Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company
for Republic Bank, today announced its financial results for the
period ended June 30, 2019.
Q2-2019
Highlights
- Total deposits increased by $394 million, or 18%, to $2.5
billion as of June 30, 2019 compared to $2.1 billion as of June 30,
2018.
- New stores opened since the beginning of the “Power of Red is
Back” expansion campaign are currently growing deposits at an
average rate of $25 million per year, while the average deposit
growth for all stores over the last twelve months was approximately
$14 million per store.
- Expansion into New York City began with the opening of our
first store located on the corner of 14th Street and 5th
Avenue.
- Total loans grew $191 million, or 15%, to $1.5 billion as of
June 30, 2019 compared to $1.3 billion at June 30, 2018.
- Net income declined to $0.8 million, or $0.01 per share, for
the six month period ended June 30, 2019 compared to $4.1 million,
or $0.07 per share for the six month period ended June 30,
2018.
“The Power of Red is Back” expansion
strategy launched in New York City with the opening of our newest
store on the corner of 14th Street and 5th Avenue. On July 12th we
celebrated the grand opening of our first store in New York by
welcoming Customers – and their pets – with a fun-filled day that
included live entertainment, music and gifts. We also continued our
expansion in Bucks County with the opening of our store in
Feasterville, PA during the second quarter.
Profitability in 2019 continues to be hampered
by a number of factors. Similar to the first quarter, net income in
the second quarter was impacted by the costs necessary to initiate
our expansion into New York City which includes the hiring of a
management and lending team for this new market, along with the
training and development costs for the new store openings. We also
continue to feel the effect of a flat or inverted yield curve which
has resulted in compression of the net interest margin.
Vernon W. Hill, II, Chairman of Republic
First Bancorp said:
“The Power of Red is Back in New York City. The
recent opening of our first store at 14th & 5th was a
tremendous success. We are thrilled to bring back the legendary
banking experience that our FANS in New York have been missing for
the last several years. At a time when most banks are shuttering
branches and retreating from the communities they serve, Republic
Bank continues in its relentless pursuit to deliver an unmatched
banking experience across every delivery channel. This not only
includes the in-store experience, but online and mobile options as
well.”
Harry D. Madonna, President and Chief
Executive Officer of Republic First Bancorp added:
“Our strong growth since the inception of our
expansion campaign demonstrates the success of the Republic model.
Assets, loans and deposits have consistently grown at levels
significantly above industry standards. We see significant
opportunities to expand our footprint and create new FANS as our
competitors continue to alienate customers with declining levels of
service and fewer branch locations.”
A summary of the financial results for the
period ended June 30, 2019 can be found in the following table:
|
Six Months Ended |
($ in millions, except per share data) |
06/30/19 |
|
06/30/18 |
|
% Change |
|
|
|
|
|
|
|
|
Assets |
$ |
2,941.0 |
|
$ |
2,552.9 |
|
15 |
% |
Loans |
1,508.7 |
|
1,317.6 |
|
15 |
% |
Deposits |
2,528.0 |
|
2,134.1 |
|
18 |
% |
Total Revenue |
$ |
50.5 |
|
$ |
47.1 |
|
7 |
% |
Income Before Tax |
1.0 |
|
5.1 |
|
(80 |
%) |
Net Income |
0.8 |
|
4.1 |
|
(81 |
%) |
Net
Income per Share |
$ |
0.01 |
|
$ |
0.07 |
|
(86 |
%) |
Financial Highlights for the Period Ended June 30,
2019
- Total assets increased by $388 million, or 15%, to $2.9 billion
as of June 30, 2019 compared to $2.6 billion as of June 30,
2018.
- We have twenty-eight convenient store locations open today.
During the second quarter of 2019 we continued our expansion into
Buck County with the opening of our new store in Feasterville, PA.
There are also multiple sites in various stages of
development for future store locations.
- Expansion into New York City began in July 2019 with the grand
opening of our first store location at 14th Street & 5th Avenue
in Manhattan. We’ve also started construction on our next site in
New York located at 51st Street & 3rd Avenue which is expected
to open during the fourth quarter.
- Net income remained at $0.4 million, or $0.01 per share, for
the three months ended June 30, 2019 compared to $0.4 million, or
$0.01 per share for the three months ended March 31, 2019 and
declined from $2.4 million, or $0.04 per share, for the three
months ended June 30, 2018.
- The net interest margin decreased by 25 basis points to 2.94%
for the three months ended June 30, 2019 compared to 3.19% for the
three months ended June 30, 2018. Margin compression was driven by
the flat and inverted yield curve experienced during the second
quarter of 2019.
- Asset quality continues to improve. The ratio of non-performing
assets to total assets declined to 0.53% as of June 30, 2019
compared to 0.81% as of June 30, 2018.
- The Company’s residential mortgage division, Oak Mortgage, is
serving the home financing needs of customers throughout its
footprint. The Oak Mortgage team has originated more than $370
million in mortgage loans over the last twelve months.
- Meeting the needs of small business customers continued to be
an important part of the Company’s lending strategy. More
than $27 million in new SBA loans were originated during the six
month period ended June 30, 2019. Republic Bank continues to be a
top SBA lender in our market area based on the dollar volume of
loan originations.
- The Company’s Total Risk-Based Capital ratio was 14.02% and
Tier I Leverage Ratio was 8.97% at June 30, 2019.
- Book value per common share increased to $4.27 as of June 30,
2019 compared to $4.01 as of June 30, 2018.
Income Statement
The major components of the income statement are
as follows (dollars in thousands, except per share data):
|
Three Months Ended |
Three Months Ended |
|
06/30/19 |
03/31/19 |
% Change |
|
06/30/19 |
06/30/18 |
% Change |
|
Net Interest Income |
$ |
19,371 |
$ |
19,140 |
1 |
% |
|
$ |
19,371 |
$ |
18,662 |
4 |
% |
Non-interest Income |
|
7,026 |
|
4,945 |
42 |
% |
|
|
7,026 |
|
5,768 |
22 |
% |
Provision for Loan Losses |
|
- |
|
300 |
n/m |
|
|
|
- |
|
800 |
n/m |
|
Non-interest Expense |
|
25,911 |
|
23,627 |
10 |
% |
|
|
25,911 |
|
20,729 |
25 |
% |
Income Before Taxes |
|
486 |
|
518 |
(6 |
%) |
|
|
486 |
|
2,901 |
(83 |
%) |
Provision (Benefit) for
Taxes |
|
105 |
|
92 |
14 |
% |
|
|
105 |
|
530 |
(80 |
%) |
Net Income |
|
381 |
|
426 |
(11 |
%) |
|
|
381 |
|
2,371 |
(84 |
%) |
Net
Income per Share |
$ |
0.01 |
$ |
0.01 |
(0 |
%) |
|
$ |
0.01 |
$ |
0.04 |
(75 |
%) |
|
Six Months Ended |
|
|
06/30/19 |
06/30/18 |
% Change |
|
Net Interest Income |
$ |
38,511 |
$ |
36,778 |
5 |
% |
Non-interest Income |
|
11,971 |
|
10,303 |
16 |
% |
Provision for Loan Losses |
|
300 |
|
1,200 |
(75 |
%) |
Non-interest Expense |
|
49,178 |
|
40,831 |
20 |
% |
Income Before Taxes |
|
1,004 |
|
5,050 |
(80 |
%) |
Provision (Benefit) for
Taxes |
|
197 |
|
902 |
(78 |
%) |
Net Income |
|
807 |
|
4,148 |
(81 |
%) |
Net
Income per Share |
$ |
0.01 |
$ |
0.07 |
(86 |
%) |
|
|
|
|
|
|
|
The Company reported net income of $381
thousand, or $0.01 per share, for the three month period ended June
30, 2019, compared to $426 thousand, or $0.01 per share for the
three month period ended March 31, 2019 and $2.4 million, or $0.04
per share, for the three month period ended June 30, 2018.
Net income for the six month period ended June 30, 2019 was $807
thousand, or $0.01 per share, compared to net income of $4.1
million, or $0.07 per share, for the six months ended June 30,
2018.
On a linked quarter basis net income was
consistent at $0.4 million for the first and second quarter of
2019. Year over year net income declined to $0.4 million in the
second quarter of 2019 from $2.4 in the second quarter of 2018.
Current year profitability has been impacted by the expenses
incurred to expand into the New York market and continued
compression of the net interest margin.
Interest income increased by $3.9 million, or
18%, to $26.2 million for the quarter ended June 30, 2019 compared
to $22.3 million for the quarter ended June 30, 2018. The increase
in interest income is attributable to the growth in
interest-earning assets over the last twelve months driven by the
Company’s “Power of Red is Back” expansion strategy. However,
interest expense increased by $3.2 million, or 88%, to $6.9 million
for the quarter ended June 30, 2019 compared to $3.7 million for
the quarter ended June 30, 2018. The increase in interest expense
was driven by multiple increases in the fed funds rate during 2018
which resulted in a higher cost of funds on deposit balances and
led to compression in the net interest margin. The net interest
margin for the three month period ended June 30, 2019 decreased by
25 basis points to 2.94% compared to 3.19% for the three month
period ended June 30, 2018.
Non-interest income increased by $1.3 million,
or 22%, to $7.0 million for the three month period ended June 30,
2019, compared to $5.8 million for the three month period ended
June 30, 2018. The increase is primarily attributable to higher
service fees on deposit accounts which is driven by growth in
deposit balances and an increase in the number of deposit accounts.
An increase in gains on sales of SBA loans and investment
securities also contributed to the increase in non-interest income
during the second quarter of 2019.
Non-interest expenses increased by 25%, to $25.9
million during the quarter ended June 30, 2019 compared to $20.7
million during the quarter ended June 30, 2018. The growth in
expenses was 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.
We’ve also begun to incur costs related to the expansion into the
New York market as we hire a management and lending team and
commence rent payments for the build out of our store
locations.
The provision for income taxes was $105 thousand
for the three month period ended June 30, 2019 compared to a
provision for income taxes in the amount of $530 thousand for the
three month period ended June 30, 2018.
Balance Sheet
The major components of the balance sheet are as
follows (dollars in thousands):
Description |
06/30/19 |
06/30/18 |
% Change |
03/31/19 |
% Change |
|
|
|
|
|
|
Total assets |
$ |
2,940,986 |
$ |
2,552,920 |
15 |
% |
$ |
2,805,060 |
5 |
% |
Total loans (net) |
|
1,500,664 |
|
1,310,012 |
15 |
% |
|
1,469,186 |
2 |
% |
Total deposits |
|
2,527,977 |
|
2,134,141 |
18 |
% |
|
2,478,953 |
2 |
% |
Total assets increased by $388.1 million, or
15%, as of June 30, 2019 when compared to June 30, 2018.
Deposits grew by $393.8 million to $2.5 billion as of June 30, 2019
compared to $2.1 billion as of June 30, 2018. The number of deposit
accounts has grown by 27% 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 |
06/30/19 |
06/30/18 |
% Change |
03/31/19 |
%Change |
2nd Qtr 2019 Cost of Funds |
|
|
|
|
|
|
|
Demand noninterest-bearing |
$ |
544,406 |
$ |
526,650 |
3 |
% |
$ |
525,645 |
4 |
% |
0.00 |
% |
Demand interest-bearing |
|
1,072,415 |
|
785,513 |
37 |
% |
|
1,101,129 |
(3 |
%) |
1.47 |
% |
Money market and savings |
|
719,075 |
|
698,182 |
3 |
% |
|
691,351 |
4 |
% |
0.94 |
% |
Certificates of deposit |
|
192,081 |
|
123,796 |
55 |
% |
|
160,828 |
19 |
% |
1.95 |
% |
Total deposits |
$ |
2,527,977 |
$ |
2,134,141 |
18 |
% |
$ |
2,478,953 |
2 |
% |
1.06 |
% |
|
|
|
|
|
|
|
Deposits increased to $2.5 billion at June 30,
2019 compared to $2.1 billion at June 30, 2018 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 and certificates of deposit, year over year
as a result of the successful execution of its strategy.
Lending
Loans by type are as follows (dollars in
thousands):
Description |
06/30/19 |
% of Total |
06/30/18 |
% of Total |
03/31/19 |
% ofTotal |
|
|
|
|
|
|
|
Commercial real estate |
$ |
553,644 |
37 |
% |
$ |
489,574 |
37 |
% |
$ |
527,004 |
36 |
% |
Construction and land
development |
|
111,474 |
7 |
% |
|
120,165 |
9 |
% |
|
124,124 |
8 |
% |
Commercial and industrial |
|
189,632 |
13 |
% |
|
188,254 |
14 |
% |
|
204,637 |
14 |
% |
Owner occupied real estate |
|
381,852 |
25 |
% |
|
335,871 |
26 |
% |
|
376,845 |
26 |
% |
Consumer and other |
|
98,155 |
6 |
% |
|
83,606 |
6 |
% |
|
92,728 |
6 |
% |
Residential mortgage |
|
173,963 |
12 |
% |
|
100,108 |
8 |
% |
|
151,748 |
10 |
% |
Gross loans |
$ |
1,508,720 |
100 |
% |
$ |
1,317,578 |
100 |
% |
$ |
1,477,086 |
100 |
% |
|
|
|
|
|
|
|
Gross loans increased by $191 million, or 15%,
to $1.5 billion at June 30, 2019 compared to $1.3 billion at June
30, 2018 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 strongest growth in
commercial real estate, owner occupied real estate and residential
mortgage loans year over year.
Asset Quality
The Company’s asset quality ratios are
highlighted below:
|
Three Months Ended |
|
06/30/19 |
03/31/19 |
06/30/18 |
|
|
|
|
Non-performing assets / capital and reserves |
6 |
% |
7 |
% |
9 |
% |
Non-performing assets / total assets |
0.53 |
% |
0.60 |
% |
0.81 |
% |
Quarterly net loan charge-offs / average loans |
(0.04 |
%) |
0.28 |
% |
(0.04 |
%) |
Allowance for loan losses / gross loans |
0.53 |
% |
0.53 |
% |
0.57 |
% |
Allowance for loan losses / non-performing loans |
86 |
% |
74 |
% |
54 |
% |
The percentage of non-performing assets to total
assets decreased to 0.53% at June 30, 2019, compared to 0.81% at
June 30, 2018. The ratio of non-performing assets to capital
and reserves decreased to 6% at June 30, 2019 compared to 9% at
June 30, 2018 primarily as a result of decreases in non-performing
assets over the last 12 months.
Capital
The Company’s capital ratios at June 30, 2019
were as follows:
|
Actual06/30/19Bancorp |
Actual06/30/19Bank |
Regulatory Guidelines“Well
Capitalized” |
|
|
|
|
Leverage Ratio |
8.97 |
% |
8.57 |
% |
5.00 |
% |
Common Equity Ratio |
13.01 |
% |
12.99 |
% |
6.50 |
% |
Tier 1 Risk Based Capital |
13.59 |
% |
12.99 |
% |
8.00 |
% |
Total Risk Based Capital |
14.02 |
% |
13.42 |
% |
10.00 |
% |
Tangible Common Equity |
8.39 |
% |
8.27 |
% |
n/a |
|
Total shareholders’ equity increased to $251
million at June 30, 2019 compared to $235 million at June 30, 2018.
Book value per common share increased to $4.27 at June 30, 2019
compared to $4.01 per share at June 30, 2018.
Analyst and Investor Call
An analyst and investor call will be held on the
following date and time:
|
|
Date: |
July 29, 2019 |
Time: |
10:00am
(EDT) |
From the U.S. dial: |
(888)
771-4371 [Toll Free] or (847) 585-4405 |
Participant Pin: |
48871378# |
|
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-eight stores
located in the Greater Philadelphia, Southern New Jersey and New
York City markets. 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, 2018 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
March 31, |
|
|
|
June 30, |
|
(dollars in
thousands, except per share amounts) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Cash and due from
banks |
$ |
38,770 |
|
|
$ |
31,511 |
|
|
$ |
29,363 |
|
|
Interest-bearing
deposits and federal funds sold |
|
90,744 |
|
|
|
54,394 |
|
|
|
29,991 |
|
|
|
Total cash and cash equivalents |
|
129,514 |
|
|
|
85,905 |
|
|
|
59,354 |
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale |
|
338,286 |
|
|
|
287,694 |
|
|
|
502,021 |
|
|
Securities - Held
to maturity |
|
718,534 |
|
|
|
742,435 |
|
|
|
503,742 |
|
|
Restricted
stock |
|
5,130 |
|
|
|
2,097 |
|
|
|
8,379 |
|
|
|
Total investment
securities |
|
1,061,950 |
|
|
|
1,032,226 |
|
|
|
1,014,142 |
|
|
|
|
|
|
|
|
|
|
Loans held for
sale |
|
23,412 |
|
|
|
15,742 |
|
|
|
39,301 |
|
|
|
|
|
|
|
|
|
|
Loans
receivable |
|
1,508,720 |
|
|
|
1,477,086 |
|
|
|
1,317,578 |
|
|
Allowance for loan
losses |
|
(8,056 |
) |
|
|
(7,900 |
) |
|
|
(7,566 |
) |
|
|
Net loans |
|
1,500,664 |
|
|
|
1,469,186 |
|
|
|
1,310,012 |
|
|
|
|
|
|
|
|
|
|
Premises and
equipment |
|
105,311 |
|
|
|
94,390 |
|
|
|
80,069 |
|
|
Other real estate
owned |
|
6,406 |
|
|
|
6,088 |
|
|
|
6,559 |
|
|
Other assets |
|
113,729 |
|
|
|
101,523 |
|
|
|
43,483 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
2,940,986 |
|
|
$ |
2,805,060 |
|
|
$ |
2,552,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-interest
bearing deposits |
$ |
544,406 |
|
|
$ |
525,645 |
|
|
$ |
526,650 |
|
|
Interest bearing
deposits |
|
1,983,571 |
|
|
|
1,953,308 |
|
|
|
1,607,491 |
|
|
|
Total deposits |
|
2,527,977 |
|
|
|
2,478,953 |
|
|
|
2,134,141 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
68,979 |
|
|
|
- |
|
|
|
161,669 |
|
|
Subordinated
debt |
|
11,262 |
|
|
|
11,260 |
|
|
|
11,256 |
|
|
Other
liabilities |
|
81,410 |
|
|
|
66,462 |
|
|
|
10,520 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
2,689,628 |
|
|
|
2,556,675 |
|
|
|
2,317,586 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Common stock -
$0.01 par value |
|
594 |
|
|
|
593 |
|
|
|
593 |
|
|
Additional paid-in
capital |
|
270,789 |
|
|
|
270,155 |
|
|
|
267,974 |
|
|
Accumulated
deficit |
|
(7,909 |
) |
|
|
(8,290 |
) |
|
|
(13,195 |
) |
|
Treasury stock at
cost |
|
(3,725 |
) |
|
|
(3,725 |
) |
|
|
(3,725 |
) |
|
Stock held by
deferred compensation plan |
|
(183 |
) |
|
|
(183 |
) |
|
|
(183 |
) |
|
Accumulated other
comprehensive loss |
|
(8,208 |
) |
|
|
(10,165 |
) |
|
|
(16,130 |
) |
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity |
|
251,358 |
|
|
|
248,385 |
|
|
|
235,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity |
$ |
2,940,986 |
|
|
$ |
2,805,060 |
|
|
$ |
2,552,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic
First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
|
June 30, |
|
|
June 30, |
|
(in thousands,
except per share amounts) |
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and fees
on loans |
$ |
18,569 |
|
$ |
17,800 |
|
$ |
15,457 |
|
|
$ |
36,369 |
|
$ |
29,726 |
|
|
Interest and
dividends on investment securities |
|
7,158 |
|
|
7,383 |
|
|
6,804 |
|
|
|
14,541 |
|
|
13,262 |
|
|
Interest on other
interest earning assets |
|
518 |
|
|
336 |
|
|
63 |
|
|
|
854 |
|
|
235 |
|
|
|
Total interest income |
|
26,245 |
|
|
25,519 |
|
|
22,324 |
|
|
|
51,764 |
|
|
43,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
6,695 |
|
|
6,014 |
|
|
3,089 |
|
|
|
12,709 |
|
|
5,687 |
|
|
Interest on
borrowed funds |
|
179 |
|
|
365 |
|
|
573 |
|
|
|
544 |
|
|
758 |
|
|
|
Total interest expense |
|
6,874 |
|
|
6,379 |
|
|
3,662 |
|
|
|
13,253 |
|
|
6,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
19,371 |
|
|
19,140 |
|
|
18,662 |
|
|
|
38,511 |
|
|
36,778 |
|
|
Provision for loan
losses |
|
- |
|
|
300 |
|
|
800 |
|
|
|
300 |
|
|
1,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income after provision for loan losses |
|
19,371 |
|
|
18,840 |
|
|
17,862 |
|
|
|
38,211 |
|
|
35,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts |
|
1,848 |
|
|
1,612 |
|
|
1,326 |
|
|
|
3,460 |
|
|
2,501 |
|
|
Mortgage banking
income |
|
3,031 |
|
|
2,220 |
|
|
3,182 |
|
|
|
5,251 |
|
|
5,368 |
|
|
Gain on sale of
SBA loans |
|
1,147 |
|
|
502 |
|
|
846 |
|
|
|
1,649 |
|
|
1,838 |
|
|
Gain (loss) on
sale of investment securities |
|
261 |
|
|
322 |
|
|
(1 |
) |
|
|
583 |
|
|
(1 |
) |
|
Other non-interest
income |
|
739 |
|
|
289 |
|
|
415 |
|
|
|
1,028 |
|
|
597 |
|
|
|
Total non-interest income |
|
7,026 |
|
|
4,945 |
|
|
5,768 |
|
|
|
11,971 |
|
|
10,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
13,705 |
|
|
12,359 |
|
|
10,883 |
|
|
|
26,064 |
|
|
21,528 |
|
|
Occupancy and
equipment |
|
4,221 |
|
|
4,015 |
|
|
3,353 |
|
|
|
8,236 |
|
|
6,823 |
|
|
Legal and
professional fees |
|
1,058 |
|
|
707 |
|
|
859 |
|
|
|
1,765 |
|
|
1,618 |
|
|
Foreclosed real
estate |
|
517 |
|
|
337 |
|
|
192 |
|
|
|
854 |
|
|
503 |
|
|
Regulatory
assessments and related fees |
|
421 |
|
|
421 |
|
|
395 |
|
|
|
842 |
|
|
862 |
|
|
Other operating
expenses |
|
5,989 |
|
|
5,428 |
|
|
5,047 |
|
|
|
11,417 |
|
|
9,497 |
|
|
|
Total non-interest
expense |
|
25,911 |
|
|
23,267 |
|
|
20,729 |
|
|
|
49,178 |
|
|
40,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes |
|
486 |
|
|
518 |
|
|
2,901 |
|
|
|
1,004 |
|
|
5,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
105 |
|
|
92 |
|
|
530 |
|
|
|
197 |
|
|
902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
381 |
|
$ |
426 |
|
$ |
2,371 |
|
|
$ |
807 |
|
$ |
4,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per
Common Share |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.04 |
|
|
$ |
0.01 |
|
$ |
0.07 |
|
|
Diluted |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.04 |
|
|
$ |
0.01 |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
58,841 |
|
|
58,805 |
|
|
58,746 |
|
|
|
58,823 |
|
|
57,927 |
|
|
Diluted |
|
59,401 |
|
|
59,587 |
|
|
59,911 |
|
|
|
59,501 |
|
|
59,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
June 30, 2019 |
|
March 31, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
85,920 |
|
$ |
518 |
|
2.42 |
% |
|
$ |
55,369 |
|
$ |
336 |
|
2.46 |
% |
|
$ |
13,412 |
|
$ |
63 |
|
1.88 |
% |
Securities |
|
1,067,185 |
|
|
7,184 |
|
2.69 |
% |
|
|
1,085,910 |
|
|
7,420 |
|
2.73 |
% |
|
|
1,048,291 |
|
|
6,838 |
|
2.61 |
% |
Loans receivable |
|
1,509,177 |
|
|
18,681 |
|
4.96 |
% |
|
|
1,468,640 |
|
|
17,911 |
|
4.95 |
% |
|
|
1,304,244 |
|
|
15,557 |
|
4.78 |
% |
Total interest-earning
assets |
|
2,662,282 |
|
|
26,383 |
|
3.97 |
% |
|
|
2,609,919 |
|
|
25,667 |
|
3.99 |
% |
|
|
2,365,947 |
|
|
22,458 |
|
3.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
217,685 |
|
|
|
|
|
|
190,855 |
|
|
|
|
|
|
129,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,879,967 |
|
|
|
|
|
$ |
2,800,774 |
|
|
|
|
|
$ |
2,495,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing |
$ |
525,336 |
|
|
|
|
|
$ |
512,172 |
|
|
|
|
|
$ |
481,548 |
|
|
|
|
Demand interest-bearing |
|
1,144,783 |
|
|
4,206 |
|
1.47 |
% |
|
|
1,113,758 |
|
|
3,938 |
|
1.43 |
% |
|
|
844,405 |
|
|
1,549 |
|
0.74 |
% |
Money market &
savings |
|
697,279 |
|
|
1,628 |
|
0.94 |
% |
|
|
675,506 |
|
|
1,452 |
|
0.87 |
% |
|
|
699,136 |
|
|
1,174 |
|
0.67 |
% |
Time deposits |
|
176,750 |
|
|
861 |
|
1.95 |
% |
|
|
153,832 |
|
|
624 |
|
1.65 |
% |
|
|
125,607 |
|
|
366 |
|
1.17 |
% |
Total deposits |
|
2,544,148 |
|
|
6,695 |
|
1.06 |
% |
|
|
2,455,268 |
|
|
6,014 |
|
0.99 |
% |
|
|
2,150,696 |
|
|
3,089 |
|
0.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
deposits |
|
2,018,812 |
|
|
6,695 |
|
1.33 |
% |
|
|
1,943,096 |
|
|
6,014 |
|
1.26 |
% |
|
|
1,669,148 |
|
|
3,089 |
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
19,864 |
|
|
179 |
|
3.61 |
% |
|
|
46,969 |
|
|
365 |
|
3.15 |
% |
|
|
101,829 |
|
|
573 |
|
2.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,038,676 |
|
|
6,874 |
|
1.35 |
% |
|
|
1,990,065 |
|
|
6,379 |
|
1.30 |
% |
|
|
1,770,977 |
|
|
3,662 |
|
0.83 |
% |
Total deposits and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings |
|
2,564,012 |
|
|
6,874 |
|
1.08 |
% |
|
|
2,502,237 |
|
|
6,379 |
|
1.03 |
% |
|
|
2,252,525 |
|
|
3,662 |
|
0.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities |
|
66,780 |
|
|
|
|
|
|
52,037 |
|
|
|
|
|
|
8,952 |
|
|
|
|
Shareholders' equity |
|
249,175 |
|
|
|
|
|
|
246,500 |
|
|
|
|
|
|
233,547 |
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
$ |
2,879,967 |
|
|
|
|
|
$ |
2,800,774 |
|
|
|
|
|
$ |
2,495,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
19,509 |
|
|
|
|
|
$ |
19,288 |
|
|
|
|
|
$ |
18,796 |
|
|
Net interest spread |
|
|
|
|
2.62 |
% |
|
|
|
|
|
2.69 |
% |
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
2.94 |
% |
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above
tables are presented on a tax equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Average
Balances and Net Interest Income |
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
For the six months ended |
(dollars in thousands) |
June 30, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
70,729 |
|
$ |
854 |
|
2.43 |
% |
|
$ |
26,844 |
|
$ |
235 |
|
1.77 |
% |
Securities |
|
1,076,496 |
|
|
14,604 |
|
2.71 |
% |
|
|
1,032,038 |
|
|
13,325 |
|
2.58 |
% |
Loans receivable |
|
1,489,020 |
|
|
36,592 |
|
4.96 |
% |
|
|
1,269,875 |
|
|
29,922 |
|
4.75 |
% |
Total interest-earning
assets |
|
2,636,245 |
|
|
52,050 |
|
3.98 |
% |
|
|
2,328,757 |
|
|
43,482 |
|
3.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
204,344 |
|
|
|
|
|
|
128,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,840,589 |
|
|
|
|
|
$ |
2,456,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing |
$ |
518,790 |
|
|
|
|
|
$ |
456,530 |
|
|
|
|
Demand interest-bearing |
|
1,129,356 |
|
|
8,144 |
|
1.45 |
% |
|
|
868,832 |
|
|
2,806 |
|
0.65 |
% |
Money market &
savings |
|
686,453 |
|
|
3,080 |
|
0.90 |
% |
|
|
693,508 |
|
|
2,146 |
|
0.62 |
% |
Time deposits |
|
165,354 |
|
|
1,485 |
|
1.81 |
% |
|
|
127,740 |
|
|
735 |
|
1.16 |
% |
Total deposits |
|
2,499,953 |
|
|
12,709 |
|
1.03 |
% |
|
|
2,146,610 |
|
|
5,687 |
|
0.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
deposits |
|
1,981,163 |
|
|
12,709 |
|
1.29 |
% |
|
|
1,690,080 |
|
|
5,687 |
|
0.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
33,341 |
|
|
544 |
|
3.29 |
% |
|
|
71,360 |
|
|
758 |
|
2.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
2,014,504 |
|
|
13,253 |
|
1.33 |
% |
|
|
1,761,440 |
|
|
6,445 |
|
0.74 |
% |
Total deposits and |
|
|
|
|
|
|
|
|
|
|
|
other borrowings |
|
2,533,294 |
|
|
13,253 |
|
1.05 |
% |
|
|
2,217,970 |
|
|
6,445 |
|
0.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities |
|
59,505 |
|
|
|
|
|
|
9,171 |
|
|
|
|
Shareholders' equity |
|
247,790 |
|
|
|
|
|
|
229,661 |
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
$ |
2,840,589 |
|
|
|
|
|
$ |
2,456,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
38,797 |
|
|
|
|
|
$ |
37,037 |
|
|
Net interest spread |
|
|
|
|
2.65 |
% |
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
2.97 |
% |
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
|
|
|
|
Three months ended |
|
ended |
|
Six months ended |
|
|
June 30, |
|
|
|
March 31, |
|
|
|
June 30, |
|
|
|
Dec 31 |
|
|
|
June 30, |
|
|
|
June 30, |
|
(dollars in thousands) |
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
$ |
7,900 |
|
|
$ |
8,615 |
|
|
$ |
6,650 |
|
|
$ |
8,599 |
|
|
$ |
8,615 |
|
|
$ |
8,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to operating
expense |
|
- |
|
|
|
300 |
|
|
|
800 |
|
|
|
2,300 |
|
|
|
300 |
|
|
|
1,200 |
|
|
|
7,900 |
|
|
|
8,915 |
|
|
|
7,450 |
|
|
|
10,899 |
|
|
|
8,915 |
|
|
|
9,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
154 |
|
|
|
1 |
|
|
|
129 |
|
|
|
152 |
|
|
|
155 |
|
|
|
129 |
|
Consumer |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
4 |
|
|
|
1 |
|
Total recoveries |
|
157 |
|
|
|
2 |
|
|
|
130 |
|
|
|
154 |
|
|
|
159 |
|
|
|
130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
(1 |
) |
|
|
(929 |
) |
|
|
- |
|
|
|
(2,219 |
) |
|
|
(930 |
) |
|
|
(2,151 |
) |
Consumer |
|
- |
|
|
|
(88 |
) |
|
|
(14 |
) |
|
|
(219 |
) |
|
|
(88 |
) |
|
|
(212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total charged-off |
|
(1 |
) |
|
|
(1,017 |
) |
|
|
(14 |
) |
|
|
(2,438 |
) |
|
|
(1,018 |
) |
|
|
(2,363 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
156 |
|
|
|
(1,015 |
) |
|
|
116 |
|
|
|
(2,284 |
) |
|
|
(859 |
) |
|
|
(2,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
$ |
8,056 |
|
|
$ |
7,900 |
|
|
$ |
7,566 |
|
|
$ |
8,615 |
|
|
$ |
8,056 |
|
|
$ |
7,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of |
|
|
|
|
|
|
|
|
|
|
|
average loans
outstanding |
|
(0.04 |
%) |
|
|
0.28 |
% |
|
|
(0.04 |
%) |
|
|
0.17 |
% |
|
|
0.12 |
% |
|
|
0.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage |
|
|
|
|
|
|
|
|
|
|
|
of period-end
loans |
|
0.53 |
% |
|
|
0.53 |
% |
|
|
0.57 |
% |
|
|
0.60 |
% |
|
|
0.53 |
% |
|
|
0.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
Summary of
Non-Performing Loans and Assets |
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
(dollars in thousands) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
Commercial real
estate |
$ |
7,545 |
|
|
$ |
8,096 |
|
|
$ |
9,463 |
|
|
$ |
12,661 |
|
|
$ |
13,297 |
|
Consumer and other |
|
1,777 |
|
|
|
836 |
|
|
|
878 |
|
|
|
818 |
|
|
|
809 |
|
Total non-accrual loans |
|
9,322 |
|
|
|
8,932 |
|
|
|
10,341 |
|
|
|
13,479 |
|
|
|
14,106 |
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or
more |
|
|
|
|
|
|
|
|
|
and still accruing |
|
- |
|
|
|
1,744 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans |
|
9,322 |
|
|
|
10,676 |
|
|
|
10,341 |
|
|
|
13,479 |
|
|
|
14,106 |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
6,406 |
|
|
|
6,088 |
|
|
|
6,223 |
|
|
|
6,768 |
|
|
|
6,559 |
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets |
$ |
15,728 |
|
|
$ |
16,764 |
|
|
$ |
16,564 |
|
|
$ |
20,247 |
|
|
$ |
20,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total
loans |
|
0.62 |
% |
|
|
0.72 |
% |
|
|
0.72 |
% |
|
|
0.98 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total
assets |
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.76 |
% |
|
|
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage |
|
86.42 |
% |
|
|
74.00 |
% |
|
|
83.31 |
% |
|
|
59.97 |
% |
|
|
53.64 |
% |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage |
|
|
|
|
|
|
|
|
|
of total period-end
loans |
|
0.53 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.59 |
% |
|
|
0.57 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing assets /
capital plus |
|
|
|
|
|
|
|
|
|
allowance for loan
losses |
|
6.06 |
% |
|
|
6.54 |
% |
|
|
6.53 |
% |
|
|
8.30 |
% |
|
|
8.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Sep 2023 to Sep 2024