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ROBBINSVILLE, N.J., May 3, 2013 (GLOBE NEWSWIRE) -- Roma Financial Corporation (Nasdaq:ROMA) (the "Company"), the holding company of Roma Bank and RomAsia Bank, today announced its financial condition and results of operations for the three months ended March 31, 2013.
At March 31, 2013, the Company's consolidated assets were $1.77 billion, compared to $1.81 billion at December 31, 2012, and $1.9 billion at March 31, 2012. Deposits of $1.45 billion reflected decreases of 2.2% compared to those at December 31, 2012. Stockholders' equity increased to $217.5 million at year end, compared to $215.6 million at December 31, 2012.
"We are pleased to report a significant increase in earnings this quarter compared to the last quarter of 2012. The Company's consolidated net income for the current quarter was $1.38 million compared to $0.6 million, in the fourth quarter of 2013 and in line with the earnings reported for the first quarter of 2012. Net income on a per share basis of $0.05 per diluted share was the same as reported for the comparable prior year quarter and an increase of $0.12 per diluted share compared to the negative $0.07 per diluted share for the fourth quarter of 2012," stated Peter A. Inverso, President and CEO. "Net income in the fourth quarter of 2012 was negatively impacted by $2.0 million of merger related expense," added Inverso.
"Earnings in the current quarter benefited from improving credit quality. A reduction in the level of non-performing assets (non-performing loans and properties acquired in foreclosures) and loan quality stability negated the necessity for a consolidated loan loss provision. Provisions in the fourth and first quarters of 2012 were approximately $1.3 million in each quarter. The ratio of non-accrual loans to total loans declined 33 basis points to 4.10 % from 4.43% from December 31, 2012 to March 31, 2013, the lowest level since the acquisition of Sterling Banks in 2010. While we are encouraged by strides made in improving credit quality, more needs to be done. We are still challenged by compression in net interest income; costs of maintaining reacquired properties; compliance with the regulatory agreement; and resources being devoted in transition planning for the merger," said Inverso.