Royal Financial, Inc. Announces Earnings For First Quarter Of Fiscal Year 2017

CHICAGO, Nov. 21, 2016 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the "Company") (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 "Bank"), 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.   

Loans, net of allowance, decreased $1.7 million, or 0.83%, to $197.9 million at September 30, 2016 from $199.6 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.