Exhibit 99.1
FOR IMMEDIATE RELEASE APRIL 24, 2003
ROYAL BANK OF PENNSYLVANIA'S PARENT COMPANY REPORTS 1ST QUARTER
EARNINGS AND DECLARES ITS 32ND CONSECTUTIVE QUARTERLY CASH DIVIDEND
(Narberth, PA) - April 23, 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 March 31, 2003, were $4.4 million as
compared to $4.2 million for the same three month period ended March 31, 2002, a
4% increase. Consolidated basic earnings per share for the three-months ended
March 31, 2003 and 2002, were $0.37 and $0.36.
Consolidated total assets increased 9% to $1.1 billion at March 31, 2003, as
compared to $1.0 billion at March 31, 2002. Investment securities increased to
$469 million at March 31, 2003, as compared to $265 million at March 31, 2002,
an increase of 77%. Total deposits at March 31, 2003 increased 6% to $833
million, as compared to $786 million at March 31, 2002. Total consolidated
capital rose to $125 million for the period ending March 31, 2003, as compared
to $109 million for the same period ended March 31, 2002, a 15% increase.
On April 23, 2003 the Board of Directors of Royal Bancshares of Pennsylvania,
Inc. declared its' 32nd consecutive quarterly cash dividend. This dividend will
be twenty-three and seventy-five hundredths cents ($.2375) per share for holders
of Class A common stock and twenty-seven and thirty-one hundredths cents
($.2731) per share for holders of Class B common stock of Royal Bancshares of
Pennsylvania, Inc. The record date is May 7, 2003, and the payment date is May
20, 2003.
Royal Bancshares Chairman Daniel M. Tabas said, "I am optimistic that our
management team will keep the company at the forefront of our peers in the
financial services industry."
Royal Bank of Pennsylvania, headquartered in Narberth, Pennsylvania, operates 16
full-service branch offices throughout southeastern Pennsylvania and southern
New Jersey, including a new state-of-the-art 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 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.
Daniel M. Tabas, Chairman 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 March 30,
(in thousands, except for earnings per 2003 2002
share) ---- ----
Interest Income $18,431 $19,143
Interest Expense 8,027 9,217
------- -------
Net Interest Income 10,404 9,926
Provision for Loan Losses 150 200
------- -------
Net Interest Income after Provision 10,254 9,726
Non Interest Income 624 667
Non Interest Expense 4,544 4,417
------- -------
Income before Taxes 6,334 5,976
Income Taxes 1,934 1,761
------- -------
Net Income 4,400 4,215
Earnings per share -basic .37 .36
SELECTED RATIOS:
Return on Average Assets 1.6% 1.8%
Return on Average Equity 14.5% 15.5%
Average Equity to Assets 11.0% 11.3%
Book Value Per Share $10.49 $9.21
CONDENSED BALANCE SHEET
(in thousands) March 31, 2003 December 31, 2002
(unaudited)
Cash and Cash Equivalents $82,788 $40,571
Investment Securities 469,495 448,930
Loans Held for Sale 2,964 8,119
Loans (net) 542,978 556,145
Bank Premises (net) 7,785 8,002
Accrued Interest receivable 15,523 13,778
Other Assets 12,369 12,939
---------- ----------
Total Assets $1,133,902 $1,088,484
---------- ----------
Deposits $832,984 $820,840
Borrowings 157,500 127,500
Other Liabilities 18,144 20,821
Minority Interest 669 726
Shareholder's Equity 124,605 121,330
---------- ----------
Total Liabilities and Shareholders Equity $1,133,902 $1,088,484
---------- ----------