Royal Financial, Inc. Releases Second Quarter 2012 Earnings
Feb 23, 2012, 04:00 ET
CHICAGO, Feb. 23, 2012 /PRNewswire/ -- Royal Financial, Inc. (the "Company") (OTCBB: RYFL.OB), 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 the Company's net income of $42,000 for the quarter ended December 31, 2011 compared to net income of $167,000 for the quarter ended December 31, 2010. For the six months ended December 31, 2011 the Company recorded net income of $79,000 compared to net income of $216,000 for the six months ended December 31, 2010.
Comparison of Financial Condition at December 31, 2011 and June 30, 2011
The Company's total assets increased $1.1 million, or 1.20%, to $94.3 million at December 31, 2011, from $93.2 million at June 30, 2011.
Interest bearing balances in financial institutions increased $2.9 million, or 343.31%, to $3.7 million at December 31, 2011 from $845,000 at June 30, 2011, due to funds being received at the end of the period for a called agency security.
Securities available for sale increased $5.3 million, or 20.22%, to $31.7 million at December 31, 2011 from $26.3 million at June 30, 2011. This variance includes an increase in market valuation of approximately $650,000. The increase in the securities portfolio was directly related to management's strategy to grow the security portfolio in an effort to generate interest income.
Loans, net of allowance, decreased $6.5 million, or 12.10%, to $47.6 million at December 31, 2011, from $54.1 million at June 30, 2011. The decrease in loans was a result of loan pay downs of $6.2 million, net of originations, loan charge offs of $253,000 and the transfers of assets from the loan portfolio to other real estate owned of $94,000 during the period.
Other real estate owned decreased $1.1 million to $4.2 million at December 31, 2011, from $5.3 million at June 30, 2011. A decrease of $740,000 was a result of two foreclosed properties, located in the suburbs of Chicago, being capitalized for the development of loan production offices. A decrease of $243,000 was a result of sales of four foreclosed properties. A decrease of $253,000 was a result of write down valuations on other real estate owned properties.
Total deposits reflect a decrease of $4.8 million, or 6.90%, to $65.3 million at December 31, 2011 from $70.1 million at June 30, 2011. The decrease was primarily due to a reduction in time deposits of $5.3 million and a decrease in savings of $700,000, partially off set by an increase in demand deposit transaction accounts of $1.2 million.
Federal Home Loan Bank advances increased $5.4 million, or 108.00%, to $10.4 million at December 31, 2011 from $5.0 million at June 30, 2011, as advances were drawn for the purpose of growing the investment portfolio in a strategic effort to generate interest income.
Total stockholders' equity increased $452,000, or 2.68%, to $17.3 million at December 31, 2011 from $16.8 million at June 30, 2011. The increase is primarily a result of the increase in accumulated other comprehensive income of $352,000, net of deferred taxes.
Comparison of Results of Operations for the Three and Six months Ended December 31, 2011 and 2010
General. The net income for the three months ended December 31, 2011 was $42,000, a decrease of $125,000 from the same period in 2010. The net income for the six months ended December 31, 2011 was $79,000, a decrease of $137,000, from the same period in 2010. The decrease in income for the three months ended December 31, 2011 resulted primarily from the increase in non-interest expense of $683,000, partially offset by an increase in net interest income of $83,000, an increase in non-interest income of $50,000 and a credit provision to the loan loss reserve of $425,000. The decrease in income for the six months ended December 31, 2011 was primarily a result of the increase in non-interest expense of $735,000, partially offset by an increase in net interest income of $112,000, an increase in non-interest income of $61,000 and a credit provision to the loan loss reserve of $425,000.
Net Interest Income. Net interest income increased $83,000 for the three months ended December 31, 2011, compared to the same period in 2010. Net interest income increased $112,000 for the six months ended December 31, 2011, compared to the same period in 2010. The net interest rate spread increased to 4.98% from 4.31% for the three months ended December 31, 2011 and 2010, respectively, and increased to 4.75% from 4.22% for the six months ended December 31, 2011 and 2010, respectively. The net interest margin increased to 5.07% from 4.45% for the three months ended December 31, 2011 and 2010, respectively, and increased to 4.83% from 4.38% for the six months ended December 31, 2011 and 2010, respectively. The increase in the net interest margin was primarily due to the increase in the average yields, partially offset by the decrease in the volume of average earning assets.
Interest Income. Total interest income was $1.1 million for the three months ended December 31, 2011, a slight increase of $41,000 from the same period in 2010. Total interest income was $2.1 million for the six months ended December 31, 2011, a slight increase of $17,000 from the same period in 2010. For the three and six months ended December 31, 2011, average interest-earning assets decreased to $80.9 million and $82.4 million, respectively, from $84.6 million and $85.7 million for the same periods in 2010. The increase in interest income was primarily the result of the increase in the average balances of the investment security portfolio and a relative increase in the average yield. In addition, the average yield of the loan portfolio increased, but was partially offset by the decrease in the average balance of the loan portfolio. The yield on interest-earning assets was 5.42% and 5.20% for the three and six months ended December 31, 2011, respectively, compared to 4.98% and 4.96% for the same periods in 2010.
Interest Expense. Total interest expense decreased $42,000 to $70,000 for the three months ended December 31, 2011 as compared to $112,000 for the three months ended December 31, 2010. Total interest expense decreased $95,000 to $151,000 for the six months ended December 31, 2011 as compared to $246,000 for the six months ended December 31, 2010. The average cost of funds decreased to 0.43% and 0.45% for the three and six months ended December 31, 2011, respectively, compared to 0.68% and 0.74% for the same periods in 2010. The reduction in interest expense is a direct result of the decreasing rate environment.
Average Balance and Yield Analysis. The following tables show average balances with corresponding interest income and interest expense as well as average yield and cost information for the three and six months ending December 31, 2011 and 2010, dollars presented in thousands. Average balances are derived from daily balances, and non accrual loans are included as interest-bearing loans for purposes of these tables.
Three months ended December 31, |
||||||||
2011 |
2010 |
|||||||
Average |
Average |
Average |
Average |
|||||
Balance |
Interest |
Yield/Rate(1) |
Balance |
Interest |
Yield/Rate(1) |
|||
Interest- earning assets: |
||||||||
Loans receivable, net(2) |
$ 52,313 |
$ 884 |
6.76% |
$ 66,511 |
$ 930 |
5.59% |
||
Securities available-for-sale |
24,508 |
209 |
3.41% |
15,146 |
123 |
3.25% |
||
Interest-bearing balances in financial institutions(3) |
1,932 |
1 |
0.15% |
1,468 |
1 |
0.11% |
||
Federal funds sold |
1,580 |
1 |
0.16% |
953 |
— |
0.16% |
||
Federal Home Loan Bank stock(4) |
520 |
— |
—% |
520 |
— |
—% |
||
Total interest-earning assets |
80,853 |
1,095 |
5.42% |
84,597 |
1,054 |
4.98% |
||
Noninterest-earning assets |
8,306 |
5,956 |
||||||
Total assets |
$ 89,159 |
$ 90,553 |
||||||
Interest-bearing liabilities: |
||||||||
Interest-bearing deposits |
60,702 |
69 |
0.45% |
58,222 |
103 |
0.71% |
||
FHLB advances |
4,063 |
1 |
0.10% |
8,009 |
9 |
0.45% |
||
Federal funds purchased |
56 |
— |
0.56% |
129 |
— |
0.56% |
||
Total interest-bearing liabilities |
64,821 |
70 |
0.43% |
66,360 |
112 |
0.68% |
||
Noninterest-bearing liabilities |
7,024 |
7,551 |
||||||
Total equity capital(5) |
17,314 |
16,642 |
||||||
Total liabilities and equity capital |
$ 89,159 |
$ 90,553 |
||||||
Net average interest-earning assets |
$ 16,032 |
$ 18,237 |
||||||
Net interest income; interest rate spread(6) |
$ 1,025 |
4.98% |
$ 942 |
4.31% |
||||
Net interest margin(7) |
5.07% |
4.45% |
||||||
Six months ended December 31, |
||||||||
2011 |
2010 |
|||||||
Average |
Average |
Average |
Average |
|||||
Balance |
Interest |
Yield/Rate(1) |
Balance |
Interest |
Yield/Rate(1) |
|||
Interest- earning assets: |
||||||||
Loans receivable, net(2) |
$ 54,242 |
$ 1,709 |
6.30% |
$ 68,145 |
$ 1,887 |
5.54% |
||
Securities available-for-sale |
24,692 |
428 |
3.47% |
15,210 |
235 |
3.09% |
||
Interest-bearing balances in financial institutions(3) |
1,598 |
1 |
0.15% |
1,294 |
— |
0.11% |
||
Federal funds sold |
1,310 |
1 |
0.16% |
518 |
1 |
0.17% |
||
Federal Home Loan Bank stock(4) |
520 |
1 |
0.20% |
520 |
— |
—% |
||
Total interest-earning assets |
82,362 |
2,140 |
5.20% |
85,687 |
2,123 |
4.96% |
||
Noninterest-earning assets |
8,491 |
4,724 |
||||||
Total assets |
$ 90,853 |
$ 90,411 |
||||||
Interest-bearing liabilities: |
||||||||
Interest-bearing deposits |
62,593 |
148 |
0.47% |
58,609 |
227 |
0.78% |
||
FHLB advances |
4,331 |
2 |
0.12% |
7,825 |
18 |
0.46% |
||
Federal funds purchased |
51 |
1 |
0.56% |
211 |
1 |
0.51% |
||
Total interest-bearing liabilities |
66,975 |
151 |
0.45% |
66,645 |
246 |
0.74% |
||
Noninterest-bearing liabilities |
6,682 |
7,233 |
||||||
Total equity capital(5) |
17,196 |
16,533 |
||||||
Total liabilities and equity capital |
$ 90,853 |
$ 90,411 |
||||||
Net average interest-earning assets |
$ 15,387 |
$ 19,042 |
||||||
Net interest income; interest rate spread(6) |
$ 1,989 |
4.75% |
$ 1,877 |
4.22% |
||||
Net interest margin(7) |
4.83% |
4.38% |
||||||
(1) |
Yields and rates have been annualized where appropriate. |
|
(2) |
Includes non accrual loans. |
|
(3) |
Includes interest-bearing demand deposits and repurchase agreements. |
|
(4) |
The FHLB Chicago discontinued the payment of dividends on its stock in the third quarter of 2007. The FHLB Chicago resumed paying cash dividends in the fourth quarter of 2010. |
|
(5) |
Includes retained earnings (deficit) and accumulated other comprehensive income. |
|
(6) |
Interest rate spread represents the differences between the weighted average yield on interest-earning assets and the weighted average rate on interest-bearing liabilities. |
|
(7) |
Net interest margin is net interest income divided by average interest-earning assets. |
|
Allowance for Loan Loss. The allowance for loan losses was $2.2 million, or 4.38% of total loans, at December 31, 2011, as compared to $2.4 million, or 4.25% of total loans, at June 30, 2011. The Company believes, as of December 31, 2011, its allowance for loan losses was adequate to cover probable incurred losses.
A credit provision to the loan loss reserve of $425,000 was recorded in the three and six months ended December 31, 2011, the credit provision was a direct result of a $425,000 charge off recovery received in the period. No loan loss provisions were recorded during the three and six months ended December 31, 2010. Gross charge-offs recorded were $207,000 and $253,000, respectively, offset by gross recoveries of $433,000 and $457,000, respectively, for the three and six months ended December 31, 2011. Gross charge-offs recorded were $163,000 and $444,000, respectively, for the three and six months ended December 31, 2010.
Impaired Loans. As of December 31, 2011, total impaired loans were $2.9 million. Non accrual impaired loans were $2.3 million and troubled debt restructured loans, still accruing interest, were $591,000. As of June 30, 2011, total impaired loans were $3.8 million. Non accrual impaired loans were $3.1 million and troubled debt restructured loans, still accruing interest, were $631,000.
Non-interest Income. Non-interest income increased $50,000 to $116,000 for the three month period ended December 31, 2011 compared to $66,000 for the same period in 2010. Non-interest income increased $61,000 to $199,000 for the six month period ended December 31, 2011 compared to $138,000 for the same period in 2010. The increase is primarily related to a higher level of activity in secondary mortgage market lending.
Non-interest Expense. Non-interest expense increased $683,000 to $1.5 million for the three month period ended December 31, 2011 compared to $841,000 for the same period in 2010. Non-interest expense increased $735,000 to $2.5 million for the six month period ended December 31, 2011 compared to $1.8 million for the same period in 2010. The increase was primarily due to elevated costs related to foreclosed asset expense, salaries and employee benefits, occupancy and equipment, and professional services, also, the reversal of excess lease impairment recognized in the prior period, partially offset by slight decreases in data processing, marketing and FDIC insurance.
Foreclosed asset expense increased $104,000 to $463,000 for the three month period ended December 31, 2011 from $59,000 for the same period in 2010. Foreclosed asset expense increased $507,000 to $542,000 for the six month period ended December 31, 2011 from $35,000 for the same period in 2010. The increase was primarily related to additional write downs recorded on several properties in 2010, also increases in repairs and maintenance, legal fees and real estate taxes accrued for the real estate owned property held by the Bank. Salaries and employee benefits increased $39,000 to $486,000 for the three month period ended December 31, 2011 from $447,000 for the same period in 2010. Salaries and employee benefits increased $28,000 to $963,000 for the six month period ended December 31, 2011 from $935,000 for the same period in 2010. The increase was primarily due to hiring staff to initiate mortgage loan production.
Occupancy and equipment increased $101,000 to $217,000 for the three month period ended December 31, 2011 from $116,000 for the same period in 2010. Occupancy and equipment increased $52,000 to $332,000 for the six month period ended December 31, 2011 from $280,000 for the same period in 2010. The increase was primarily related to renovating and furnishing the loan production offices. Professional services increased $46,000 to $125,000 for the three month period ended December 31, 2011 from $79,000 for the same period in 2010. Professional services increased $62,000 to $241,000 for the six month period ended December 31, 2011 from $179,000 for the same period in 2010. In the three and six month periods ended December 31, 2010, the Company had recorded a reversal of $106,000 of estimated impairment expense. An impairment liability was established in June 2009 for the anticipation of potential lease termination expenses. As of December 31, 2010 all contracts were satisfied. Data processing decreased $12,000 to $72,000 for the three month period ended December 31, 2011 from $84,000 for the same period in 2010. Data processing decreased $23,000 to $141,000 for the six month period ended December 31, 2011 from $164,000 for the same period in 2010. The decrease was primarily related to renegotiated data processing contracts. Marketing costs decreased $12,000 to $6,000 for the three month period ended December 31, 2011 from $18,000 for the same period in 2010. Marketing costs decreased $14,000 to $10,000 for the six month period ended December 31, 2011 from $24,000 for the same period in 2010. The decrease was primarily related to a reduced marketing budget. FDIC deposit insurance premiums decreased $5,000 to $28,000 for the three month period ended December 31, 2011 from $33,000 for the same period in 2010. FDIC deposit insurance premiums decreased $13,000 to $53,000 for the three month period ended December 31, 2011 from $66,000 for the same period in 2010. The decrease was primarily related to a change in the FDIC's assessment method.
Provision for Income Taxes. At December 31, 2011 the Company has a valuation allowance on 100% of the deferred tax asset as the Company believes it is more likely than not that the deferred tax asset will not be recognized. The Company recognized no income tax provision or benefit for the six months ended December 31, 2011. The Company will continue to evaluate its deferred tax position and make adjustments as necessary.
Liquidity and Capital Resources
At December 31, 2011 the Bank had $10.4 million in outstanding advances with the Federal Home Loan Bank. The Bank had $8.1 million in additional available credit with the FHLB based on parameters set by the FHLB. Additional stock and collateral may be purchased or provided to increase overall potential advance availability. At June 30, 2011, the outstanding advances from the Federal Home Loan Bank were $5.0 million.
At December 31, 2011, the Bank had $5.7 million available to borrow through the Federal Reserve Bank of Chicago's Discount Window. The funding capacity is calculated on the value of the collateral pledged for borrowing. This relationship was established to provide an additional source for short-term funding needs to maintain adequate liquidity.
Capital. The Bank is required to maintain regulatory capital sufficient to meet Tier 1 leverage, Tier 1 risk-based and total risk-based capital ratios of at least 4.0%, 4.0%, and 8.0%, respectively. At December 31, 2011, the Bank exceeded each of its capital requirements with ratios of 17.55%, 28.44%, and 29.72%, respectively.
Selected Financial Data
The following tables set forth selected historical financial and other data of the Company for the periods and at the dates indicated.
At December 31, 2011 (unaudited) |
At June 30, 2011 |
At June 30, 2010 |
||
(In thousands, except per share data) |
||||
Selected Financial Condition Data: |
||||
Total assets |
$94,275 |
$93,155 |
$92,079 |
|
Cash and cash equivalents |
5,010 |
1,913 |
3,030 |
|
Securities available for sale |
31,673 |
26,345 |
16,084 |
|
Loans receivable, net |
47,564 |
54,112 |
66,124 |
|
Deposits |
65,273 |
70,108 |
64,197 |
|
FHLB advances and other borrowings |
10,400 |
5,368 |
10,400 |
|
Total stockholders' equity |
17,640 |
16,835 |
16,341 |
|
Book value per common share(1) |
$6.96 |
$6.78 |
$6.59 |
|
For the six months ended December 31, 2011 (unaudited) |
For the year ended June 30, 2011 |
For the year ended June 30, 2010 |
||||
(In thousands, except per share data) |
||||||
Selected Operating Data: |
||||||
Total interest income |
$2,140 |
$4,192 |
$4,611 |
|||
Total interest expense |
151 |
426 |
684 |
|||
Net interest income |
1,989 |
3,766 |
3,927 |
|||
Provision (Credit) for loan losses |
(425) |
(300) |
2,653 |
|||
Net interest income after provision for loan losses |
2,414 |
4,066 |
1,274 |
|||
Total non-interest income |
199 |
271 |
271 |
|||
Total non-interest expense |
2,534 |
4,131 |
4,428 |
|||
Income/(loss) before provision for income taxes |
79 |
206 |
(2,883) |
|||
Provision (benefit) for income taxes |
— |
— |
— |
|||
Net income/(loss) |
79 |
206 |
(2,883) |
|||
Basic earnings/(loss) per share |
0.02 |
0.08 |
(1.18) |
|||
At, or for six months ended December 31, 2011 (unaudited) |
At, or for the year ended June 30, 2011 |
At, or for the year ended June 30, 2010 |
||||
Key Financial Ratios: |
||||||
Performance Ratios: |
||||||
Return on average assets |
0.09% |
0.23% |
(3.22)% |
|||
Return on average equity |
0.46 |
1.28 |
(18.28) |
|||
Interest rate spread(2) |
4.75 |
4.36 |
4.26 |
|||
Net interest margin(3) |
4.83 |
4.49 |
4.53 |
|||
Total non-interest expense to average total assets |
2.84 |
4.59 |
4.94 |
|||
Efficiency ratio(4) |
94.93 |
94.71 |
105.48 |
|||
Asset Quality Ratios: |
||||||
Non-performing loans to total loans at end of period(5) |
6.86% |
7.28% |
13.24% |
|||
Non-performing assets to total assets at end of period(6) |
8.08 |
10.16 |
11.38 |
|||
Allowance for loan losses to total loans at end of period |
4.38 |
4.25 |
5.52 |
|||
Allowance for loan losses to total nonperforming loans at end of period |
63.84 |
58.32 |
41.73 |
|||
Capital Ratios: |
||||||
Total risk-based capital ratio(7) |
29.72% |
27.10% |
22.22% |
|||
Tier 1 risk-based capital ratio(7) |
28.44 |
25.82 |
20.91 |
|||
Tier 1 leverage ratio(7) |
17.55 |
16.91 |
15.15 |
|||
Equity to assets at end of period |
18.71 |
18.07 |
17.75 |
|||
(1) |
Outstanding common shares as of December 31, 2011, June 30, 2011 and June 30, 2010 were 2,485,256, 2,482,082 and 2,477,966, respectively. |
|
(2) |
Yield on average interest-earning assets less rate on average interest-bearing liabilities. |
|
(3) |
Net interest income divided by average interest-earning assets. |
|
(4) |
Non-interest expense, excluding the expenses related to impairment charges, divided by the sum of net interest income, plus non-interest income, excluding net gain on sales of securities. |
|
(5) |
Non-performing loans include impaired loans, accruing and non-accruing loans, and loans past due 90 days or more |
|
(6) |
Non-performing assets include non-performing loans and other real estate owned. |
|
(7) |
Regulatory capital ratios are disclosed at the Bank level. |
|
Consolidated Statements of Financial Condition |
||||
December 31, 2011 and June 30, 2011 |
||||
(Unaudited) |
||||
December 31, 2011 |
June 30, 2011 |
|||
(in thousands) |
(in thousands) |
|||
Assets |
||||
Cash and non-interest bearing balances in financial institutions |
$ 1,077 |
$ 1,068 |
||
Interest bearing balances in financial institutions |
3,746 |
845 |
||
Federal funds sold |
187 |
0 |
||
Total cash and cash equivalents |
5,010 |
1,913 |
||
Securities available for sale |
31,673 |
26,345 |
||
Loans receivable, net of allowance for loan losses of $2,179,000 |
||||
at December 31, 2011 and $2,400,000 at June 30, 2011 |
47,564 |
54,112 |
||
Federal Home Loan Bank stock |
520 |
520 |
||
Premises & equipment, net |
4,321 |
3,603 |
||
Land available for sale, net of valuation allowance |
433 |
576 |
||
Accrued interest receivable |
375 |
441 |
||
Other real estate owned |
4,205 |
5,347 |
||
Other assets |
174 |
298 |
||
Total assets |
$ 94,275 |
93,155 |
||
Liabilities & Stockholders' Equity |
||||
Deposits |
$ 65,273 |
$ 70,108 |
||
Advances from borrowers for taxes and insurance |
422 |
394 |
||
Federal Home Loan Bank advances and other borrowings |
10,400 |
5,368 |
||
Accrued interest payable and other liabilities |
893 |
450 |
||
Total liabilities |
76,988 |
76,320 |
||
Stockholders' equity |
||||
Preferred stock $0.01 par value per share, authorized |
||||
1,000,000 shares, no issues are outstanding |
- |
- |
||
Common stock $0.01 par value per share, authorized |
||||
5,000,000 shares, 2,645,000 shares issued at |
||||
December 31, 2011 and June 30, 2011 |
26 |
26 |
||
Additional paid-in capital |
24,039 |
24,065 |
||
Retained deficit |
(6,024) |
(6,103) |
||
Treasury stock, 159,744 and 162,918 shares, at cost |
(1,336) |
(1,383) |
||
Accumulated other comprehensive income (loss) net of tax |
582 |
230 |
||
Total stockholders' equity |
17,287 |
16,835 |
||
Total liabilities and stockholders' equity |
$ 94,275 |
$ 93,155 |
||
This report has not been prepared in accordance with Securities and Exchange Commission ("SEC") rules applicable to SEC registrant companies and is not intended to comply with such rules. |
|
Consolidated Statements of Operations |
||||||||
Three and Six months ended December 31, 2011 and 2010 |
||||||||
(Dollars In Thousands, Unaudited) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
December 31, |
December 31, |
|||||||
2011 |
2010 |
2011 |
2010 |
|||||
Interest income |
||||||||
Loans |
$ 885 |
$ 930 |
$ 1,710 |
$ 1,887 |
||||
Securities |
209 |
123 |
428 |
235 |
||||
Federal funds sold and other |
1 |
1 |
2 |
1 |
||||
Total interest income |
1,095 |
1,054 |
2,140 |
2,123 |
||||
Interest expense |
||||||||
Deposits |
69 |
103 |
148 |
228 |
||||
Borrowings |
1 |
9 |
3 |
18 |
||||
Total interest expense |
70 |
112 |
151 |
246 |
||||
Net interest income |
1,025 |
942 |
1,989 |
1,877 |
||||
Credit provision for loan losses |
425 |
- |
425 |
- |
||||
Net interest income after provision for loan loss |
1,450 |
942 |
2,414 |
1,877 |
||||
Non-interest income |
||||||||
Service charges on deposit accounts |
53 |
55 |
113 |
116 |
||||
Other |
63 |
11 |
86 |
22 |
||||
Total non-interest income |
116 |
66 |
199 |
138 |
||||
Non-interest expense |
||||||||
Salaries and employee benefits |
486 |
447 |
963 |
935 |
||||
Occupancy and equipment |
217 |
116 |
332 |
280 |
||||
Reversal of excess lease impairment |
0 |
(106) |
0 |
(106) |
||||
Data processing |
72 |
84 |
141 |
164 |
||||
Professional services |
125 |
79 |
241 |
179 |
||||
Director fees |
33 |
34 |
66 |
68 |
||||
Marketing |
6 |
18 |
10 |
24 |
||||
FDIC insurance expense |
28 |
33 |
53 |
66 |
||||
Insurance premiums |
17 |
17 |
33 |
34 |
||||
Foreclosed asset expense |
463 |
59 |
542 |
35 |
||||
Other |
77 |
60 |
153 |
120 |
||||
Total non-interest expense |
1,524 |
841 |
2,534 |
1,799 |
||||
Income before income taxes |
42 |
167 |
79 |
216 |
||||
Provision for income taxes |
- |
- |
- |
- |
||||
Net income |
$ 42 |
$ 167 |
$ 79 |
$ 216 |
||||
This report has not been prepared in accordance with Securities and Exchange Commission ("SEC") rules applicable to SEC registrant companies and is not intended to comply with such rules. |
||||||||
Contact: Leonard Szwajkowski
773-382-2111
[email protected]
SOURCE Royal Financial, Inc.