Roma Financial Corporation Announces Second Quarter 2013 Earnings
August 09 2013 - 4:30PM
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."
"Since the December announcement of the agreement to merge with
Investors Bancorp, Inc., our management and staff have been working
closely with its management and staff to ensure a smooth transition
and assimilation of Roma Bank and RomAsia Bank into Investors Bank.
Consummation of the mergers is awaiting approval of the Federal
Reserve Board. The approvals of the Federal Deposit Insurance
Corporation and the New Jersey Department of Banking and Insurance
have been received," stated Inverso.
Shares of the Company began trading on July 12, 2006, on the
NASDAQ Global Select Market under the symbol "ROMA".
Roma Financial Corporation (Nasdaq:ROMA) is the holding company
of Roma Bank, a community bank headquartered in Robbinsville, New
Jersey, and RomAsia Bank headquartered in South Brunswick, New
Jersey. Roma Bank has been serving families, businesses and the
communities of Central New Jersey for over 91 years with a complete
line of financial products and services, and today Roma Bank
operates branch locations in Mercer, Burlington, Camden and Ocean
counties in New Jersey. Visit Roma online at www.romabank.com or
RomAsia Bank at www.romasiabank.com. RomAsia Bank has two branch
locations in Middlesex County, New Jersey.
Forward Looking Statements
The foregoing material contains forward-looking statements
concerning the financial condition, results of operations and
business of the Company. We caution that such statements are
subject to a number of uncertainties and actual results could
differ materially, and, therefore, readers should not place undue
reliance on any forward-looking statements. The Company does
not undertake, and specifically disclaims, any obligation to
publicly release the results of any revisions that may be made to
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
CONTACT: Peter A. Inverso, President & CEO, 609 223 8310
Roma Green Finance (NASDAQ:ROMA)
Historical Stock Chart
From Oct 2024 to Nov 2024
Roma Green Finance (NASDAQ:ROMA)
Historical Stock Chart
From Nov 2023 to Nov 2024