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SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2013
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) [Abstract]  
SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
NOTE 23 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

The following summarizes the consolidated results of operations during 2013 and 2012, on a quarterly basis, for the Company:

 
 
For the year ended December 31, 2013
 
(In thousands, except per share data)
 
Fourth
Quarter
  
Third
Quarter
  
Second
Quarter
  
First
Quarter
 
Interest income
 
$
7,069
  
$
6,960
  
$
6,743
  
$
6,752
 
Net interest income
  
5,379
   
5,070
   
4,946
   
4,772
 
(Credit) provision for loan and lease losses
  
(676
)
  
218
   
(163
)
  
(251
)
Net interest income after provision
  
6,055
   
4,852
   
5,109
   
5,023
 
Other income
  
2,558
   
1,937
   
961
   
1,408
 
Other expenses
  
6,333
   
6,290
   
7,567
   
6,140
 
Income (loss) before income tax
  
2,280
   
499
   
(1,497
)
  
291
 
Income tax expense
  
42
   
-
   
-
   
-
 
Net income (loss) from continuing operations
 
$
2,238
  
$
499
  
$
(1,497
)
 
$
291
 
Less net (loss) income attributable to noncontrolling interest
  
(214
)
  
157
   
(694
)
  
173
 
Net income (loss) attributable to Royal Bancshares of Pennsylavania, Inc.
 
$
2,452
  
$
342
  
$
(803
)
 
$
118
 
Net income (loss) available to common shareholders
 
$
1,930
  
$
(178
)
 
$
(1,321
)
 
$
(397
)
Net income (loss) per common share
                
Basic and diluted
 
$
0.14
  
$
(0.01
)
 
$
(0.10
)
 
$
(0.03
)

Operating results for the fourth quarter of 2013 amounted to net income of $2.4 million compared to a net loss of $8.0 million for the fourth quarter of 2012. The year over year improvement in the quarterly results was primarily related to a $3.6 million drop in credit related expenses, a $3.3 million decrease in the provision for loan and lease losses, a $1.5 million decline in OTTI charges, $1.3 million in gains on the sale of two Company owned buildings and an increase in net interest income of $578,000. The progress achieved in credit quality and declining level of non-performing assets directly impacted OREO and loan collection expenses and the provision.  The growth in net interest income was primarily attributed to a reduction in interest expense coupled with an increase in the yield on investments.
 
 
 
For the year ended December 31, 2012
 
(In thousands, except per share data)
 
Fourth Quarter
  
Third Quarter
  
Second Quarter
  
First Quarter
 
Interest income
 
$
6,991
  
$
7,761
  
$
8,423
  
$
8,806
 
Net interest income
  
4,801
   
5,382
   
5,906
   
5,993
 
Provision for loan and lease losses
  
2,637
   
1,761
   
1,515
   
84
 
Net interest income after provision
  
2,164
   
3,621
   
4,391
   
5,909
 
Other  income
  
(148
)
  
1,151
   
1,945
   
661
 
Other expenses
  
10,256
   
9,409
   
8,592
   
8,067
 
Loss before income tax
  
(8,240
)
  
(4,637
)
  
(2,256
)
  
(1,497
)
Net loss
 
$
(8,240
)
 
$
(4,637
)
 
$
(2,256
)
 
$
(1,497
)
Less net (loss) income attributable to noncontrolling interest
  
(246
)
  
175
   
(306
)
  
(628
)
Net loss attributable to Royal Bancshares of Pennsylavania, Inc.
 
$
(7,994
)
 
$
(4,812
)
 
$
(1,950
)
 
$
(869
)
Net loss available to common shareholders
 
$
(8,507
)
 
$
(5,323
)
 
$
(2,458
)
 
$
(1,375
)
Net loss per common share
                
Basic and diluted
 
$
(0.64
)
 
$
(0.40
)
 
$
(0.19
)
 
$
(0.10
)