Roma Financial Corporation Announces First Quarter 2010 Earnings
April 23 2010 - 3:30PM
Roma Financial Corporation (Nasdaq:ROMA) (the "Company"), the
holding company of Roma Bank, announced today its results of
operation for the three months ended March 31, 2010. Net income
attributable to Roma Financial Corporation for the three months
ended March 31, 2010 was $1.6 million, or $.05 per common and
diluted share, compared to $.9 million, or $.03 per common and
diluted share, for the same period of the prior year.
At March 31, 2010 the Company's consolidated assets increased
4.4% to $1.4 billion compared to $1.3 billion at December 31, 2009,
deposits increased 3.5% to $1.1 billion and equity increased to
$217.5 million from $216.2 million at December 31, 2009.
Peter A. Inverso, President and CEO stated, "We are very pleased
with our operating results for the first quarter. Compared to the
prior year quarter, net income improved by 78.6% on substantial
growth in our earning assets as our deposits at the end of the
quarter continued the succession of new record levels. Net
interest income swelled nearly 38.8% to $10.1 million, benefitting
from an improved net interest margin. The increase in net interest
income fully absorbed an exponential increase in deposit insurance
premiums, a near tripling of the provision for loan losses,
higher other real estate owned expense, and initial due diligence
expense in connection with our announced acquisition of Sterling
Bank.
"Compared to the first quarter of 2009, deposits increased
$204.8 million, or 24.2%, and fueled the substantial growth in
earning assets. Loans receivable, net of allowance for loan
losses increased $60.7 million or 11.5%, and investments $146.6
million, or 33.3%," he added.
"These first quarter results are a positive beginning to 2010,
although there remains uncertainty and concern that the recent
traction in the economy will be maintained," concluded 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. Roma Bank has been serving families, businesses and
the communities of Central New Jersey for over 87 years with a
complete line of financial products and services, and today Roma
Bank operates branch locations in Mercer, Burlington and Ocean
counties in New Jersey. Visit Roma online at
www.romabank.com.
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: Roma Financial Corporation
Peter A. Inverso, President & CEO
609 223-8310
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