Republic First Bancorp, Inc. Reports Earnings For 2012
PHILADELPHIA, Jan. 28, 2013 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
December 31, 2012. The Company
has recorded net income of $3.6
million, or $0.14 per share,
for the year ended December 31, 2012
compared to a net loss of $24.7
million, or $0.95 per share,
for the year ended December 31,
2011.
(Logo:
http://photos.prnewswire.com/prnh/20100707/PH31611LOGO )
"After several challenging years driven by an unprecedented
economic downturn we are pleased to report earnings of $3.6 million for 2012," said Harry D. Madonna, the Company's Chairman and
Chief Executive Officer. "We have now reported four
consecutive quarters of profitable results and I am proud to see
this positive outcome driven by the tremendous effort put forth by
the dedicated team here at Republic Bank. In the coming year we
will remain focused on the ongoing effort to improve profitability
and maintain tight control over asset quality. We look forward to
expanding our organization to win over new fans with our
uncomparable approach to customer service and satisfaction."
Highlights for the Period Ending December 31, 2012
- Net income improved to $3.6
million, or $0.14 per share,
for the year ended December 31, 2012
compared to a net loss of $24.7
million, or $0.95 per share,
for the year ended December 31,
2011. The Company recorded net income of $0.9 million, or $0.03 per share, for the quarter ended
December 31, 2012 compared to a net
loss of $23.1 million, or
$0.89 per share, for the quarter
ended December 31, 2011.
- Core deposits increased by $56.5
million, or 7%, to $841.8
million as of December 31,
2012 compared to $785.2
million as of December 31,
2011 driven by the Company's retail strategy which focuses
on relationship banking and gathering of low cost core
deposits.
- Total loans increased by $28.4
million, or 5%, on a year to date basis to $617.9 million as of December 31, 2012 compared to $589.5 million at December
31, 2011.
- The net interest margin improved to 3.53% in the fourth quarter
2012 compared to 3.38% for the fourth quarter 2011.
- SBA lending continued to grow as an important component of the
Company's lending strategy. $68.7
million in new SBA loans were originated during the year
ended December 31, 2012. Our team is
currently ranked as the #1 SBA lender in New Jersey and #3 in Pennsylvania based on the dollar volume of
loan originations.
- Asset quality remained stable. Non-performing assets as a
percentage of total assets were 2.52% as of December 31, 2012 compared to 2.43% as of
September 30, 2012 which compares
favorably to peer group levels.
- Capital levels remain strong with a Total Risk-Based Capital
ratio of 12.73% and a Tier I Leverage Ratio of 9.01% at
December 31, 2012.
- Tangible book value per share as of December 31, 2012 was $2.69.
Income Statement
The Company reported net income of $3.6
million or $0.14 per share,
for the year ended December 31, 2012,
compared to a net loss of $24.7
million, or $0.95 per share,
for the year ended December 31,
2011. Net income for the three month period ended
December 31, 2012 was $0.9 million, or $0.03 per share, compared to a net loss of
$23.1 million, or $0.89 per share, for the three month period ended
December 31, 2011.
Earnings improved substantially on a year to year basis as the
loan loss provision and other credit costs decreased due to the
significant improvement in asset quality. For the year ended
December 31, 2012, the Company
recorded a loan loss provision in the amount of $1.4 million compared to a $16.0 million provision during the year ended
December 31, 2011. Financial results
for 2011 were impacted by a loss incurred on the bulk sale of
troubled loans and foreclosed properties which closed in the fourth
quarter of 2011 and the recognition of a valuation allowance
related to deferred tax assets in that same period.
The Company continues to lower its cost of funds as evidenced by
a decrease of 28 basis points to 0.71% for the year ended
December 31, 2012, compared to 0.99%
for the year ended December 31, 2011.
The net interest margin decreased slightly to 3.53% for the year
ended December 31, 2012 compared to
3.59% for year ended December 31,
2011.
Non-interest income decreased to $8.8
million for the year December 31,
2012 compared to $10.6 million
for the year ended December 31, 2011,
primarily due to revenue recognized on two legal settlements in
2011 which did not recur in 2012.
Non-interest expenses decreased by $5.3
million, or 13%, to $35.9
million for the year ended December
31, 2012 compared to $41.2
million in the prior year as a result of lower expenses
related to foreclosed real estate during 2012. The Company
recognized write-downs and expenses in the amount of $4.8 million related to the disposition of
foreclosed properties in a bulk sale of impaired assets during
2011.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
Dec
31,
2012
|
Dec
31,
2011
|
%
Change
|
Sept
30,
2012
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$
988,658
|
$
1,047,353
|
(6%)
|
$
966,990
|
2%
|
|
|
|
|
|
|
Total
loans (net)
|
608,359
|
577,442
|
5%
|
613,380
|
(1%)
|
|
|
|
|
|
|
Total
deposits
|
889,201
|
952,611
|
(7%)
|
868,193
|
2%
|
|
|
|
|
|
|
Total core
deposits
|
841,784
|
785,246
|
7%
|
820,776
|
3%
|
|
|
|
|
|
|
Total loans increased by $30.9
million, or 5%, as of December 31,
2012 when compared to December 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 $56.5 million, or 7%, to $841.8 million as of December 31, 2012 compared to $785.2 million as of December 31, 2011.
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
Dec
31,
2012
|
Dec
31,
2011
|
%
Change
|
Sept
30,
2012
|
% Change
|
4th
Qtr
2012 Cost
of Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$
145,407
|
$
129,684
|
12%
|
$
145,493
|
0%
|
0.00%
|
|
|
|
|
|
|
|
Demand
interest-bearing
|
180,441
|
109,243
|
65%
|
173,010
|
4%
|
0.51%
|
|
|
|
|
|
|
|
Money
market and savings
|
440,119
|
400,143
|
10%
|
417,506
|
5%
|
0.52%
|
|
|
|
|
|
|
|
Certificates of deposit
|
75,817
|
146,176
|
(48%)
|
84,767
|
(11%)
|
0.89%
|
|
|
|
|
|
|
|
Total core
deposits
|
$
841,784
|
$
785,246
|
7%
|
$
820,776
|
3%
|
0.47%
|
|
|
|
|
|
|
|
Core deposits increased to $841.8
million at December 31, 2012
compared to $785.2 million at
December 31, 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 0.60%
for the twelve month period ending December
31, 2012 compared to 0.88% for the twelve month period
ending December 31, 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
|
Dec
31,
2012
|
%
of
Total
|
Dec 31,
2011
|
%
of
Total
|
Sept
30,
2012
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
335,561
|
54%
|
$
353,529
|
60%
|
$344,149
|
55%
|
Construction and land development
|
26,659
|
4%
|
35,051
|
6%
|
29,744
|
5%
|
Commercial
and industrial
|
103,768
|
17%
|
87,668
|
15%
|
108,665
|
18%
|
Owner
occupied real estate
|
126,242
|
21%
|
93,625
|
16%
|
117,959
|
19%
|
Consumer
and other
|
23,449
|
4%
|
16,683
|
3%
|
20,370
|
3%
|
Residential mortgage
|
2,442
|
0%
|
3,150
|
0%
|
2,467
|
0%
|
Deferred
costs (fees)
|
(220)
|
|
(224)
|
|
(176)
|
|
|
|
|
|
|
|
|
Gross loans
|
$617,901
|
100%
|
$589,492
|
100%
|
$623,178
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $28.4
million to $617.9 million at
December 31, 2012 compared to
$589.5 million at December 31, 2011 as the Company saw a positive
trend in quality loan demand during 2012.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below (dollars in thousands):
|
Quarter
Ended
|
|
Dec
31,
2012
|
Dec
31,
2011
|
Sept
30,
2012
|
|
|
|
|
Non-performing assets / total assets
|
2.52%
|
1.70%
|
2.43%
|
|
|
|
|
Quarterly
net loan charge-offs / average loans
|
0.64%
|
6.83%
|
0.28%
|
|
|
|
|
Allowance
for loan losses / gross loans
|
1.54%
|
2.04%
|
1.57%
|
|
|
|
|
Allowance
for loan losses / non-performing loans
|
59%
|
107%
|
61%
|
|
|
|
|
Non-performing assets / capital and
reserves
|
31%
|
23%
|
30%
|
|
|
|
|
Non-performing assets increased by $7.2
million to $25.0 million, or
2.52% of total assets, at December 31,
2012, compared to $17.8
million, or 1.70% of total assets, as of December 31, 2011. The increase was
primarily driven by one significant loan relationship that
transferred to non-accrual status during the third quarter 2012.
This relationship is backed by adequate collateral to support the
current carrying value of the loan. The allowance for loan losses
as a percentage of non-performing loans decreased to 59% as of
December 31, 2012, compared to 107%
as of December 31, 2011.
The ratio of non-performing assets to capital and reserves
increased to 31% as of December 31,
2012 compared to 23% one year ago.
Capital
The Company's capital regulatory ratios at December 31, 2012 were as follows:
|
Republic
First Bancorp, Inc.
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
9.01%
|
5.00%
|
|
|
|
Tier 1
Risk Based Capital
|
11.48%
|
6.00%
|
|
|
|
Total Risk
Based Capital
|
12.73%
|
10.00%
|
|
|
|
Total shareholders' equity was $69.9
million at December 31, 2012
which represented a book value per share of $2.69, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
(dollars in thousands)
|
2012
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and
due from banks
|
$
9,097
|
|
$
7,750
|
|
$
13,221
|
|
Interest-bearing deposits and federal funds
sold
|
118,907
|
|
90,108
|
|
217,734
|
|
|
Total cash
and cash equivalents
|
128,004
|
|
97,858
|
|
230,955
|
|
|
|
|
|
|
|
|
|
|
Securities
- Available for sale
|
189,259
|
|
192,529
|
|
174,323
|
|
Securities
- Held to maturity
|
67
|
|
66
|
|
140
|
|
Restricted
stock
|
3,816
|
|
4,369
|
|
5,321
|
|
|
Total
investment securities
|
193,142
|
|
196,964
|
|
179,784
|
|
|
|
|
|
|
|
|
|
|
Loans held
for sale
|
82
|
|
1,089
|
|
925
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
617,901
|
|
623,178
|
|
589,492
|
|
Allowance
for loan losses
|
(9,542)
|
|
(9,798)
|
|
(12,050)
|
|
|
Net
loans
|
|
608,359
|
|
613,380
|
|
577,442
|
|
|
|
|
|
|
|
|
|
|
Premises
and equipment
|
21,976
|
|
22,415
|
|
23,507
|
|
Other real
estate owned
|
8,912
|
|
7,312
|
|
6,479
|
|
Other
assets
|
|
28,183
|
|
27,972
|
|
28,261
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
988,658
|
|
$
966,990
|
|
$
1,047,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
$
145,407
|
|
$
145,493
|
|
$
226,287
|
|
Interest
bearing deposits
|
743,794
|
|
722,700
|
|
726,324
|
|
|
Total
deposits
|
889,201
|
|
868,193
|
|
952,611
|
|
|
|
|
|
|
|
|
|
|
Subordinated debt
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
7,079
|
|
7,377
|
|
7,415
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
918,756
|
|
898,046
|
|
982,502
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Common
stock - $0.01 par value
|
265
|
|
265
|
|
265
|
|
Additional
paid-in capital
|
106,753
|
|
106,673
|
|
106,383
|
|
Accumulated deficit
|
(34,228)
|
|
(35,132)
|
|
(37,842)
|
|
Treasury
stock at cost
|
(3,099)
|
|
(3,099)
|
|
(3,099)
|
|
Stock held
by deferred compensation plan
|
(809)
|
|
(809)
|
|
(809)
|
|
Accumulated other comprehensive income
(loss)
|
1,020
|
|
1,046
|
|
(47)
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
69,902
|
|
68,944
|
|
64,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity
|
$
988,658
|
|
$
966,990
|
|
$
1,047,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
(dollars in thousands, except per share
amounts)
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
$
8,128
|
|
$
8,194
|
|
$
8,171
|
|
$
32,591
|
|
$
33,255
|
|
Interest
and dividends on investment securities
|
1,234
|
|
1,364
|
|
1,322
|
|
5,369
|
|
4,873
|
|
Interest
on other interest earning assets
|
61
|
|
54
|
|
63
|
|
300
|
|
145
|
|
|
Total
interest income
|
|
9,423
|
|
9,612
|
|
9,556
|
|
38,260
|
|
38,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits
|
|
1,124
|
|
1,153
|
|
1,785
|
|
5,232
|
|
7,064
|
|
Interest
on borrowed funds
|
282
|
|
283
|
|
282
|
|
1,134
|
|
1,135
|
|
|
Total
interest expense
|
1,406
|
|
1,436
|
|
2,067
|
|
6,366
|
|
8,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
8,017
|
|
8,176
|
|
7,489
|
|
31,894
|
|
30,074
|
|
Provision
for loan losses
|
|
750
|
|
850
|
|
10,300
|
|
1,350
|
|
15,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss) after provision for loan losses
|
7,267
|
|
7,326
|
|
(2,811)
|
|
30,544
|
|
14,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees on deposit accounts
|
252
|
|
234
|
|
182
|
|
922
|
|
768
|
|
Gain on
sale of SBA loans
|
2,194
|
|
1,141
|
|
926
|
|
5,531
|
|
5,263
|
|
Gain
(loss) on sale of investment securities
|
(37)
|
|
-
|
|
-
|
|
737
|
|
640
|
|
Other
non-interest income
|
443
|
|
456
|
|
2,315
|
|
1,638
|
|
3,910
|
|
|
Total
non-interest income
|
2,852
|
|
1,831
|
|
3,423
|
|
8,828
|
|
10,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
4,407
|
|
4,008
|
|
3,917
|
|
16,512
|
|
15,197
|
|
Occupancy
and equipment
|
1,353
|
|
1,367
|
|
1,361
|
|
5,460
|
|
5,443
|
|
Legal and
professional fees
|
821
|
|
873
|
|
1,003
|
|
4,072
|
|
3,548
|
|
Foreclosed
real estate
|
|
274
|
|
287
|
|
5,562
|
|
763
|
|
7,301
|
|
Regulatory
assessments and related fees
|
335
|
|
343
|
|
363
|
|
1,367
|
|
1,913
|
|
Other
operating expenses
|
2,079
|
|
1,909
|
|
1,886
|
|
7,728
|
|
7,798
|
|
|
Total
non-interest expense
|
9,269
|
|
8,787
|
|
14,092
|
|
35,902
|
|
41,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision (benefit) for income taxes
|
850
|
|
370
|
|
(13,480)
|
|
3,470
|
|
(16,511)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
(54)
|
|
(28)
|
|
9,598
|
|
(144)
|
|
8,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
904
|
|
$
398
|
|
$
(23,078)
|
|
$
3,614
|
|
$
(24,702)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) per Common Share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
0.03
|
|
$
0.02
|
|
$
(0.89)
|
|
$
0.14
|
|
$
(0.95)
|
|
Diluted
|
|
|
$
0.03
|
|
$
0.02
|
|
$
(0.89)
|
|
$
0.14
|
|
$
(0.95)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
December
31, 2012
|
|
September
30, 2012
|
|
December
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
|
|
$
95,227
|
|
$
61
|
|
0.25%
|
|
$
88,996
|
|
$
54
|
|
0.24%
|
|
$
108,488
|
|
$
63
|
|
0.23%
|
Securities
|
|
193,119
|
|
1,298
|
|
2.69%
|
|
190,441
|
|
1,428
|
|
3.00%
|
|
163,999
|
|
1,384
|
|
3.38%
|
Loans
receivable
|
|
626,916
|
|
8,164
|
|
5.18%
|
|
613,190
|
|
8,228
|
|
5.34%
|
|
617,856
|
|
8,211
|
|
5.27%
|
Total
interest-earning assets
|
|
915,262
|
|
9,523
|
|
4.14%
|
|
892,627
|
|
9,710
|
|
4.33%
|
|
890,343
|
|
9,658
|
|
4.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
58,879
|
|
|
|
|
|
56,814
|
|
|
|
|
|
72,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
974,141
|
|
|
|
|
|
$
949,441
|
|
|
|
|
|
$
962,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
142,716
|
|
|
|
|
|
$
134,857
|
|
|
|
|
|
$
127,842
|
|
|
|
|
Demand
interest-bearing
|
|
178,658
|
|
229
|
|
0.51%
|
|
162,270
|
|
211
|
|
0.52%
|
|
102,960
|
|
165
|
|
0.64%
|
Money
market & savings
|
|
425,205
|
|
561
|
|
0.52%
|
|
416,038
|
|
572
|
|
0.55%
|
|
385,553
|
|
930
|
|
0.96%
|
Time
deposits
|
|
128,005
|
|
334
|
|
1.04%
|
|
138,148
|
|
370
|
|
1.07%
|
|
228,751
|
|
690
|
|
1.20%
|
Total
deposits
|
|
874,584
|
|
1,124
|
|
0.51%
|
|
851,313
|
|
1,153
|
|
0.54%
|
|
845,106
|
|
1,785
|
|
0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
731,868
|
|
1,124
|
|
0.61%
|
|
716,456
|
|
1,153
|
|
0.64%
|
|
717,264
|
|
1,785
|
|
0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
22,547
|
|
282
|
|
4.98%
|
|
22,476
|
|
283
|
|
5.01%
|
|
22,476
|
|
282
|
|
4.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
754,415
|
|
1,406
|
|
0.74%
|
|
738,932
|
|
1,436
|
|
0.77%
|
|
739,740
|
|
2,067
|
|
1.11%
|
Total
deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings
|
|
897,131
|
|
1,406
|
|
0.62%
|
|
873,789
|
|
1,436
|
|
0.65%
|
|
867,582
|
|
2,067
|
|
0.95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest-bearing liabilities
|
|
7,623
|
|
|
|
|
|
7,409
|
|
|
|
|
|
12,092
|
|
|
|
|
Shareholders' equity
|
|
69,387
|
|
|
|
|
|
68,243
|
|
|
|
|
|
82,874
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
|
$
974,141
|
|
|
|
|
|
$
949,441
|
|
|
|
|
|
$
962,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
|
$
8,117
|
|
|
|
|
|
$
8,274
|
|
|
|
|
|
$
7,591
|
|
|
Net
interest spread
|
|
|
|
|
|
3.40%
|
|
|
|
|
|
3.56%
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
|
|
3.53%
|
|
|
|
|
|
3.69%
|
|
|
|
|
|
3.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The
above tables are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
Average
Balances and Net Interest Income
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
twelve months ended
|
|
For the
twelve months ended
|
(dollars in thousands)
|
December
31, 2012
|
|
December
31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$
116,268
|
|
$
300
|
|
0.26%
|
|
$
62,082
|
|
$
145
|
|
0.23%
|
Securities
|
187,446
|
|
5,622
|
|
3.00%
|
|
156,367
|
|
5,119
|
|
3.27%
|
Loans
receivable
|
609,943
|
|
32,734
|
|
5.37%
|
|
630,309
|
|
33,417
|
|
5.30%
|
Total
interest-earning assets
|
913,657
|
|
38,656
|
|
4.23%
|
|
848,758
|
|
38,681
|
|
4.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
56,149
|
|
|
|
|
|
73,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
969,806
|
|
|
|
|
|
$
921,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$
136,999
|
|
|
|
|
|
$
119,189
|
|
|
|
|
Demand
interest-bearing
|
146,319
|
|
796
|
|
0.54%
|
|
91,577
|
|
590
|
|
0.64%
|
Money
market & savings
|
433,422
|
|
2,718
|
|
0.63%
|
|
345,885
|
|
3,457
|
|
1.00%
|
Time
deposits
|
155,549
|
|
1,718
|
|
1.10%
|
|
244,741
|
|
3,017
|
|
1.23%
|
Total
deposits
|
872,289
|
|
5,232
|
|
0.60%
|
|
801,392
|
|
7,064
|
|
0.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
735,290
|
|
5,232
|
|
0.71%
|
|
682,203
|
|
7,064
|
|
1.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
22,531
|
|
1,134
|
|
5.03%
|
|
24,831
|
|
1,135
|
|
4.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
757,821
|
|
6,366
|
|
0.84%
|
|
707,034
|
|
8,199
|
|
1.16%
|
Total
deposits and
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings
|
894,820
|
|
6,366
|
|
0.71%
|
|
826,223
|
|
8,199
|
|
0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest-bearing liabilities
|
7,573
|
|
|
|
|
|
9,472
|
|
|
|
|
Shareholders' equity
|
67,413
|
|
|
|
|
|
86,116
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity
|
$
969,806
|
|
|
|
|
|
$
921,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
$32,290
|
|
|
|
|
|
$30,482
|
|
|
Net
interest spread
|
|
|
|
|
3.39%
|
|
|
|
|
|
3.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
|
3.53%
|
|
|
|
|
|
3.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The
above tables are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
Summary
of Allowance for Loan Losses and Other Related Data
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
|
|
Twelve
months ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
(dollars in thousands)
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
9,798
|
|
$
9,385
|
|
$
12,380
|
|
$
12,050
|
|
$
11,444
|
|
|
|
|
|
|
|
|
|
|
Provision
charged to operating expense
|
750
|
|
850
|
|
10,300
|
|
1,350
|
|
15,966
|
|
10,548
|
|
10,235
|
|
22,680
|
|
13,400
|
|
27,410
|
|
|
|
|
|
|
|
|
|
|
Recoveries
on loans charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
-
|
|
-
|
|
58
|
|
105
|
|
69
|
Consumer
|
1
|
|
-
|
|
1
|
|
29
|
|
40
|
Total
recoveries
|
1
|
|
-
|
|
59
|
|
134
|
|
109
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
(1,007)
|
|
(436)
|
|
(10,682)
|
|
(3,890)
|
|
(15,428)
|
Consumer
|
-
|
|
(1)
|
|
(7)
|
|
(102)
|
|
(41)
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(1,007)
|
|
(437)
|
|
(10,689)
|
|
(3,992)
|
|
(15,469)
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(1,006)
|
|
(437)
|
|
(10,630)
|
|
(3,858)
|
|
(15,360)
|
|
|
|
|
|
|
|
|
|
|
Balance at
end of period
|
$
9,542
|
|
$
9,798
|
|
$
12,050
|
|
$
9,542
|
|
$
12,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percentage of
|
|
|
|
|
|
|
|
|
|
average loans outstanding
|
0.64%
|
|
0.28%
|
|
6.83%
|
|
0.63%
|
|
2.44%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage
|
|
|
|
|
|
|
|
|
|
of
period-end loans
|
1.54%
|
|
1.57%
|
|
2.04%
|
|
1.54%
|
|
2.04%
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
Summary
of Non-Performing Loans and Assets
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(dollars in thousands)
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
$
14,850
|
|
$
15,156
|
|
$
10,090
|
|
$
9,911
|
|
$
9,667
|
Consumer and other
|
996
|
|
996
|
|
802
|
|
811
|
|
897
|
Total
non-accrual loans
|
15,846
|
|
16,152
|
|
10,892
|
|
10,722
|
|
10,564
|
|
|
|
|
|
|
|
|
|
|
Loans past
due 90 days or more
|
|
|
|
|
|
|
|
|
|
and
still accruing
|
202
|
|
-
|
|
-
|
|
-
|
|
748
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans
|
16,048
|
|
16,152
|
|
10,892
|
|
10,722
|
|
11,312
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned
|
8,912
|
|
7,312
|
|
6,135
|
|
6,135
|
|
6,479
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets
|
$
24,960
|
|
$
23,464
|
|
$
17,027
|
|
$
16,857
|
|
$
17,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans
|
2.60%
|
|
2.59%
|
|
1.80%
|
|
1.78%
|
|
1.92%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total assets
|
2.52%
|
|
2.43%
|
|
1.81%
|
|
1.76%
|
|
1.70%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan coverage
|
59.46%
|
|
60.66%
|
|
86.16%
|
|
100.32%
|
|
106.52%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage
|
|
|
|
|
|
|
|
|
|
of
total period-end loans
|
1.54%
|
|
1.57%
|
|
1.55%
|
|
1.78%
|
|
2.04%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets / capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
31.42%
|
|
29.80%
|
|
22.22%
|
|
21.85%
|
|
23.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Republic First Bancorp, Inc.