Roma Financial Corporation Announces Fourth Quarter 2010 Earnings
ROBBINSVILLE, N.J., March 8, 2011 (GLOBE NEWSWIRE) -- Roma Financial Corporation (Nasdaq:ROMA) (the "Company"), the holding company of Roma Bank and RomAsia Bank, announced today its financial condition and results of operations for the three months and year ended December 31, 2010.
The Company's consolidated net income, for the three months and year ended December 31, 2010, was $1.2 million and $5.1 million, respectively. These represented very substantial increases of $1.1 million and $2.5 million over the three months and year ended December 31, 2009, respectively. The 95.3% increase in net income reported for the full year 2010 caused a near doubling of net income per share to $0.17 per share, compared to $0.09 per share last year.
For the three months and year ended December 31, 2010, net interest income was $13.2 million and $46.1 million, compared to $9.4 million and $33.1 million for the same periods in 2009. For the year ended December 31, 2010, this represented an increase of 39.3%, more than double the increase reported in 2009.Net income in 2010 principally benefitted from a $13.0 million improvement in net interest income and was given a boost by the gain on securities held for sale which included a security that had an impairment charge recorded in the last quarter of 2009 on an available for sale equity security. Together, this income helped soften the impact of a $3.6 million increase in the provision for loan losses; the expenses associated with the acquisition and merger of Sterling Bank into Roma Bank; and the opportunity interest lost on an increase in non-performing loans, including those acquired in the merger. At December 31, 2010, the Company had consolidated assets, deposits, borrowings and equity of $1.8 billion, $1.5 billion, $75.0 million and $212.5 million, respectively. "Performance comparisons between 2010 and the prior year are skewed by the inclusion of the assets and liabilities acquired in the merger, and the combined operating results since the date of acquisition," commented Peter A. Inverso, President and CEO. "However, even without the merger, assets, loans, and deposits achieved record levels in 2010. In the aggregate, assets increased 38.7%, net loans gained 52.6%, and deposits swelled 48.0% over their respective 2009 year end levels.
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