Royal Bancshares of Pennsylvania (RBPAA) in Narbeth has ended a string of 18 straight quarterly losses.
The $751 million-asset company said Wednesday that it earned $118,000 in the first quarter, compared to a $869,000 loss a year earlier.
Cost-cutting efforts helped lower noninterest expenses by 24% from a year earlier, to $6.1 million. Royal said in March that it had begun an
Net interest income fell 20% from a year earlier, to $4.8 million. The net interest margin compressed by 36 basis points from a year earlier, to 2.73%, because of lower yields and a decrease in the average loan balance.
Noninterest income more than doubled from a year earlier, to $1.4 million, partially because of a $676,000 gain from the sale of two properties.
Nonperforming loans fell 66% from a year earlier, to $17.6 million. The company recorded a $251,000 credit for loan recoveries, compared to recording a $84,000 loan-loss provision for loan losses a year earlier.
Royal recently introduced new online banking features, including remote check capture and online loan applications, as part of a strategic shift, the company said in a press release.
The company recently shuffled its executive team,