FRBK Republic First Bancorp Inc

PHILADELPHIA, April 17 /PRNewswire-FirstCall/ -- Republic First Bancorp, Inc. (NASDAQ:FRBK), (the "Company") the holding company for Republic First Bank (PA), today reported first quarter 2006 earnings of $2.7 million, a 26% increase over the same quarter in 2005. Total first quarter 2006 diluted earnings per share amounted to $.30 compared to $.25* per share for the prior year first quarter, a 20% increase. Average loans grew in excess of 23% and core deposits grew in excess of 14% in first quarter 2006 compared to the first quarter of 2005. 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 $66.9 million with a book value per share of $7.76 at March 31, 2006, based on outstanding common shares of approximately 8.6 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. * Prior year earnings per share 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 March 31, 2006 2005 Net Interest Income $9,309 $7,198 Provision for Loan Losses 1,313 703 Non-interest Income 1,115 1,143 Non-interest Expenses 5,041 4,471 Provision for income taxes 1,399 1,045 Net Income $2,671 $2,122 Diluted EPS $0.30 $0.25 (1) Republic First Bancorp, Inc. Condensed Balance Sheet (Dollar amounts in thousands) (unaudited) Assets March 31, March 31, 2006 2005 Federal Funds Sold and Other Interest Bearing Cash $79,612 $68,697 Investment Securities 42,076 46,593 Commercial and Other Loans 701,910 563,563 Allowance for Loan Losses (7,803) (6,713) Other Assets 48,374 54,330 Total Assets $864,169 $726,470 Liabilities and Shareholders' Equity: Transaction Accounts $384,103 $396,966 Time Deposit Accounts 290,761 225,777 FHLB Advances and Trust Preferred Securities 111,186 39,241 Other Liabilities 11,191 8,647 Shareholders' Equity 66,928 55,839 Total Liabilities and Shareholders' Equity $864,169 $726,470 (1) Prior year earnings per share has been restated for the 12% stock dividend paid June 7, 2005. Republic First Bancorp, Inc. March 31, 2006 (unaudited) At or For the Three Months Ended March 31, March 31, Financial Data: 2006 2005 Return on average assets 1.33 % 1.15 % Return on average equity 16.63 % 15.48 % Share information: Book value per share $7.76 $6.89 (1) Actual shares outstanding at period end, net of treasury shares (227,778) 8,628,000 8,104,000 (1) Average diluted shares outstanding 8,764,000 8,644,000 (1) (1) Prior year share information has been restated for the 12% stock dividend paid June 7, 2005. Republic First Bancorp, Inc. March 31, 2006 (Dollars in thousands) (unaudited) Credit Quality Ratios: March 31, March 31, 2006 2005 Non-accrual and loans accruing, but past due 90 days or more $3,556 $3,212 Restructured loans - - Total non-performing loans 3,556 3,212 Other real estate owned 137 137 Total non-performing assets $3,693 $3,349 Non-performing loans as a percentage of total loans 0.51% 0.57% Nonperforming assets as a percentage of total assets 0.43% 0.46% Allowance for loan losses to total loans 1.11% 1.18% Allowance for loan losses to total non-performing loans 219.43% 209.00% Republic First Bancorp, Inc. March 31, 2006 (Dollars in thousands ) (unaudited) Quarter-to-Date Average Balance Sheet Three months ended Three months ended March 31, 2006 March 31, 2005 Interest-earning Average Average Assets: Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Commercial and other loans $700,896 $14,154 8.19 % $567,247 $9,912 7.09 % Investment securities 41,663 509 4.89 48,779 444 3.64 Federal funds sold 36,130 400 4.49 77,425 476 2.50 Total interest- earning assets 778,689 15,063 7.85 693,451 10,832 6.33 Other assets 37,689 43,694 Total assets $816,378 $15,063 $737,145 $10,832 Interest-bearing liabilities: Interest-bearing deposits $618,525 $5,264 3.45 % $512,341 $2,996 2.37 % Borrowed funds 36,932 490 5.38 68,336 638 3.79 Interest-bearing liabilities 655,457 5,754 3.56 580,677 3,634 2.54 Non-interest and interest-bearing funding 741,533 5,754 3.15 674,235 3,634 2.19 Other liabilities: 9,701 8,077 Total liabilities 751,234 682,312 Shareholders' equity 65,144 54,833 Total liabilities & shareholders' equity $816,378 $737,145 Net interest income $9,309 $7,198 Net interest margin 4.85 % 4.20 % DATASOURCE: Republic First Bancorp, Inc. CONTACT: Paul Frenkiel, CFO, Republic First Bancorp, +1-215-735-4422 ext. 5255

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