FRBK Republic First Bancorp Inc

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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