Republic First Bancorp, Inc. Reports First Quarter Earnings
PHILADELPHIA, April 22 /PRNewswire-FirstCall/ -- Republic First
Bancorp, Inc. , the holding company for Republic First Bank (PA)
and First Bank of Delaware (DE), today reported first quarter 2004
earnings of $1.5 million or $0.22 per diluted share compared to
$1.3 million or $0.20 per diluted share for the prior year period.
The improvement in 2004 earnings reflected commercial loan and core
deposit growth, increases in non-interest income and lower loan
loss provisions. Average commercial and construction loans grew 15%
in first quarter 2004 compared to the comparable prior year period.
Average core deposits in those periods grew by approximately 10%.
The Company remains well capitalized, as Tier 1 leverage and total
risk- based capital at March 31, 2004 stood at 9.13% and 13.65%,
respectively. Total shareholders' equity stood at $57.9 million
with a book value per share of $8.87 at March 31, 2004, based on
outstanding common shares of approximately 6.5 million. Republic
First Bank (PA) and First Bank of Delaware (DE) are full- service,
state-chartered commercial banks, whose deposits are insured by the
Federal Deposit Insurance Corporation (FDIC). The Banks provide
diversified financial products through their twelve offices located
in Abington, Ardmore, Bala Cynwyd, East Norriton, and Philadelphia,
Pennsylvania and Wilmington, Delaware. The Company may from time to
time make written or oral "forward-looking statements," including
statements contained 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. Republic First Bancorp, Inc. Condensed
Income Statement (Dollar amounts in thousands except per share
data) Three Months Ended Mar. 31, 2004 2003 Net Interest Income
$5,324 $9,099 Provision for Loan Losses 811 3,411 Other Income
2,747 895 Other Expenses 4,985 4,606 Income Taxes 764 684 Net
Income $1,511 $1,293 Basic EPS $0.23 $0.21 Diluted EPS $0.22 $0.20
Republic First Bancorp, Inc. Condensed Balance Sheet (Dollar
amounts in thousands) Assets Mar. 31 December 31 Mar. 31 2004 2003
2003 Federal Funds Sold and Other Interest Bearing Cash $69,534
$45,983 $125,028 Investment Securities 68,449 69,946 74,911
Commercial and Other Loans 507,406 488,219 465,083 Allowance for
Loan Losses (8,745) (8,696) (7,538) Other Assets 54,610 59,340
35,850 Total Assets $691,254 $654,792 $693,334 Liabilities and
Shareholders' Equity: Transaction Accounts $286,959 $266,015
$275,962 Time Deposit Accounts 203,617 187,590 224,550 FHLB
Advances and Trust Preferred Securities 131,186 133,852 131,000
Other Liabilities 11,573 10,959 8,974 Shareholders' Equity 57,919
56,376 52,848 Total Liabilities and Shareholders' Equity $691,254
$654,792 $693,334 Republic First Bancorp, Inc. March 31, 2004 At or
For the Three Months Ended Mar. 31, Mar. 31, Financial Data: 2004
2003 Return on average assets 0.87 % 0.76 % Return on average
equity 10.66 % 9.94 % Share information: Book value per share $8.87
$8.20 Shares o/s at period end 6,533,000 6,445,000 Average diluted
shares o/s 6,842,000 6,475,000 Leverage capital ratio 9.13 % 8.46 %
Total risk based capital ratio 13.75 % 14.46 % Republic First
Bancorp, Inc. Press release 3/31/04 (Dollars in thousands except
per share data) Credit Quality Ratios: At or for the Three months
Twelve mos. Three months ended ended ended Mar. 31 Dec. 31, Mar. 31
2004 2003 2003 Non-accrual and loans accruing, but past due 90 days
or more $9,137 $8,611 $7,214 Restructured loans - - - Total
non-performing loans 9,137 8,611 7,214 OREO 207 207 1,015 Total
non-performing assets $9,344 $8,818 $8,229 Non-performing loans as
a percentage of total loans 1.80% 1.76% 1.55% Nonperforming assets
as a percentage of total assets 1.35% 1.35% 1.19% Allowance for
loan losses to total loans 1.72% 1.78% 1.62% Allowance for loan
losses to total non-performing loans 95.71% 101.00% 104.49%
Republic First Bancorp, Inc. Press release 3/31/04 (Dollars in
thousands ) Quarter-to-Date Average Balance Sheet Three months
ended Three months ended March 31, 2004 March 31, 2003
Interest-Earning Assets: Average Average Average Yield/ Average
Yield/ Balance Interest Cost Balance Interest Cost Commercial and
other loans $499,070 $8,482 6.82 % $484,907 $12,333 10.31 %
Investment securities 69,570 600 3.45 85,091 998 4.69 Federal funds
sold 76,302 215 1.13 74,879 228 1.24 Total interest- earning assets
644,942 9,297 5.78 644,877 13,559 8.51 Other assets 50,034 33,829
Total assets $694,976 $9,297 $678,706 $13,559 Interest-bearing
liabilities: Interest-bearing deposits $397,095 $1,933 1.95 %
$406,264 $2,419 2.42 % Borrowed funds 133,462 2,040 6.13 134,850
2,041 6.14 Other liabilities 530,557 3,973 3.00 541,114 4,460 3.34
Non-interest and interest-bearing funding 628,713 3,973 2.53
617,765 4,460 2.93 Other liabilities: 9,388 8,895 Total liabilities
638,101 626,660 Shareholder's equity 56,875 52,046 Total
liabilities & shareholder's equity $694,976 $678,706 Net
interest income $5,324 $9,099 Interest rate spread 3.25 % 5.58 %
Net interest margin 3.31 % 5.71 % Net interest margin excluding
short term and tax refund loan interest income 2.58 % 2.64 %
DATASOURCE: Republic First Bancorp, Inc. CONTACT: Paul Frenkiel,
CFO of Republic First Bancorp, +1-215-735-4422 ext. 255
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