Republic First Bancorp, Inc. Reports 140% Increase in Second
Quarter Earnings PHILADELPHIA, July 20 /PRNewswire-FirstCall/ --
Republic First Bancorp, Inc. (NASDAQ:FRBK), the holding company for
Republic First Bank (PA), today reported second quarter 2005
earnings from continuing operations of $2,035,000 or $0.23* per
diluted share. That compares with $847,000 or $0.10* for the
comparable prior year period. Earnings from continuing operations
for the sixth-month period ending June 30, 2005, were $4,156,000 or
$0.48 per share, compared to $1,430,000 or $0.17 per share for the
comparable prior year period. The improvement in 2005 earnings
reflected commercial loan and deposit growth and the payoff of the
high cost Federal Home Loan Bank borrowings. Average commercial
loans grew in excess of 20% in second quarter 2005 compared to the
comparable prior year period. Total shareholders' equity stood at
$58.6 million with a book value per share of $6.96* at June 30,
2005. The Company remains well capitalized. Chairman Madonna
stated: "Management and the Board are very pleased with the
improvement in earnings and we believe the Bank is well situated to
continue to increase profitability." Republic First Bank (PA) is a
full-service, state-chartered commercial bank, whose deposits are
insured by the Federal Deposit Insurance Corporation (FDIC). The
Bank provides diversified financial products through its eleven
offices located in Abington, Ardmore, Bala Cynwyd, East Norriton,
Media, and Philadelphia, Pennsylvania. The Company may from time to
time make written or oral "forward-looking statements," including
statements contained in the Company's filings with the Securities
and Exchange Commission. These forward-looking statements include
statements with respect to the Company's beliefs, plans,
objectives, goals, expectations, anticipations, estimates, and
intentions that are subject to significant risks and uncertainties
and are subject to change based on various factors, many of which
are beyond the Company's control. The words "may," "could,"
"should," "would," "believe," "anticipate," "estimate," "expect,"
"intend," "plan," and similar 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 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. * Per share and book value amounts were
restated to reflect the 12% stock dividend paid June 7, 2005, and
the 10% stock dividend paid August 24, 2004. Republic First
Bancorp, Inc. Press release 06/30/2005 Condensed Income Statement
(Dollar amounts in thousands except per share data) (unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 (1)
2005 (1) 2004 (1) Net Interest Income $6,931 $3,804 $14,129 $8,350
Provision for Loan Losses 119 (200) 822 500 Other Income (3) 759
842 1,902 1,435 Other Expenses 4,539 3,598 9,011 7,196 Income Taxes
997 401 2,042 659 Net Income From Continuing Operations 2,035 847
4,156 1,430 Net Income From Discontinued Operations, Net of Tax -
836 - 1,764 Net Income $2,035 $1,683 $4,156 $3,194 Diluted EPS From
Continuing Operations $0.23 $0.10 $0.48 $0.17 Diluted EPS From
Discontinued Operations, Net of Tax - 0.10 - 0.21 Diluted EPS $0.23
$0.20 $0.48 $0.38 Republic First Bancorp, Inc. Press release
06/30/2005 Condensed Balance Sheet (Dollar amounts in thousands)
Assets June 30, June 30, 2005 2004 (2) Federal Funds Sold and Other
Interest-Bearing Cash $81,978 $41,769 Investment Securities 47,843
62,591 Commercial and Other Loans 600,813 494,033 Allowance for
Loan Losses (6,996) (7,047) Other Assets 57,887 45,968 Total Assets
$781,525 $637,314 Liabilities and Shareholders' Equity: Transaction
Accounts $424,340 $273,660 Time Deposit Accounts 151,036 175,470
FHLB Advances and Trust Preferred Securities 140,842 131,186 Other
Liabilities 6,671 7,331 Shareholders' Equity 58,636 49,667 Total
Liabilities and Shareholders' Equity $781,525 $637,314 (1) EPS has
been restated for the 10% stock dividend paid August 24, 2004 and
12% stock dividend paid June 7, 2005. (2) Prior year has been
adjusted to exclude the First Bank of Delaware balance sheet,
reflecting the spin-off of that bank effective January 1, 2005. (3)
Other income for the three and six months ended June 30, 2005
includes $97,000 of gains on securities sold. Republic First
Bancorp, Inc. Press release 06/30/2005 (unaudited) At or For the At
or For the Three Months Ended Six Months Ended June 30, June 30,
June 30, June 30, Financial Data: 2005 2004 (1) 2005 2004 (1)
Return on average assets on continuing operations 1.18 % 0.54 %
1.18 % 0.44 Return on average equity on continuing operations 14.26
% 6.89 % 14.96 % 5.91 Share information: Book value per share $6.96
$6.12 $6.96 $6.12 Shares o/s at period end, net of Treasury shares
8,424,000 8,112,000 8,424,000 8,112,000 Average diluted shares o/s
8,727,000 8,415,600 8,685,000 8,420,000 (1) Prior year amounts have
been adjusted for the spin-off of First Bank of Delaware effective
January 1, 2005. Republic First Bancorp, Inc. Press release
06/30/2005 (Dollars in thousands except per share data) (unaudited)
Credit Quality Ratios: June 30, June 30, 2005 2004 (1) Non-accrual
and loans accruing, but past due 90 days or more $2,956 $5,176
Restructured loans - - Total non-performing loans 2,956 5,176 OREO
137 207 Total non-performing assets $3,093 $5,383 Non-performing
loans as a percentage of total loans 0.49% 1.05% Non-performing
assets as a percentage of total assets 0.40% 0.84% Allowance for
loan losses to total loans 1.16% 1.43% Allowance for loan losses to
total non-performing loans 236.67% 136.15% (1) Prior year has been
adjusted to exclude the First Bank of Delaware loans, reflecting
the spin-off of that bank effective January 1, 2005. Republic First
Bancorp, Inc. Press release 06/30/2005 (Dollars in thousands)
(unaudited) Quarter-to-Date Average Balance Sheet Three months
ended Three months ended June 30, 2005 June 30, 2004 (1)
Interest-Earning Average Average Assets: Average Yield/ Average
Yield/ Balance Interest Cost Balance Interest Cost Commercial and
other loans $577,421 $9,859 6.85 % $481,565 $7,018 5.85 %
Investment securities 45,046 441 3.92 64,147 501 3.12 Federal funds
sold 27,900 195 2.80 53,916 146 1.09 Total interest- earning assets
650,367 10,495 6.47 599,628 7,665 5.13 Other assets 39,793 34,927
Total assets $690,160 $10,495 $634,555 $7,665 Interest-bearing
liabilities: Interest-bearing deposits $480,704 $3,020 2.52 %
$358,956 $1,816 2.03 % Borrowed funds 59,214 544 3.68 135,179 2,045
6.07 Interest-bearing liabilities 539,918 3,564 2.65 494,135 3,861
3.13 Non-interest and interest-bearing funding 625,520 3,564 2.29
580,041 3,861 2.67 Other liabilities: 7,402 5,217 Total liabilities
632,922 585,258 Shareholders' equity 57,238 49,297 Total
liabilities & shareholders' equity $690,160 $634,555 Net
interest income $6,931 $3,804 Net interest margin 4.27 % 2.54 % (1)
Prior year has been adjusted to exclude the First Bank of Delaware,
reflecting the spin-off of that bank effective January 1, 2005.
Republic First Bancorp, Inc. Press release 06/30/2005 (Dollars in
thousands) (unaudited) Year-to-Date Average Balance Sheet Six
months ended Six months ended June 30, 2005 June 30, 2004 (1)
Interest-Earning Average Average Assets: Average Yield/ Average
Yield/ Balance Interest Cost Balance Interest Cost Commercial and
other loans $572,106 $19,771 6.93 % $474,913 $14,711 6.21 %
Investment securities 46,902 885 3.77 65,987 1,076 3.26 Federal
funds sold 52,526 671 2.56 67,594 361 1.07 Total interest- earning
assets 671,534 21,327 6.37 608,494 16,148 5.32 Other assets 42,171
36,497 Total assets $713,705 $21,327 $644,991 $16,148
Interest-bearing liabilities: Interest-bearing deposits $496,426
$6,016 2.43 % $365,329 $3,662 2.01 % Borrowed funds 63,750 1,182
3.72 141,674 4,136 5.85 Interest-bearing liabilities 560,176 7,198
2.58 507,003 7,798 3.08 Non-interest and interest-bearing funding
649,258 7,198 2.22 587,805 7,798 2.66 Other liabilities: 8,411
8,638 Total liabilities 657,669 596,443 Shareholders' equity 56,036
48,548 Total liabilities & shareholders' equity $713,705
$644,991 Net interest income $14,129 $8,350 Net interest margin
4.22 % 2.75 % (1) Prior year has been adjusted to exclude the First
Bank of Delaware, reflecting the spin-off of that bank effective
January 1, 2005. DATASOURCE: Republic First Bancorp, Inc. CONTACT:
Paul Frenkiel, CFO, Republic First Bancorp, Inc., +1-215-735-4422
ext. 5255
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