,761 | |||||||||
| Net Income | 4,762 | 4,462 | 13,142 | 12,573 | |||||||||
| Earnings per share –basic | .40 | .38 | 1.11 | 1.06 | |||||||||
SELECTED RATIOS:
| Return on Average Assets | 1.7 | % | 1.6 | % | 1.5 | % | 1.6 | % | |||||
| Return on Average Equity | 15.3 | % | 15.3 | % | 13.9 | % | 14.8 | % | |||||
| Average Equity to Assets | 10.8 | % | 10.7 | % | 10.9 | % | 11.1 | % | |||||
| Book Value Per Share | $ | 10.91 | $ | 9.90 |
CONDENSED BALANCE SHEET
| (in thousands) | Sept 30, 2003 | December 31, 2002 | ||||
| (unaudited) | ||||||
| Cash and Cash Equivalents | $ | 42,117 | $ | 40,571 | ||
| Investment Securities | 538,788 | 448,930 | ||||
| Loans Held for Sale | 5,544 | 8,119 | ||||
| Loans (net) | 529,633 | 556,145 | ||||
| Bank Premises (net) | 7,677 | 8,002 | ||||
| Accrued Interest receivable | 15,841 | 13,778 | ||||
| Other Assets | 26,487 | 12,939 | ||||
| Total Assets | $ | 1,166,087 | $ | 1,088,484 | ||
| Deposits | $ | 803,668 | $ | 820,840 | ||
| Borrowings | 212,000 | 127,500 | ||||
| Other Liabilities | 19,505 | 18,088 | ||||
| Minority Interest | 800 | 726 | ||||
| Shareholder’s Equity | 130,114 | 121,330 | ||||
| Total Liabilities and Shareholders Equity | $ | 1,166,087 | $ | 1,088,484 | ||