-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E8cPZKyCXfJiN5S4MAvy+v/Kk/lu3X6mihYIQFSFBmWKjkIKdxys1vnM2eYz5qtX BPpsi+gHeloCNjnUiJuPqA== 0000950116-05-003250.txt : 20051025 0000950116-05-003250.hdr.sgml : 20051025 20051025112332 ACCESSION NUMBER: 0000950116-05-003250 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051025 DATE AS OF CHANGE: 20051025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROYAL BANCSHARES OF PENNSYLVANIA INC CENTRAL INDEX KEY: 0000922487 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 231627866 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26366 FILM NUMBER: 051153616 BUSINESS ADDRESS: STREET 1: 732 MONTGOMERY AVE CITY: NARBERTH STATE: PA ZIP: 19072 BUSINESS PHONE: 6106684700 MAIL ADDRESS: STREET 1: 732 MONGTOMERY AVENUE CITY: NARBERTH STATE: PA ZIP: 19072 8-K 1 eight-k.txt EIGHT-K.TXT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DE 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event report) September 30, 2005. ROYAL BANCSHARES OF PENNSYLVANIA, INC. -------------------------------------- (Exact name of registrant as specified in its charter) PENNSYLVANIA ---------------------------------------------- (State or Other Jurisdiction of Incorporation) 0-26366 23-2812193 - ------------------------ ------------------------------------ (Commission File Number) (IRS Employer Identification Number) 732 MONTGOMERY AVENUE, NARBERTH, PENNSYLVANIA 19072 - --------------------------------------------- ---------- (Address of Principal Executive Office) (Zip Code) 610-668-4700 ------------------------------------------------ (Issuer's telephone number, including area code) N/A ------------------------------------------------------------ (Former Name or Former Address, if Change Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision: _____ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) _____ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) _____ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) _____ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 2 - FINANCIAL INFORMATION Item 2.02 Results of Operations and Financial Condition. Royal Bancs0hares of Pennsylvania, Inc. announced net income for three months ended September 30, 2005 and the declaration of a cash dividend as detailed in the attached Press Release as Exhibit 99.1. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS Item 9.01 Financial Statements and Exhibits (c.) Exhibits Exhibit Number Description of Document -------------- ----------------------- 99.1 Press Release dated October 20, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ROYAL BANCSHARES OF PENNSYLVANIA, INC. Dated: October 24, 2005 /s/ Jeffrey T. Hanuscin ----------------------------------- Jeffrey T. Hanuscin Chief Financial Officer EX-99 2 ex99-1.txt EX99-1.TXT CONTACT: MARC SANDERS Director of Marketing Phone: 610.668.4700 www.royalbankamerica.com ROYAL BANK AMERICA Fax: 610.668.3670 www.royalasianbank.com MEDIA RELEASE www.mortgagephilly.com - ------------------------- ---------------------------- ------------------------- ROYAL BANK AMERICA'S PARENT COMPANY INCREASES CASH DIVIDEND 10% Reports 42nd Consecutive Quarterly Cash Dividend - 15% Increase in Net Loans (NARBERTH, PA) -October 20, 2005 - Royal Bank America President/CEO Joseph P. Campbell reports the quarterly cash dividend for the Bank's holding company, Royal Bancshares of Pennsylvania, Inc.,(NASDAQ: RBPAA) will increase by 10%. Consolidated earnings for the quarter ended September 30, 2005, were $4.9 million as compared to $5.1 million for the same three-month period ended September 30, 2004. Consolidated basic earnings per share for the three-months ended September 30, 2005 and 2004, were $0.39 and $0.41, respectively. Consolidated earnings for the nine-month period ended September 30, 2005 were $16.5 million or $1.31 per basic share as compared to $14.7 million or $1.17 per basic share for the nine-month period ended September 30, 2004, a 12% increase. Consolidated total assets increased 6% to $1.3 billion at September 30, 2005, as compared to $1.2 billion at December 31, 2004. Investment securities increased to $613 million at September 30, 2005, as compared to $584 million at December 31, 2004, an increase of 5%. Net Loans increased to $523 million at September 30, 2005, as compared to $455 million at December 31, 2004, an increase of 15%. Total consolidated capital rose to $145.2 million for the period ended September 30, 2005, as compared to $140.9 million for the period ended December 31, 2004. On October 19, 2005, the Board of Directors of Royal Bancshares of Pennsylvania, Inc. declared its 42nd consecutive quarterly cash dividend. This dividend is twenty-seven and five-tenth cents ($.275) per share for holders of Class A common stock and thirty-one and six hundred twenty-five thousandths cents ($.31625) per share for holders of Class B common stock of Royal Bancshares of Pennsylvania, Inc. The record date is November 4, 2005, and the payment date is November 18, 2005. Royal Bancshares of Pennsylvania, headquartered in Narberth, Pennsylvania, operates sixteen full-service branches under the name Royal Bank America and five locations 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, 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. FOR IMMEDIATE RELEASE MORE ROYAL BANCSHARES OF PENNSYLVANIA, INC. (RBPAA) QUARTERLY EARNINGS RELEASE PAGE 2 ROYAL BANCSHARES OF PENNSYLVANIA CONDENSED INCOME STATEMENTS THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 (in thousands, except for earnings per share) 2005 2004 2005 2004 ------- ------- ------- ------- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) Interest Income $19,645 $16,515 $56,179 $50,551 Interest Expense 8,751 6,793 23,812 20,492 ------- ------- ------- ------- Net Interest Income 10,894 9,722 32,367 30,059 Provision for Loan Losses 0 1 1 6 ------- ------- ------- ------- Net Interest Income after 10,894 9,721 32,366 30,053 Provision Non Interest Income 3,294 3,822 9,787 10,469 Non Interest Expense 7,526 6,225 21,455 19,583 ------- ------- ------- ------- Income before Taxes 6,662 7,318 20,698 20,939 Income Taxes 1,759 2,206 4,232 6,269 ------- ------- ------- ------- Net Income $ 4,903 $ 5,112 $16,466 $14,670 ======= ======= ======= ======= Earnings per share-basic $ 0.39 $ 0.41 $ 1.31 $ 1.17 SELECTED RATIOS: Return on Average Assets 1.5% 1.7% 1.8% 1.6% Return on Average Equity 13.3% 14.7% 15.4% 14.3% Average Equity to Assets 11.5% 11.6% 11.4% 11.4% Book Value Per Share $ 11.57 $ 11.22 CONDENSED BALANCE SHEETS (in thousands) SEPT. 30, 2005 DEC. 31, 2004 -------------- ------------- (UNAUDITED) Cash and Cash Equivalents $16,534 $27,109 Investment Securities 613,444 584,261 Loans Held for Sale 1,155 2,204 Loans (net) 523,136 454,775 Premises and Equipment (net) 53,511 72,433 Accrued Interest receivable 14,747 15,634 Other Assets 52,422 48,858 ---------- ---------- Total Assets $1,274,949 $1,205,274 ---------- ---------- Deposits $696,217 $742,382 Borrowings 386,721 278,249 Other Liabilities 17,973 14,338 Subordinated debentures 25,774 25,774 Minority Interest 3,053 3,655 Shareholders' Equity 145,211 140,876 ---------- ---------- Total Liabilities and Shareholders Equity $1,274,949 $1,205,274 ---------- ---------- -----END PRIVACY-ENHANCED MESSAGE-----