PHILADELPHIA, Jan. 20, 2011 /PRNewswire/ -- Republic First
Bancorp, Inc. (Nasdaq: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
December 31, 2010.
(Logo: http://photos.prnewswire.com/prnh/20100707/PH31611LOGO
)
During the fourth quarter of 2010, the Company recorded net
income of $159,000, or $0.01 per share, compared to a net loss of
$2.4 million, or $0.23 per share, for the fourth quarter of
2009.
"Our strategy executed over the course of the current year has
resulted in improved quality on the balance sheet and a stronger
capital position," said Harry D.
Madonna, the Company's Chairman and Chief Executive Officer.
"Non-performing loans have trended lower for the last two quarters
after increasing through the period ended June 30, 2010."
During 2010, the Company completed several positive initiatives.
"We are very pleased with the progress we've made to
strengthen the Bank and place ourselves in a position to capitalize
on opportunities for growth," said Madonna. "We believe that our
customer-focused retail model will continue to turn our customers
into fans and build a successful franchise for shareholders."
Highlights for the Year Ended December
31, 2010
- Raised $30 million in new capital
through a common stock offering increasing total Shareholders'
Equity to $88.1 million at
December 31, 2010
- Capital levels remain strong with a Total Risk-Based Capital
ratio of 14.93% and a Tier I Leverage Ratio of 11.01% at
December 31, 2010.
- Completed re-branding to the name Republic Bank
- Successfully opened first "new look" store in Haddonfield, New Jersey
- Repositioned the balance sheet and shifted focus to low-cost
core deposit growth
- Reduced non-performing loan balances for a second consecutive
quarter after reaching a peak during the second quarter of
2010
- Tangible book value per share as of December 31, 2010 was $3.39
Income Statement
The Company reported net income of $159,000, or $0.01
per share, for the three months ended December 31, 2010, compared to a net loss of
$2.4 million, or $0.23 per share, for the three months ended
December 31, 2009. The net loss
recorded during the fourth quarter of 2009 was mainly attributable
to an impairment charge on investment securities and a one-time
adjustment of FDIC insurance premiums, neither of which impacted
the fourth quarter of 2010.
Net interest income increased to $7.2
million during the quarter ended December 31, 2010, compared to $7.0 million for the quarter ended December 31, 2009. The Company continues to
lower its cost of funds as evidenced by a decrease of 58 basis
points to 1.05% for the three months ended December 31, 2010, as compared to 1.63% in the
same prior year period.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
|
|
Description
|
December
31,
2010
|
December
31,
2009
|
%
Change
|
September
30,
2010
|
%
Change
|
|
|
|
|
|
|
|
|
Total assets
|
$ 876,097
|
$ 1,008,642
|
(13%)
|
$ 946,657
|
(7%)
|
|
|
|
|
|
|
|
|
Total loans (net)
|
608,911
|
680,977
|
(11%)
|
625,071
|
(3%)
|
|
|
|
|
|
|
|
|
Total deposits
|
757,730
|
882,894
|
(14%)
|
825,134
|
(8%)
|
|
|
|
|
|
|
|
|
Total core deposits *
|
701,779
|
719,319
|
(2%)
|
705,659
|
(1%)
|
|
|
|
|
|
|
|
|
* Core deposits represent
total deposits less public and brokered certificates of
deposit
|
|
|
|
|
|
|
|
Net loans decreased by 11% to $608.9
million as of December 31,
2010, compared to $681.0
million as of December 31,
2009, as the Company continues to reduce exposure in the
commercial real estate loan portfolio. Total deposits decreased by
$125.2 million, or 14%, as of
December 31, 2010 when compared to
December 31, 2009, due to the
Company's intentional effort to reduce its dependence on wholesale
funding sources through the brokered and public fund certificate of
deposit market.
Liquidity remained strong as the Company has currently
eliminated the need for outside borrowings and has significantly
reduced its dependence on wholesale funding sources.
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
|
|
Description
|
December
31,
2010
|
December
31,
2009
|
%
Change
|
September
30,
2010
|
%
Change
|
4th
Qtr
2010 Cost
of Funds
|
|
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$128,578
|
$
125,618
|
2%
|
$ 111,908
|
15%
|
0.00%
|
|
|
|
|
|
|
|
|
|
Demand
interest-bearing
|
66,283
|
52,919
|
25%
|
62,536
|
6%
|
0.66%
|
|
|
|
|
|
|
|
|
|
Money market and
savings
|
329,742
|
327,103
|
1%
|
335,046
|
(2%)
|
1.05%
|
|
|
|
|
|
|
|
|
|
Certificates of
deposit
|
177,176
|
213,679
|
(17%)
|
196,169
|
(10%)
|
1.58%
|
|
|
|
|
|
|
|
|
|
Total core
deposits
|
$701,779
|
$ 719,319
|
(2%)
|
$ 705,659
|
(1%)
|
0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits, excluding certificates of deposit, increased by
$19.0 million, or 4%, at December 31, 2010, when compared to December 31, 2009 as the Company continues to
focus its efforts on the gathering of low-cost core deposits. At
the same time, the Company continues to reduce the deposit cost of
funds and increase the net interest margin.
Lending
Loans by type of customer are as follows (dollars in
thousands):
|
|
Description
|
December
31,
2010
|
%
of
Total
|
December
31,
2009
|
%
of
Total
|
September
30,
2010
|
%
of
Total
|
|
|
|
|
|
|
|
|
|
Commercial
|
$78,428
|
13%
|
$ 88,926
|
13%
|
$ 79,118
|
13%
|
|
Owner-occupied
|
70,833
|
11%
|
85,481
|
12%
|
72,723
|
11%
|
|
Total
commercial
|
149,261
|
24%
|
174,407
|
25%
|
151,841
|
24%
|
|
|
|
|
|
|
|
|
|
Consumer &
residential
|
22,364
|
4%
|
22,359
|
3%
|
22,070
|
3%
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
448,730
|
72%
|
497,052
|
72%
|
462,049
|
73%
|
|
|
|
|
|
|
|
|
|
Total loans
|
$ 620,355
|
100%
|
$ 693,818
|
100%
|
$ 635,960
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
The Company's asset quality ratios are highlighted below:
|
|
|
|
|
Ratio
|
December
31,
2010
|
December
31,
2009
|
September
30,
2010
|
|
|
|
|
|
|
Non-performing assets/total
assets
|
6.30%
|
3.93%
|
6.23%
|
|
|
|
|
|
|
Quarterly net loan charge-offs
(recoveries)/average loans
|
(0.58%)
|
0.46%
|
0.05%
|
|
|
|
|
|
|
Allowance for loan losses/gross
loans
|
1.84%
|
1.85%
|
1.71%
|
|
|
|
|
|
|
Allowance for loan
losses/non-performing loans
|
29%
|
49%
|
23%
|
|
|
|
|
|
|
Non-performing assets/capital
and reserves
|
55%
|
48%
|
58%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans trended lower for a second consecutive
quarter to $40.0 million, or 6.45% of
total loans, at December 31, 2010,
compared to $48.3 million, or 7.60%
of total loans at September 30, 2010.
The allowance for loan losses as a percentage of total loans was
1.84% as of December 31, 2010,
compared to 1.71% as of September 30,
2010, and 1.85% as of December 31,
2009.
Capital
The Company's capital regulatory ratios at December 31, 2010 were as follows:
|
|
|
Republic
First Bancorp, Inc.
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
|
|
Leverage Ratio
|
11.01%
|
5.00%
|
|
|
|
|
|
Tier 1 Risk Based
Capital
|
13.68%
|
6.00%
|
|
|
|
|
|
Total Risk Based
Capital
|
14.93%
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity was $88.1
million at December 31, 2010
which represented a book value per share of $3.39, based on common shares outstanding of
approximately 26.0 million.
The Company, along with its banking subsidiary, continue to
maintain strong capital ratios and are considered well capitalized
under the regulatory guidelines as required by federal banking
agencies.
About Republic Bank
Republic 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 thirteen offices located
in Abington, Ardmore, Bala
Cynwyd, Plymouth Meeting,
Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, 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. The forward-looking statements contained
herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those projected in
the forward-looking statements. For example, risks and
uncertainties can arise with changes in: general economic
conditions, including their impact on capital expenditures; new
service and product offerings by competitors and price pressures;
and similar items. You should carefully review the risk
factors described in the Form 10-Q for the quarter ended
March 31, 2010 and other documents
the Company files from time to time with the Securities and
Exchange Commission. The words "may", "believes," "expect,"
"estimate," "project," "anticipate," "should," "intend,"
"probability," "risk," "target," "objective," and similar
expressions or variations on such 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 U.S. 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
|
|
Twelve
months ended
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
|
|
%
|
|
(dollars in thousands, except
per share amounts)
|
12/31/10
|
|
9/30/10
|
|
Change
|
|
12/31/09
|
|
Change
|
|
12/31/10
|
|
12/31/09
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 7,223
|
|
$ 7,921
|
|
(9%)
|
|
$ 6,960
|
|
4%
|
|
$ 30,064
|
|
$
27,415
|
|
10%
|
|
|
Provision (recovery) for loan
losses
|
(350)
|
|
700
|
|
(150%)
|
|
1,000
|
|
(135%)
|
|
16,600
|
|
14,200
|
|
17%
|
|
|
Non-interest income
(loss)
|
1,589
|
|
521
|
|
205%
|
|
(1,205)
|
|
232%
|
|
2,839
|
|
79
|
|
3,494%
|
|
|
Total revenues
|
8,812
|
|
8,442
|
|
4%
|
|
5,755
|
|
53%
|
|
32,903
|
|
27,494
|
|
20%
|
|
|
Non-interest expenses
|
8,991
|
|
7,718
|
|
16%
|
|
8,555
|
|
5%
|
|
33,067
|
|
30,959
|
|
7%
|
|
|
Provision (benefit) for income
taxes
|
12
|
|
(44)
|
|
127%
|
|
(1,368)
|
|
101%
|
|
(6,074)
|
|
(6,223)
|
|
2%
|
|
|
Net income (loss)
|
159
|
|
68
|
|
134%
|
|
(2,432)
|
|
107%
|
|
(10,690)
|
|
(11,442)
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss):
Basic
|
$
0.01
|
|
$
-
|
|
|
|
$ (0.23)
|
|
104%
|
|
$
(0.57)
|
|
$
(1.07)
|
|
47%
|
|
|
Net income (loss):
Diluted
|
0.01
|
|
-
|
|
|
|
(0.23)
|
|
104%
|
|
(0.57)
|
|
(1.07)
|
|
47%
|
|
|
Book Value
|
$
3.39
|
|
$
3.47
|
|
|
|
$
6.64
|
|
|
|
$
3.39
|
|
$
6.64
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
25,967
|
|
25,871
|
|
|
|
10,666
|
|
|
|
18,593
|
|
10,655
|
|
|
|
|
|
Diluted
|
25,967
|
|
25,871
|
|
|
|
10,666
|
|
|
|
18,593
|
|
10,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 876,097
|
|
$ 946,657
|
|
(7%)
|
|
|
|
|
|
$ 876,097
|
|
$ 1,008,642
|
|
(13%)
|
|
|
Loans (net)
|
608,911
|
|
625,071
|
|
(3%)
|
|
|
|
|
|
608,911
|
|
680,977
|
|
(11%)
|
|
|
Allowance for loan
losses
|
11,444
|
|
10,889
|
|
5%
|
|
|
|
|
|
11,444
|
|
12,841
|
|
(11%)
|
|
|
Investment securities
|
150,087
|
|
156,544
|
|
(4%)
|
|
|
|
|
|
150,087
|
|
192,395
|
|
(22%)
|
|
|
Total deposits
|
757,730
|
|
825,134
|
|
(8%)
|
|
|
|
|
|
757,730
|
|
882,894
|
|
(14%)
|
|
|
Core deposits*
|
701,779
|
|
705,659
|
|
(1%)
|
|
|
|
|
|
701,779
|
|
719,319
|
|
(2%)
|
|
|
Public and brokered certificates
of deposit
|
55,951
|
|
119,475
|
|
(53%)
|
|
|
|
|
|
55,951
|
|
163,575
|
|
(66%)
|
|
|
Other borrowed money
|
-
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
25,000
|
|
(100%)
|
|
|
Subordinated debt
|
22,476
|
|
22,476
|
|
-
|
|
|
|
|
|
22,476
|
|
22,476
|
|
-
|
|
|
Stockholders' equity
|
88,146
|
|
90,161
|
|
(2%)
|
|
|
|
|
|
88,146
|
|
70,264
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity to total
assets
|
10.06%
|
|
9.52%
|
|
|
|
|
|
|
|
10.06%
|
|
6.97%
|
|
|
|
|
Leverage ratio
|
11.01%
|
|
10.96%
|
|
|
|
|
|
|
|
11.01%
|
|
9.36%
|
|
|
|
|
Risk based capital
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
13.68%
|
|
13.33%
|
|
|
|
|
|
|
|
13.68%
|
|
11.89%
|
|
|
|
|
|
Total Capital
|
14.93%
|
|
14.58%
|
|
|
|
|
|
|
|
14.93%
|
|
13.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of funds
|
1.05%
|
|
1.13%
|
|
|
|
1.63%
|
|
|
|
1.20%
|
|
1.87%
|
|
|
|
|
Deposit cost of funds
|
0.94%
|
|
1.02%
|
|
|
|
1.49%
|
|
|
|
1.07%
|
|
1.75%
|
|
|
|
|
Net interest margin
|
3.45%
|
|
3.75%
|
|
|
|
3.01%
|
|
|
|
3.50%
|
|
3.13%
|
|
|
|
|
Return on average
assets
|
0.07%
|
|
0.03%
|
|
|
|
(0.97%)
|
|
|
|
(1.14%)
|
|
(1.22%)
|
|
|
|
|
Return on average total
stockholders' equity
|
0.71%
|
|
0.30%
|
|
|
|
(13.38%)
|
|
|
|
(13.42%)
|
|
(15.32%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/(recoveries) to
average loans outstanding
|
(0.58%)
|
|
0.05%
|
|
|
|
|
|
|
|
2.73%
|
|
1.33%
|
|
|
|
|
Non-performing assets to total
period-end assets
|
6.30%
|
|
6.23%
|
|
|
|
|
|
|
|
6.30%
|
|
3.93%
|
|
|
|
|
Allowance for loan losses to
total period-end loans
|
1.84%
|
|
1.71%
|
|
|
|
|
|
|
|
1.84%
|
|
1.85%
|
|
|
|
|
Allowance for loan losses to
non-performing loans
|
28.62%
|
|
22.53%
|
|
|
|
|
|
|
|
28.62%
|
|
49.32%
|
|
|
|
|
Non-performing assets to capital
and reserves
|
55.46%
|
|
58.36%
|
|
|
|
|
|
|
|
55.46%
|
|
47.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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)
|
December 31,
2010
|
|
September
30, 2010
|
|
December 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
|
$ 62,508
|
|
$
40
|
|
0.25%
|
|
$ 15,888
|
|
$
4
|
|
0.10%
|
|
$ 101,795
|
|
$
68
|
|
0.27%
|
|
|
Securities
|
151,510
|
|
1,296
|
|
3.42%
|
|
174,059
|
|
1,562
|
|
3.59%
|
|
127,672
|
|
1,298
|
|
4.07%
|
|
|
Loans receivable
|
622,913
|
|
8,093
|
|
5.15%
|
|
653,618
|
|
8,766
|
|
5.32%
|
|
695,391
|
|
9,385
|
|
5.35%
|
|
|
Total interest-earning
assets
|
836,931
|
|
9,429
|
|
4.47%
|
|
843,565
|
|
10,332
|
|
4.86%
|
|
924,858
|
|
10,751
|
|
4.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
75,300
|
|
|
|
|
|
78,405
|
|
|
|
|
|
66,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 912,231
|
|
|
|
|
|
$ 921,970
|
|
|
|
|
|
$ 991,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$ 114,540
|
|
|
|
|
|
$ 109,617
|
|
|
|
|
|
$ 101,446
|
|
|
|
|
|
|
Demand
interest-bearing
|
61,010
|
|
$ 101
|
|
0.66%
|
|
59,934
|
|
$ 119
|
|
0.79%
|
|
53,834
|
|
$
92
|
|
0.68%
|
|
|
Money market &
savings
|
336,752
|
|
888
|
|
1.05%
|
|
314,626
|
|
839
|
|
1.06%
|
|
320,613
|
|
1,417
|
|
1.75%
|
|
|
Time deposits
|
278,900
|
|
878
|
|
1.25%
|
|
312,364
|
|
1,093
|
|
1.39%
|
|
386,616
|
|
1,730
|
|
1.78%
|
|
|
Total deposits
|
791,202
|
|
1,867
|
|
0.94%
|
|
796,541
|
|
2,051
|
|
1.02%
|
|
862,509
|
|
3,239
|
|
1.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
676,662
|
|
1,867
|
|
1.09%
|
|
686,924
|
|
2,051
|
|
1.18%
|
|
761,063
|
|
3,239
|
|
1.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings
|
22,508
|
|
279
|
|
4.92%
|
|
26,511
|
|
299
|
|
4.47%
|
|
47,476
|
|
495
|
|
4.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
699,170
|
|
2,146
|
|
1.22%
|
|
713,435
|
|
2,350
|
|
1.31%
|
|
808,539
|
|
3,734
|
|
1.83%
|
|
|
Total deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
813,710
|
|
2,146
|
|
1.05%
|
|
823,052
|
|
2,350
|
|
1.13%
|
|
909,985
|
|
3,734
|
|
1.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
9,052
|
|
|
|
|
|
9,068
|
|
|
|
|
|
8,893
|
|
|
|
|
|
|
Shareholders' equity
|
89,469
|
|
|
|
|
|
89,850
|
|
|
|
|
|
72,123
|
|
|
|
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
$ 912,231
|
|
|
|
|
|
$ 921,970
|
|
|
|
|
|
$ 991,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$ 7,283
|
|
|
|
|
|
$ 7,982
|
|
|
|
|
|
$ 7,017
|
|
|
|
|
Net interest spread
|
|
|
|
|
3.25%
|
|
|
|
|
|
3.55%
|
|
|
|
|
|
2.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
3.45%
|
|
|
|
|
|
3.75%
|
|
|
|
|
|
3.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above tables
are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp,
Inc. Average Balances and
Net Interest Income
(unaudited)
|
|
|
For the
twelve months ended
|
|
For the
twelve months ended
|
|
(dollars in
thousands)
|
December 31,
2010
|
|
December 31,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning
assets
|
$ 31,313
|
|
$
80
|
|
0.26%
|
|
$ 48,580
|
|
$
118
|
|
0.24%
|
|
Securities
|
175,074
|
|
6,176
|
|
3.53%
|
|
96,787
|
|
4,633
|
|
4.79%
|
|
Loans receivable
|
659,882
|
|
34,293
|
|
5.20%
|
|
736,647
|
|
38,943
|
|
5.29%
|
|
Total interest-earning
assets
|
866,269
|
|
40,549
|
|
4.68%
|
|
882,014
|
|
43,694
|
|
4.95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
73,961
|
|
|
|
|
|
58,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 940,230
|
|
|
|
|
|
$ 940,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$ 116,895
|
|
|
|
|
|
$ 86,621
|
|
|
|
|
|
Demand
interest-bearing
|
58,467
|
|
$
427
|
|
0.73%
|
|
47,174
|
|
$
310
|
|
0.66%
|
|
Money market &
savings
|
320,296
|
|
3,689
|
|
1.15%
|
|
281,621
|
|
5,258
|
|
1.87%
|
|
Time deposits
|
320,194
|
|
4,621
|
|
1.44%
|
|
383,535
|
|
8,374
|
|
2.18%
|
|
Total deposits
|
815,852
|
|
8,737
|
|
1.07%
|
|
798,951
|
|
13,942
|
|
1.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
698,957
|
|
8,737
|
|
1.25%
|
|
712,330
|
|
13,942
|
|
1.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings
|
35,930
|
|
1,508
|
|
4.20%
|
|
57,454
|
|
2,113
|
|
3.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
734,887
|
|
10,245
|
|
1.39%
|
|
769,784
|
|
16,055
|
|
2.09%
|
|
Total deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
851,782
|
|
10,245
|
|
1.20%
|
|
856,405
|
|
16,055
|
|
1.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
8,781
|
|
|
|
|
|
9,031
|
|
|
|
|
|
Shareholders' equity
|
79,667
|
|
|
|
|
|
74,684
|
|
|
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
$ 940,230
|
|
|
|
|
|
$ 940,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$ 30,304
|
|
|
|
|
|
$ 27,639
|
|
|
|
Net interest spread
|
|
|
|
|
3.29%
|
|
|
|
|
|
2.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
3.50%
|
|
|
|
|
|
3.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Twelve
months ended
|
|
(dollars in
thousands)
|
12/31/10
|
|
9/30/10
|
|
12/31/09
|
|
12/31/10
|
|
12/31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$ 10,889
|
|
$ 10,276
|
|
$ 12,644
|
|
$ 12,841
|
|
$ 8,409
|
|
Provisions/(recoveries) charged
to operating
|
|
|
|
|
|
|
|
|
|
|
expense
|
(350)
|
|
700
|
|
1,000
|
|
16,600
|
|
14,200
|
|
|
10,539
|
|
10,976
|
|
13,644
|
|
29,441
|
|
22,609
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
905
|
|
-
|
|
-
|
|
1,168
|
|
-
|
|
Consumer
|
-
|
|
3
|
|
-
|
|
3
|
|
2
|
|
Total recoveries
|
905
|
|
3
|
|
-
|
|
1,171
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged-off:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
-
|
|
(90)
|
|
(803)
|
|
(19,126)
|
|
(9,764)
|
|
Consumer
|
-
|
|
-
|
|
-
|
|
(42)
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total charged-off
|
-
|
|
(90)
|
|
(803)
|
|
(19,168)
|
|
(9,770)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
905
|
|
(87)
|
|
(803)
|
|
(17,997)
|
|
(9,768)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$ 11,444
|
|
$ 10,889
|
|
$ 12,841
|
|
$ 11,444
|
|
$ 12,841
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/(recoveries) as
a percentage
|
|
|
|
|
|
|
|
|
|
|
of average loans
outstanding
|
(0.58%)
|
|
0.05%
|
|
0.46%
|
|
2.73%
|
|
1.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of
|
|
|
|
|
|
|
|
|
|
|
period-end loans
|
1.84%
|
|
1.71%
|
|
1.85%
|
|
1.84%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp,
Inc.
Summary of Non-Performing Loans
and Assets
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
(dollars in
thousands)
|
2010
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
39,302
|
|
$
45,958
|
|
$ 51,213
|
|
$ 36,144
|
|
$
25,449
|
|
Consumer and
other
|
690
|
|
574
|
|
599
|
|
582
|
|
585
|
|
Total non-accrual
loans
|
39,992
|
|
46,532
|
|
51,812
|
|
36,726
|
|
26,034
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or
more
|
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
-
|
|
1,795
|
|
-
|
|
-
|
|
-
|
|
Renegotiated loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
39,992
|
|
48,327
|
|
51,812
|
|
36,726
|
|
26,034
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
15,237
|
|
10,647
|
|
10,647
|
|
11,044
|
|
13,611
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$
55,229
|
|
$
58,974
|
|
$ 62,459
|
|
$ 47,770
|
|
$
39,645
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total
loans
|
6.45%
|
|
7.60%
|
|
7.74%
|
|
5.41%
|
|
3.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total
assets
|
6.30%
|
|
6.23%
|
|
6.69%
|
|
4.94%
|
|
3.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
28.62%
|
|
22.53%
|
|
19.83%
|
|
37.37%
|
|
49.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage
|
|
|
|
|
|
|
|
|
|
|
of total period-end
loans
|
1.84%
|
|
1.71%
|
|
1.54%
|
|
2.02%
|
|
1.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets/capital
plus
|
|
|
|
|
|
|
|
|
|
|
allowance for loan
losses
|
55.46%
|
|
58.36%
|
|
63.07%
|
|
60.54%
|
|
47.70%
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Republic Bank