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Roma Financial Corporation Announces Second Quarter 2013 Earnings

Stocks in this article: ROMA

ROBBINSVILLE, N.J., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Roma Financial Corporation (Nasdaq:ROMA) (the "Company"), the holding company of Roma Bank and RomAsia Bank, announced today its results of operations for the three and six months ended June 30, 2013. For the three months ended June 30, 2013, the Company incurred a loss of $355,000 or $0.01 per common and diluted share, while net income for the six months then ended was $1.0 million or $0.03 per common and diluted share. For the same periods of 2012, net income was $0.9 million and $2.3 million, respectively, or $.03 and $.08 per common and diluted share,

At June 30, 2013, the Company's consolidated assets were $1.73 billion, compared to $1.81 billion at December 31, 2012. Loans, before the allowance for loan losses, fell slightly to $1.03 billion, compared to $1.05 billion at the end of 2012, while deposits decreased to $1.41 billion from $1.48 billion at December 31, 2012. Stockholders' equity at the end of the quarter increased to $217.2 million, compared to $215.6 million at December 31, 2012.

"The loss in the quarter was a direct consequence of the loss incurred by Roma Bank from the previously disclosed check kiting scheme. The matter has been referred to the FBI and we will pursue any and all civil remedies to mitigate our loss," commented Peter A. Inverso, President and CEO.

"This loss overshadowed improving loan quality which significantly lowered provisions for loan losses in both the quarter and six month period compared to the same time frames in 2012," added Inverso.

He went on to say, "The reduction in assets primarily reflects a continuation of our strategy to carefully control our liquidity and scheduled repayments of loans exceeding new loan origination. Mortgage refinancing activity has slackened and we have experienced a reduction in our mortgage origination staff."

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