PHILADELPHIA, July 17 /PRNewswire-FirstCall/ -- Republic First
Bancorp, Inc. (NASDAQ:FRBK) (the "Company"), the holding company
for Republic First Bank (PA), today reported second quarter 2006
earnings of $2.5 million or $.26 per diluted share, a 24% increase
over the same quarter in 2005. Earnings for the six month period
ending June 30, 2006 were $5.2 million or $.54* per diluted share,
compared to $4.2 million or $.43* per diluted share, a 25% increase
over the comparable prior year period. The improvement in 2006
earnings reflected commercial loan and deposit growth. Average
loans grew in excess of 21% in second quarter 2006 compared to the
second quarter of 2005. President Harry Madonna stated, "We are
very pleased with the continuing improvement in 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 future earnings in excess of our
peer group, and further increasing shareholder value." Total
shareholders' equity stood at $69.4 million with a book value per
share of $7.31* at June 30, 2006, based on outstanding common
shares of approximately 9.5 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 ten
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 and book value
amounts were restated to reflect the 12% stock dividend paid June
7, 2005 and the 10% stock dividend paid May 17, 2006. Republic
First Bancorp, Inc. Condensed Income Statement (Dollar amounts in
thousands except per share data) (unaudited) Three Months Ended Six
Months Ended June 30 June 30 2006 2005 (1) 2006 (1) 2005 (1) Net
Interest Income $8,186 $6,931 $17,495 $14,129 Provision for Loan
Losses 61 119 1,374 822 Non-interest Income 844 759 1,959 1,902
Non-interest Expenses 5,122 4,540 10,163 9,011 Provision for income
taxes 1,320 997 2,719 2,042 Net Income $2,527 $2,034 $5,198 $4,156
Diluted EPS $0.26 $0.21 $0.54 $0.43 Republic First Bancorp, Inc.
Condensed Balance Sheet (Dollar amounts in thousands) (unaudited)
Assets June 30, June 30, 2006 2005 Federal Funds Sold and Other
Interest Bearing Cash $37,776 $81,978 Investment Securities 45,305
47,843 Commercial and Other Loans 740,577 600,813 Allowance for
Loan Losses (7,756) (6,996) Other Assets 45,846 57,887 Total Assets
$861,748 $781,525 Liabilities and Shareholders' Equity: Transaction
Accounts $380,357 $424,340 Time Deposit Accounts 264,384 151,036
FHLB Advances and Trust Preferred Securities 138,443 140,842 Other
Liabilities 9,195 6,671 Shareholders' Equity 69,369 58,636 Total
Liabilities and Shareholders' Equity $861,748 $781,525 (1) EPS has
been restated for the 12% stock dividend paid June 7, 2005 and the
10% stock dividend paid May 17, 2006. Republic First Bancorp, Inc.
June 30, 2006 (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: 2006 2005 2006 2005 Return on average assets 1.27 %
1.18 % 1.30 % 1.17 % Return on average equity 14.87 % 14.26 % 15.74
% 14.96 % Share information: Book value per share $7.31 $6.33 (1)
$7.31 (1) $6.33 (1) Actual shares outstanding at period end, net of
treasury shares (250,555) 9,492,000 9,266,000 (1) 9,492,000 (1)
9,266,000 (1) Average diluted shares outstanding 9,750,000
9,600,000 (1) 9,696,000 (1) 9,554,000 (1) (1) EPS has been restated
for the 12% stock dividend paid June 7, 2005 and the 10% stock
dividend paid May 17, 2006. Republic First Bancorp, Inc. June 30,
2006 (Dollars in thousands) (unaudited) Credit Quality Ratios: June
30 June 30 2006 2005 Non-accrual and loans accruing, but past due
90 days or more $2,877 $3,138 Restructured loans - - Total
non-performing loans 2,877 3,138 Other real estate owned 594 137
Total non-performing assets $3,471 $3,275 Non-performing loans as a
percentage of total loans 0.39% 0.52% Nonperforming assets as a
percentage of total assets 0.40% 0.42% Allowance for loan losses to
total loans 1.05% 1.16% Allowance for loan losses to total
non-performing loans 269.59% 222.94% Republic First Bancorp, Inc.
June 30, 2006 (Dollars in thousands) (unaudited) Quarter-to-Date
Average Balance Sheet Three months ended Three months ended June
30, 2006 June 30, 2005 Interest-Earning Average Average Assets:
Average Yield/ Average Yield/ Balance Interest Cost Balance
Interest Cost Commercial and other loans $700,313 $13,751 7.88 %
$577,421 $9,859 6.85 % Investment securities 43,131 566 5.25 45,046
441 3.92 Federal funds sold 20,656 252 4.89 27,900 195 2.80 Total
interest- earning assets 764,100 14,569 7.65 650,367 10,495 6.47
Other assets 36,253 39,793 Total assets $800,353 $14,569 $690,160
$10,495 Interest-bearing liabilities: Interest-bearing deposits
$530,721 $4,939 3.73 % $480,710 $3,020 2.52 % Borrowed funds
107,800 1,444 5.37 59,214 544 3.68 Interest-bearing liabilities
638,521 6,383 4.01 539,924 3,564 2.65 Non-interest and
interest-bearing funding 722,804 6,383 3.54 626,892 3,564 2.28
Other liabilities: 9,408 6,030 Total liabilities 732,212 632,922
Shareholders' equity 68,141 57,238 Total liabilities &
shareholders' equity $800,353 $690,160 Net interest income $8,186
$6,931 Net interest margin 4.30 % 4.27 % Republic First Bancorp,
Inc. June 30, 2006 (Dollars in thousands ) (unaudited) Year-to-Date
Average Balance Sheet Six months ended Six months ended June 30,
2006 June 30, 2005 Interest-Earning Average Average Assets: Average
Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost
Commercial and other loans $700,603 $27,905 8.03 % $572,106 $19,771
6.93 % Investment securities 42,488 1,076 5.06 46,902 885 3.77
Federal funds sold 28,350 652 4.64 52,526 671 2.56 Total interest-
earning assets 771,441 29,633 7.75 671,534 21,327 6.37 Other assets
36,880 42,171 Total assets $808,321 $29,633 $713,705 $21,327
Interest-bearing liabilities: Interest-bearing deposits $574,380
$10,203 3.58 % $496,439 $6,016 2.43 % Borrowed funds 72,562 1,935
5.38 63,750 1,182 3.72 Interest-bearing liabilities 646,942 12,138
3.78 560,189 7,198 2.58 Non-interest and interest-bearing funding
732,117 12,138 3.34 650,434 7,198 2.22 Other liabilities: 9,602
7,235 Total liabilities 741,719 657,669 Shareholders' equity 66,602
56,036 Total liabilities & shareholders' equity $808,321
$713,705 Net interest income $17,495 $14,129 Net interest margin
4.57 % 4.22 % DATASOURCE: Republic First Bancorp, Inc. CONTACT:
Paul Frenkiel, CFO of Republic First Bancorp, +1-215-735-4422 ext.
5255
Copyright
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From May 2024 to Jun 2024
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Jun 2023 to Jun 2024