PHILADELPHIA, April 23 /PRNewswire-FirstCall/ -- Republic First
Bancorp, Inc. (Nasdaq: FRBK), the holding company for Republic
First Bank, today announced its financial results for the period
ending March 31, 2010.
During the first quarter of 2010, the Company recorded a net
loss of $3.9 million, or $0.37 per share, compared to a net loss of
$2.4 million, or $0.23 per share, for the fourth quarter 2009.
"Our first quarter was negatively impacted by increases in
reserves and charge-offs related to our loan portfolio to
strengthen our balance sheet, along with increases in personnel
cost required to execute our strategic plan," said Harry D. Madonna, the Company's Chairman and
Chief Executive Officer. "We continue to be well
capitalized."
During the first quarter of 2010, the Company announced that the
merger agreement with Metro Bank had been terminated due to the
uncertainty over regulatory approvals. "While we believe the merger
would have accelerated our strategic plan for growth, rebranding
and retail banking, we will continue our efforts to focus on
positioning our organization to take advantage of the growth
opportunities that will arise from the consolidation and disruption
of service in the banking industry. With a strong management team
in place, we have already made great strides toward the enhancement
of retail banking focused relationships. We have renovated most of
our existing stores and continue to seek out locations for future
sites that will be customer centric to the needs of the Delaware
Valley," said Madonna.
Highlights
- The first quarter results include a $5.5
million provision for loan losses which reflects reserve
building to bolster our balance sheet and accelerate the remix of
our loan portfolio.
- Allowance for loan losses to gross loans increased to
2.02%
- Total loans outstanding decreased by 10% to $665.7 million at March
31, 2010 compared to $741.8
million at March 31, 2009 as a
result of the continuing effort to reduce exposure to commercial
real estate and strengthen the loan portfolio.
- The Company continues to reposition its balance sheet and focus
on low cost deposit growth.
- Core deposits increased by $155.5
million, or 29%, during the twelve month period ended
March 31, 2010.
- The cost of funds decreased to 1.38% for the first quarter 2010
compared to 2.09% for the first quarter 2009.
- Capital levels remain strong with a Total Risk-Based Capital
ratio of 12.49% and a Tier I Leverage Ratio of 8.94% at
March 31, 2010.
- With the addition of new talent, products, and services the
Company continues to strengthen itself for competitive growth and
performance.
Income Statement
The Company reported a net loss of $3.9
million, or $0.37 per share,
for the three months ended March 31,
2010, compared to a net loss of $2.4
million, or $0.23 per share in
the prior quarter and a net loss of $3.8
million, or $0.35 per share,
for the three months ended March 31,
2009. The first quarter 2010 loss was attributable to a
provision for loan losses in the amount of $5.5 million. In addition, the Company
recorded expenditures of $1.0 million
associated with the termination of the merger agreement with Metro
Bancorp, Inc. related to legal fees, underwriting services and
other costs.
Net interest income was $7.4
million for the first quarter 2010 compared to $6.9 million for the first quarter 2009. The net
interest margin increased to 3.38% for the first quarter 2010
compared to 3.23% for the first quarter of 2009.
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
%
|
|
|
|
%
|
|
|
3/31/10
|
|
3/31/09
|
|
Change
|
|
12/31/09
|
|
Change
|
|
Total assets
|
$
967,507
|
|
$
911,380
|
|
6%
|
|
$
1,008,642
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans (net)
|
665,711
|
|
741,822
|
|
(10%)
|
|
680,977
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
846,232
|
|
779,128
|
|
9%
|
|
882,894
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core deposits*
|
689,996
|
|
534,450
|
|
29%
|
|
719,319
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
* Core deposits equal total deposits
less public and brokered certificates of deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's ongoing effort to remix and strengthen its balance
sheet continues to show progress. Net loans decreased to
$665.7 million as of March 31, 2010, as the Company continues to
reduce concentrations in the commercial real estate portfolio. Core
deposits grew by 29% to $690.0
million as of March 31, 2010
compared to $534.5 million at
March 31, 2009. Liquidity remained
strong as the Company decreased its dependence on outside
borrowings, while increasing cash and investment securities
balances by $109.6 million as of
March 31, 2010 when compared to
March 31, 2009. These changes are the
direct result of the strong growth in core deposits over that
period of time.
Core Deposits
|
|
Core deposits by type of account are as
follows:
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
1st Qtr
2010
|
|
|
|
|
|
|
%
|
|
|
|
%
|
|
Cost of
|
|
|
3/31/10
|
|
3/31/09
|
|
Change
|
|
12/31/09
|
|
Change
|
|
Funds
|
|
Demand noninterest-bearing
|
$138,842
|
|
$
87,849
|
|
58%
|
|
$125,618
|
|
11%
|
|
0.00%
|
|
Demand interest-bearing
|
45,587
|
|
38,448
|
|
19%
|
|
52,919
|
|
-14%
|
|
0.67%
|
|
Money market and savings
|
311,792
|
|
253,101
|
|
23%
|
|
327,103
|
|
-5%
|
|
1.38%
|
|
Certificates of deposit
|
193,775
|
|
155,052
|
|
25%
|
|
213,679
|
|
-9%
|
|
2.11%
|
|
Total core deposits
|
$689,996
|
|
$534,450
|
|
29%
|
|
$719,319
|
|
-4%
|
|
1.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits, which exclude all public and brokered
certificates of deposit, increased to $690.0
million at March 31, 2010, an
increase of $155.5 million, or 29%,
from March 31, 2009 and a decrease of
$29.3 million, or 4%, compared to
December 31, 2009. We believe core
deposits are the appropriate measure of deposits gathered through
our store network.
Lending
|
|
The following table sets forth the composition of
the Company's loan portfolio at the dates indicated.
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
3/31/10
|
|
Total
|
|
3/31/09
|
|
Total
|
|
12/31/09
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$ 86,326
|
|
13%
|
|
$ 93,268
|
|
12%
|
|
$ 88,926
|
|
13%
|
|
|
Owner Occupied
|
83,500
|
|
12%
|
|
71,708
|
|
10%
|
|
85,481
|
|
12%
|
|
|
Total Commercial
|
169,826
|
|
25%
|
|
164,976
|
|
22%
|
|
174,407
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Residential
|
21,518
|
|
3%
|
|
22,572
|
|
3%
|
|
22,359
|
|
3%
|
|
|
Commercial Real Estate
|
488,092
|
|
72%
|
|
562,708
|
|
75%
|
|
497,052
|
|
72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans
|
$ 679,436
|
|
100%
|
|
$ 750,256
|
|
100%
|
|
$ 693,818
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
The Company's asset quality ratios are highlighted
below:
|
|
|
Quarter
Ended
|
|
|
3/31/10
|
|
3/31/09
|
|
12/31/09
|
|
Nonperforming assets / total
assets
|
4.94%
|
|
3.10%
|
|
3.93%
|
|
Net loan charge-offs / average total
loans
|
2.74%
|
|
2.51%
|
|
0.46%
|
|
Allowance for loan losses / gross
loans
|
2.02%
|
|
1.12%
|
|
1.85%
|
|
Allowance for loan losses /
non-performing loans
|
37.37%
|
|
46.22%
|
|
49.32%
|
|
Nonperforming assets / capital and
reserves
|
60.54%
|
|
33.28%
|
|
47.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets were $47.8
million, or 4.94% of total assets, as of March 31, 2010 compared to $39.6 million, or 3.93%, of total assets at
December 31, 2009 and $28.3 million, or 3.10%, of total assets at
March 31, 2009. The Company recorded
a provision for loan losses of $5.5
million during the three months ended March 31, 2010, compared to a provision of
$4.8 million for the quarter ended
March 31, 2009. The allowance for
loan losses as a percentage of total loans was 2.02% as of
March 31, 2010, compared to 1.12% one
year ago.
Capital
|
|
The Company's capital regulatory ratios at March 31,
2010 were as follows:
|
|
|
Republic
First
|
|
|
Regulatory
Guidelines
|
|
|
|
Bancorp,
Inc.
|
|
|
"Well
Capitalized"
|
|
|
Leverage Ratio
|
8.94%
|
|
|
5.00%
|
|
|
Tier I Risk Based Capital
|
11.21%
|
|
|
6.00%
|
|
|
Total Risk Based Capital
|
12.49%
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity was $65.2
million at March 31, 2010
which represented a book value per share of $6.18, based on common shares outstanding of
approximately 10.6 million.
About Republic First Bank
Republic First Bank 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 twelve
offices located in Abington,
Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.
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. 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. These factors include
competition, timing, credit risks of lending activities, changes in
general economic conditions, price pressures on loan and deposit
products, and other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission. 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, except as
may be required by applicable law or regulations.
Republic First Bancorp,
Inc.
|
|
Selected Consolidated Financial
Data
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
%
|
|
|
|
%
|
|
(dollars in thousands, except per
share amounts)
|
3/31/10
|
|
12/31/09
|
|
Change
|
|
3/31/09
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 7,409
|
|
$
6,960
|
|
6%
|
|
$ 6,858
|
|
8%
|
|
|
Provision for loan losses
|
5,500
|
|
1,000
|
|
450%
|
|
4,800
|
|
15%
|
|
|
Non-interest income (loss)
|
475
|
|
(1,205)
|
|
(139%)
|
|
652
|
|
27%
|
|
|
Total revenues
|
7,884
|
|
5,755
|
|
37%
|
|
7,510
|
|
5%
|
|
|
Non-interest expenses
|
8,405
|
|
8,555
|
|
(2%)
|
|
8,485
|
|
(1%)
|
|
|
Provision (benefit) for income
taxes
|
(2,159)
|
|
(1,368)
|
|
58%
|
|
(2,015)
|
|
(7%)
|
|
|
Net income (loss)
|
(3,862)
|
|
(2,432)
|
|
59%
|
|
(3,760)
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss): Basic
|
$ (0.37)
|
|
$
(0.23)
|
|
61%
|
|
$ (0.35)
|
|
(6%)
|
|
|
Net income (loss): Diluted
|
(0.37)
|
|
(0.23)
|
|
61%
|
|
(0.35)
|
|
(6%)
|
|
|
Book Value
|
$ 6.18
|
|
$
6.59
|
|
|
|
$ 7.19
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
10,578
|
|
10,666
|
|
|
|
10,631
|
|
|
|
|
|
Diluted
|
10,578
|
|
10,666
|
|
|
|
10,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 967,507
|
|
$ 1,008,642
|
|
(4%)
|
|
$ 911,380
|
|
6%
|
|
|
Loans (net)
|
665,711
|
|
680,977
|
|
(2%)
|
|
741,822
|
|
(10%)
|
|
|
Allowance for loan losses
|
13,725
|
|
12,841
|
|
7%
|
|
8,434
|
|
63%
|
|
|
Investment securities
|
183,400
|
|
192,395
|
|
(5%)
|
|
86,444
|
|
112%
|
|
|
Total deposits
|
846,232
|
|
882,894
|
|
(4%)
|
|
779,128
|
|
9%
|
|
|
Core deposits*
|
689,996
|
|
719,319
|
|
(4%)
|
|
534,450
|
|
29%
|
|
|
Public and brokered certificates of
deposit
|
156,236
|
|
163,575
|
|
(4%)
|
|
244,678
|
|
(36%)
|
|
|
Other borrowed money
|
25,000
|
|
25,000
|
|
-
|
|
25,000
|
|
-
|
|
|
Subordinated debt
|
22,476
|
|
22,476
|
|
-
|
|
22,476
|
|
-
|
|
|
Stockholders' equity
|
65,182
|
|
70,264
|
|
(7%)
|
|
76,487
|
|
(15%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital:
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity to total
assets
|
6.74%
|
|
6.97%
|
|
|
|
8.39%
|
|
|
|
|
Leverage ratio
|
8.94%
|
|
9.36%
|
|
|
|
9.53%
|
|
|
|
|
Risk based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
11.21%
|
|
11.89%
|
|
|
|
12.35%
|
|
|
|
|
|
Total Capital
|
12.49%
|
|
13.14%
|
|
|
|
13.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of funds
|
1.38%
|
|
1.63%
|
|
|
|
2.09%
|
|
|
|
|
Deposit cost of funds
|
1.22%
|
|
1.49%
|
|
|
|
2.01%
|
|
|
|
|
Net interest margin
|
3.38%
|
|
3.01%
|
|
|
|
3.23%
|
|
|
|
|
Return on average assets
|
(1.61%)
|
|
(0.97%)
|
|
|
|
(1.66%)
|
|
|
|
|
Return on average total stockholders'
equity
|
(22.68%)
|
|
(13.38%)
|
|
|
|
(19.41%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
outstanding
|
2.74%
|
|
0.46%
|
|
|
|
2.51%
|
|
|
|
|
Nonperforming assets to total
period-end assets
|
4.94%
|
|
3.93%
|
|
|
|
3.10%
|
|
|
|
|
Allowance for loan losses to total
period-end loans
|
2.02%
|
|
1.85%
|
|
|
|
1.12%
|
|
|
|
|
Allowance for loan losses to
nonperforming loans
|
37.37%
|
|
49.32%
|
|
|
|
46.22%
|
|
|
|
|
Nonperforming assets to capital and
reserves
|
60.54%
|
|
47.70%
|
|
|
|
33.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Core deposits equal total
deposits less public and brokered certificates of deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2010
|
|
December 31,
2009
|
|
March 31,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ 22,840
|
|
$ 20
|
|
0.36%
|
|
$ 101,795
|
|
$ 68
|
|
0.27%
|
|
$ 5,381
|
|
$
3
|
|
0.23%
|
|
Securities
|
|
190,738
|
|
1,716
|
|
3.60%
|
|
127,672
|
|
1,298
|
|
4.07%
|
|
90,966
|
|
1,190
|
|
5.23%
|
|
Loans receivable
|
|
683,846
|
|
8,759
|
|
5.19%
|
|
695,391
|
|
9,385
|
|
5.35%
|
|
770,562
|
|
9,990
|
|
5.26%
|
|
Total interest-earning
assets
|
|
897,424
|
|
10,495
|
|
4.74%
|
|
924,858
|
|
10,751
|
|
4.61%
|
|
866,909
|
|
11,183
|
|
5.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
73,516
|
|
|
|
|
|
66,143
|
|
|
|
|
|
49,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ 970,940
|
|
|
|
|
|
$ 991,001
|
|
|
|
|
|
$ 916,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non interest-bearing
|
|
$ 125,400
|
|
|
|
|
|
$ 101,446
|
|
|
|
|
|
$ 77,527
|
|
|
|
|
|
Demand interest-bearing
|
|
49,506
|
|
$ 82
|
|
0.67%
|
|
53,834
|
|
$ 92
|
|
0.68%
|
|
42,087
|
|
$ 65
|
|
0.63%
|
|
Money market & savings
|
|
307,862
|
|
1,050
|
|
1.38%
|
|
320,613
|
|
1,417
|
|
1.75%
|
|
226,663
|
|
1,101
|
|
1.97%
|
|
Time deposits
|
|
360,796
|
|
1,405
|
|
1.58%
|
|
386,616
|
|
1,730
|
|
1.78%
|
|
394,742
|
|
2,501
|
|
2.57%
|
|
Total deposits
|
|
843,564
|
|
2,537
|
|
1.22%
|
|
862,509
|
|
3,239
|
|
1.49%
|
|
741,019
|
|
3,667
|
|
2.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
|
718,164
|
|
2,537
|
|
1.43%
|
|
761,063
|
|
3,239
|
|
1.69%
|
|
663,492
|
|
3,667
|
|
2.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings
|
|
48,586
|
|
489
|
|
4.08%
|
|
47,476
|
|
495
|
|
4.14%
|
|
87,726
|
|
603
|
|
2.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
$ 766,750
|
|
$ 3,026
|
|
1.60%
|
|
$ 808,539
|
|
$ 3,734
|
|
1.83%
|
|
$ 751,218
|
|
$ 4,270
|
|
2.31%
|
|
Total deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings
|
|
892,150
|
|
3,026
|
|
1.38%
|
|
909,985
|
|
3,734
|
|
1.63%
|
|
828,745
|
|
4,270
|
|
2.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
9,716
|
|
|
|
|
|
8,893
|
|
|
|
|
|
9,184
|
|
|
|
|
|
Shareholders' equity
|
|
69,074
|
|
|
|
|
|
72,123
|
|
|
|
|
|
78,554
|
|
|
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
|
$ 970,940
|
|
|
|
|
|
$ 991,001
|
|
|
|
|
|
$ 916,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$ 7,469
|
|
|
|
|
|
$ 7,017
|
|
|
|
|
|
$ 6,913
|
|
|
|
Net interest spread
|
|
|
|
|
|
3.14%
|
|
|
|
|
|
2.78%
|
|
|
|
|
|
2.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
3.38%
|
|
|
|
|
|
3.01%
|
|
|
|
|
|
3.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
(dollars in thousands)
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
12,841
|
|
$
12,644
|
|
$
8,409
|
|
Provisions charged to operating
expense
|
5,500
|
|
1,000
|
|
4,800
|
|
|
18,341
|
|
13,644
|
|
13,209
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
Commercial
|
150
|
|
-
|
|
-
|
|
Tax refund loans
|
-
|
|
-
|
|
-
|
|
Consumer
|
-
|
|
-
|
|
-
|
|
Total recoveries
|
150
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Loans charged-off:
|
|
|
|
|
|
|
Commercial
|
(4,766)
|
|
(803)
|
|
(4,775)
|
|
Tax refund loans
|
-
|
|
-
|
|
-
|
|
Consumer
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Total charged-off
|
(4,766)
|
|
(803)
|
|
(4,775)
|
|
|
|
|
|
|
|
|
Net charge-offs
|
(4,616)
|
|
(803)
|
|
(4,775)
|
|
|
|
|
|
|
|
|
Balance at end of period
|
$
13,725
|
|
$
12,841
|
|
$
8,434
|
|
|
|
|
|
|
|
|
Net charge-offs as a percentage
of
|
|
|
|
|
|
|
average loans outstanding
|
2.74%
|
|
0.46%
|
|
2.51%
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of
|
|
|
|
|
|
|
period-end loans
|
2.02%
|
|
1.85%
|
|
1.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 36,144
|
|
$
25,449
|
|
$
17,997
|
|
$ 15,262
|
|
$ 14,882
|
|
Consumer and other
|
582
|
|
585
|
|
588
|
|
600
|
|
607
|
|
Total non-accrual loans
|
36,726
|
|
26,034
|
|
18,585
|
|
15,862
|
|
15,489
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or
more
|
|
|
|
|
|
|
|
|
|
|
and still accruing
|
-
|
|
-
|
|
-
|
|
-
|
|
2,759
|
|
Renegotiated loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
|
36,726
|
|
26,034
|
|
18,585
|
|
15,862
|
|
18,248
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
|
11,044
|
|
13,611
|
|
10,847
|
|
10,016
|
|
10,016
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets
|
$ 47,770
|
|
$
39,645
|
|
$
29,432
|
|
$ 25,878
|
|
$ 28,264
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total
loans
|
5.41%
|
|
3.75%
|
|
2.62%
|
|
2.12%
|
|
2.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total
assets
|
4.94%
|
|
3.93%
|
|
3.09%
|
|
2.76%
|
|
3.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
37.37%
|
|
49.32%
|
|
68.03%
|
|
101.10%
|
|
46.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage
|
|
|
|
|
|
|
|
|
|
|
of total period-end
loans
|
2.02%
|
|
1.85%
|
|
1.78%
|
|
2.14%
|
|
1.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets/capital
plus
|
|
|
|
|
|
|
|
|
|
|
allowance for loan
losses
|
60.54%
|
|
47.70%
|
|
34.45%
|
|
29.63%
|
|
33.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Republic First Bancorp, Inc.