Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company
for Republic Bank, today announced its financial results for the
period ended September 30, 2019.
Q3-2019
Highlights
- Total deposits increased by $340 million, or 14%, to $2.7
billion as of September 30, 2019 compared to $2.4 billion as of
September 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 $24 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
during the third quarter.
- Total loans grew $191 million, or 14%, to $1.6 billion as of
September 30, 2019 compared to $1.4 billion at September 30,
2018.
- Profitability declined as the Company reported a net loss of
$1.8 million, or ($0.03) per share, during the third quarter of
2019 compared to net income of $2.3 million, or $0.04 per share
during the third quarter of 2018.
“The Power of Red is Back” in
New York City. During the third quarter we launched our expansion
into New York City with the opening of our newest store on the
corner of 14th Street and 5th Avenue. We immediately began
converting customers into FANS by treating them
with the legendary customer service and convenience that Republic
Bank is known for. We anxiously await the opening of our
second New York store at 51st Street and 3rd Avenue, which we
expect to complete in early November, to share our
FANatical approach to banking with an ever growing
FAN base.
Third quarter results were negatively impacted
by continued compression of our net interest margin caused by a
flat and, at times, an inverted yield curve. The shape of the yield
curve is driving lower yields on interest earning assets and higher
rates on interest bearing liabilities. In the midst of this
challenging interest rate environment we have also incurred costs
required to expand into New York City. In addition to new hires,
training, advertising, and occupancy expenses for the opening of
our first two stores in New York this year, we have also
established a management and lending team for this new market.
Vernon W. Hill, II, Chairman of Republic
First Bancorp said:
“We are thrilled to bring The Power of
Red Back to New York City. At a time when most banks are
closing 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. We are
extremely excited to have the opportunity to create new FANS in the
City of New York. Today we face a difficult challenge as the shape
of the yield curve limits our ability to increase net interest
income proportionate to the growth in our balance sheet. We are
evaluating all opportunities to improve profitability in this
challenging rate environment.”
Harry D. Madonna, President and Chief
Executive Officer of Republic First Bancorp added:
“Since the inception of The Power of Red
is Back growth campaign we have demonstrated consistent
growth in the balance sheet through organic growth in loans and
deposits. The results have been a testament to the strength of our
model and the unmatched commitment to customer service by every
member of the Republic Bank Team. The current interest rate
environment has put a significant strain on profitability in recent
quarters. We will assess every opportunity within our control to
enhance earnings.”
A summary of the financial results for the
period ended September 30, 2019 can be found in the following
tables:
($ in
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
09/30/19 |
|
09/30/18 |
|
YOY Change |
|
12/31/18 |
|
YTD Change |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
3,086 |
|
$ |
2,657 |
|
16 |
% |
|
$ |
2,753 |
|
12 |
% |
Loans |
|
|
1,569 |
|
|
1,379 |
|
14 |
% |
|
|
1,437 |
|
9 |
% |
Deposits |
|
|
2,740 |
|
|
2,400 |
|
14 |
% |
|
|
2,393 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
09/30/19 |
|
09/30/18 |
|
Change |
|
09/30/19 |
|
09/30/18 |
|
Change |
Total
Revenue |
|
$ |
32.8 |
|
|
$ |
28.7 |
|
|
14 |
% |
|
$ |
96.5 |
|
|
$ |
82.2 |
|
|
17 |
% |
Net Income (Loss) |
|
|
(1.8 |
) |
|
|
2.3 |
|
|
(178 |
%) |
|
|
(1.0 |
) |
|
|
6.5 |
|
|
(116 |
%) |
Net Income (Loss) per Share |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
(175 |
%) |
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
|
(118 |
%) |
Net Interest Margin |
|
|
2.82 |
% |
|
|
3.14 |
% |
|
|
|
|
2.92 |
% |
|
|
3.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights for the Period Ended September 30,
2019
- Total assets increased by $429 million, or 16%, to $3.1 billion
as of September 30, 2019 compared to $2.7 billion as of September
30, 2018.
- We have twenty-eight convenient store locations open today.
During the third quarter of 2019 we celebrated the grand opening of
our first store in New York City located at 14th Street and 5th
Avenue.
- Construction on our next site in New York located at 51st
Street & 3rd Avenue is ongoing and expected to be complete
during the fourth quarter. We’ve also broken ground on sites in
Northfield, NJ and Bensalem, PA. There are multiple sites in
various stages of development for future store
locations.
- Profitability declined during the third quarter. The Company
recorded a net loss of $1.8 million, or ($0.03) per share, for the
three months ended September 30, 2019 compared to net income of
$0.4 million, or $0.01 per share for the three months ended June
30, 2019 and net income of $2.3 million, or $0.04 per share, for
the three months ended September 30, 2018.
- The net interest margin decreased by 32 basis points to 2.82%
for the three months ended September 30, 2019 compared to 3.14% for
the three months ended September 30, 2018. Margin compression was
driven by the flat and inverted yield curve experienced during the
third quarter of 2019.
- The ratio of non-performing assets to total assets declined to
0.61% as of September 30, 2019 compared to 0.76% as of September
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 $390
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 $43 million in new SBA loans were originated during the nine
month period ended September 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 13.53% and
Tier I Leverage Ratio was 8.60% at September 30, 2019.
- Book value per common share increased to $4.26 as of September
30, 2019 compared to $4.01 as of September 30, 2018.
Income Statement
The major components of the income statement are
as follows (dollars in thousands, except per share data):
|
Three Months Ended |
|
09/30/19 |
|
06/30/19 |
|
% Change |
|
09/30/18 |
|
% Change |
Net Interest Income |
$ |
19,382 |
|
|
$ |
19,371 |
|
- |
% |
|
$ |
19,146 |
|
1 |
% |
Non-interest Income |
|
6,554 |
|
|
|
7,026 |
|
(7 |
%) |
|
|
5,131 |
|
28 |
% |
Provision for Loan Losses |
|
450 |
|
|
|
- |
|
n/ |
m |
|
|
500 |
|
(10 |
%) |
Non-interest Expense |
|
27,824 |
|
|
|
25,911 |
|
7 |
% |
|
|
20,833 |
|
34 |
% |
Income (Loss) Before
Taxes |
|
(2,338 |
) |
|
|
486 |
|
(581 |
%) |
|
|
2,944 |
|
(179 |
%) |
Provision (Benefit) for
Taxes |
|
(516 |
) |
|
|
105 |
|
(591 |
%) |
|
|
622 |
|
(183 |
%) |
Net Income (Loss) |
|
(1,822 |
) |
|
|
381 |
|
(578 |
%) |
|
|
2,322 |
|
(178 |
%) |
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) per Share |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
(400 |
%) |
|
$ |
0.04 |
|
(175 |
%) |
|
Nine Months Ended |
|
|
09/30/19 |
09/30/18 |
% Change |
Net Interest Income |
|
$ |
57,893 |
|
$ |
55,924 |
4 |
% |
Non-interest Income |
|
|
18,525 |
|
|
15,434 |
20 |
% |
Provision for Loan Losses |
|
|
750 |
|
|
1,700 |
(56 |
%) |
Non-interest Expense |
|
|
77,002 |
|
|
61,664 |
25 |
% |
Income (Loss) Before
Taxes |
|
|
(1,334 |
) |
|
7,994 |
(117 |
%) |
Provision (Benefit) for
Taxes |
|
|
(319 |
) |
|
1,524 |
(121 |
%) |
Net Income (Loss) |
|
|
(1,015 |
) |
|
6,470 |
(116 |
%) |
Net
Income (Loss) per Share |
|
$ |
(0.02 |
) |
$ |
0.11 |
(118 |
%) |
The Company reported a net loss of $1.8 million,
or ($0.03) per share, for the three month period ended September
30, 2019, compared to net income of $381 thousand, or $0.01 per
share for the three month period ended June 30, 2019 and net income
of $2.3 million, or $0.04 per share, for the three month period
ended September 30, 2018. The net loss for the nine month
period ended September 30, 2019 was $1.0 million, or ($0.02) per
share, compared to net income of $6.5 million, or $0.11 per share,
for the nine months ended September 30, 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 $2.7 million, or
11%, to $26.2 million for the quarter ended September 30, 2019
compared to $23.6 million for the quarter ended September 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 $2.4 million, or 55%, to $6.8 million
for the quarter ended September 30, 2019 compared to $4.4 million
for the quarter ended September 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. On a
linked quarter basis, the deposit cost of funds has begun to
decline as a result of two reductions in the fed funds rate during
the third quarter of 2019. The net interest margin for the three
month period ended September 30, 2019 decreased by 32 basis points
to 2.82% compared to 3.14% for the three month period ended
September 30, 2018.
Non-interest income increased by $1.4 million,
or 28%, to $6.6 million for the three month period ended September
30, 2019, compared to $5.1 million for the three month period ended
September 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 investment securities
also contributed to the increase in non-interest income during the
third quarter of 2019.
Non-interest expenses increased by 34%, to $27.8
million during the quarter ended September 30, 2019 compared to
$20.8 million during the quarter ended September 30, 2018. The
growth in expenses was driven by an increase in salaries and
employee benefits as a result of 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. Throughout 2019, we’ve incurred costs related to our
expansion into the New York market. Our first store in New York
opened during the third quarter of 2019 and our second location is
now under construction. In addition, we’ve hired a management and
lending team to operate in this new market. Rent payments have
commenced for our store locations and we’ve initiated a marketing
and advertising campaign to announce our expansion.
The benefit for income taxes was $516 thousand
for the three month period ended September 30, 2019 compared to a
provision for income taxes in the amount of $622 thousand for the
three month period ended September 30, 2018.
Balance Sheet
The major components of the balance sheet are as
follows (dollars in thousands):
Description |
09/30/19 |
09/30/18 |
% Change |
06/30/19 |
% Change |
|
|
|
|
|
|
Total assets |
$ |
3,085,921 |
$ |
2,657,206 |
16 |
% |
$ |
2,940,986 |
5 |
% |
Total loans (net) |
|
1,560,913 |
|
1,370,704 |
14 |
% |
|
1,500,664 |
4 |
% |
Total deposits |
|
2,740,032 |
|
2,400,358 |
14 |
% |
|
2,527,977 |
8 |
% |
Total assets increased by $428.7 million, or
16%, as of September 30, 2019 when compared to September 30,
2018. Deposits grew by $339.7 million to $2.7 billion as of
September 30, 2019 compared to $2.4 billion as of September 30,
2018. The number of deposit accounts has grown by 28% 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 |
09/30/19 |
09/30/18 |
% Change |
06/30/19 |
%Change |
3rd Qtr 2019 Cost of Funds |
|
|
|
|
|
|
|
Demand noninterest-bearing |
$ |
595,869 |
$ |
509,188 |
17 |
% |
$ |
544,406 |
9 |
% |
0.00 |
% |
Demand interest-bearing |
|
1,227,969 |
|
1,058,670 |
16 |
% |
|
1,072,415 |
15 |
% |
1.27 |
% |
Money market and savings |
|
698,991 |
|
703,358 |
(1 |
%) |
|
719,075 |
(3 |
%) |
1.02 |
% |
Certificates of deposit |
|
217,203 |
|
129,142 |
68 |
% |
|
192,081 |
13 |
% |
2.14 |
% |
Total deposits |
$ |
2,740,032 |
$ |
2,400,358 |
14 |
% |
$ |
2,527,977 |
8 |
% |
1.00 |
% |
|
|
|
|
|
|
|
Deposits increased to $2.7 billion at September
30, 2019 compared to $2.4 billion at September 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 |
09/30/19 |
% of Total |
09/30/18 |
% of Total |
06/30/19 |
% of Total |
|
|
|
|
|
|
|
Commercial real estate |
$ |
570,327 |
36 |
% |
$ |
495,529 |
36 |
% |
$ |
553,644 |
37 |
% |
Construction and land
development |
|
109,582 |
7 |
% |
|
125,512 |
9 |
% |
|
111,474 |
7 |
% |
Commercial and industrial |
|
187,837 |
12 |
% |
|
195,493 |
14 |
% |
|
189,632 |
13 |
% |
Owner occupied real estate |
|
397,843 |
26 |
% |
|
358,956 |
26 |
% |
|
381,852 |
25 |
% |
Consumer and other |
|
98,293 |
6 |
% |
|
86,922 |
6 |
% |
|
98,155 |
6 |
% |
Residential mortgage |
|
205,498 |
13 |
% |
|
116,376 |
9 |
% |
|
173,963 |
12 |
% |
Gross loans |
$ |
1,569,380 |
100 |
% |
$ |
1,378,788 |
100 |
% |
$ |
1,508,720 |
100 |
% |
|
|
|
|
|
|
|
Gross loans increased by $191 million, or 14%,
to $1.6 billion at September 30, 2019 compared to $1.4 billion at
September 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 |
|
09/30/19 |
06/30/19 |
09/30/18 |
|
|
|
|
Non-performing assets / capital and reserves |
7 |
% |
6 |
% |
8 |
% |
Non-performing assets / total assets |
0.61 |
% |
0.53 |
% |
0.76 |
% |
Quarterly net loan charge-offs / average loans |
0.01 |
% |
(0.04 |
%) |
(0.01 |
%) |
Allowance for loan losses / gross loans |
0.54 |
% |
0.53 |
% |
0.59 |
% |
Allowance for loan losses / non-performing loans |
70 |
% |
86 |
% |
60 |
% |
The percentage of non-performing assets to total
assets decreased to 0.61% at September 30, 2019, compared to 0.76%
at September 30, 2018. The ratio of non-performing assets to
capital and reserves decreased to 7% at September 30, 2019 compared
to 8% at September 30, 2018 primarily as a result of decreases in
non-performing assets over the last 12 months.
Capital
The Company’s capital ratios at September 30,
2019 were as follows:
|
Actual09/30/19Bancorp |
Actual09/30/19Bank |
Regulatory Guidelines“Well
Capitalized” |
|
|
|
|
Leverage Ratio |
8.60 |
% |
8.23 |
% |
5.00 |
% |
Common Equity Ratio |
12.53 |
% |
12.55 |
% |
6.50 |
% |
Tier 1 Risk Based Capital |
13.10 |
% |
12.55 |
% |
8.00 |
% |
Total Risk Based Capital |
13.53 |
% |
12.98 |
% |
10.00 |
% |
Tangible Common Equity |
7.98 |
% |
7.87 |
% |
n/a |
|
Total shareholders’ equity increased to $251
million at September 30, 2019 compared to $236 million at September
30, 2018. Book value per common share increased to $4.26 at
September 30, 2019 compared to $4.01 per share at September 30,
2018.
Analyst and Investor Call
An analyst and investor call will be held on the
following date and time:
Date: |
October 28, 2019 |
Time: |
11:00am (EDT) |
From the U.S. dial: |
(800) 774-6070 [Toll
Free] or (630) 691-2753 |
Participant Pin: |
5866531# |
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
June 30, |
|
September 30, |
(dollars in thousands, except per share amounts) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
57,562 |
|
|
$ |
38,770 |
|
|
$ |
37,303 |
|
|
|
Interest-bearing deposits and federal funds sold |
|
143,915 |
|
|
|
90,744 |
|
|
|
108,996 |
|
|
|
|
Total cash and cash equivalents |
|
201,477 |
|
|
|
129,514 |
|
|
|
146,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities - Available for sale |
|
|
379,962 |
|
|
|
338,286 |
|
|
|
487,524 |
|
|
|
Securities - Held to maturity |
|
|
687,425 |
|
|
|
718,534 |
|
|
|
485,291 |
|
|
|
Restricted stock |
|
|
2,371 |
|
|
|
5,130 |
|
|
|
1,916 |
|
|
|
|
Total investment securities |
|
|
1,069,758 |
|
|
|
1,061,950 |
|
|
|
974,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
|
21,210 |
|
|
|
23,412 |
|
|
|
32,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
|
1,569,380 |
|
|
|
1,508,720 |
|
|
|
1,378,788 |
|
|
|
Allowance for loan losses |
|
|
(8,467 |
) |
|
|
(8,056 |
) |
|
|
(8,084 |
) |
|
|
|
Net
loans |
|
|
1,560,913 |
|
|
|
1,500,664 |
|
|
|
1,370,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment |
|
|
111,573 |
|
|
|
105,311 |
|
|
|
81,912 |
|
|
|
Other real estate owned |
|
|
6,653 |
|
|
|
6,406 |
|
|
|
6,768 |
|
|
|
Other assets |
|
|
114,337 |
|
|
|
113,729 |
|
|
|
43,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,085,921 |
|
|
$ |
2,940,986 |
|
|
$ |
2,657,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
595,869 |
|
|
$ |
544,406 |
|
|
$ |
509,188 |
|
|
|
Interest bearing deposits |
|
|
2,144,163 |
|
|
|
1,983,571 |
|
|
|
1,891,170 |
|
|
|
|
Total
deposits |
|
|
2,740,032 |
|
|
|
2,527,977 |
|
|
|
2,400,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
- |
|
|
|
68,979 |
|
|
|
- |
|
|
|
Subordinated debt |
|
|
11,263 |
|
|
|
11,262 |
|
|
|
11,257 |
|
|
|
Other liabilities |
|
|
83,783 |
|
|
|
81,410 |
|
|
|
9,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,835,078 |
|
|
|
2,689,628 |
|
|
|
2,421,382 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock - $0.01 par value |
|
|
594 |
|
|
|
594 |
|
|
|
593 |
|
|
|
Additional paid-in capital |
|
|
271,412 |
|
|
|
270,789 |
|
|
|
268,613 |
|
|
|
Accumulated deficit |
|
|
(9,731 |
) |
|
|
(7,909 |
) |
|
|
(10,873 |
) |
|
|
Treasury stock at cost |
|
|
(3,725 |
) |
|
|
(3,725 |
) |
|
|
(3,725 |
) |
|
|
Stock held by deferred compensation plan |
|
(183 |
) |
|
|
(183 |
) |
|
|
(183 |
) |
|
|
Accumulated other comprehensive loss |
|
(7,524 |
) |
|
|
(8,208 |
) |
|
|
(18,601 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders' Equity |
|
|
250,843 |
|
|
|
251,358 |
|
|
|
235,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ |
3,085,921 |
|
|
$ |
2,940,986 |
|
|
$ |
2,657,206 |
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
June 30, |
|
September 30, |
September 30, |
September 30, |
(in thousands, except per share amounts) |
|
2019 |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
18,707 |
|
|
$ |
18,569 |
|
$ |
16,764 |
|
$ |
55,076 |
|
|
$ |
46,490 |
|
|
|
Interest and dividends on investment securities |
|
6,724 |
|
|
|
7,158 |
|
|
6,641 |
|
|
21,265 |
|
|
|
19,903 |
|
|
|
Interest on other interest earning assets |
|
777 |
|
|
|
518 |
|
|
153 |
|
|
1,631 |
|
|
|
388 |
|
|
|
|
Total
interest income |
|
26,208 |
|
|
|
26,245 |
|
|
23,558 |
|
|
77,972 |
|
|
|
66,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
6,689 |
|
|
|
6,695 |
|
|
3,642 |
|
|
19,398 |
|
|
|
9,329 |
|
|
|
Interest on borrowed funds |
|
137 |
|
|
|
179 |
|
|
770 |
|
|
681 |
|
|
|
1,528 |
|
|
|
|
Total
interest expense |
|
6,826 |
|
|
|
6,874 |
|
|
4,412 |
|
|
20,079 |
|
|
|
10,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
19,382 |
|
|
|
19,371 |
|
|
19,146 |
|
|
57,893 |
|
|
|
55,924 |
|
|
|
Provision for loan losses |
|
450 |
|
|
|
- |
|
|
500 |
|
|
750 |
|
|
|
1,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
18,932 |
|
|
|
19,371 |
|
|
18,646 |
|
|
57,143 |
|
|
|
54,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposit accounts |
|
1,990 |
|
|
|
1,848 |
|
|
1,386 |
|
|
5,450 |
|
|
|
3,887 |
|
|
|
Mortgage banking income |
|
2,797 |
|
|
|
3,031 |
|
|
2,580 |
|
|
8,048 |
|
|
|
7,948 |
|
|
|
Gain on sale of SBA loans |
|
944 |
|
|
|
1,147 |
|
|
816 |
|
|
2,593 |
|
|
|
2,654 |
|
|
|
Gain (loss) on sale of investment securities |
|
520 |
|
|
|
261 |
|
|
- |
|
|
1,103 |
|
|
|
(1 |
) |
|
|
Other non-interest income |
|
303 |
|
|
|
739 |
|
|
349 |
|
|
1,331 |
|
|
|
946 |
|
|
|
|
Total
non-interest income |
|
6,554 |
|
|
|
7,026 |
|
|
5,131 |
|
|
18,525 |
|
|
|
15,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
14,314 |
|
|
|
13,705 |
|
|
11,203 |
|
|
40,378 |
|
|
|
32,731 |
|
|
|
Occupancy and equipment |
|
4,734 |
|
|
|
4,221 |
|
|
3,260 |
|
|
12,970 |
|
|
|
10,083 |
|
|
|
Legal and professional fees |
|
1,123 |
|
|
|
1,058 |
|
|
773 |
|
|
2,888 |
|
|
|
2,391 |
|
|
|
Foreclosed real estate |
|
799 |
|
|
|
517 |
|
|
378 |
|
|
1,653 |
|
|
|
881 |
|
|
|
Regulatory assessments and related fees |
|
62 |
|
|
|
421 |
|
|
396 |
|
|
904 |
|
|
|
1,258 |
|
|
|
Other operating expenses |
|
6,792 |
|
|
|
5,989 |
|
|
4,823 |
|
|
18,209 |
|
|
|
14,320 |
|
|
|
|
Total
non-interest expense |
|
27,824 |
|
|
|
25,911 |
|
|
20,833 |
|
|
77,002 |
|
|
|
61,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision (benefit) for income taxes |
|
(2,338 |
) |
|
|
486 |
|
|
2,944 |
|
|
(1,334 |
) |
|
|
7,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
(516 |
) |
|
|
105 |
|
|
622 |
|
|
(319 |
) |
|
|
1,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,822 |
) |
|
$ |
381 |
|
$ |
2,322 |
|
$ |
(1,015 |
) |
|
$ |
6,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
$ |
0.04 |
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
|
|
Diluted |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
$ |
0.04 |
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
58,843 |
|
|
|
58,841 |
|
|
58,774 |
|
|
58,830 |
|
|
|
58,213 |
|
|
|
Diluted |
|
59,207 |
|
|
|
59,401 |
|
|
59,774 |
|
|
59,416 |
|
|
|
59,338 |
|
|
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) |
|
September 30, 2019 |
|
June 30, 2019 |
|
September 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 |
|
$ |
146,446 |
|
$ |
777 |
|
2.10 |
% |
|
$ |
85,920 |
|
$ |
518 |
|
2.42 |
% |
|
$ |
29,163 |
|
$ |
153 |
|
2.08 |
% |
Securities |
|
|
1,055,154 |
|
|
6,743 |
|
2.56 |
% |
|
|
1,067,185 |
|
|
7,184 |
|
2.69 |
% |
|
|
1,018,910 |
|
|
6,676 |
|
2.62 |
% |
Loans
receivable |
|
|
1,540,834 |
|
|
18,816 |
|
4.84 |
% |
|
|
1,509,177 |
|
|
18,681 |
|
4.96 |
% |
|
|
1,390,894 |
|
|
16,873 |
|
4.81 |
% |
Total interest-earning assets |
|
2,742,434 |
|
|
26,336 |
|
3.81 |
% |
|
|
2,662,282 |
|
|
26,383 |
|
3.97 |
% |
|
|
2,438,967 |
|
|
23,702 |
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
247,682 |
|
|
|
|
|
|
217,685 |
|
|
|
|
|
|
135,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,990,116 |
|
|
|
|
|
$ |
2,879,967 |
|
|
|
|
|
$ |
2,574,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non interest-bearing |
$ |
563,691 |
|
|
|
|
|
$ |
525,336 |
|
|
|
|
|
$ |
513,292 |
|
|
|
|
Demand
interest-bearing |
|
|
1,168,404 |
|
|
3,752 |
|
1.27 |
% |
|
|
1,144,783 |
|
|
4,206 |
|
1.47 |
% |
|
|
861,607 |
|
|
1,948 |
|
0.90 |
% |
Money market
& savings |
|
|
702,547 |
|
|
1,814 |
|
1.02 |
% |
|
|
697,279 |
|
|
1,628 |
|
0.94 |
% |
|
|
699,081 |
|
|
1,308 |
|
0.74 |
% |
Time
deposits |
|
|
208,624 |
|
|
1,123 |
|
2.14 |
% |
|
|
176,750 |
|
|
861 |
|
1.95 |
% |
|
|
126,378 |
|
|
386 |
|
1.21 |
% |
Total
deposits |
|
|
2,643,266 |
|
|
6,689 |
|
1.00 |
% |
|
|
2,544,148 |
|
|
6,695 |
|
1.06 |
% |
|
|
2,200,358 |
|
|
3,642 |
|
0.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
2,079,575 |
|
|
6,689 |
|
1.28 |
% |
|
|
2,018,812 |
|
|
6,695 |
|
1.33 |
% |
|
|
1,687,066 |
|
|
3,642 |
|
0.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings |
|
|
14,037 |
|
|
137 |
|
3.87 |
% |
|
|
19,864 |
|
|
179 |
|
3.61 |
% |
|
|
127,150 |
|
|
770 |
|
2.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities |
|
|
2,093,612 |
|
|
6,826 |
|
1.29 |
% |
|
|
2,038,676 |
|
|
6,874 |
|
1.35 |
% |
|
|
1,814,216 |
|
|
4,412 |
|
0.96 |
% |
Total
deposits and other borrowings |
|
|
2,657,303 |
|
|
6,826 |
|
1.02 |
% |
|
|
2,564,012 |
|
|
6,874 |
|
1.08 |
% |
|
|
2,327,508 |
|
|
4,412 |
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing liabilities |
|
81,872 |
|
|
|
|
|
|
66,780 |
|
|
|
|
|
|
10,363 |
|
|
|
|
Shareholders' equity |
|
|
250,941 |
|
|
|
|
|
|
249,175 |
|
|
|
|
|
|
236,235 |
|
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
|
$ |
2,990,116 |
|
|
|
|
|
$ |
2,879,967 |
|
|
|
|
|
$ |
2,574,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
19,510 |
|
|
|
|
|
$ |
19,509 |
|
|
|
|
|
$ |
19,290 |
|
|
Net interest
spread |
|
|
|
|
|
2.52 |
% |
|
|
|
|
|
2.62 |
% |
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
2.94 |
% |
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above tables
are presented on a tax equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended |
|
For the nine months
ended |
|
(dollars in
thousands) |
|
September 30, 2019 |
|
September 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 |
|
$ |
96,245 |
|
$ |
1,631 |
|
2.27 |
% |
|
$ |
27,625 |
|
$ |
388 |
|
1.88 |
% |
|
Securities |
|
|
1,069,304 |
|
|
21,347 |
|
2.66 |
% |
|
|
1,027,614 |
|
|
20,001 |
|
2.60 |
% |
|
Loans
receivable |
|
|
1,506,482 |
|
|
55,408 |
|
4.92 |
% |
|
|
1,310,750 |
|
|
46,795 |
|
4.77 |
% |
|
Total interest-earning assets |
|
2,672,031 |
|
|
78,386 |
|
3.92 |
% |
|
|
2,365,989 |
|
|
67,184 |
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
218,947 |
|
|
|
|
|
|
130,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,890,978 |
|
|
|
|
|
$ |
2,496,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non interest-bearing |
$ |
533,922 |
|
|
|
|
|
$ |
475,659 |
|
|
|
|
|
Demand
interest-bearing |
|
|
1,142,515 |
|
|
11,896 |
|
1.39 |
% |
|
|
866,397 |
|
|
4,754 |
|
0.73 |
% |
|
Money market
& savings |
|
|
691,876 |
|
|
4,894 |
|
0.95 |
% |
|
|
695,386 |
|
|
3,454 |
|
0.66 |
% |
|
Time
deposits |
|
|
179,936 |
|
|
2,608 |
|
1.94 |
% |
|
|
127,281 |
|
|
1,121 |
|
1.18 |
% |
|
Total
deposits |
|
|
2,548,249 |
|
|
19,398 |
|
1.02 |
% |
|
|
2,164,723 |
|
|
9,329 |
|
0.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
2,014,327 |
|
|
19,398 |
|
1.29 |
% |
|
|
1,689,064 |
|
|
9,329 |
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings |
|
|
26,836 |
|
|
681 |
|
3.39 |
% |
|
|
90,160 |
|
|
1,528 |
|
2.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,041,163 |
|
|
20,079 |
|
1.32 |
% |
|
|
1,779,224 |
|
|
10,857 |
|
0.82 |
% |
|
Total
deposits and other borrowings |
|
|
2,575,085 |
|
|
20,079 |
|
1.04 |
% |
|
|
2,254,883 |
|
|
10,857 |
|
0.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing liabilities |
|
67,182 |
|
|
|
|
|
|
9,534 |
|
|
|
|
|
Shareholders' equity |
|
|
248,711 |
|
|
|
|
|
|
231,916 |
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
2,890,978 |
|
|
|
|
|
$ |
2,496,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
58,307 |
|
|
|
|
|
$ |
56,327 |
|
|
|
Net interest
spread |
|
|
|
|
|
2.60 |
% |
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine months ended |
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
Dec 31 |
|
September 30, |
|
September 30, |
(dollars in thousands) |
2019 |
|
2019 |
|
2018 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
8,056 |
|
|
$ |
7,900 |
|
|
$ |
7,566 |
|
|
$ |
8,599 |
|
|
$ |
8,615 |
|
|
$ |
8,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
charged to operating expense |
|
450 |
|
|
|
- |
|
|
|
500 |
|
|
|
2,300 |
|
|
|
750 |
|
|
|
1,700 |
|
|
|
8,506 |
|
|
|
7,900 |
|
|
|
8,066 |
|
|
|
10,899 |
|
|
|
9,365 |
|
|
|
10,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
on loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
59 |
|
|
|
154 |
|
|
|
18 |
|
|
|
152 |
|
|
|
214 |
|
|
|
147 |
|
Consumer |
|
3 |
|
|
|
3 |
|
|
|
1 |
|
|
|
2 |
|
|
|
7 |
|
|
|
2 |
|
Total
recoveries |
|
62 |
|
|
|
157 |
|
|
|
19 |
|
|
|
154 |
|
|
|
221 |
|
|
|
149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
(72 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
(2,219 |
) |
|
|
(1,002 |
) |
|
|
(2,151 |
) |
Consumer |
|
(29 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(219 |
) |
|
|
(117 |
) |
|
|
(213 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off |
|
(101 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2,438 |
) |
|
|
(1,119 |
) |
|
|
(2,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs |
|
(39 |
) |
|
|
156 |
|
|
|
18 |
|
|
|
(2,284 |
) |
|
|
(898 |
) |
|
|
(2,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
end of period |
$ |
8,467 |
|
|
$ |
8,056 |
|
|
$ |
8,084 |
|
|
$ |
8,615 |
|
|
$ |
8,467 |
|
|
$ |
8,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percentage of average loans outstanding |
|
0.01 |
% |
|
|
(0.04 |
%) |
|
|
(0.01 |
%) |
|
|
0.17 |
% |
|
|
0.08 |
% |
|
|
0.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage of period-end loans |
|
0.54 |
% |
|
|
0.53 |
% |
|
|
0.59 |
% |
|
|
0.60 |
% |
|
|
0.54 |
% |
|
|
0.59 |
% |
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
Summary of Non-Performing Loans and Assets |
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(dollars in thousands) |
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
10,180 |
|
|
$ |
7,545 |
|
|
$ |
8,096 |
|
|
$ |
9,463 |
|
|
$ |
12,661 |
|
Consumer and other |
|
1,743 |
|
|
|
1,777 |
|
|
|
836 |
|
|
|
878 |
|
|
|
818 |
|
Total
non-accrual loans |
|
11,923 |
|
|
|
9,322 |
|
|
|
8,932 |
|
|
|
10,341 |
|
|
|
13,479 |
|
|
|
|
|
|
|
|
|
|
|
Loans past
due 90 days or more and still accruing |
|
129 |
|
|
|
- |
|
|
|
1,744 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans |
|
12,052 |
|
|
|
9,322 |
|
|
|
10,676 |
|
|
|
10,341 |
|
|
|
13,479 |
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned |
|
6,653 |
|
|
|
6,406 |
|
|
|
6,088 |
|
|
|
6,223 |
|
|
|
6,768 |
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets |
$ |
18,705 |
|
|
$ |
15,728 |
|
|
$ |
16,764 |
|
|
$ |
16,564 |
|
|
$ |
20,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
0.77 |
% |
|
|
0.62 |
% |
|
|
0.72 |
% |
|
|
0.72 |
% |
|
|
0.98 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total assets |
|
0.61 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing loan coverage |
|
70.25 |
% |
|
|
86.42 |
% |
|
|
74.00 |
% |
|
|
83.31 |
% |
|
|
59.97 |
% |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage of total period-end loans |
|
0.54 |
% |
|
|
0.53 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.59 |
% |
|
|
|
|
|
|
|
|
|
|
Non-performing assets / capital plus allowance for loan losses |
|
7.21 |
% |
|
|
6.06 |
% |
|
|
6.54 |
% |
|
|
6.53 |
% |
|
|
8.30 |
% |
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