PHILADELPHIA, April 24, 2012 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the three month
period ended March 31, 2012.
The Company recorded net income of $1.3 million, or $0.05 per share, for the first quarter of 2012
compared to a net loss of $2.5
million, or $0.10 per share,
for the first quarter of 2011.
(Logo:
http://photos.prnewswire.com/prnh/20100707/PH31611LOGO )
"We are very pleased with our financial performance during the
first quarter," said Harry D.
Madonna, the Company's Chairman and Chief Executive Officer.
"The steps we have taken over the past three years to strengthen
our balance sheet have put us in an excellent position to
capitalize on growth opportunities. We've seen tremendous growth in
core deposits and asset quality has improved substantially.
Starting the year with a profitable quarter provides great
momentum for our organization going forward."
Highlights for the Period Ending March
31, 2012
- The Company recorded net income of $1.3
million, or $0.05 per share,
for the quarter ended March 31, 2012
compared to a net loss of $23.1
million, or $0.89 per share
for the quarter ended December 31,
2011 and a net loss of $2.5
million, or $0.10 per share,
for the quarter ended March 31,
2011.
- Asset quality trends improved significantly on a year to year
basis. Non-performing assets decreased by $36.4 million, or 68%, to $16.9 million as of March
31, 2012 compared to $53.2
million as of March 31, 2011.
Non-performing assets as a percentage of total assets decreased to
1.76% as of March 31, 2012 compared
to 6.07% as of March 31, 2011.
- Core deposits increased by $134.3
million, or 20%, to $805.9
million as of March 31, 2012
compared to $671.6 million as of
March 31, 2011 driven by the
Company's retail focused strategy of gathering low cost core
deposits.
- Outstanding loans increased by $13.8
million, or 2.3%, on a linked quarter basis to
$603.3 million as of March 31, 2012.
- Capital levels remain strong with a Total Risk-Based Capital
ratio of 13.00% and a Tier I Leverage Ratio of 8.69% at
March 31, 2012.
- Tangible book value per share as of March 31, 2012 was $2.56.
- SBA lending continued to grow as an important component of the
Company's lending strategy. $14.9
million in new SBA loans were originated during the first
quarter of 2012.
Income Statement
The Company reported net income of $1.3
million or $0.05 per share,
for the three months ended March 31,
2012, compared to a net loss of $23.1
million, or $0.89 per share,
for the three months ended December 31,
2011 and a net loss of $2.5
million, or $0.10 per share,
for the three months ended March 31,
2011.
The Company recorded a negative loan loss provision in the
amount of $0.8 million during the
quarter ended March 31, 2012 compared
to a $10.3 million provision for the
quarter ended December 31, 2011 and a
$3.6 million provision for the
quarter ended March 31, 2011. The
negative provision of $0.8 million in
the first quarter of 2012 was mainly attributable to a reduction in
the general reserve component of the allowance for loan loss
calculation. The provision recorded during the fourth quarter of
2011 was primarily driven by a bulk sale of troubled loans closed
during that period.
The Company continues to lower its cost of funds as evidenced by
a decrease of 12 basis points to 0.83% for the three months ended
March 31, 2012, compared to 0.95% for
the three months ended December 31,
2011. The net interest margin decreased slightly to 3.35%
for the three month period ended March 31,
2012 compared to 3.38% for the three month period ended
December 31, 2011.
Non-interest income increased to $1.6
million for the three months ended March 31, 2012 compared to $1.1 million for the three months ended
March 31, 2011, primarily
attributable to increased gains recognized on the sale of SBA
loans.
The Company recorded a benefit for income taxes in the amount of
$69,000 during the three month period
ended March 31, 2012 as a result of
an adjustment to the deferred tax asset valuation allowance during
the period.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
March
31,
2012
|
March
31,
2011
|
%
Change
|
December 31,
2011
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$
958,288
|
$
877,081
|
9%
|
$
1,047,353
|
(9%)
|
|
|
|
|
|
|
Total
loans (net)
|
592,506
|
616,360
|
(4%)
|
577,442
|
3%
|
|
|
|
|
|
|
Total
deposits
|
857,374
|
761,077
|
13%
|
952,611
|
(10%)
|
|
|
|
|
|
|
Total core
deposits
|
805,911
|
671,605
|
20%
|
785,246
|
3%
|
|
|
|
|
|
|
Total assets increased by $81.2
million, or 9%, as of March 31,
2012 when compared to March 31,
2011. The Company experienced strong growth in core deposits
year over year as a result of the retail strategy which focuses on
relationship banking. Core deposits grew by $134.3 million, or 20%, to $805.9 million as of March
31, 2012 compared to $671.6
million as of March 31,
2011.
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
March
31,
2012
|
March
31,
2011
|
%
Change
|
December 31,
2011
|
%
Change
|
1st Qtr
2012
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$
128,935
|
$
78,221
|
65%
|
$
129,684
|
(1%)
|
0.00%
|
|
|
|
|
|
|
|
Demand
interest-bearing
|
103,385
|
76,349
|
35%
|
109,243
|
(5%)
|
0.58%
|
|
|
|
|
|
|
|
Money
market and savings
|
447,974
|
333,457
|
34%
|
400,143
|
12%
|
0.81%
|
|
|
|
|
|
|
|
Certificates of deposit
|
125,617
|
183,578
|
(32%)
|
146,176
|
(14%)
|
1.19%
|
|
|
|
|
|
|
|
Total core
deposits
|
$
805,911
|
$
671,605
|
20%
|
$
785,246
|
3%
|
0.71%
|
|
|
|
|
|
|
|
Core deposits increased to $805.9
million at March 31, 2012
compared to $671.6 million at
March 31, 2011 as the Company
continues to focus its effort on the gathering of low-cost core
deposits. At the same time, the Company reduced the overall deposit
cost of funds to 0.73% for the three month period ending
March 31, 2012 compared to 0.88% for
the three month period ending March 31,
2011. Core deposits grew by $20.7
million, or 3%, on a linked quarter basis as of March 31, 2012. The retail banking strategy has
enabled the company to significantly reduce its dependence on
wholesale funding sources in the brokered and public fund
certificate of deposit market.
Lending
Loans by type of customer are as follows (dollars in
thousands):
Description
|
March
31,
2012
|
% of
Total
|
March 31,
2011
|
% of
Total
|
Dec.
31,
2011
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
343,838
|
57%
|
$
382,181
|
60%
|
$344,377
|
58%
|
Construction and land development
|
35,424
|
6%
|
69,598
|
11%
|
35,061
|
6%
|
Commercial
and industrial
|
96,586
|
16%
|
78,735
|
12%
|
87,668
|
15%
|
Owner
occupied real estate
|
107,804
|
18%
|
79,412
|
13%
|
102,777
|
17%
|
Consumer
and other
|
16,832
|
3%
|
17,232
|
3%
|
16,683
|
3%
|
Residential mortgage
|
3,114
|
0%
|
4,112
|
1%
|
3,150
|
1%
|
Deferred
costs (fees)
|
(336)
|
|
(460)
|
|
(224)
|
|
|
|
|
|
|
|
|
Gross loans
|
$603,262
|
100%
|
$630,810
|
100%
|
$589,492
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $13.8
million on a linked quarter basis to $603.3 million as of March
31, 2012 as a result of strong loan demand during the
period.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below (dollars in thousands):
|
Quarter
Ended
|
Ratio
|
March
31,
2012
|
March
31,
2011
|
Dec.
31,
2011
|
|
|
|
|
Non-performing loans
|
$10,722
|
$39,161
|
$11,312
|
|
|
|
|
Other real
estate owned
|
$
6,135
|
$14,077
|
$
6,479
|
|
|
|
|
Total
non-performing assets
|
$16,857
|
$53,238
|
$17,791
|
|
|
|
|
Non-performing assets/total assets
|
1.76%
|
6.07%
|
1.70%
|
|
|
|
|
Quarterly
net loan charge-offs/average loans
|
0.37%
|
0.35%
|
6.83%
|
|
|
|
|
Allowance
for loan losses/gross loans
|
1.78%
|
2.29%
|
2.04%
|
|
|
|
|
Allowance
for loan losses/non-performing loans
|
100%
|
37%
|
107%
|
|
|
|
|
Non-performing assets/capital and reserves
|
22%
|
53%
|
23%
|
|
|
|
|
Non-performing assets trended lower for a seventh consecutive
quarter. Non-performing assets decreased by $36.4 million to $16.9
million, or 1.76% of total assets, at March 31, 2012, compared to $53.2 million, or 6.07% of total assets, as of
March 31, 2011. Non-performing
assets decreased by $0.9 million on a
linked quarter basis as well. The allowance for loan losses as a
percentage of total loans decreased to 1.78% as of March 31, 2012, compared to 2.29% as of
March 31, 2011.
Capital
The Company's capital regulatory ratios at March 31, 2012 were as follows:
|
Republic
First Bancorp, Inc.
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
8.69%
|
5.00%
|
|
|
|
Tier 1
Risk Based Capital
|
11.75%
|
6.00%
|
|
|
|
Total Risk
Based Capital
|
13.00%
|
10.00%
|
|
|
|
Total shareholders' equity was $66.4
million at March 31, 2012
which represented a book value per share of $2.56, based on common shares outstanding of
approximately 26.0 million.
The Company, along with its banking subsidiary, continue to
maintain strong capital ratios and are considered well capitalized
under the regulatory guidelines as established by federal banking
agencies.
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 thirteen offices located in
Abington, Ardmore, Bala
Cynwyd, Plymouth Meeting,
Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information
about Republic Bank, visit 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, 2011 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
Selected Consolidated Financial
Data
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
%
|
(dollars
in thousands, except per share amounts)
|
3/31/12
|
|
12/31/11
|
|
Change
|
|
3/31/11
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement Data:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
7,676
|
|
$
7,489
|
|
2%
|
|
$
7,420
|
|
3%
|
|
Provision
(recovery) for loan losses
|
(750)
|
|
10,300
|
|
107%
|
|
3,550
|
|
(121%)
|
|
Non-interest income
|
1,646
|
|
3,423
|
|
(52%)
|
|
1,127
|
|
46%
|
|
Total
revenues
|
9,322
|
|
10,912
|
|
(15%)
|
|
8,547
|
|
9%
|
|
Non-interest expenses
|
8,836
|
|
14,092
|
|
(37%)
|
|
8,992
|
|
(2%)
|
|
Provision
(benefit) for income taxes
|
(69)
|
|
9,598
|
|
(101%)
|
|
(1,487)
|
|
95%
|
|
Net income
(loss)
|
1,305
|
|
(23,078)
|
|
106%
|
|
(2,508)
|
|
152%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss): Basic
|
$
0.05
|
|
$
(0.89)
|
|
106%
|
|
$
(0.10)
|
|
150%
|
|
Net income
(loss): Diluted
|
0.05
|
|
(0.89)
|
|
106%
|
|
(0.10)
|
|
150%
|
|
Book
Value
|
$
2.56
|
|
$
2.50
|
|
|
|
$
3.33
|
|
|
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
25,973
|
|
25,973
|
|
|
|
25,973
|
|
|
|
|
Diluted
|
25,973
|
|
25,973
|
|
|
|
25,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$958,288
|
|
$1,047,353
|
|
(9%)
|
|
$877,081
|
|
9%
|
|
Loans
(net)
|
592,506
|
|
577,442
|
|
3%
|
|
616,360
|
|
(4%)
|
|
Allowance
for loan losses
|
10,756
|
|
12,050
|
|
(11%)
|
|
14,450
|
|
(26%)
|
|
Investment
securities
|
188,007
|
|
179,784
|
|
5%
|
|
145,969
|
|
29%
|
|
Total
deposits
|
857,374
|
|
952,611
|
|
(10%)
|
|
761,077
|
|
13%
|
|
Core
deposits*
|
805,911
|
|
785,246
|
|
3%
|
|
671,605
|
|
20%
|
|
Public and
brokered certificates of deposit
|
51,463
|
|
70,765
|
|
(27%)
|
|
89,472
|
|
(42%)
|
|
Other
borrowed money
|
4,516
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Subordinated debt
|
22,476
|
|
22,476
|
|
-
|
|
22,476
|
|
-
|
|
Stockholders' equity
|
66,403
|
|
64,851
|
|
2%
|
|
86,384
|
|
(23%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital:
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity to total assets
|
6.93%
|
|
6.19%
|
|
|
|
9.85%
|
|
|
|
Leverage
ratio
|
8.69%
|
|
8.77%
|
|
|
|
11.25%
|
|
|
|
Risk based
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1
|
11.75%
|
|
11.81%
|
|
|
|
13.02%
|
|
|
|
|
Total
Capital
|
13.00%
|
|
13.09%
|
|
|
|
14.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
Cost of
funds
|
0.83%
|
|
0.95%
|
|
|
|
1.00%
|
|
|
|
Deposit
cost of funds
|
0.73%
|
|
0.84%
|
|
|
|
0.88%
|
|
|
|
Net
interest margin
|
3.35%
|
|
3.38%
|
|
|
|
3.84%
|
|
|
|
Return on
average assets
|
0.53%
|
|
(9.51%)
|
|
|
|
(1.17%)
|
|
|
|
Return on
average total stockholders' equity
|
8.03%
|
|
(110.48%)
|
|
|
|
(11.59%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs to average loans outstanding
|
0.37%
|
|
6.83%
|
|
|
|
0.35%
|
|
|
|
Nonperforming assets to total period-end
assets
|
1.76%
|
|
1.70%
|
|
|
|
6.07%
|
|
|
|
Allowance
for loan losses to total period-end loans
|
1.78%
|
|
2.04%
|
|
|
|
2.29%
|
|
|
|
Allowance
for loan losses to nonperforming loans
|
100.32%
|
|
106.52%
|
|
|
|
36.90%
|
|
|
|
Nonperforming assets to capital and
reserves
|
21.85%
|
|
23.13%
|
|
|
|
52.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Core deposits equal total deposits less public
and brokered certificates of deposit and temporary demand
deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
March 31,
2012
|
|
December
31, 2011
|
|
March 31,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
162,103
|
|
$
101
|
|
0.25%
|
|
$
108,488
|
|
$
63
|
|
0.23%
|
|
$
14,675
|
|
$
14
|
|
0.39%
|
Securities
|
|
178,650
|
|
1,447
|
|
3.24%
|
|
163,999
|
|
1,384
|
|
3.38%
|
|
149,485
|
|
1,170
|
|
3.13%
|
Loans
receivable
|
|
592,828
|
|
8,127
|
|
5.51%
|
|
617,856
|
|
8,211
|
|
5.27%
|
|
629,825
|
|
8,248
|
|
5.31%
|
Total
interest-earning assets
|
|
933,581
|
|
9,675
|
|
4.17%
|
|
890,343
|
|
9,658
|
|
4.30%
|
|
793,985
|
|
9,432
|
|
4.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
55,168
|
|
|
|
|
|
72,205
|
|
|
|
|
|
76,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
988,749
|
|
|
|
|
|
$
962,548
|
|
|
|
|
|
$
870,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
144,855
|
|
|
|
|
|
$
127,842
|
|
|
|
|
|
$
127,055
|
|
|
|
|
Demand
interest-bearing
|
|
117,794
|
|
$
171
|
|
0.58%
|
|
102,960
|
|
$
165
|
|
0.64%
|
|
63,870
|
|
$
98
|
|
0.62%
|
Money
market & savings
|
|
431,106
|
|
863
|
|
0.81%
|
|
385,553
|
|
930
|
|
0.96%
|
|
309,805
|
|
799
|
|
1.05%
|
Time
deposits
|
|
199,523
|
|
581
|
|
1.17%
|
|
228,751
|
|
690
|
|
1.20%
|
|
241,191
|
|
721
|
|
1.21%
|
Total
deposits
|
|
893,278
|
|
1,615
|
|
0.73%
|
|
845,106
|
|
1,785
|
|
0.84%
|
|
741,921
|
|
1,618
|
|
0.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
748,423
|
|
1,615
|
|
0.87%
|
|
717,264
|
|
1,785
|
|
0.99%
|
|
614,866
|
|
1,618
|
|
1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
22,575
|
|
285
|
|
5.08%
|
|
22,476
|
|
282
|
|
4.98%
|
|
31,946
|
|
296
|
|
3.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
$
770,998
|
|
$
1,900
|
|
0.99%
|
|
$
739,740
|
|
$
2,067
|
|
1.11%
|
|
$
646,812
|
|
$
1,914
|
|
1.20%
|
Total
deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
915,853
|
|
1,900
|
|
0.83%
|
|
867,582
|
|
2,067
|
|
0.95%
|
|
773,867
|
|
1,914
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest-bearing liabilities
|
|
7,518
|
|
|
|
|
|
12,092
|
|
|
|
|
|
8,781
|
|
|
|
|
Shareholders' equity
|
|
65,378
|
|
|
|
|
|
82,874
|
|
|
|
|
|
87,791
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
|
$
988,749
|
|
|
|
|
|
$
962,548
|
|
|
|
|
|
$
870,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
|
$
7,775
|
|
|
|
|
|
$
7,591
|
|
|
|
|
|
$
7,518
|
|
|
Net
interest spread
|
|
|
|
|
|
3.18%
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
3.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
|
|
3.35%
|
|
|
|
|
|
3.38%
|
|
|
|
|
|
3.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(dollars
in thousands)
|
3/31/12
|
|
12/31/10
|
|
3/31/11
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
12,050
|
|
$
12,380
|
|
$
11,444
|
Provisions/(recoveries) charged to
operating
|
|
|
|
|
|
expense
|
(750)
|
|
10,300
|
|
3,550
|
|
11,300
|
|
22,680
|
|
14,994
|
|
|
|
|
|
|
Recoveries
on loans charged-off:
|
|
|
|
|
|
Commercial
|
-
|
|
59
|
|
9
|
Consumer
|
1
|
|
-
|
|
-
|
Total
recoveries
|
1
|
|
59
|
|
9
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
Commercial
|
(544)
|
|
(10,682)
|
|
(522)
|
Consumer
|
(1)
|
|
(7)
|
|
(31)
|
|
|
|
|
|
|
Total
charged-off
|
(545)
|
|
(10,689)
|
|
(553)
|
|
|
|
|
|
|
Net
charge-offs
|
(544)
|
|
(10,630)
|
|
(544)
|
|
|
|
|
|
|
Balance at
end of period
|
$
10,756
|
|
$
12,050
|
|
$
14,450
|
|
|
|
|
|
|
Net
charge-offs as a percentage of
|
|
|
|
|
|
average
loans outstanding
|
0.37%
|
|
6.83%
|
|
0.35%
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage of
|
|
|
|
|
|
period-end
loans
|
1.78%
|
|
2.04%
|
|
2.29%
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
Summary
of Non-Performing Loans and Assets
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
(dollars
in thousands)
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
9,911
|
|
$
9,667
|
|
$
31,096
|
|
$36,642
|
|
$
38,187
|
Consumer and
other
|
811
|
|
897
|
|
910
|
|
949
|
|
974
|
Total
non-accrual loans
|
10,722
|
|
10,564
|
|
32,006
|
|
37,591
|
|
39,161
|
|
|
|
|
|
|
|
|
|
|
Loans past
due 90 days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
-
|
|
748
|
|
-
|
|
1,338
|
|
-
|
Renegotiated loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans
|
10,722
|
|
11,312
|
|
32,006
|
|
38,929
|
|
39,161
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned
|
6,135
|
|
6,479
|
|
13,988
|
|
13,109
|
|
14,077
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets
|
$
16,857
|
|
$
17,791
|
|
$
45,994
|
|
$52,038
|
|
$
53,238
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans
|
1.78%
|
|
1.92%
|
|
5.05%
|
|
6.09%
|
|
6.21%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total assets
|
1.76%
|
|
1.70%
|
|
4.83%
|
|
5.78%
|
|
6.07%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan coverage
|
100.32%
|
|
106.52%
|
|
38.68%
|
|
38.81%
|
|
36.90%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
1.78%
|
|
2.04%
|
|
1.95%
|
|
2.36%
|
|
2.29%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets/capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
21.85%
|
|
23.13%
|
|
45.68%
|
|
50.88%
|
|
52.80%
|
SOURCE Republic First Bancorp, Inc.