PHILADELPHIA, April 20, 2017 /PRNewswire/ -- Republic
First Bancorp, Inc. (NASDAQ: FRBK), the holding company for
Republic Bank, today announced its financial results for the period
ended March 31, 2017.
|
|
Three Months
Ended
|
($ in millions,
except per share data)
|
|
03/31/17
|
03/31/16
|
%
Change
|
|
|
|
|
|
Assets
|
|
$ 1,968.6
|
$
1,482.1
|
33%
|
Loans
|
|
1,026.1
|
899.1
|
14%
|
Deposits
|
|
1,720.5
|
1,337.6
|
29%
|
Total
Revenue
|
|
$
20.5
|
$
15.2
|
35%
|
Net Income
|
|
1.8
|
1.1
|
65%
|
Net Income per
Share
|
|
$
0.03
|
$
0.03
|
-%
|
Vernon W. Hill, II, Chairman
of Republic First Bancorp said:
"The momentum from The Power of Red is Back expansion program
continues to build as we enter into 2017. Our primary goal at
Republic is to create an emotional and legendary brand. Achieving
this goal turns Customers into FANS, who not only remain loyal to
our brand, but share their Republic experience with family, friends
and neighbors. I am extremely pleased with our progress to date,
but truly believe the best is yet to come."
Harry D. Madonna, President
and Chief Executive Officer of Republic First Bancorp said:
"I am pleased to report another quarter of strong financial
results to kick off 2017. Progress with our growth and expansion
plan has clearly carried into the new year. Total assets have grown
by 33% and net income improved by 65% year over year. We currently
have three new stores under construction and are hard at work
developing sites for future openings. We are not only investing in
our store network, but continue to make improvements in technology
and infrastructure to provide world class service and convenience
across all delivery channels."
Highlights for the Period Ended March
31, 2017
- The Company completed a $100
million common stock offering during the fourth quarter of
2016. As a result, Shareholders' Equity increased to $218.3 million as of March
31, 2017 compared to $116.6
million as of March 31, 2016.
This capital raise will allow the Company to execute its aggressive
expansion plan over the next several years.
- Total deposits increased by $383
million, or 29%, to $1.7
billion as of March 31, 2017
compared to $1.3 billion as of
March 31, 2016. On a linked quarter
basis deposits grew $43 million, or
3%, when compared to December 31,
2016.
- New stores opened since the beginning of the "Power of Red is
Back" expansion campaign in 2014 are currently growing deposits at
an average rate of $32 million per
year, while the average deposit growth for all stores over the last
twelve months was approximately $20
million per store.
- Net income increased by 65% to $1.8
million, or $0.03 per share,
for the three months ended March 31,
2017 compared to $1.1 million,
or $0.03 per share, for the three
months ended March 31, 2016. The
Company continues to open new stores and increase net income
despite the additional costs associated with the expansion
strategy. The acquisition of Oak Mortgage has also contributed to
improved earnings.
- There are nineteen stores open today. A new location now under
construction in Cherry Hill, NJ is
scheduled to be completed in the second quarter of 2017. Ground has
been broken on sites in Medford
and Sicklerville, NJ. There
are also several additional sites in various stages of development
for future store locations.
- Total assets increased by $487
million, or 33%, to $2.0
billion as of March 31, 2017
compared to $1.5 billion as of
March 31, 2016.
- Total loans grew $127 million, or
14%, to $1.0 billion as of
March 31, 2017 compared to
$899 million at March 31, 2016.
- SBA lending continued to be an important part of the Company's
lending strategy. More than $11
million in new SBA loans were originated during the three
month period ended March 31, 2017.
Our team is currently ranked as the #1 SBA lender in the
New Jersey and southeastern
Pennsylvania market based on the
dollar volume of loan originations.
- The Company's Total Risk-Based Capital ratio was 18.27% and
Tier I Leverage Ratio was 12.21% at March
31, 2017.
- Book value per common share increased to $3.84 as of March 31,
2017 compared to $3.08
as of March 31, 2016.
Income Statement
The major components of the income statement are as follows
(dollars in thousands, except per share data):
|
Three Months
Ended
|
|
03/31/17
|
03/31/16
|
%
Change
|
|
|
|
|
Total
Revenue
|
$
20,525
|
$
15,174
|
35%
|
Provision for Loan
Losses
|
-
|
300
|
(100%)
|
Non-interest
Expenses
|
16,804
|
12,343
|
36%
|
Net Income
|
1,787
|
1,085
|
65%
|
Net Income per
Share
|
$
0.03
|
$
0.03
|
-%
|
The Company reported net income of $1.8
million, or $0.03 per share,
for the three month period ended March 31,
2017, compared to net income of $1.1
million, or $0.03 per share,
for the three month period ended March 31,
2016.
Total revenue increased by $5.4
million, or 35%, to $20.5
million for the three month period ended March 31, 2017, compared to $15.2 million for the three month period ended
March 31, 2016. This increase
is primarily attributable to revenue from the residential mortgage
division which was acquired in July
2016. Revenue also in increased due to higher interest
income as a result of the strong growth in interest-earning assets
over the last twelve months driven by the Company's "Power of Red
is Back" expansion program.
Non-interest income increased to $4.3
million for the three month period ended March 31, 2017 compared to $2.4 million for the three month period ended
March 31, 2016. This increase
was due to $2.4 million in mortgage
banking income, driven primarily by loan sales.
Non-interest expenses increased by $4.5
million, or 36%, to $16.8
million during the three month period ended March 31, 2017 compared to $12.3 million during the three months ended
March 31, 2016. This increase was
mainly caused by the addition of expenses related to the
residential mortgage division. Salaries and employee benefits were
also higher at the Bank as a result of annual merit increases along
with increased staffing levels related to our growth strategy of
adding and relocating stores. Occupancy and equipment expenses
associated with the growth and relocation strategy also contributed
to the increase in non-interest expenses.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
03/31/17
|
03/31/16
|
%
Change
|
12/31/16
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 1,968,588
|
$ 1,482,061
|
33%
|
$ 1,923,931
|
2%
|
Total loans
(net)
|
1,016,962
|
890,088
|
15%
|
955,817
|
7%
|
Total
deposits
|
1,720,512
|
1,337,607
|
29%
|
1,677,670
|
3%
|
Total core
deposits
|
1,720,245
|
1,333,085
|
29%
|
1,677,403
|
3%
|
Total assets increased by $486.5
million, or 33%, as of March 31,
2017 when compared to March
31, 2016. Deposits grew by $382.9 million to $1.7
billion as of March 31, 2017
compared to $1.3 billion as of
March 31, 2016. The number of deposit
accounts has grown by 40% during the past twelve months. The strong
growth in assets, loans and deposits has been driven by the
addition of new stores and the successful execution of the
Company's aggressive growth strategy referred to as "The Power of
Red is Back."
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
03/31/17
|
03/31/16
|
%
Change
|
12/31/16
|
%
Change
|
1st Qtr
2017
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 364,278
|
$ 263,990
|
38%
|
$ 324,912
|
12%
|
0.00%
|
Demand
interest-bearing
|
629,583
|
426,346
|
48%
|
605,950
|
4%
|
0.40%
|
Money market and
savings
|
620,218
|
586,863
|
6%
|
635,644
|
(2%)
|
0.47%
|
Certificates of
deposit
|
106,166
|
55,886
|
90%
|
110,897
|
(4%)
|
1.11%
|
Total core
deposits
|
$ 1,720,245
|
$1,333,085
|
29%
|
$ 1,677,403
|
3%
|
0.39%
|
|
|
|
|
|
|
|
Core deposits increased to $1.7
billion at March 31, 2017
compared to $1.3 billion at
March 31, 2016 as the Company moves
forward with its growth strategy to increase the number of stores
and expand its customer-centric banking model which drives the
gathering of low-cost, core deposits. The Company recognized
strongest growth in demand accounts and certificates of deposit on
a year to year basis as a result of the successful execution of its
strategy. On a linked quarter basis, a reduction in certificates of
deposit, money market and savings balances in the first quarter of
2017 offset growth in the demand categroies.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
03/31/17
|
% of
Total
|
03/31/16
|
% of
Total
|
12/31/16
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 394,840
|
39%
|
$ 358,740
|
40%
|
$378,519
|
39%
|
Construction and land
development
|
78,636
|
7%
|
45,815
|
5%
|
61,453
|
6%
|
Commercial and
industrial
|
188,873
|
18%
|
181,828
|
20%
|
174,744
|
18%
|
Owner occupied real
estate
|
273,996
|
27%
|
261,215
|
29%
|
276,986
|
29%
|
Consumer and
other
|
67,146
|
7%
|
49,166
|
6%
|
63,588
|
7%
|
Residential
mortgage
|
22,652
|
2%
|
2,353
|
0%
|
9,682
|
1%
|
Gross loans
|
$1,026,143
|
100%
|
$899,117
|
100%
|
$964,972
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $127.0
million, or 14%, to $1.0
billion at March 31, 2017
compared to $899.1 million at
March 31, 2016 as a result of the
steady flow in quality loan demand over the last twelve months and
continued success with the relationship banking model. The Company
experienced strong growth across all loan categories.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
03/31/17
|
12/31/16
|
03/31/16
|
|
|
|
|
Non-performing assets
/ capital and reserves
|
13%
|
13%
|
25%
|
Non-performing assets
/ total assets
|
1.45%
|
1.51%
|
2.11%
|
Quarterly net loan
charge-offs / average loans
|
(0.01%)
|
0.12%
|
(0.01%)
|
Allowance for loan
losses / gross loans
|
0.89%
|
0.95%
|
1.00%
|
Allowance for loan
losses / non-performing loans
|
50%
|
48%
|
45%
|
The percentage of non-performing assets to total assets
decreased to 1.45% at March 31, 2017,
compared to 2.11% at March 31,
2016. The ratio of non-performing assets to capital and
reserves decreased to 13% at March 31,
2017 compared to 25% at March 31,
2016 primarily as a result of the completion of the common
stock offering during the fourth quarter of 2016.
Capital
The Company's capital ratios at March 31,
2017 were as follows:
|
Actual
03/31/17
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
12.21%
|
5.00%
|
Common Equity
Ratio
|
15.99%
|
6.50%
|
Tier 1 Risk Based
Capital
|
17.59%
|
8.00%
|
Total Risk Based
Capital
|
18.27%
|
10.00%
|
Tangible Common
Equity
|
10.83%
|
n/a
|
Total shareholders' equity increased to $218.3 million at March
31, 2017 compared to $116.6
million at March 31, 2016.
Book value per common share increased to $3.84 at March 31,
2017 compared to $3.08 per
share at March 31, 2016. The
Company completed a common stock offering in the amount of
$100 million during the fourth
quarter of 2016.
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., is
a full-service, state-chartered commercial bank, whose deposits are
insured up to the applicable limits by the Federal Deposit
Insurance Corporation (FDIC). The Bank provides diversified
financial products through its nineteen stores located in the
Greater Philadelphia and
Southern New Jersey market place.
Republic Bank stores are open 7 days a week, 361 days a year,
with extended lobby and drive-thru hours providing customers with
the most convenient hours compared to any bank in its market.
The Bank offers free checking, free coin counting, ATM/Debit cards
issued on the spot and access to more than 55,000 surcharge free
ATMs worldwide via the Allpoint Network. The Bank also offers a
wide range of residential mortgage products through its wholly
owned subsidiary, Oak Mortgage Company. For more information about
Republic Bank, visit www.myrepublicbank.com.
Forward Looking Statements
The Company may from time to time make written or oral
"forward-looking statements", including statements contained in
this release and in the Company's filings with the Securities and
Exchange Commission. The forward-looking statements contained
herein, including those related to our Five Year Strategic Goals,
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected in the
forward-looking statements. For example, risks and
uncertainties can arise with changes in: general economic
conditions, including turmoil in the financial markets and related
efforts of government agencies to stabilize the financial system;
the adequacy of our allowance for loan losses and our methodology
for determining such allowance; adverse changes in our loan
portfolio and credit risk-related losses and expenses;
concentrations within our loan portfolio, including our exposure to
commercial real estate loans, and to our primary service area;
changes in interest rates; business conditions in the financial
services industry, including competitive pressure among financial
services companies, new service and product offerings by
competitors, price pressures and similar items; deposit flows; loan
demand; the regulatory environment, including evolving banking
industry standards, changes in legislation or regulation; impact of
the Dodd-Frank Wall Street Reform and Consumer Protection Act; our
securities portfolio and the valuation of our securities;
accounting principles, policies and guidelines as well as estimates
and assumptions used in the preparation of our financial
statements; rapidly changing technology; litigation liabilities,
including costs, expenses, settlements and judgments; and other
economic, competitive, governmental, regulatory and technological
factors affecting our operations, pricing, products and
services. You should carefully review the risk factors
described in the Form 10-K for the year ended December 31, 2016 and other documents the Company
files from time to time with the Securities and Exchange
Commission. The words "would be," "could be," "should be,"
"probability," "risk," "target," "objective," "may," "will,"
"estimate," "project," "believe," "intend," "anticipate," "plan,"
"seek," "expect" and similar expressions or variations on such
expressions are intended to identify forward-looking statements.
All such statements are made in good faith by the Company pursuant
to the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. The Company does not undertake to
update any forward-looking statement, whether written or oral, that
may be made from time to time by or on behalf of the Company,
except as may be required by applicable law or regulations.
Republic First
Bancorp, Inc.
|
|
|
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(dollars in
thousands, except per share amounts)
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
25,119
|
|
$
19,830
|
|
$
18,000
|
|
Interest-bearing
deposits and federal funds sold
|
11,472
|
|
14,724
|
|
47,198
|
|
|
Total cash and cash
equivalents
|
|
36,591
|
|
34,554
|
|
65,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
362,328
|
|
369,739
|
|
260,269
|
|
Securities - Held to
maturity
|
|
421,850
|
|
432,499
|
|
178,628
|
|
Restricted
stock
|
|
|
1,366
|
|
1,366
|
|
1,179
|
|
|
Total investment
securities
|
|
785,544
|
|
803,604
|
|
440,076
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
|
25,098
|
|
28,065
|
|
1,983
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
1,026,143
|
|
964,972
|
|
899,117
|
|
Allowance for loan
losses
|
|
(9,181)
|
|
(9,155)
|
|
(9,029)
|
|
|
Net loans
|
|
|
|
1,016,962
|
|
955,817
|
|
890,088
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
58,926
|
|
57,040
|
|
49,586
|
|
Other real estate
owned
|
|
|
9,944
|
|
10,174
|
|
11,393
|
|
Other
assets
|
|
|
|
35,523
|
|
34,677
|
|
23,737
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
$
1,968,588
|
|
$
1,923,931
|
|
$
1,482,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
364,278
|
|
$
324,912
|
|
$
263,990
|
|
Interest bearing
deposits
|
|
|
1,356,234
|
|
1,352,758
|
|
1,073,617
|
|
|
Total
deposits
|
|
|
1,720,512
|
|
1,677,670
|
|
1,337,607
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
debt
|
|
|
21,648
|
|
21,881
|
|
21,864
|
|
Other
liabilities
|
|
|
8,104
|
|
9,327
|
|
5,988
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,750,264
|
|
1,708,878
|
|
1,365,459
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
574
|
|
573
|
|
384
|
|
Additional paid-in
capital
|
|
|
254,403
|
|
253,570
|
|
153,069
|
|
Accumulated
deficit
|
|
|
(26,101)
|
|
(27,888)
|
|
(31,748)
|
|
Treasury stock at
cost
|
|
|
(3,725)
|
|
(3,725)
|
|
(3,725)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(183)
|
|
Accumulated other
comprehensive loss
|
(6,644)
|
|
(7,294)
|
|
(1,195)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
218,324
|
|
215,053
|
|
116,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
1,968,588
|
|
$
1,923,931
|
|
$
1,482,061
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
|
|
|
|
|
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(in thousands,
except per share amounts)
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
11,199
|
|
$
10,826
|
|
$
9,931
|
|
Interest and
dividends on investment securities
|
4,927
|
|
3,636
|
|
2,768
|
|
Interest on other
interest earning assets
|
61
|
|
174
|
|
63
|
|
|
Total interest
income
|
|
|
16,187
|
|
14,636
|
|
12,762
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
1,602
|
|
1,650
|
|
1,165
|
|
Interest on borrowed
funds
|
|
366
|
|
296
|
|
306
|
|
|
Total interest
expense
|
|
1,968
|
|
1,946
|
|
1,471
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
14,219
|
|
12,690
|
|
11,291
|
|
Provision for loan
losses
|
|
|
-
|
|
-
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
14,219
|
|
12,690
|
|
10,991
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
741
|
|
748
|
|
570
|
|
Mortgage banking
income
|
|
2,421
|
|
2,657
|
|
-
|
|
Gain on sales of SBA
loans
|
|
688
|
|
769
|
|
833
|
|
Gain on sale of
investment securities
|
-
|
|
-
|
|
296
|
|
Other non-interest
income
|
|
488
|
|
553
|
|
713
|
|
|
Total non-interest
income
|
|
4,338
|
|
4,727
|
|
2,412
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
8,582
|
|
8,268
|
|
6,052
|
|
Occupancy and
equipment
|
|
2,890
|
|
2,424
|
|
2,374
|
|
Legal and
professional fees
|
|
681
|
|
560
|
|
449
|
|
Foreclosed real
estate
|
|
|
346
|
|
572
|
|
585
|
|
Regulatory
assessments and related fees
|
329
|
|
402
|
|
342
|
|
Other operating
expenses
|
|
3,976
|
|
3,744
|
|
2,541
|
|
|
Total non-interest
expense
|
|
16,804
|
|
15,970
|
|
12,343
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit
for income taxes
|
|
1,753
|
|
1,447
|
|
1,060
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
|
|
(34)
|
|
(50)
|
|
(25)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
1,787
|
|
$
1,497
|
|
$
1,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
0.03
|
|
$
0.03
|
|
$
0.03
|
|
Diluted
|
|
|
|
$
0.03
|
|
$
0.03
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
|
56,824
|
|
43,456
|
|
37,837
|
|
Diluted
|
|
|
|
58,049
|
|
44,317
|
|
38,269
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances
and Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the three months
ended
|
|
For the three months
ended
|
(dollars in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold
and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning assets
|
|
$
23,929
|
|
$
61
|
|
1.03%
|
|
$
135,214
|
|
$
174
|
|
0.51%
|
|
$
47,109
|
|
$
63
|
|
0.54%
|
Securities
|
|
808,029
|
|
5,032
|
|
2.49%
|
|
649,649
|
|
3,731
|
|
2.30%
|
|
437,514
|
|
2,862
|
|
2.62%
|
Loans
receivable
|
|
1,008,329
|
|
11,338
|
|
4.56%
|
|
970,391
|
|
10,965
|
|
4.50%
|
|
887,499
|
|
10,046
|
|
4.55%
|
Total
interest-earning assets
|
|
1,840,287
|
|
16,431
|
|
3.62%
|
|
1,755,254
|
|
14,870
|
|
3.37%
|
|
1,372,122
|
|
12,971
|
|
3.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
101,820
|
|
|
|
|
|
104,825
|
|
|
|
|
|
87,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,942,107
|
|
|
|
|
|
$1,860,079
|
|
|
|
|
|
$1,459,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
329,015
|
|
|
|
|
|
$
325,495
|
|
|
|
|
|
$
261,810
|
|
|
|
|
Demand
interest-bearing
|
|
620,090
|
|
608
|
|
0.40%
|
|
613,828
|
|
617
|
|
0.40%
|
|
412,558
|
|
415
|
|
0.40%
|
Money market &
savings
|
|
607,181
|
|
698
|
|
0.47%
|
|
629,646
|
|
716
|
|
0.45%
|
|
559,458
|
|
609
|
|
0.44%
|
Time
deposits
|
|
107,923
|
|
296
|
|
1.11%
|
|
110,488
|
|
317
|
|
1.14%
|
|
65,414
|
|
141
|
|
0.87%
|
Total
deposits
|
|
1,664,209
|
|
1,602
|
|
0.39%
|
|
1,679,457
|
|
1,650
|
|
0.39%
|
|
1,299,240
|
|
1,165
|
|
0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,335,194
|
|
1,602
|
|
0.49%
|
|
1,353,962
|
|
1,650
|
|
0.48%
|
|
1,037,430
|
|
1,165
|
|
0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
53,138
|
|
366
|
|
2.79%
|
|
22,513
|
|
296
|
|
5.23%
|
|
37,428
|
|
306
|
|
3.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,388,332
|
|
1,968
|
|
0.57%
|
|
1,376,475
|
|
1,946
|
|
0.56%
|
|
1,074,858
|
|
1,471
|
|
0.55%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,717,347
|
|
1,968
|
|
0.46%
|
|
1,701,970
|
|
1,946
|
|
0.45%
|
|
1,336,668
|
|
1,471
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
8,295
|
|
|
|
|
|
10,965
|
|
|
|
|
|
7,478
|
|
|
|
|
Shareholders'
equity
|
|
216,465
|
|
|
|
|
|
147,144
|
|
|
|
|
|
115,661
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,942,107
|
|
|
|
|
|
$1,860,079
|
|
|
|
|
|
$1,459,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$14,463
|
|
|
|
|
|
$12,924
|
|
|
|
|
|
$11,500
|
|
|
Net interest
spread
|
|
|
|
|
|
3.05%
|
|
|
|
|
|
2.81%
|
|
|
|
|
|
3.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
2.93%
|
|
|
|
|
|
3.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above
tables are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
|
|
|
|
|
Summary of
Allowance for Loan Losses and Other Related Data
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(dollars in
thousands)
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
9,155
|
|
$
9,453
|
|
$
8,703
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
-
|
|
300
|
|
9,155
|
|
9,453
|
|
9,003
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
Commercial
|
36
|
|
1
|
|
72
|
Consumer
|
-
|
|
2
|
|
-
|
Total
recoveries
|
36
|
|
3
|
|
72
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
Commercial
|
(8)
|
|
(290)
|
|
(46)
|
Consumer
|
(2)
|
|
(11)
|
|
-
|
|
|
|
|
|
|
Total
charged-off
|
(10)
|
|
(301)
|
|
(46)
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
26
|
|
(298)
|
|
26
|
|
|
|
|
|
|
Balance at end of
period
|
$
9,181
|
|
$
9,155
|
|
$
9,029
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
average loans
outstanding
|
(0.01%)
|
|
0.12%
|
|
(0.01%)
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
of period-end
loans
|
0.89%
|
|
0.95%
|
|
1.00%
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
Summary of
Non-Performing Loans and Assets
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(dollars in
thousands)
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
17,695
|
|
$
17,758
|
|
$
18,331
|
|
$
18,070
|
|
$
11,057
|
Consumer and
other
|
834
|
|
836
|
|
1,007
|
|
772
|
|
762
|
Total non-accrual
loans
|
18,529
|
|
18,594
|
|
19,338
|
|
18,842
|
|
11,819
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
-
|
|
302
|
|
153
|
|
-
|
|
8,037
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
18,529
|
|
18,896
|
|
19,491
|
|
18,842
|
|
19,856
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
9,944
|
|
10,174
|
|
10,271
|
|
11,974
|
|
11,393
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$
28,473
|
|
$
29,070
|
|
$
29,762
|
|
$
30,816
|
|
$
31,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
1.81%
|
|
1.96%
|
|
2.06%
|
|
2.03%
|
|
2.21%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.45%
|
|
1.51%
|
|
1.72%
|
|
1.95%
|
|
2.11%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
49.55%
|
|
48.45%
|
|
48.50%
|
|
46.50%
|
|
45.47%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
0.89%
|
|
0.95%
|
|
1.00%
|
|
0.94%
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
12.52%
|
|
12.97%
|
|
23.05%
|
|
24.20%
|
|
24.87%
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/republic-first-bancorp-inc-reports-first-quarter-financial-results-300443105.html
SOURCE Republic First Bancorp, Inc.