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Press Release: Royal Financial, Inc. Announces Earnings for First Quarter of Fiscal Year 2019


CHICAGO, Oct. 13, 2018 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the “Company”) (OTCQX: RYFL), incorporated under the laws of Delaware on December 15, 2004, for the purpose of serving as the holding company of Royal Savings Bank (the “Bank”), announced earnings for the first quarter end of fiscal year 2019.
Net Income for the first quarter of fiscal year 2019 was $968,000, or $0.39 per common share, compared to $1.4 million, or $0.54 per common share, in the same period of fiscal 2018.The Company also reported total assets of $408.5 million and stockholders’ equity of $35.3 million as of September 30, 2018. As of the same date, the Company’s book value per share was $14.08 and tangible book value per share was $13.01.Comparison of Results of Operation for the Three Months Ended September 30, 2018 and 2017The Company reported net income of $968,000 for the first three months of fiscal 2019 compared to $1.4 million in the same period of fiscal 2018, a decrease of $387,000 (29%). The decrease was caused by the change in the State of Illinois tax rate having a positive effect on the Company’s Deferred Tax Asset (“DTA”) which provided a benefit for income taxes during the first quarter of fiscal year 2018.Total interest income for the quarter ended September 30, 2018, increased $1.0 million (30%) from September 30, 2017. Total interest income for loans, including fees, for the quarter ended September 30, 2018, increased $968,000 (30%) from the quarter ended September 30, 2017. Total securities income increased $79,000 (41%) from September 30, 2017 due to the increase of securities in the portfolio from the prior year. This increase in interest income is offset by the increase in total interest expense due to higher cost of funds for borrowings and deposit accounts balances. Total deposit interest expense increased $399,000 (67%) from the prior year due to the rising rate environment and the addition of the Washington Federal Bank for Savings (“WashFed”) deposits from the failed Bank purchase on December 15, 2017. Total borrowing expense increased $146,000 (207%) due to the additional borrowings from CIBC Bank for the bank level capital injection for the acquisition of WashFed and additional borrowings from the Federal Home Loan Bank (“FHLB”) to fund loan growth.Total non-interest income increased $30,000 (13%) from September 30, 2017. This increase was due to an increase of $45,000 (34%) in service charges on deposit accounts, an increase of $38,000 (280%) in secondary mortgage market fees, offset by a decrease...


Posted: 2018-10-13 20:00:00

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