CHICAGO, Nov. 21, 2016 (GLOBE NEWSWIRE) — Royal Financial, Inc. (the “Companyâ€) (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 “Bankâ€), announced earnings for the first quarter end of fiscal year 2017.
For the first quarter ended September 30, 2016, the Company reported net income of $264,000, or $.11 per common share, compared to $4.6 million in the same period of fiscal 2016, which was primarily related to the gain, net of expenses, of $4.1 million, a direct result of the PNA Bank merger which was finalized September 30, 2015.
Comparison of Financial Condition at September 30, 2016 and June 30, 2016
The Company’s total assets increased $83,000, or 0.03%, to $304.1 million at September 30, 2016, from $304.0 million at June 30, 2016.
Cash and cash equivalents increased $892,000, or 14.30%, to $7.1 million at September 30, 2016 from $6.2 million at June 30, 2016.
Securities available for sale increased $1.8 million, or 2.69%, to $68.6 million at September 30, 2016 from $66.8 million at June 30, 2016. An additional $5.2 million in municipal bonds were purchased, partially offset by the maturity of $3.5 million of government sponsored securities. Â Â
Loans, net of allowance, decreased $1.7 million, or 0.83%, to $197.9 million at September 30, 2016 from $199.6Â million at June 30, 2016 due to large commercial loans maturing within the period.
FHLB stock decreased $1.1 million, or 60.6%, to $704,000 at September 30, 2016 from $1.8 million at June 30, 2016, as excess stock, held for collateral purposes, was redeemed.
Total deposits decreased $2.7 million, or 1.0%, to $258.8 million at September 30, 2016 from $261.5 million at June 30, 2016 due to higher yielding deposits maturing within the period.
Federal Home Loan Bank advances increased $4.5 million, or 900.0%, to $5.0 million at September 30, 2016 from $500,000 at June 30, 2016. FHLB advances are limited to short term maturities.
The line of credit decreased $50,000, or 0.95%, to $5.2 million at September 30, 2016 from $5.25 million at June 30, 2016, as the Company paid down the line of credit.
