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Finward Bancorp and Royal Financial have announced that all necessary regulatory approvals for their merger have been obtained. The Indiana Department of Financial Institutions, the FDIC, and the Federal Reserve Bank of Chicago have given the green light for Royal Savings Bank to merge into Peoples Bank. This merger is set to close in January 2022, with an integration process expected by Q2 2022. Royal Financial stockholders will have until January 18, 2022, to choose their merger consideration, with 65% of shares converting to Finward stock and the rest to cash.
Royal Financial, Inc. (OTCQX: RYFL) reported significant growth in its Q1 2022 earnings, achieving a net income of $1.5 million ($0.58 per share), up 91% from $785,000 ($0.31 per share) in Q1 2021. Total assets reached $555.5 million with a 4.1% increase. Notable points include a decrease in total interest expense by 49.9%, and a reversal of $125,000 in loan loss allowances. However, total non-interest expenses rose by 22.5%, primarily due to increased employee costs. A merger agreement with Finward Bancorp (NASDAQ: FNWD) is set to complete in Q1 2022, valuing RYFL at approximately 115% of its tangible book value.
Royal Financial, Inc. (OTCQX: RYFL) announced its audited earnings for fiscal 2021, reporting a net income of $5.2 million ($2.01 per share), up 153% from the previous year. For Q4 2021, net income was $1.3 million ($0.51 per share), a 26% increase year-over-year. Total assets rose by 23% to $533.7 million, with loans net of allowance increasing 29% to $460.4 million. Despite a 49% decline in non-interest income and a 1% rise in non-interest expenses, the company remains well-capitalized and is set for a merger with Finward Bancorp, expected to complete in early 2022.
Royal Financial, Inc. (OTCQX: RYFL) reported significant growth in earnings for the fiscal year ending June 30, 2021. Net income surged to $5.2 million, or $2.01 per share, compared to $2.0 million, or $0.80 per share, in the previous year. Notably, net interest income rose by 22% to $16.6 million due to increased loan interest income and reduced interest expenses. Total assets climbed to $533.7 million, a 23% increase year-over-year. However, non-interest income saw a substantial decline of 49%, largely due to a lack of gains from investment securities sales.
Royal Financial, Inc. (OTCQX: RYFL) reported record earnings for Q3 FY2021, netting $1.8 million or $0.69 per share, a massive turnaround from a net loss of $578,000 last year. YTD net income stood at $3.9 million. Total assets surged 21% to $523.9 million, with stockholders' equity increasing to $46.8 million. Notable increases in loan portfolios and a $300,000 credit in the Allowance for Loan Losses were also reported. The company maintains a strong capital position, exceeding all regulatory requirements, and continues recovery efforts from a fraudulent loan matter.
Royal Financial, Inc. (OTCQX: RYFL) reported its Q1 fiscal 2021 earnings with a net income of $785,000, or $0.31 per share, down 2% from $797,000 in Q1 fiscal 2020. Total assets increased by 19% to $514.5 million, driven by a 21% increase in loans to $432.2 million. Interest income grew by 2% while interest expense fell by 34%. However, non-interest expenses rose by 3% due to increased operating costs and FDIC fees. The company also noted continued support for borrowers impacted by COVID-19, with $11.7 million in SBA loans funded related to the pandemic.
