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FOR IMMEDIATE RELEASE CONTACT:
Marc Sanders, Director of Marketing
610-668-4700 x277
marcsanders@royalbankamerica.com
ROYAL BANK AMERICA'S PARENT COMPANY REPORTS:
o 17% INCREASE IN NET INCOME FOR THE 1st QUARTER
o 36th CONSECUTIVE QUARTERLY CASH DIVIDEND
(Narberth, PA) - April 23, 2004 - Royal Bank America reports that consolidated
earnings for its holding company, Royal Bancshares of Pennsylvania, Inc.,
(NASDAQ-RBPAA) for the quarter ended March 31, 2004, were $5.2 million as
compared to $4.4 million for the same three-month period ended March 31, 2003, a
17% increase. Consolidated basic earnings per share for the three-months ended
March 31, 2004 and 2003, were $0.42 and $0.36 respectively.
Consolidated total assets increased 7% to $1.22 billion at March 31, 2004, as
compared to $1.13 billion at March 31, 2003. Investment securities increased to
$520 million at March 31, 2004, as compared to $469 million at March 31, 2003,
an increase of 11%. Total consolidated capital rose to $139 million for the
period ending March 31, 2004, as compared to $125 million for the period ended
March 31, 2003, an 11% increase.
On April 21, 2004, the Board of Directors of Royal Bancshares of Pennsylvania,
Inc. declared its 36th consecutive quarterly cash dividend. This dividend is
twenty-five cents ($.25) per share for holders of Class A common stock and
twenty-eight and seventy-five hundredths cents ($.2875) per share for holders of
Class B common stock of Royal Bancshares of Pennsylvania, Inc. The record date
is May 5, 2004, and the payment date is May 19, 2004.
Royal Bancshares President and CEO Joseph P. Campbell said, "I continue to be
optimistic that we will have another successful year of earnings."
Royal Bancshares of Pennsylvania, headquartered in Narberth, Pennsylvania,
operates 16 full-service branch offices throughout southeastern Pennsylvania and
southern New Jersey under the name Royal Bank America and one location in
Northeast Philadelphia under the name Royal Asian Bank. Together, Royal Bank
America and Royal Asian Bank offer a wide variety of products and services,
including commercial real estate loans, business loans, residential mortgages,
deposit accounts and Internet Banking solutions at www.royalbankamerica.com and
www.royalasianbank.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.
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Joseph P. Campbell, President and CEO
Royal Bancshares of Pennsylvania, Inc
Parent Company of Royal Bank America/Royal Asian Bank
ROYAL BANCSHARES OF PENNSYLVANIA
CONDENSED INCOME STATEMENT (Unaudited)
Three Months
Ended Mar. 31
(in thousands, except for earnings per share) 2004 2003
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Interest Income $17,528 $18,432
Interest Expense 6,730 8,027
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Net Interest Income 10,798 10,405
Provision for Loan Losses 1 150
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Net Interest Income after Provision 10,797 10,255
Non Interest Income 3,183 624
Non Interest Expense 6,576 4,545
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Income before Taxes 7,404 6,334
Income Taxes 2,240 1,934
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Net Income 5,164 4,400
Earnings per share-basic .42 .36
SELECTED RATIOS:
Return on Average Assets 1.8% 1.6%
Return on Average Equity 15.0% 14.5%
Average Equity to Assets 12.0% 11.0%
Book Value Per Share $11.33 $10.29
CONDENSED BALANCE SHEET
(in thousands) Mar. 31, 2004 Mar. 31, 2003
(unaudited)
Cash and Cash Equivalents $93,735 $82,788
Investment Securities 520,371 469,495
Loans Held for Sale 2,847 2,964
Loans (net) 474,951 542,978
Bank Premises (net) 69,735 7,785
Accrued Interest receivable 14,932 15,523
Other Assets 39,234 12,369
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Total Assets $1,215,805 $1,133,902
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Deposits $789,517 $832,984
Borrowings 265,846 157,500
Other Liabilities 17,426 18,144
Minority Interest 4,201 669
Shareholders' Equity 138,815 124,605
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Total Liabilities and Shareholders Equity $1,215,805 $1,133,902
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The above financial statements include consolidation of Equity Real Estate
Investments, owned by Royal Bancshares, which are required as a result of FIN
46(R) "Variable Interest Entities."
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