PHILADELPHIA, Jan. 22, 2015 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
December 31, 2014.
Financial
Highlights
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
($ in millions,
except per share data)
|
|
12/31/14
|
12/31/13
|
%
Change
|
|
12/31/14
|
12/31/13
|
%
Change
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$ 1,214.6
|
$ 961.7
|
26%
|
|
|
|
|
Loans
|
|
781.9
|
679.3
|
15%
|
|
|
|
|
Deposits
|
|
1,072.2
|
869.5
|
23%
|
|
|
|
|
Total
Revenue
|
|
$ 12.0
|
$ 10.6
|
12%
|
|
$ 43.8
|
$ 41.8
|
5%
|
Net Income
|
|
0.9
|
(3.3)
|
126%
|
|
2.4
|
(3.5)
|
170%
|
Net Income per
Share
|
|
$ 0.02
|
$ (0.13)
|
115%
|
|
$ 0.07
|
$ (0.13)
|
154%
|
"Our fourth quarter results bring to conclusion a very
successful year for Republic Bank led by continued growth in our
market with our new model," said Harry D.
Madonna, Chairman and Chief Executive Officer of Republic
Bank. "With total assets, deposits and loans growing by
double-digit percentages in 2014, it is clear that our strategic
plan is producing strong and tangible results."
"Our significant year-over-year growth reaffirms the commitment
to our aggressive expansion plan," added Madonna. "With fifteen
stores, including our newest store recently opened in Glassboro, Republic Bank enters 2015 with
substantial momentum and a growing public awareness that we are
redefining the Customer experience."
Highlights for the Period Ended December 31, 2014
- Total assets increased by $253
million, or 26%, to $1.2
billion as of December 31,
2014 compared to $962 million
as of December 31, 2013.
- Non-interest bearing demand deposits increased by 42% to
$224 million as of December 31, 2014 compared to $158 million as of December 31, 2013.
- Total deposits increased by $203
million, or 23%, to $1.1
billion as of December 31,
2014 compared to $870 million
as of December 31, 2013. The cost of
funds on interest bearing deposits decreased to 0.47% for the year
ended December 31, 2014 compared to
0.50% for the year ended December 31,
2013.
- Total loans grew $103 million, or
15%, to $782 million as of
December 31, 2014 compared to
$679 million at December 31, 2013.
- SBA lending continued to be a focal point of the Company's
lending strategy. More than $56
million in new SBA loans were originated during the year
ended December 31, 2014. Our team is
currently ranked as the #1 SBA lender in the tri-state market of
New Jersey, Pennsylvania and Delaware based on the dollar volume of loan
originations.
- Shareholders' equity increased by 79% to $113 million as of December 31, 2014 compared to $63 million as of December
31, 2013 as a result of the $45
million common stock offering closed during the second
quarter of 2014.
- The Company's Total Risk-Based Capital ratio was 15.10% and
Tier I Leverage Ratio was 11.23% at December
31, 2014.
- Tangible book value per share was $2.98 as of December 31,
2014.
Income Statement
The major components of the income statement are as follows
(dollars in thousands, except per share data):
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
12/31/14
|
12/31/13
|
%
Change
|
|
12/31/14
|
12/31/13
|
%
Change
|
Total
Revenue
|
|
$ 11,967
|
$ 10,649
|
12%
|
|
$ 43,846
|
$ 41,831
|
5%
|
Provision for Loan
Losses
|
|
300
|
3,760
|
(92%)
|
|
900
|
4,935
|
(82%)
|
Non-interest
Expenses
|
|
10,792
|
10,117
|
7%
|
|
40,550
|
40,411
|
0%
|
Net Income
|
|
853
|
(3,261)
|
126%
|
|
2,442
|
(3,480)
|
170%
|
Net Income per
Share
|
|
$ 0.02
|
$ (0.13)
|
115%
|
|
$ 0.07
|
$ (0.13)
|
154%
|
The Company reported net income of $2.4
million, or $0.07 per share,
for the twelve month period ended December
31, 2014, compared to a net loss of $3.5 million, or $(0.13) per share, for the twelve month period
ended December 31, 2013.
Prior year earnings were impacted by charges associated with
loans and relationships that were established prior to 2008 under
the old Republic Bank model including a loan loss provision in the
amount of $3.6 million on one loan, a
$2.1 million writedown on an OREO
property, and a $1.9 million
settlement on an outstanding legal matter. Earnings in 2014 were
not materially affected by legacy issues that impacted the prior
year.
Net interest income increased by $3.2
million, or 10%, to $35.8
million for the year ended December
31, 2014 compared to $32.6
million for the year ended December
31, 2013. This increase was driven by strong growth in
interest-earning assets during the year.
The provision for loan losses decreased by $4.0 million, to $0.9
million for the twelve month period ended December 31, 2014 compared to $4.9 million in the prior year period mainly due
to the aforementioned provision related to a single loan
relationship recorded in the fourth quarter of 2013.
Non-interest expenses increased by a minimal amount during 2014
to $40.5 million during the twelve
month period ended December 31, 2014
compared to $40.4 million during the
twelve months ended December 31,
2013. Increases in salaries, employee benefits, occupancy
and equipment expenses driven by the addition of new stores related
to the Company's expansion strategy were offset by decreases in
foreclosed real estate and other operating expenses as a result of
significant charges in 2013 that did not recur in 2014 as discussed
previously.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
12/31/14
|
12/31/13
|
%
Change
|
09/30/14
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 1,214,598
|
$ 961,665
|
26%
|
$ 1,130,716
|
7%
|
Total loans
(net)
|
770,404
|
667,048
|
15%
|
739,817
|
4%
|
Total
deposits
|
1,072,230
|
869,534
|
23%
|
990,075
|
8%
|
Total core
deposits
|
1,061,994
|
859,301
|
24%
|
979,840
|
8%
|
Total assets increased by $252.9
million, or 26%, as of December 31,
2014 when compared to December
31, 2013. Deposits grew by $202.7 million to $1.1
billion as of December 31,
2014 compared to $869.5
million as of December 31,
2013. The number of deposit accounts grew by 26% during the
year ended December 31, 2014. The
strong growth in assets, loans and deposits during 2014 was driven
by the Company's successful execution of its growth
strategy.
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
12/31/14
|
12/31/13
|
%
Change
|
09/30/14
|
% Change
|
4th Qtr
2014
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 224,245
|
$ 157,806
|
42%
|
$ 216,642
|
4%
|
0.00%
|
Demand
interest-bearing
|
283,768
|
230,221
|
23%
|
224,102
|
27%
|
0.39%
|
Money market and
savings
|
488,848
|
402,671
|
21%
|
471,199
|
4%
|
0.45%
|
Certificates of
deposit
|
65,133
|
68,603
|
(5%)
|
67,897
|
(4%)
|
0.78%
|
Total core
deposits
|
$ 1,061,994
|
$ 859,301
|
24%
|
$ 979,840
|
8%
|
0.36%
|
|
|
|
|
|
|
|
Core deposits increased to $1.1
billion at December 31, 2014
compared to $859.3 million at
December 31, 2013 as the Company
moves forward with its expansion strategy which focuses on the
gathering of low-cost core deposits. The Company recognized strong
growth in demand, money market and savings account balances on a
year to year basis, while at the same time decreasing the deposit
cost of funds to 0.38% for the twelve month period ending
December 31, 2014 compared to 0.41%
for the twelve month period ending December
31, 2013.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
12/31/14
|
% of
Total
|
12/31/13
|
% of
Total
|
09/30/14
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 379,259
|
48%
|
$ 342,794
|
50%
|
$366,611
|
49%
|
Construction and land
development
|
29,861
|
4%
|
23,977
|
4%
|
38,236
|
5%
|
Commercial and
industrial
|
145,113
|
19%
|
118,209
|
17%
|
134,340
|
18%
|
Owner occupied real
estate
|
188,025
|
24%
|
160,229
|
24%
|
172,642
|
23%
|
Consumer and
other
|
39,713
|
5%
|
31,981
|
5%
|
38,365
|
5%
|
Residential
mortgage
|
408
|
0%
|
2,359
|
0%
|
2,314
|
0%
|
Deferred costs
(fees)
|
(439)
|
|
(238)
|
|
(475)
|
|
Gross loans
|
$781,940
|
100%
|
$679,311
|
100%
|
$752,033
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $102.6
million, or 15%, to $781.9
million at December 31, 2014
compared to $679.3 million at
December 31, 2013 as a result of an
increase in quality loan demand over the last twelve months and
continued success with our relationship banking model.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
12/31/14
|
09/30/14
|
12/31/13
|
|
|
|
|
Non-performing assets
/ total assets
|
2.07%
|
2.38%
|
1.51%
|
Quarterly net loan
charge-offs / average loans
|
0.51%
|
0.08%
|
0.12%
|
Allowance for loan
losses / gross loans
|
1.48%
|
1.62%
|
1.81%
|
Allowance for loan
losses / non-performing loans
|
54%
|
53%
|
118%
|
Non-performing assets
/ capital and reserves
|
20%
|
22%
|
19%
|
Non-performing assets increased by $10.7
million to $25.2 million, or
2.07% of total assets, at December 31,
2014, compared to $14.5
million, or 1.51% of total assets, as of December 31, 2013. This increase was primarily
driven by one loan that was transferred to non-accrual status
during the second quarter of 2014. A reserve for this loan was
recorded during the fourth quarter of 2013 when it was initially
downgraded to impaired status.
The allowance for loan losses as a percentage of non-performing
loans decreased to 54% as of December 31,
2014, compared to 118% as of December 31, 2013. The ratio of
non-performing assets to capital and reserves increased to 20% as
of December 31, 2014, compared to 19%
as of December 31, 2013.
Capital
The Company's capital ratios at December
31, 2014 were as follows:
|
Actual December 31, 2014
|
Regulatory
Guidelines "Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
11.23%
|
5.00%
|
Tier 1 Risk Based
Capital
|
13.88%
|
6.00%
|
Total Risk Based
Capital
|
15.10%
|
10.00%
|
Tangible Common
Equity
|
9.29%
|
n/a
|
During the second quarter of 2014, the Company successfully
completed a private placement offering of common stock in the
amount of $45 million. 11.8
million shares were sold through the offering at a price of
$3.80 per share. Total shareholders'
equity increased to $112.8 million at
December 31, 2014 compared to
$62.9 million at December 31, 2013. Tangible book value per
share increased to $2.98 at
December 31, 2014 compared to
$2.42 per share at December 31, 2013.
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 fifteen offices located in
Abington, Ardmore, Bala
Cynwyd, Plymouth Meeting,
Media and Philadelphia, Pennsylvania and Haddonfield, Cherry
Hill, Voorhees and
Glassboro, 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, 2013 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)
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
14,822
|
|
$
13,546
|
|
$
12,525
|
|
Interest-bearing
deposits and federal funds sold
|
114,004
|
|
92,298
|
|
23,355
|
|
|
Total cash and cash
equivalents
|
|
128,826
|
|
105,844
|
|
35,880
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
185,379
|
|
158,830
|
|
204,891
|
|
Securities - Held to
maturity
|
|
67,866
|
|
68,991
|
|
21
|
|
Restricted
stock
|
|
|
1,157
|
|
1,725
|
|
1,570
|
|
|
Total investment
securities
|
|
254,402
|
|
229,546
|
|
206,482
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
|
1,676
|
|
789
|
|
4,931
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
781,940
|
|
752,033
|
|
679,311
|
|
Allowance for loan
losses
|
|
(11,536)
|
|
(12,216)
|
|
(12,263)
|
|
|
Net loans
|
|
|
|
770,404
|
|
739,817
|
|
667,048
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
35,030
|
|
29,767
|
|
22,748
|
|
Other real estate
owned
|
|
|
3,715
|
|
3,775
|
|
4,059
|
|
Other
assets
|
|
|
|
20,545
|
|
21,178
|
|
20,517
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
$ 1,214,598
|
|
$ 1,130,716
|
|
$ 961,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$ 224,245
|
|
$ 216,642
|
|
$ 157,806
|
|
Interest bearing
deposits
|
|
|
847,985
|
|
773,433
|
|
711,728
|
|
|
Total
deposits
|
|
|
1,072,230
|
|
990,075
|
|
869,534
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
debt
|
|
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
|
|
7,081
|
|
6,572
|
|
6,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,101,787
|
|
1,019,123
|
|
898,766
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
383
|
|
383
|
|
265
|
|
Additional paid-in
capital
|
|
|
152,234
|
|
152,122
|
|
107,078
|
|
Accumulated
deficit
|
|
|
(35,266)
|
|
(36,119)
|
|
(37,708)
|
|
Treasury stock at
cost
|
|
|
(3,725)
|
|
(3,725)
|
|
(3,099)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(809)
|
|
Accumulated other
comprehensive income (loss)
|
(632)
|
|
(885)
|
|
(2,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
112,811
|
|
111,593
|
|
62,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$ 1,214,598
|
|
$ 1,130,716
|
|
$ 961,665
|
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)
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
9,236
|
|
$
9,000
|
|
$
8,181
|
|
$ 34,869
|
|
$ 32,335
|
|
Interest and
dividends on investment securities
|
1,470
|
|
1,356
|
|
1,321
|
|
5,417
|
|
4,685
|
|
Interest on other
interest earning assets
|
80
|
|
45
|
|
42
|
|
187
|
|
185
|
|
|
Total interest
income
|
|
|
10,786
|
|
10,401
|
|
9,544
|
|
40,473
|
|
37,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
968
|
|
918
|
|
828
|
|
3,536
|
|
3,478
|
|
Interest on borrowed
funds
|
|
278
|
|
277
|
|
278
|
|
1,108
|
|
1,112
|
|
|
Total interest
expense
|
|
1,246
|
|
1,195
|
|
1,106
|
|
4,644
|
|
4,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
9,540
|
|
9,206
|
|
8,438
|
|
35,829
|
|
32,615
|
|
Provision for loan
losses
|
|
|
300
|
|
300
|
|
3,760
|
|
900
|
|
4,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
9,240
|
|
8,906
|
|
4,678
|
|
34,929
|
|
27,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
328
|
|
316
|
|
277
|
|
1,224
|
|
1,046
|
|
Gain on sale of SBA
loans
|
|
1,903
|
|
614
|
|
1,475
|
|
4,717
|
|
5,338
|
|
Gain (loss) on sale
of investment securities
|
-
|
|
-
|
|
-
|
|
458
|
|
703
|
|
Other non-interest
income
|
|
196
|
|
441
|
|
459
|
|
1,618
|
|
2,129
|
|
|
Total non-interest
income
|
|
2,427
|
|
1,371
|
|
2,211
|
|
8,017
|
|
9,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
5,147
|
|
5,074
|
|
3,788
|
|
20,089
|
|
17,064
|
|
Occupancy and
equipment
|
|
1,746
|
|
1,749
|
|
1,453
|
|
6,629
|
|
5,740
|
|
Legal and
professional fees
|
|
615
|
|
614
|
|
847
|
|
2,758
|
|
3,298
|
|
Foreclosed real
estate
|
|
|
732
|
|
376
|
|
1,408
|
|
1,794
|
|
3,179
|
|
Regulatory
assessments and related fees
|
274
|
|
258
|
|
345
|
|
1,065
|
|
1,257
|
|
Other operating
expenses
|
|
2,278
|
|
1,915
|
|
2,276
|
|
8,215
|
|
9,873
|
|
|
Total non-interest
expense
|
|
10,792
|
|
9,986
|
|
10,117
|
|
40,550
|
|
40,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
provision (benefit) for income taxes
|
875
|
|
291
|
|
(3,228)
|
|
2,396
|
|
(3,515)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
22
|
|
(6)
|
|
33
|
|
(46)
|
|
(35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
853
|
|
$
297
|
|
$
(3,261)
|
|
$
2,442
|
|
$
(3,480)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per
Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
0.02
|
|
$
0.01
|
|
$
(0.13)
|
|
$
0.07
|
|
$
(0.13)
|
|
Diluted
|
|
|
|
$
0.02
|
|
$
0.01
|
|
$
(0.13)
|
|
$
0.07
|
|
$
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
37,815
|
|
37,815
|
|
25,973
|
|
34,232
|
|
25,973
|
|
Diluted
|
|
|
|
38,121
|
|
38,253
|
|
25,973
|
|
34,591
|
|
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,
2014
|
|
September 30,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ 122,787
|
|
$ 80
|
|
0.26%
|
|
$ 77,666
|
|
$ 45
|
|
0.23%
|
|
$ 61,963
|
|
$ 42
|
|
0.27%
|
Securities
|
|
234,479
|
|
1,527
|
|
2.60%
|
|
221,357
|
|
1,408
|
|
2.54%
|
|
206,259
|
|
1,361
|
|
2.64%
|
Loans
receivable
|
|
757,953
|
|
9,283
|
|
4.86%
|
|
744,466
|
|
9,046
|
|
4.82%
|
|
663,567
|
|
8,226
|
|
4.92%
|
Total
interest-earning assets
|
|
1,115,219
|
|
10,890
|
|
3.87%
|
|
1,043,489
|
|
10,499
|
|
3.99%
|
|
931,789
|
|
9,629
|
|
4.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
55,997
|
|
|
|
|
|
53,430
|
|
|
|
|
|
46,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,171,216
|
|
|
|
|
|
$1,096,919
|
|
|
|
|
|
$ 978,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$ 214,872
|
|
|
|
|
|
$ 196,734
|
|
|
|
|
|
$ 159,956
|
|
|
|
|
Demand
interest-bearing
|
|
258,443
|
|
252
|
|
0.39%
|
|
229,229
|
|
220
|
|
0.38%
|
|
218,275
|
|
210
|
|
0.38%
|
Money market &
savings
|
|
478,651
|
|
537
|
|
0.45%
|
|
449,848
|
|
509
|
|
0.45%
|
|
419,982
|
|
431
|
|
0.41%
|
Time
deposits
|
|
76,756
|
|
179
|
|
0.93%
|
|
79,798
|
|
189
|
|
0.94%
|
|
81,744
|
|
187
|
|
0.91%
|
Total
deposits
|
|
1,028,722
|
|
968
|
|
0.37%
|
|
955,609
|
|
918
|
|
0.38%
|
|
879,957
|
|
828
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
813,850
|
|
968
|
|
0.47%
|
|
758,875
|
|
918
|
|
0.48%
|
|
720,001
|
|
828
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
22,689
|
|
278
|
|
4.86%
|
|
22,476
|
|
277
|
|
4.89%
|
|
22,476
|
|
278
|
|
4.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
836,539
|
|
1,246
|
|
0.59%
|
|
781,351
|
|
1,195
|
|
0.61%
|
|
742,477
|
|
1,106
|
|
0.59%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,051,411
|
|
1,246
|
|
0.47%
|
|
978,085
|
|
1,195
|
|
0.48%
|
|
902,433
|
|
1,106
|
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
7,427
|
|
|
|
|
|
7,198
|
|
|
|
|
|
9,312
|
|
|
|
|
Shareholders'
equity
|
|
112,378
|
|
|
|
|
|
111,636
|
|
|
|
|
|
66,407
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,171,216
|
|
|
|
|
|
$1,096,919
|
|
|
|
|
|
$ 978,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$9,644
|
|
|
|
|
|
$9,304
|
|
|
|
|
|
$8,523
|
|
|
Net interest
spread
|
|
|
|
|
|
3.28%
|
|
|
|
|
|
3.38%
|
|
|
|
|
|
3.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.43%
|
|
|
|
|
|
3.54%
|
|
|
|
|
|
3.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ 75,593
|
|
$ 187
|
|
0.25%
|
|
$ 67,307
|
|
$ 185
|
|
0.27%
|
Securities
|
|
217,939
|
|
5,613
|
|
2.58%
|
|
192,315
|
|
4,820
|
|
2.51%
|
Loans
receivable
|
|
724,231
|
|
35,052
|
|
4.84%
|
|
640,233
|
|
32,523
|
|
5.08%
|
Total
interest-earning assets
|
|
1,017,763
|
|
40,852
|
|
4.01%
|
|
899,855
|
|
37,528
|
|
4.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
50,302
|
|
|
|
|
|
50,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,068,065
|
|
|
|
|
|
$ 950,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$ 189,810
|
|
|
|
|
|
$ 149,125
|
|
|
|
|
Demand
interest-bearing
|
|
233,693
|
|
888
|
|
0.38%
|
|
192,224
|
|
825
|
|
0.43%
|
Money market &
savings
|
|
439,484
|
|
1,929
|
|
0.44%
|
|
417,652
|
|
1,786
|
|
0.43%
|
Time
deposits
|
|
78,073
|
|
719
|
|
0.92%
|
|
92,484
|
|
867
|
|
0.94%
|
Total
deposits
|
|
941,060
|
|
3,536
|
|
0.38%
|
|
851,485
|
|
3,478
|
|
0.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
751,250
|
|
3,536
|
|
0.47%
|
|
702,360
|
|
3,478
|
|
0.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
22,530
|
|
1,108
|
|
4.92%
|
|
22,476
|
|
1,112
|
|
4.95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
773,780
|
|
4,644
|
|
0.60%
|
|
724,836
|
|
4,590
|
|
0.63%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
963,590
|
|
4,644
|
|
0.48%
|
|
873,961
|
|
4,590
|
|
0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
7,084
|
|
|
|
|
|
7,902
|
|
|
|
|
Shareholders'
equity
|
|
97,391
|
|
|
|
|
|
68,608
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,068,065
|
|
|
|
|
|
$ 950,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$36,208
|
|
|
|
|
|
$32,938
|
|
|
Net interest
spread
|
|
|
|
|
|
3.41%
|
|
|
|
|
|
3.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.56%
|
|
|
|
|
|
3.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$ 12,216
|
|
$ 12,063
|
|
$ 8,704
|
|
$ 12,263
|
|
$ 9,542
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
300
|
|
300
|
|
3,760
|
|
900
|
|
4,935
|
|
12,516
|
|
12,363
|
|
12,464
|
|
13,163
|
|
14,477
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
120
|
|
264
|
|
48
|
|
385
|
|
117
|
Consumer
|
-
|
|
-
|
|
-
|
|
-
|
|
26
|
Total
recoveries
|
120
|
|
264
|
|
48
|
|
385
|
|
143
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
(1,100)
|
|
(411)
|
|
(249)
|
|
(2,002)
|
|
(2,282)
|
Consumer
|
-
|
|
-
|
|
-
|
|
(10)
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(1,100)
|
|
(411)
|
|
(249)
|
|
(2,012)
|
|
(2,357)
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(980)
|
|
(147)
|
|
(201)
|
|
(1,627)
|
|
(2,214)
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$ 11,536
|
|
$ 12,216
|
|
$ 12,263
|
|
$ 11,536
|
|
$ 12,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
|
|
|
|
average loans
outstanding
|
0.51%
|
|
0.08%
|
|
0.12%
|
|
0.22%
|
|
0.35%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of period-end
loans
|
1.48%
|
|
1.62%
|
|
1.81%
|
|
1.48%
|
|
1.81%
|
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)
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$ 21,011
|
|
$ 22,607
|
|
$ 23,750
|
|
$
9,733
|
|
$
9,764
|
Consumer and
other
|
429
|
|
437
|
|
446
|
|
643
|
|
656
|
Total non-accrual
loans
|
21,440
|
|
23,044
|
|
24,196
|
|
10,376
|
|
10,420
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
-
|
|
131
|
|
2,722
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
21,440
|
|
23,175
|
|
26,918
|
|
10,376
|
|
10,420
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
3,715
|
|
3,775
|
|
3,637
|
|
3,696
|
|
4,059
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$ 25,155
|
|
$ 26,950
|
|
$ 30,555
|
|
$ 14,072
|
|
$ 14,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
2.74%
|
|
3.08%
|
|
3.74%
|
|
1.49%
|
|
1.53%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
2.07%
|
|
2.38%
|
|
2.87%
|
|
1.44%
|
|
1.51%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
53.81%
|
|
52.71%
|
|
44.81%
|
|
115.17%
|
|
117.69%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
1.48%
|
|
1.62%
|
|
1.68%
|
|
1.71%
|
|
1.81%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
20.23%
|
|
21.77%
|
|
24.74%
|
|
18.27%
|
|
19.26%
|
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SOURCE Republic First Bancorp, Inc.