FRBK Republic First Bancorp Inc

PHILADELPHIA, Jan. 18 /PRNewswire-FirstCall/ -- Republic First Bancorp, Inc. (NASDAQ:FRBK) (the "Company"), the holding company for Republic First Bank (PA), today reported fourth quarter 2005 earnings of $2.6 million, a 62% increase over the prior year fourth quarter. Total fourth quarter 2005 diluted earnings per share amounted to $.30 compared to $.19* per share for the prior year fourth quarter, a 58% increase. Total year-to-date earnings increased to $8.9 million in 2005, compared to $5.6 million for the prior year, an increase of 59%. Total year-to-date diluted earnings per share increased to $1.02 compared to $.66 in the prior year, a 55% increase. Average commercial and construction loans grew in excess of 26% and core deposits grew in excess of 17% in fourth quarter 2005 compared to the comparable prior year period. President Harry Madonna stated, "We are very pleased with the improved earnings of the Company and look forward to continued growth. Earnings growth was due to the significant increase in commercial loans outstanding, and the increase in the spread between the interest income and the cost of funds. We anticipate continued improvement in all areas of the Company. We look forward to making continued earnings progress, and further increasing shareholder value." Total shareholders' equity stood at $63.4 million with a book value per share of $7.44 at December 31, 2005, based on outstanding common shares of approximately 8.5 million. As of that date, the Company continued to be well capitalized. 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 nine 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 this release and 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 value amounts were restated to reflect the 12% stock dividend paid June 7, 2005. Republic First Bancorp, Inc. Condensed Income Statement (Dollar amounts in thousands except per share data) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2005 2004 (2) 2005 2004 (2) Net Interest Income $7,772 $5,991 $29,158 $18,851 Provision for Loan Losses 49 549 1,186 (314)(1) Other Income 808 1,042 3,614 4,466 (1) Other Expenses 4,593 4,104 18,207 15,346 Income Taxes 1,342 773 4,486 2,694 Income From Continuing Operations 2,596 1,607 8,893 5,591 Income From Discontinued Operations, Net of Tax - 1,083 - 3,349 Net Income $2,596 $2,690 $8,893 $8,940 Diluted EPS From Continuing Operations $0.30 $0.19 (3) $1.02 $0.66 (3)(1) Diluted EPS From Discontinued Operations, Net of Tax - 0.12 - 0.39 Diluted EPS $0.30 $0.31 (3) $1.02 $1.05 (3)(1) Republic First Bancorp, Inc. Condensed Balance Sheet (Dollar amounts in thousands) (unaudited) Assets December 31, December 31, 2005 2004 (2) Federal Funds Sold and Other Interest Bearing Cash $86,989 $23,726 Investment Securities 44,161 49,160 Commercial and Other Loans 678,086 549,689 Allowance for Loan Losses (7,617) (6,684) Other Assets 48,917 48,913 Total Assets $850,536 $664,804 Liabilities and Shareholders' Equity: Transaction Accounts $381,931 $323,532 Time Deposit Accounts 265,912 187,152 FHLB Advances and Trust Preferred Securities 130,053 92,276 Other Liabilities 9,242 8,016 Shareholders' Equity 63,398 53,828 Total Liabilities and Shareholders' Equity $850,536 $664,804 (1) Prior year reflects impact of a $1.3 million one-time award arising from a legal settlement in connection with a loan recovery. (2) Prior year has been adjusted to exclude the First Bank of Delaware, reflecting the spin-off of that bank effective January 1, 2005. (3) Prior year earnings per share has been restated for the 12% stock dividend paid June 7, 2005. Republic First Bancorp, Inc. December 31, 2005 (unaudited) At or For the At or For the Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, Financial Data: 2005 2004 (1) 2005 2004 (1) Return on average assets on continuing operations 1.32 % 1.02 % 1.22 % 0.87 % (2) Return on average equity on continuing operations 16.60 % 12.14 % 15.22 % 10.93 % (2) Share information: Book value per share $7.44 $6.64 $7.44 $6.64 Shares o/s at period end, net of Treasury shares 8,526,000 8,104,000 8,526,000 8,104,000 Average diluted shares o/s 8,739,000 8,566,000 8,711,000 8,501,000 (1) Prior year amounts have been adjusted for the spin-off of First Bank of Delaware effective January 1, 2005. (2) Prior year reflects impact of a $1.3 million one-time award arising from a legal settlement in connection with a loan recovery. Republic First Bancorp, Inc. Press release 12/31/2005 (Dollars in thousands) (unaudited) Credit Quality Ratios: December 31, December 31, 2005 2004 (1) Non-accrual and loans accruing, but past due 90 days or more $3,423 $4,854 Restructured loans - - Total non-performing loans 3,423 4,854 OREO 137 137 Total non-performing assets $3,560 $4,991 Non-performing loans as a percentage of total loans 0.50% 0.88% Non-performing assets as a percentage of total assets 0.42% 0.75% Allowance for loan losses to total loans 1.12% 1.22% Allowance for loan losses to total non-performing loans 222.52% 137.70% (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 12/31/2005 (Dollars in thousands) (unaudited) Quarter-to-Date Average Balance Sheet Three months ended Three months ended December 31, 2005 December 31, 2004 (1) Interest-Earning Average Average Assets: Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Commercial and other loans $658,405 $11,984 7.22 % $521,606 $8,675 6.60 % Investment securities 62,441 622 3.98 49,924 472 3.78 Federal funds sold 20,864 215 4.09 9,439 63 2.65 Total interest- earning assets 741,710 12,821 6.86 580,969 9,210 6.29 Other assets 41,329 43,730 Total assets $783,039 $12,821 $624,699 $9,210 Interest-bearing liabilities: Interest-bearing deposits $521,017 $3,912 2.98 % $382,157 $2,001 2.08 % Borrowed funds 101,163 1,137 4.46 87,995 1,218 5.49 Interest-bearing liabilities 622,180 5,049 3.22 470,152 3,219 2.72 Non-interest and interest-bearing funding 712,829 5,049 2.81 563,660 3,219 2.27 Other liabilities: 8,183 8,523 Total liabilities 721,012 572,183 Shareholders' equity 62,027 52,516 Total liabilities & shareholders' equity $783,039 $624,699 Net interest income $7,772 $5,991 Net interest margin 4.16 % 4.09 % (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 12/31/2005 (Dollars in thousands) (unaudited) Year-to-Date Average Balance Sheet Twelve months ended Twelve months ended December 31, 2005 December 31, 2004 (1) Interest-Earning Average Average Assets: Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Commercial and other loans $602,031 $42,331 7.03 % $493,635 $31,006 6.28 % Investment securities 51,285 1,972 3.85 59,764 2,030 3.40 Federal funds sold 36,587 1,078 2.95 45,430 563 1.24 Total interest- earning assets 689,903 45,381 6.58 598,829 33,599 5.61 Other assets 41,238 42,433 Total assets $731,141 $45,381 $641,262 $33,599 Interest-bearing liabilities: Interest-bearing deposits $499,876 $13,147 2.63 % $370,750 $7,487 2.02 % Borrowed funds 75,875 3,076 4.05 124,303 7,261 5.84 Interest-bearing liabilities 575,751 16,223 2.82 495,053 14,748 2.98 Non-interest and interest-bearing funding 664,453 16,223 2.44 580,211 14,748 2.54 Other liabilities: 8,263 9,875 Total liabilities 672,716 590,086 Shareholders' equity 58,425 51,176 Total liabilities & shareholders' equity $731,141 $641,262 Net interest income $29,158 $18,851 Net interest margin 4.23 % 3.15 % (1) Prior year has been adjusted to exclude the First Bank of Delaware, reflecting the spin-off of that bank effective January 1, 2005. First Call Analyst: DATASOURCE: Republic First Bancorp, Inc. CONTACT: Paul Frenkiel, CFO, Republic First Bancorp, Inc., +1-215-735-4422 ext. 5255

Copyright