Exhibit 99.1
FOR IMMEDIATE RELEASE JULY 17, 2003
ROYAL BANK OF PENNSYLVANIA'S PARENT COMPANY DECLARES ITS 33RD
CONSECUTIVE QUARTERLY CASH DIVIDEND AND REPORTS 2ND QUARTER EARNINGS
(Narberth, PA) - July 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 June 30, 2003, were $4.0 million as
compared to $3.9 million for the same three month period ended June 30, 2002, a
2% increase. Consolidated basic earnings per share for the three-months ended
June 30, 2003 and 2002, were $0.34 and $0.33.
Consolidated total assets increased 10% to $1.2 billion at June 30, 2003, as
compared to $1.1 billion at December 31, 2002. Investment securities increased
to $494 million at June 30, 2003, as compared to $449 million at December 31,
2002, an increase of 10%. Total deposits at June 30, 2003 increased 2% to $839
million, as compared to $821 million at December 31, 2002. Total consolidated
capital rose to $131 million for the period ending June 30, 2003, as compared to
$121 million for the same period ended December 31, 2002, an 8% increase.
On July 16, 2003 the Board of Directors of Royal Bancshares of Pennsylvania,
Inc. declared its 33rd consecutive quarterly cash dividend. This dividend will
be twenty-three and seventy-five hundredths cents ($.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 August 1, 2003, and the payment date is
August 15, 2003.
Royal Bancshares Chairman Daniel M. Tabas said, "Considering the sluggish
economy and interest rates being at record low levels, I am pleased with the
operating results of Royal Bancshares."
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 Six Months
Ended June 30, Ended June 30,
(in thousands, except for earnings per share) 2003 2002 2003 2002
---- ---- ---- ----
Interest Income $17,753 $18,833 $36,185 $37,976
Interest Expense 7,630 9,228 15,658 18,445
------- ------- ------- -------
Net Interest Income 10,123 9,605 20,527 19,531
Provision for Loan Losses 167 50 317 250
------- ------- ------- -------
Net Interest Income after Provision 9,956 9,555 20,210 19,281
Non Interest Income 605 534 1,229 1,201
Non Interest Expense 4,682 4,661 9,226 9,078
------- ------- ------- -------
Income before Taxes 5,879 5,428 12,213 11,404
Income Taxes 1,899 1,531 3,833 3,292
------- ------- ------- -------
Net Income 3,980 3,897 8,380 8,112
Earnings per share -basic .34 .33 .71 .69
SELECTED RATIOS:
Return on Average Assets 1.4% 1.5% 1.5% 1.6%
Return on Average Equity 12.5% 13.8% 13.4% 14.7%
Average Equity to Assets 11.0% 11.1% 11.0% 11.2%
Book Value Per Share $11.02 $9.61
CONDENSED BALANCE SHEET
(in thousands) June 30, 2003 December 31, 2002
(unaudited)
Cash and Cash Equivalents $133,987 $40,571
Investment Securities 494,002 448,930
Loans Held for Sale 8,358 8,119
Loans (net) 526,598 556,145
Bank Premises (net) 7,844 8,002
Accrued Interest receivable 15,003 13,778
Other Assets 10,037 12,939
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Total Assets $1,195,829 $1,088,484
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Deposits $839,197 $820,840
Borrowings 207,500 127,500
Other Liabilities 17,428 20,821
Minority Interest 730 726
Shareholder's Equity 130,974 121,330
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Total Liabilities and Shareholders Equity $1,195,829 $1,088,484
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