Royal Financial Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2015. For the quarter, the company reported total interest income of $2,125,308 compared to $1,365,914 a year ago. Net interest income was $1,963,599 compared to $1,278,246 a year ago. Income before income taxes was $1,004,333 compared to $358,282 a year ago. Net income was $794,333 compared to $216,282 a year ago. Basic and diluted earnings per share were $0.32 compared to $0.09 a year ago. The increase in net income for the three months ended December 31, 2015 resulted primarily from an increase in net interest income of $685,000 and a decrease in non-interest expense of $44,000, partially offset by a decrease in non-interest income of $83,000 and an increase in provision for taxes of $68,000.

For the six months, the company reported total interest income of $3,432,680 compared to $2,658,640 a year ago. Net interest income was $3,182,477 compared to $2,488,353 a year ago. Income before income taxes was $5,554,891 compared to $591,176 a year ago. Net income was $5,355,891 compared to $357,076 a year ago. Basic and diluted earnings per share were $2.14 compared to $0.14 a year ago. The increase in net income for the six months ended December 31, 2015 was primarily due to the PNA Bank merger which was finalized on September 30, 2015, in which $5.0 million of negative goodwill has been recognized. The increase in net income for the six months ended December 31, 2015 was primarily related to a $4.4 million increase in non-interest income, an increase of $694,000 in net interest income, an increase of $130,000 in the credit for loan losses, a decrease of $35,000 in provision for income taxes, partially offset by an increase in non-interest expense of $268,000.