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) |
12/31/18 |
12/31/17 |
% 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 |
|
12/31/18 |
12/31/17 |
% Change |
|
12/31/18 |
12/31/17 |
% 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 |
$ |
2,322,347 |
19 |
% |
$ |
2,657,206 |
4 |
% |
Total
loans (net) |
|
1,427,983 |
|
1,153,679 |
24 |
% |
|
1,370,704 |
4 |
% |
Total deposits |
|
2,392,867 |
|
2,063,295 |
16 |
% |
|
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 |
%Change |
4th 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 |
% ofTotal |
12/31/17 |
% ofTotal |
09/30/18 |
% ofTotal |
|
|
|
|
|
|
|
Commercial real
estate |
$ |
515,738 |
36 |
% |
$ |
433,304 |
37 |
% |
$ |
495,529 |
36 |
% |
Construction and land
development |
|
121,042 |
8 |
% |
|
104,617 |
9 |
% |
|
125,512 |
9 |
% |
Commercial and industrial |
|
200,423 |
14 |
% |
|
173,343 |
15 |
% |
|
195,493 |
14 |
% |
Owner
occupied real estate |
|
367,895 |
26 |
% |
|
309,838 |
27 |
% |
|
358,956 |
26 |
% |
Consumer and other |
|
91,136 |
6 |
% |
|
76,412 |
7 |
% |
|
86,922 |
6 |
% |
Residential mortgage |
|
140,364 |
10 |
% |
|
64,764 |
5 |
% |
|
116,376 |
9 |
% |
Gross
loans |
$ |
1,436,598 |
100 |
% |
$ |
1,162,278 |
100 |
% |
$ |
1,378,788 |
100 |
% |
|
|
|
|
|
|
|
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 |
|
12/31/18 |
09/30/18 |
12/31/17 |
|
|
|
|
Non-performing
assets / capital and reserves |
7 |
% |
8 |
% |
9 |
% |
Non-performing assets / total assets |
0.60 |
% |
0.76 |
% |
0.94 |
% |
Quarterly net loan charge-offs / average loans |
0.02 |
% |
(0.01 |
%) |
0.02 |
% |
Allowance for loan losses / gross loans |
0.60 |
% |
0.59 |
% |
0.74 |
% |
Allowance for loan losses / non-performing loans |
83 |
% |
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:
|
|
|
|
|
Actual12/31/18Bancorp |
Actual12/31/18Bank |
RegulatoryGuidelines“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 |
% |
Republic First Bancorp (NASDAQ:FRBK)
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From Aug 2024 to Sep 2024
Republic First Bancorp (NASDAQ:FRBK)
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From Sep 2023 to Sep 2024