Royal Financial Inc. Reports Unaudited Consolidated Earnings Results for the Nine Months Ended March 31, 2013; Elects Roger L. Hupe as Class II Director
Royal Financial Inc. reported unaudited consolidated earnings results for the nine months ended March 31, 2013. For the period, the company reported total interest income of $3,392,289 compared to $3,132,556 a year ago. Net interest income was $3,245,108 compared to $2,918,478 a year ago. Net interest income after provision for loan loss was $3,100,108 compared to $3,343,489 a year ago. Income before income taxes was $433,179 compared to loss before income taxes of $342,479 a year ago. Net income was $417,179 or $0.17 per common share compared to net loss of $342,479 or $0.14 loss per common share a year ago. The net income for the nine months ended March 31, 2013 was an increase of $760,000 from the same period in 2012. The increase in income was due to an increase in non-interest income of $363,000 and net interest income of $260,000 and a decrease in noninterest expense of $656,000, partially offset by an increase in the provision for loan losses of $570,000.
The company announced that at its annual meeting of stockholders held on February 19, 2013, elected Roger L. Hupe as class II director for a three year term expiring at the annual meeting of stockholders to be held in 2015.