PHILADELPHIA, July 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 June 30, 2012. The
Company recorded net income of $1.0
million, or $0.04 per share,
for the second quarter of 2012 compared to a net loss of
$480,000, or $0.02 per share, for the second quarter of
2011.
(Logo:
http://photos.prnewswire.com/prnh/20100707/PH31611LOGO )
"We are very pleased with the financial results of the second
quarter," said Harry D. Madonna, the
Company's Chairman and Chief Executive Officer. "The
substantial improvement in asset quality over the past year enables
us to focus on the actions necessary to achieve consistent and
sustainable profitability for the bank."
Highlights for the Period Ending June
30, 2012
- The Company recorded net income of $1.0
million, or $0.04 per share,
for the quarter ended June 30, 2012
compared to a net loss of $480,000,
or $0.02 per share, for the quarter
ended June 30, 2011.
- Asset quality has improved significantly year over year.
Non-performing assets decreased by $35.0
million, or 67%, to $17.0
million as of June 30, 2012
compared to $52.0 million as of
June 30, 2011. Non-performing assets
as a percentage of total assets decreased to 1.81% as of
June 30, 2012 compared to 5.78% as of
June 30, 2011.
- Core deposits increased by $72.6
million, or 10%, to $790.6
million as of June 30, 2012
compared to $718.1 million as of
June 30, 2011 driven by the Company's
retail strategy focused on relationship banking and gathering low
cost core deposits.
- Total assets increased by $37.5
million to $938.4 million as
of June 30, 2012 compared to
$900.9 million as of June 30, 2011.
- Capital levels remain strong with a Total Risk-Based Capital
ratio of 12.87% and a Tier I Leverage Ratio of 8.99% at
June 30, 2012.
- Tangible book value per share as of June
30, 2012 was $2.59.
- SBA lending continued to grow as an important component of the
Company's lending strategy. $12.7
million in new SBA loans were originated during the second
quarter of 2012. Our team is now ranked as the #1 SBA lender in the
New Jersey, #3 in Pennsylvania, and #23 nationally based on the
dollar volume of loan originations.
Income Statement
The Company reported net income of $1.0
million or $0.04 per share,
for the three months ended June 30,
2012, compared to a net loss of $480,000, or $0.02
per share, for the three months ended June
30, 2011. Net income for the six month period ended
June 30, 2012 was $2.3 million, or $0.09 per share, compared to a net loss of
$3.0 million, or $0.12 per share, for the six months ended
June 30, 2011.
Earnings continue to improve on a year to year basis as the loan
loss provision and other credit costs decrease due to the
substantial improvement in asset quality. The Company recorded a
loan loss provision in the amount of $0.5
million during the quarter ended June
30, 2012 compared to a $1.5
million provision in the same period one year ago. For the
six month period ended June 30, 2012,
the Company recorded a negative provision in the amount of
$0.3 million compared to a
$5.1 million provision during the six
months ended June 30, 2011.
The Company continues to lower its cost of funds as evidenced by
a decrease of 10 basis points to 0.73% for the three months ended
June 30, 2012, compared to 0.83% for
the three months ended March 31,
2012. The net interest margin increased to 3.59% for the
three month period ended June 30,
2012 compared to 3.35% for the three month period ended
March 31, 2012.
Non-interest income increased to $2.5
million for the three months ended June 30, 2012 compared to $2.1 million for the three months ended
June 30, 2011, primarily due to gains
on sales of investment securities recognized in the current
quarter.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
June
30,
2012
|
June
30,
2011
|
%
Change
|
March
31,
2012
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$
938,391
|
$
900,892
|
4%
|
$
958,288
|
(2%)
|
|
|
|
|
|
|
Total
loans (net)
|
595,528
|
624,280
|
(5%)
|
592,506
|
1%
|
|
|
|
|
|
|
Total
deposits
|
841,314
|
783,102
|
7%
|
857,374
|
(2%)
|
|
|
|
|
|
|
Total core
deposits
|
790,616
|
718,053
|
10%
|
805,911
|
(2%)
|
|
|
|
|
|
|
Total assets increased by $37.5
million, or 4%, as of June 30,
2012 when compared to June 30,
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 $72.6 million, or 10%, to $790.6 million as of June
30, 2012 compared to $718.1
million as of June 30,
2011.
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
June
30,
2012
|
June
30,
2011
|
%
Change
|
March
31,
2012
|
%
Change
|
2nd
Qtr
2012 Cost
of Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$
130,143
|
$
113,641
|
15%
|
$
128,935
|
1%
|
0.00%
|
|
|
|
|
|
|
|
Demand
interest-bearing
|
144,754
|
97,149
|
49%
|
103,385
|
40%
|
0.59%
|
|
|
|
|
|
|
|
Money
market and savings
|
420,700
|
321,971
|
31%
|
447,974
|
(6%)
|
0.63%
|
|
|
|
|
|
|
|
Certificates of deposit
|
95,019
|
185,292
|
(49%)
|
125,617
|
(24%)
|
1.05%
|
|
|
|
|
|
|
|
Total core
deposits
|
$
790,616
|
$
718,053
|
10%
|
$
805,911
|
(2%)
|
0.58%
|
|
|
|
|
|
|
|
Core deposits increased to $790.6
million at June 30, 2012
compared to $718.1 million at
June 30, 2011 as the Company
continues to focus its effort on the gathering of low-cost core
deposits. We experienced strong growth in the demand, savings and
money market categories on a year to year basis. At the same time
the Company reduced the overall deposit cost of funds to 0.62% for
the three month period ending June 30,
2012 compared to 0.92% for the three month period ending
June 30, 2011. The retail banking
strategy has also 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 are as follows (dollars in thousands):
Description
|
June
30,
2012
|
%
of
Total
|
June 30,
2011
|
%
of
Total
|
March
31,
2012
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
333,961
|
55%
|
$
388,081
|
61%
|
$343,838
|
57%
|
Construction and land development
|
36,306
|
6%
|
67,576
|
10%
|
35,424
|
6%
|
Commercial
and industrial
|
102,382
|
17%
|
81,783
|
13%
|
96,586
|
16%
|
Owner
occupied real estate
|
112,338
|
19%
|
81,799
|
13%
|
107,804
|
18%
|
Consumer
and other
|
17,707
|
3%
|
16,358
|
2%
|
16,832
|
3%
|
Residential mortgage
|
2,488
|
0%
|
4,221
|
1%
|
3,114
|
0%
|
Deferred
costs (fees)
|
(269)
|
|
(430)
|
|
(336)
|
|
|
|
|
|
|
|
|
Gross loans
|
$604,913
|
100%
|
$639,388
|
100%
|
$603,262
|
100%
|
|
|
|
|
|
|
|
Gross loans decreased by $34.5
million to $604.9 million at
June 30, 2012 compared to
$639.4 million at June 30, 2011. This decrease was primarily
driven by a bulk sale of non-performing loans and foreclosed
properties during the fourth quarter of 2011 which substantially
improved asset quality for the Company. Gross loans increased
by $1.7 million on a linked quarter
basis to $604.9 million as of
June 30, 2012.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below (dollars in thousands):
|
Quarter
Ended
|
Ratio
|
June
30,
2012
|
June
30,
2011
|
March
31,
2012
|
|
|
|
|
Non-performing loans
|
$10,892
|
$38,929
|
$10,722
|
|
|
|
|
Other real
estate owned
|
6,135
|
13,109
|
6,135
|
|
|
|
|
Total
non-performing assets
|
$17,027
|
$52,038
|
$16,857
|
|
|
|
|
Non-performing assets/total assets
|
1.81%
|
5.78%
|
1.76%
|
|
|
|
|
Quarterly
net loan charge-offs/average loans
|
1.24%
|
0.53%
|
0.37%
|
|
|
|
|
Allowance
for loan losses/gross loans
|
1.55%
|
2.36%
|
1.78%
|
|
|
|
|
Allowance
for loan losses/non-performing loans
|
86%
|
39%
|
100%
|
|
|
|
|
Non-performing assets/capital and reserves
|
22%
|
51%
|
22%
|
|
|
|
|
Non-performing assets decreased by $35.0
million to $17.0 million, or
1.81% of total assets, at June 30,
2012, compared to $52.0
million, or 5.78% of total assets, as of June 30, 2011. The allowance for loan
losses as a percentage of non-performing loans increased to 86% as
of June 30, 2012, compared to 39%
as of June 30, 2011. The
ratio of non-performing loans to capital and reserves improved to
22% as of June 30, 2012 compared to
51% one year ago.
Capital
The Company's capital regulatory ratios at June 30, 2012 were as follows:
|
Republic
First Bancorp, Inc.
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
8.99%
|
5.00%
|
|
|
|
Tier 1
Risk Based Capital
|
11.62%
|
6.00%
|
|
|
|
Total Risk
Based Capital
|
12.87%
|
10.00%
|
|
|
|
Total shareholders' equity was $67.3
million at June 30, 2012 which
represented a book value per share of $2.59, 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.
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
(dollars
in thousands)
|
2012
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and
due from banks
|
$
8,712
|
|
$
8,627
|
|
$
10,164
|
|
Interest-bearing deposits and federal funds
sold
|
90,410
|
|
109,604
|
|
13,468
|
|
|
Total cash
and cash equivalents
|
99,122
|
|
118,231
|
|
23,632
|
|
|
|
|
|
|
|
|
|
Securities
- Available for sale
|
179,794
|
|
182,805
|
|
162,222
|
|
Securities
- Held to maturity
|
66
|
|
140
|
|
139
|
|
Restricted
stock
|
4,816
|
|
5,062
|
|
5,881
|
|
|
Total
investment securities
|
184,676
|
|
188,007
|
|
168,242
|
|
|
|
|
|
|
|
|
|
Loans held
for sale
|
975
|
|
1,875
|
|
5,827
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
604,913
|
|
603,262
|
|
639,388
|
|
Allowance
for loan losses
|
(9,385)
|
|
(10,756)
|
|
(15,108)
|
|
|
Net
loans
|
595,528
|
|
592,506
|
|
624,280
|
|
|
|
|
|
|
|
|
|
Premises
and equipment
|
22,772
|
|
23,131
|
|
24,342
|
|
Other real
estate owned
|
6,135
|
|
6,135
|
|
13,109
|
|
Other
assets
|
29,183
|
|
28,403
|
|
41,460
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$938,391
|
|
$958,288
|
|
$900,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Non-interest bearing deposits
|
$130,143
|
|
$128,935
|
|
$113,641
|
|
Interest
bearing deposits
|
711,171
|
|
728,439
|
|
669,461
|
|
|
Total
deposits
|
841,314
|
|
857,374
|
|
783,102
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
-
|
|
4,516
|
|
-
|
|
Subordinated debt
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
7,341
|
|
7,519
|
|
8,149
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
871,131
|
|
891,885
|
|
813,727
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Common
stock - $0.01 par value
|
265
|
|
265
|
|
265
|
|
Additional
paid-in capital
|
106,575
|
|
106,472
|
|
106,192
|
|
Accumulated deficit
|
(35,530)
|
|
(36,537)
|
|
(16,128)
|
|
Treasury
stock at cost
|
(3,099)
|
|
(3,099)
|
|
(3,099)
|
|
Stock held
by deferred compensation plan
|
(809)
|
|
(809)
|
|
(809)
|
|
Accumulated other comprehensive income
(loss)
|
(142)
|
|
111
|
|
744
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
67,260
|
|
66,403
|
|
87,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity
|
$938,391
|
|
$958,288
|
|
$900,892
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
(dollars
in thousands, except per share amounts)
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
$
8,179
|
|
$
8,090
|
|
$
8,387
|
|
$16,269
|
|
$16,598
|
|
Interest
and dividends on investment securities
|
1,386
|
|
1,385
|
|
1,236
|
|
2,771
|
|
2,345
|
|
Interest
on other interest earning assets
|
84
|
|
101
|
|
34
|
|
185
|
|
48
|
|
|
Total
interest income
|
9,649
|
|
9,576
|
|
9,657
|
|
19,225
|
|
18,991
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits
|
1,340
|
|
1,615
|
|
1,853
|
|
2,955
|
|
3,471
|
|
Interest
on borrowed funds
|
284
|
|
285
|
|
278
|
|
569
|
|
574
|
|
|
Total
interest expense
|
1,624
|
|
1,900
|
|
2,131
|
|
3,524
|
|
4,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
8,025
|
|
7,676
|
|
7,526
|
|
15,701
|
|
14,946
|
|
Provision
(credit) for loan losses
|
500
|
|
(750)
|
|
1,500
|
|
(250)
|
|
5,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
7,525
|
|
8,426
|
|
6,026
|
|
15,951
|
|
9,896
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
Service
fees on deposit accounts
|
226
|
|
210
|
|
201
|
|
436
|
|
370
|
|
Gain on
sale of SBA loans
|
1,110
|
|
1,086
|
|
1,657
|
|
2,196
|
|
2,354
|
|
Gain on
sale of investment securities
|
774
|
|
-
|
|
-
|
|
774
|
|
-
|
|
Other
non-interest income
|
389
|
|
350
|
|
218
|
|
739
|
|
479
|
|
|
Total
non-interest income
|
2,499
|
|
1,646
|
|
2,076
|
|
4,145
|
|
3,203
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
3,963
|
|
4,134
|
|
3,807
|
|
8,097
|
|
7,145
|
|
Occupancy
and equipment
|
1,378
|
|
1,362
|
|
1,322
|
|
2,740
|
|
2,705
|
|
Legal and
professional fees
|
1,196
|
|
1,182
|
|
1,033
|
|
2,378
|
|
1,762
|
|
Foreclosed
real estate
|
104
|
|
98
|
|
65
|
|
202
|
|
1,424
|
|
Regulatory
assessments and related fees
|
351
|
|
338
|
|
560
|
|
689
|
|
1,043
|
|
Other
operating expenses
|
2,018
|
|
1,722
|
|
2,224
|
|
3,740
|
|
3,924
|
|
|
Total
non-interest expense
|
9,010
|
|
8,836
|
|
9,011
|
|
17,846
|
|
18,003
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision (benefit) for income taxes
|
1,014
|
|
1,236
|
|
(909)
|
|
2,250
|
|
(4,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
7
|
|
(69)
|
|
(429)
|
|
(62)
|
|
(1,916)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
1,007
|
|
$
1,305
|
|
$
(480)
|
|
$
2,312
|
|
$
(2,988)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) per Common Share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.04
|
|
$
0.05
|
|
$
(0.02)
|
|
$
0.09
|
|
$
(0.12)
|
|
Diluted
|
$
0.04
|
|
$
0.05
|
|
$
(0.02)
|
|
$
0.09
|
|
$
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
25,973
|
|
25,973
|
|
25,973
|
|
25,973
|
|
25,973
|
|
Diluted
|
25,973
|
|
25,973
|
|
25,973
|
|
25,973
|
|
25,973
|
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,
2012
|
|
March 31,
2012
|
|
June 30,
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
|
$119,275
|
|
$
84
|
|
0.28%
|
|
$162,103
|
|
$
101
|
|
0.25%
|
|
$
51,808
|
|
$
34
|
|
0.26%
|
Securities
|
185,091
|
|
1,449
|
|
3.13%
|
|
178,650
|
|
1,447
|
|
3.24%
|
|
160,764
|
|
1,297
|
|
3.23%
|
Loans
receivable
|
606,617
|
|
8,215
|
|
5.45%
|
|
592,828
|
|
8,127
|
|
5.51%
|
|
636,128
|
|
8,430
|
|
5.32%
|
Total
interest-earning assets
|
910,983
|
|
9,748
|
|
4.30%
|
|
933,581
|
|
9,675
|
|
4.17%
|
|
848,700
|
|
9,761
|
|
4.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
56,084
|
|
|
|
|
|
55,168
|
|
|
|
|
|
71,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$967,067
|
|
|
|
|
|
$988,749
|
|
|
|
|
|
$920,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$125,528
|
|
|
|
|
|
$144,855
|
|
|
|
|
|
$101,395
|
|
|
|
|
Demand
interest-bearing
|
126,025
|
|
185
|
|
0.59%
|
|
117,794
|
|
171
|
|
0.58%
|
|
98,435
|
|
168
|
|
0.68%
|
Money
market & savings
|
461,622
|
|
722
|
|
0.63%
|
|
431,106
|
|
863
|
|
0.81%
|
|
339,603
|
|
860
|
|
1.02%
|
Time
deposits
|
157,013
|
|
433
|
|
1.11%
|
|
199,523
|
|
581
|
|
1.17%
|
|
264,070
|
|
825
|
|
1.25%
|
Total
deposits
|
870,188
|
|
1,340
|
|
0.62%
|
|
893,278
|
|
1,615
|
|
0.73%
|
|
803,503
|
|
1,853
|
|
0.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
744,660
|
|
1,340
|
|
0.72%
|
|
748,423
|
|
1,615
|
|
0.87%
|
|
702,108
|
|
1,853
|
|
1.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
22,526
|
|
284
|
|
5.07%
|
|
22,575
|
|
285
|
|
5.08%
|
|
22,478
|
|
278
|
|
4.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
767,186
|
|
1,624
|
|
0.85%
|
|
770,998
|
|
1,900
|
|
0.99%
|
|
724,586
|
|
2,131
|
|
1.18%
|
Total
deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings
|
892,714
|
|
1,624
|
|
0.73%
|
|
915,853
|
|
1,900
|
|
0.83%
|
|
825,981
|
|
2,131
|
|
1.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest-bearing liabilities
|
7,506
|
|
|
|
|
|
7,518
|
|
|
|
|
|
7,683
|
|
|
|
|
Shareholders' equity
|
66,847
|
|
|
|
|
|
65,378
|
|
|
|
|
|
87,003
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
$967,067
|
|
|
|
|
|
$988,749
|
|
|
|
|
|
$920,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
$
8,124
|
|
|
|
|
|
$
7,775
|
|
|
|
|
|
$
7,630
|
|
|
Net
interest spread
|
|
|
|
|
3.45%
|
|
|
|
|
|
3.18%
|
|
|
|
|
|
3.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
|
3.59%
|
|
|
|
|
|
3.35%
|
|
|
|
|
|
3.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
10,756
|
|
$
12,050
|
|
$
14,450
|
|
$
11,444
|
|
$
12,050
|
|
$
11,444
|
Provisions
(credits) charged to operating
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
500
|
|
(750)
|
|
1,500
|
|
15,966
|
|
(250)
|
|
5,050
|
|
11,256
|
|
11,300
|
|
15,950
|
|
27,410
|
|
11,800
|
|
16,494
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
on loans charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
105
|
|
-
|
|
2
|
|
69
|
|
105
|
|
11
|
Consumer
|
27
|
|
1
|
|
38
|
|
40
|
|
28
|
|
38
|
Total
recoveries
|
132
|
|
1
|
|
40
|
|
109
|
|
133
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
(1,903)
|
|
(544)
|
|
(882)
|
|
(15,428)
|
|
(2,447)
|
|
(1,404)
|
Consumer
|
(100)
|
|
(1)
|
|
-
|
|
(41)
|
|
(101)
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(2,003)
|
|
(545)
|
|
(882)
|
|
(15,469)
|
|
(2,548)
|
|
(1,435)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(1,871)
|
|
(544)
|
|
(842)
|
|
(15,360)
|
|
(2,415)
|
|
(1,386)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
end of period
|
$
9,385
|
|
$
10,756
|
|
$
15,108
|
|
$
12,050
|
|
$
9,385
|
|
$
15,108
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percentage of
|
|
|
|
|
|
|
|
|
|
|
|
average
loans outstanding
|
1.24%
|
|
0.37%
|
|
0.53%
|
|
2.44%
|
|
0.81%
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage of
|
|
|
|
|
|
|
|
|
|
|
|
period-end
loans
|
1.55%
|
|
1.78%
|
|
2.36%
|
|
2.04%
|
|
1.55%
|
|
2.36%
|
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)
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
$10,090
|
|
$
9,911
|
|
$
9,667
|
|
$
31,096
|
|
$36,642
|
Consumer and other
|
802
|
|
811
|
|
897
|
|
910
|
|
949
|
Total
non-accrual loans
|
10,892
|
|
10,722
|
|
10,564
|
|
32,006
|
|
37,591
|
|
|
|
|
|
|
|
|
|
|
Loans past
due 90 days or more
|
|
|
|
|
|
|
|
|
|
and
still accruing
|
-
|
|
-
|
|
748
|
|
-
|
|
1,338
|
Renegotiated loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans
|
10,892
|
|
10,722
|
|
11,312
|
|
32,006
|
|
38,929
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned
|
6,135
|
|
6,135
|
|
6,479
|
|
13,988
|
|
13,109
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets
|
$17,027
|
|
$
16,857
|
|
$
17,791
|
|
$
45,994
|
|
$52,038
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans
|
1.80%
|
|
1.78%
|
|
1.92%
|
|
5.05%
|
|
6.09%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total assets
|
1.81%
|
|
1.76%
|
|
1.70%
|
|
4.83%
|
|
5.78%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan coverage
|
86.16%
|
|
100.32%
|
|
106.52%
|
|
38.68%
|
|
38.81%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage
|
|
|
|
|
|
|
|
|
|
of
total period-end loans
|
1.55%
|
|
1.78%
|
|
2.04%
|
|
1.95%
|
|
2.36%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets/capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
22.22%
|
|
21.85%
|
|
23.13%
|
|
45.68%
|
|
50.88%
|
SOURCE Republic First Bancorp, Inc.