Republic First Bancorp, Inc. Reports Fourth Quarter Financial Results

Date : 01/28/2019 @ 1:30PM
Source : GlobeNewswire Inc.
Stock : Republic First Bancorp Inc (FRBK)
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Republic First Bancorp, Inc. Reports Fourth Quarter Financial Results

Republic First Bancorp (NASDAQ:FRBK)
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1 Year : From Dec 2018 to Dec 2019

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Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2018.

Q4-2018 Highlights

  • Income before tax increased by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for the twelve months ended December 31, 2017. We continue to open new stores and increase profitability despite the additional costs associated with the expansion strategy. 
  • Total deposits increased by $330 million, or 16%, to $2.4 billion as of December 31, 2018 compared to $2.1 billion as of December 31, 2017. 
  • New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $27 million per year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per store. 
  • Total loans grew $274 million, or 24%, to $1.4 billion as of December 31, 2018 compared to $1.2 billion at December 31, 2017. 
  • Total revenue grew by 24% during the year ended December 31, 2018 while non-interest expense increased by 11% when compared to the year ended December 31, 2017.

“The Power of Red is Back” expansion strategy continues to build momentum. As recently announced, Republic Bank is moving forward with plans to expand into New York City. Sites for several new stores have been identified in Manhattan with two to four stores projected to open during 2019.

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

“2018 was another exceptional year for ‘The Power of Red is Back’ growth campaign. Four new stores were opened during 2018 using our distinctive glass prototype building. Despite the significant investments required to execute our growth and expansion strategy, we were able to demonstrate significant improvement in profitability as net income before taxes increased by 70% year over year.  Loans increased by 24% and deposits grew by 16%. Customer accounts increased 29% as we continue to welcome new Fans every day.   With the momentum we have generated in the Metro Philadelphia market combined with our expansion in to New York City during 2019 we believe the best is yet to come.”

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

“To support our growth and expansion efforts, we continue to add top talent to our team.  We’ve recently announced the addition of Joe Tredinnick as the Market President of Pennsylvania. In addition, we continue to invest in technology and enhance our product offerings. It is our goal to deliver the best banking experience through every channel…..in-store, online, and mobile options.”

A summary of the financial results for the period ended December 31, 2018 can be found in the following table:

 
 Twelve Months Ended
($ in millions, except per share data)12/31/1812/31/17% Change
    
Assets$2,753.3$  2,322.3  19%
Loans    1,436.6    1,162.3  24%
Deposits  2,392.9    2,063.3  16%
Total Revenue$  112.4$   90.9   24%
Income Before Tax    10.2   6.0  70%
Net Income *    8.6    8.9   (3%)
Net Income per Share$ 0.15$   0.15   -%

* Note: Net income for the period ended 12/31/18 reflects an increased provision for federal and state income taxes which did not have the same impact on 2017 results due to an adjustment to the deferred tax asset valuation allowance recorded by the Company.

Financial Highlights for the Period Ended December 31, 2018

  • Total assets increased by $431 million, or 19%, to $2.8 billion as of December 31, 2018 compared to $2.3 billion as of December 31, 2017. 
  • Demand deposits represent the fastest growing segment of the Company’s deposit base. These deposits grew by $315 million to $1.6 billion over the last 12 months, including growth of 18% in non-interest bearing demand deposit balances. 
  • Net income before tax grew by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for the twelve months ended December 31, 2017. 
  • We have twenty-five convenient store locations open today. During the fourth quarter of 2018 we opened new stores in Evesboro and Somers Point, NJ. Construction is underway on sites in Lumberton, NJ and Feasterville, PA. There are also multiple sites in various stages of development for future store locations. 
  • Expansion into New York City is scheduled to begin in 2019. The Company is planning to open two to four new stores in Manhattan in the coming year. 
  • Asset quality continues to improve. The ratio of non-performing assets to total assets declined to 0.60% as of December 31, 2018 compared to 0.94% as of December 31, 2017. 
  • The Company converted $10.6 million of outstanding trust preferred securities to 1.6 million shares of common stock during the first quarter of 2018. This conversion will result in a reduction of interest expense of approximately $0.9 million on an annual basis going forward. 
  • The Company’s residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Oak has originated more than $360 million in loans during the twelve month period ended December 31, 2018. 
  • Meeting the needs of small business customers continued to be an important part of the Company’s lending strategy.  More than $10 million in new SBA loans were originated during the three month period ended December 31, 2018. Republic Bank is currently ranked as the #1 SBA lender in New Jersey based on the dollar volume of loan originations. 
  • The Company’s Total Risk-Based Capital ratio was 15.03% and Tier I Leverage Ratio was 9.35% at December 31, 2018. 
  • Book value per common share increased to $4.17 as of December 31, 2018 compared to $3.97 as of December 31, 2017.

Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

    
 Three Months Ended Twelve Months Ended
 12/31/1812/31/17% Change 12/31/1812/31/17% Change
Total Revenue$  30,181$  24,421 24% $  112,396$  90,946 24%
Provision for Loan Losses 600 400 50%  2,300 900 156%
Non-interest Expense 22,057 21,622 2%  83,721 75,276 11%
Income (Loss) Before Taxes 2,211 (143)n/m  10,205 5,986 70%
Provision (Benefit) for Taxes 54 (2,881)n/m  1,578 (2,919)n/m
Net Income 2,157 2,738 (21%)  8,627 8,905 (3%)
Net Income per Share$  0.04$  0.05 (20%) $  0.15$  0.15 -%
                

The Company reported net income of $2.2 million, or $0.04 per share, for the three month period ended December 31, 2018, compared to $2.7 million, or $0.05 per share, for the three month period ended December 31, 2017.  Net income for the twelve month period ended December 31, 2018 was $8.6 million, or $0.15 per share, compared to net income of $8.9 million, or $0.15 per share, for the twelve months ended December 31, 2017.

During 2017, the Company recorded a benefit for federal and state income taxes due to the reversal of the deferred tax asset valuation allowance recorded on the balance sheet in the fourth quarter of last year. Income Before Taxes grew by 70% to $10.2 million during the year ended December 31, 2018, compared to $6.0 million for the year ended December 31, 2017. The significant improvement in pre-tax profitability has been achieved despite the ongoing investments and expenditures required for the growth and expansion strategy.

Total revenue increased by $5.8 million, or 24%, to $30.2 million for the three month period ended December 31, 2018, compared to $24.4 million for the three month period ended December 31, 2017.  Total revenue for the twelve month period ended December 31, 2018 increased by $21.5 million, or 24%, to $112.4 million. The increase in revenue is primarily attributable to higher interest income as a result of the strong growth in interest-earning assets over the last twelve months driven by the Company’s “Power of Red is Back” expansion program.

The increase in total revenue for both the three month period (24%) and twelve month period (24%) ended December 31, 2018 exceeded the growth in non-interest expense for the three month period (2%) and the twelve month period (11%) ended December 31, 2018 which demonstrates the effect that our growth strategy will have on the profitability of the Bank.

Non-interest expenses increased by 2%, to $22.1 million during the quarter ended December 31, 2018 compared to $21.6 million during the quarter ended December 31, 2017. Non-interest expenses increased by 11%, to $83.7 million during the twelve month period ended December 31, 2018 compared to $75.3 million during the twelve months ended December 31, 2017. The growth in expenses were mainly caused by an increase in salaries and employee benefits driven by annual merit increases along with increased staffing levels related to our growth and expansion strategy. Occupancy and equipment expenses associated with the growth strategy also contributed to the increase in non-interest expenses.

The provision for income taxes was $54 thousand for the three month period ended December 31, 2018 compared to a benefit for income taxes in the amount of $2.9 million for the three month period ended December 31, 2017. The Company began recognizing an increased provision for federal and state income taxes during 2018 after reversing its deferred tax asset valuation allowance during the fourth quarter of 2017.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

      
 Description 12/31/18 12/31/17% Change 09/30/18% Change
      
Total assets$2,753,297$2,322,34719%$2,657,2064%
Total loans (net) 1,427,983 1,153,67924% 1,370,7044%
Total deposits 2,392,867 2,063,29516% 2,400,358-%
           

Total assets increased by $431.0 million, or 19%, as of December 31, 2018 when compared to December 31, 2017.  Deposits grew by $329.6 million to $2.4 billion as of December 31, 2018 compared to $2.1 billion as of December 31, 2017. The number of deposit accounts has grown by 29% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the addition of new stores and the successful execution of the Company’s aggressive growth strategy referred to as “The Power of Red is Back.”

Deposits

Deposits by type of account are as follows (dollars in thousands):

       
 Description 12/31/18 12/31/17 %Change 09/30/18 %Change4th Qtr2018Cost ofFunds
       
Demand noninterest-bearing$519,056 $438,500  18%$509,188   2%0.00%
Demand interest-bearing 1,042,561 807,736 29% 1,058,670   (2%)1.18%
Money market and savings 676,993 700,322  3% 703,358   (4%)0.82%
Certificates of deposit 154,257 116,737 32% 129,142   19%1.39%
Total deposits$2,392,867$2,063,295 16%$2,400,358   -%0.83%
       

Deposits increased to $2.4 billion at December 31, 2018 compared to $2.1 billion at December 31, 2017 as the Company moves forward with its growth strategy to increase the number of stores and expand the reach of its banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, core deposits. The Company recognized strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 18%, year over year as a result of the successful execution of its strategy.

Lending

Loans by type are as follows (dollars in thousands):

       
  Description 12/31/18% ofTotal12/31/17% ofTotal 09/30/18% ofTotal
       
Commercial real estate$515,73836%$433,30437%$495,52936%
Construction and land development 121,0428% 104,6179% 125,5129%
Commercial and industrial 200,42314% 173,34315% 195,49314%
Owner occupied real estate 367,89526% 309,83827% 358,95626%
Consumer and other 91,1366% 76,4127% 86,9226%
Residential mortgage 140,36410% 64,7645% 116,3769%
Gross loans$1,436,598100%$1,162,278100%$1,378,788100%
       

Gross loans increased by $274 million, or 24%, to $1.4 billion at December 31, 2018 compared to $1.2 billion at December 31, 2017 as a result of the steady flow in quality loan demand over the last twelve months and continued success with the relationship banking model. The Company experienced strong growth across all loan categories.

Asset Quality

The Company’s asset quality ratios are highlighted below:

  
  Three Months Ended
 12/31/1809/30/1812/31/17
    
Non-performing assets / capital and reserves7%8%9%
Non-performing assets / total assets0.60%0.76%0.94%
Quarterly net loan charge-offs / average loans0.02%(0.01%)0.02%
Allowance for loan losses / gross loans0.60%0.59%0.74%
Allowance for loan losses / non-performing loans83%60%58%
       

The percentage of non-performing assets to total assets decreased to 0.60% at December 31, 2018, compared to 0.94% at December 31, 2017.  The ratio of non-performing assets to capital and reserves decreased to 7% at December 31, 2018 compared to 9% at December 31, 2017 primarily as a result of decreases in non-performing assets over the last 12 months.

Capital

The Company’s capital ratios at December 31, 2018 were as follows:

    
 Actual12/31/18BancorpActual12/31/18BankRegulatoryGuidelines“Well Capitalized”
    
Leverage Ratio  9.35%  8.21%5.00%
Common Equity Ratio  13.90%  12.77%6.50%
Tier 1 Risk Based Capital  14.53%  12.77%8.00%
Total Risk Based Capital  15.03%  13.26%10.00%
Tangible Common Equity  8.74%  7.88%n/a     
      

Total shareholders’ equity increased to $245 million at December 31, 2018 compared to $226 million at December 31, 2017. Book value per common share increased to $4.17 at December 31, 2018 compared to $3.97 per share at December 31, 2017.

Analyst and Investor Call

An analyst and investor call will be held on the following date and time:

  
Date:   January 28, 2019
Time:   10:00am (EDT)
From the U.S. dial:(866) 436-9172 [Toll Free] or (630) 691-2760
Participant Pin: 48161934#
  
An operator will assist you in joining the call.
  
  

About Republic Bank

Republic Bank, a subsidiary of Republic First Bancorp, Inc., 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 twenty-five stores located in the Greater Philadelphia and Southern New Jersey market place.  Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with the most convenient hours compared to any bank in its market.  The Bank offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.

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 turmoil in the financial markets and related efforts of government agencies to stabilize the financial system; the adequacy of our allowance for loan losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area; changes in interest rates; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; our securities portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services.  You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2017 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “would be,” “could be,” “should be,” “probability,” “risk,” “target,” “objective,” “may,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” 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.

Source:                 Republic First Bancorp, Inc.

Contact:               Frank A. Cavallaro, CFO(215) 735-4422

      
Republic First Bancorp, Inc. 
Consolidated Balance Sheets 
(Unaudited) 
        
   December 31, September 30, December 31,
(dollars in thousands, except per share amounts) 2018   2018   2017 
        
ASSETS     
 Cash and due from banks$  35,685  $  37,303  $  36,073 
 Interest-bearing deposits and federal funds sold   36,788     108,996     25,869 
  Total cash and cash equivalents   72,473     146,299     61,942 
        
 Securities - Available for sale   321,014     487,524     464,430 
 Securities - Held to maturity   761,563     485,291     472,213 
 Restricted stock   5,754     1,916     1,918 
  Total investment securities   1,088,331     974,731     938,561 
        
 Loans held for sale   26,291     32,839     45,700 
        
 Loans receivable   1,436,598     1,378,788     1,162,278 
 Allowance for loan losses   (8,615)    (8,084)    (8,599)
  Net loans   1,427,983     1,370,704     1,153,679 
        
 Premises and equipment   87,661     81,912     74,947 
 Other real estate owned   6,223     6,768     6,966 
 Other assets   44,335     43,953     40,552 
        
 Total Assets$  2,753,297  $  2,657,206  $  2,322,347 
        
        
        
LIABILITIES     
 Non-interest bearing deposits$  519,056  $  509,188  $  438,500 
 Interest bearing deposits   1,873,811     1,891,170     1,624,795 
  Total deposits   2,392,867     2,400,358     2,063,295 
        
 Short-term borrowings   91,422     -      -  
 Subordinated debt   11,259     11,257     21,681 
 Other liabilities   12,560     9,767     10,911 
        
 Total Liabilities   2,508,108     2,421,382     2,095,887 
        
SHAREHOLDERS' EQUITY     
 Common stock - $0.01 par value   593     593     575 
 Additional paid-in capital   269,147     268,613     256,285 
 Accumulated deficit   (8,716)    (10,873)    (18,983)
 Treasury stock at cost   (3,725)    (3,725)    (3,725)
 Stock held by deferred compensation plan   (183)    (183)    (183)
 Accumulated other comprehensive loss   (11,927)    (18,601)    (7,509)
        
 Total Shareholders' Equity   245,189     235,824     226,460 
        
        
 Total Liabilities and Shareholders' Equity$  2,753,297  $  2,657,206  $  2,322,347 
        

 

Republic First Bancorp, Inc. 
Consolidated Statements of Operations 
(Unaudited) 
            
   Three Months Ended Twelve Months Ended
   December 31, September 30, December 31, December 31, December 31,
(in thousands, except per share amounts) 2018   2018  2017   2018   2017 
            
INTEREST INCOME         
 Interest and fees on loans$  17,555  $  16,764 $  13,576  $  64,045  $  50,094 
 Interest and dividends on investment securities   7,279     6,641    5,568     27,182     20,178 
 Interest on other interest earning assets   459     153    265     847     577 
  Total interest income   25,293     23,558    19,409     92,074     70,849 
            
INTEREST EXPENSE         
 Interest on deposits   5,103     3,642    2,222     14,432     7,418 
 Interest on borrowed funds   210     770    320     1,738     1,366 
  Total interest expense   5,313     4,412    2,542     16,170     8,784 
            
 Net interest income   19,980     19,146    16,867     75,904     62,065 
 Provision for loan losses   600     500    400     2,300     900 
        .     
 Net interest income after provision for loan losses   19,380     18,646    16,467     73,604     61,165 
            
NON-INTEREST INCOME         
 Service fees on deposit accounts   1,589     1,386    1,084     5,476     3,904 
 Mortgage banking income   2,285     2,580    2,619     10,233     11,170 
 Gain on sale of SBA loans   451     816    1,063     3,105     3,378 
 Loss on sale of investment securities   (66)    -     (85)    (67)    (146)
 Other non-interest income   629     349    331     1,575     1,791 
  Total non-interest income   4,888     5,131    5,012     20,322     20,097 
            
NON-INTEREST EXPENSE         
 Salaries and employee benefits   11,351     11,203    10,159     44,082     37,959 
 Occupancy and equipment   3,410     3,260    2,947     13,493     11,774 
 Legal and professional fees   642     773    953     3,033     2,877 
 Foreclosed real estate   707     378    2,388     1,588     4,092 
 Regulatory assessments and related fees   417     396    359     1,675     1,367 
 Other operating expenses   5,530     4,823    4,816     19,850     17,207 
  Total non-interest expense   22,057     20,833    21,622     83,721     75,276 
            
Income (loss) before benefit for income taxes   2,211     2,944    (143)    10,205     5,986 
            
Provision (benefit) for income taxes   54     622    (2,881)    1,578     (2,919)
            
Net income$  2,157  $  2,322 $  2,738  $  8,627  $  8,905 
            
            
Net Income per Common Share         
 Basic$  0.04  $  0.04 $  0.05  $  0.15  $  0.16 
 Diluted$  0.04  $  0.04 $  0.05  $  0.15  $  0.15 
            
Average Common Shares Outstanding         
 Basic   58,789     58,774    56,988     58,358     56,933 
 Diluted   59,672     59,774    58,360     59,407     58,250 
            

 

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, 2018 September 30, 2018 December 31, 2017
                  
   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$  80,416 $  459 2.26% $  29,163 $  153 2.08% $  82,918 $  265 1.27%
Securities   1,068,065    7,315 2.74%    1,018,910    6,676 2.62%    888,862    5,616 2.53%
Loans receivable   1,427,260    17,660 4.91%    1,390,894    16,873 4.81%    1,171,771    13,743 4.65%
Total interest-earning assets   2,575,741    25,434 3.92%    2,438,967    23,702 3.86%    2,143,551    19,624 3.63%
                  
Other assets   134,411        135,139        126,904    
                  
Total assets$ 2,710,152     $ 2,574,106     $ 2,270,455    
                  
Interest-bearing liabilities:                 
                  
Demand non interest-bearing$  528,568     $  513,292     $  421,841    
Demand interest-bearing   1,073,140    3,192 1.18%    861,607    1,948 0.90%    776,203    945 0.48%
Money market & savings   702,322    1,444 0.82%    699,081    1,308 0.74%    693,684    942 0.54%
Time deposits   133,675    467 1.39%    126,378    386 1.21%    120,067    335 1.11%
Total deposits   2,437,705    5,103 0.83%    2,200,358    3,642 0.66%    2,011,795    2,222 0.44%
                  
Total interest-bearing deposits   1,909,137    5,103 1.06%    1,687,066    3,642 0.86%    1,589,954    2,222 0.55%
                  
Other borrowings   24,354    210 3.42%    127,150    770 2.40%    23,621    320 5.37%
                  
                  
Total interest-bearing liabilities   1,933,491    5,313 1.09%    1,814,216    4,412 0.96%    1,613,575    2,542 0.63%
Total deposits and                  
  other borrowings   2,462,059    5,313 0.86%    2,327,508    4,412 0.75%    2,035,416    2,542 0.50%
                  
                  
Non interest-bearing liabilities   9,690        10,363        9,560    
Shareholders' equity   238,403        236,235        225,479    
Total liabilities and                 
shareholders' equity$ 2,710,152     $ 2,574,106     $ 2,270,455    
                  
Net interest income  $ 20,121     $ 19,290     $ 17,082  
Net interest spread    2.83%     2.90%     3.00%
                  
Net interest margin    3.10%     3.14%     3.16%
                  
Note: 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, 2018 December 31, 2017 
             
   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$  40,931 $  847 2.07% $  48,148 $  577 1.20% 
Securities   1,037,810    27,316 2.63%    811,269    20,466 2.52% 
Loans receivable   1,340,117    64,455 4.81%    1,090,851    50,687 4.65% 
Total interest-earning assets   2,418,858    92,618 3.83%    1,950,268    71,730 3.68% 
             
Other assets   131,369        115,770     
             
Total assets$ 2,550,227     $ 2,066,038     
             
Interest-bearing liabilities:            
             
Demand non interest-bearing$  488,995     $  372,171     
Demand interest-bearing   918,508    7,946 0.87%    687,586    3,020 0.44% 
Money market & savings   697,135    4,898 0.70%    629,464    3,160 0.50% 
Time deposits   128,892    1,588 1.23%    110,952    1,238 1.12% 
Total deposits   2,233,530    14,432 0.65%    1,800,173    7,418 0.41% 
             
Total interest-bearing deposits   1,744,535    14,432 0.83%    1,428,002    7,418 0.52% 
             
Other borrowings   73,573    1,738 2.36%    35,429    1,366 3.86% 
             
             
Total interest-bearing liabilities   1,818,108    16,170 0.89%    1,463,431    8,784 0.60% 
Total deposits and             
  other borrowings   2,307,103    16,170 0.70%    1,835,602    8,784 0.48% 
             
             
Non interest-bearing liabilities   9,431        8,942     
Shareholders' equity   233,693        221,494     
Total liabilities and            
shareholders' equity$ 2,550,227     $ 2,066,038     
             
Net interest income  $ 76,448     $ 62,946   
Net interest spread    2.94%     3.08% 
             
Net interest margin    3.16%     3.23% 
             
             
             
Note: 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
 December 31, September 30, December 31, December 31, December 31,
(dollars in thousands) 2018   2018   2017   2018   2017 
          
          
Balance at beginning of period$  8,084  $  7,566  $  8,258  $  8,599  $  9,155 
          
Provision charged to operating expense   600     500     400     2,300     900 
    8,684     8,066     8,658     10,899     10,055 
          
Recoveries on loans charged-off:         
  Commercial   5     18     1     152     119 
  Consumer   -      1     -      2     1 
Total recoveries   5     19     1     154     120 
          
Loans charged-off:         
  Commercial   (68)    -      (19)    (2,219)    (1,523)
  Consumer   (6)    (1)    (41)    (219)    (53)
          
Total charged-off   (74)    (1)    (60)    (2,438)    (1,576)
          
Net (charge-offs) recoveries   (69)    18     (59)    (2,284)    (1,456)
          
Balance at end of period$  8,615  $  8,084  $  8,599  $  8,615  $  8,599 
          
          
Net (charge-offs) recoveries as a percentage         
  of average loans outstanding 0.02%  (0.01%)  0.02%  0.17%  0.13%
          
Allowance for loan losses as a percentage         
  of period-end loans 0.60%  0.59%  0.74%  0.60%  0.74%
                    

 

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) 2018   2018   2018   2018   2017 
          
Non-accrual loans:         
  Commercial real estate$  9,463  $  12,661  $  13,297  $  13,322  $  13,973 
  Consumer and other   878     818     809     810     872 
Total non-accrual loans   10,341     13,479     14,106     14,132     14,845 
          
Loans past due 90 days or more         
  and still accruing   -      -      -      -      -  
          
Total non-performing loans   10,341     13,479     14,106     14,132     14,845 
          
Other real estate owned   6,223     6,768     6,559     6,966     6,966 
          
Total non-performing assets$  16,564  $  20,247  $  20,665  $  21,098  $  21,811 
          
          
Non-performing loans to total loans 0.72%  0.98%  1.07%  1.13%  1.28%
          
Non-performing assets to total assets 0.60%  0.76%  0.81%  0.85%  0.94%
          
Non-performing loan coverage 83.31%  59.97%  53.64%  47.06%  57.93%
          
Allowance for loan losses as a percentage         
  of total period-end loans 0.60%  0.59%  0.57%  0.53%  0.74%
          
Non-performing assets / capital plus         
  allowance for loan losses 6.53%  8.30%  8.51%  8.76%  9.28%

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