Royal Financial, Inc. Announces Earnings for First Quarter of Fiscal Year 2022
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Monday, November 8, 2021
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Net Income for the first quarter of fiscal year 2022 was $1.5 million, or $0.58 per common share, compared to $785,000, or $0.31 per common share, in the same period of fiscal 2021.
Key Points:
- Net Income for the first quarter of fiscal year 2022 was $1.5 million, or $0.58 per common share, compared to $785,000, or $0.31 per common share, in the same period of fiscal 2021.
- Total interest income for the quarter ended September 30, 2021, increased $621,000 (13.3%) from September 30, 2020.
- Total deposit interest expense decreased $363,000 (53.1%) from the prior year due to the falling rate environment during fiscal year 2020.
- The Company reversed the allowance for loan losses this quarter $125,000 due to the well performing loan portfolios.