PHILADELPHIA, July 28, 2015 /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, 2015.
|
|
Three Months
Ended
|
($ in millions,
except per share data)
|
|
06/30/15
|
06/30/14
|
%
Change
|
|
|
|
|
|
Assets
|
|
$ 1,272.4
|
$ 1,065.1
|
19%
|
Loans
|
|
822.9
|
718.9
|
14%
|
Deposits
|
|
1,129.8
|
924.7
|
22%
|
Total
Revenue
|
|
$ 11.6
|
$ 10.8
|
8%
|
Net Income
|
|
0.5
|
0.5
|
(1%)
|
Net Income per
Share
|
|
$ 0.014
|
$ 0.015
|
(7%)
|
"Our balance sheet growth continues to be extraordinarily
positive, which underscores the strength of our expansion
strategy," said Harry D. Madonna,
the Company's Chairman and Chief Executive Officer. "With the
recent openings of our newest stores in Marlton and Berlin,
NJ, we continue to find that our strong commitment to
outstanding service is resonating with a growing Customer base that
desires a personal touch when it comes to banking."
The Company is in the midst of an aggressive expansion plan
referred to as "The Power of Red is Back" with the goal of
increasing its store footprint while providing legendary customer
service. "We are seeing a tremendous response to the unrivaled
convenience and service that each and every one of our stores has
to offer," added Madonna. "As evidenced by the significant increase
in total assets, loans and deposits, Republic Bank is poised for
continued success in the Philadelphia and South Jersey regions."
Highlights for the Period Ended June
30, 2015
- Republic opened its 16th and 17th stores in
Marlton and Berlin, NJ which were received with great
acceptance by the many Fans that have come to open new accounts.
The Company currently has six additional sites in various stages of
construction and development for future store locations.
- New stores opened within the last 2 years are currently growing
deposits at an average rate of $46
million per year. While the average deposit growth for
all stores over the last twelve months was $14 million per store.
- Total deposits increased by $205
million, or 22%, to $1.1
billion as of June 30, 2015
compared to $925 million as of
June 30, 2014.
- Non-interest bearing demand deposits increased by 21% to
$242 million as of June 30, 2015 compared to $200 million as of June
30, 2014.
- Total assets increased by $207
million, or 19%, to $1.3
billion as of June 30, 2015
compared to $1.1 billion as of
June 30, 2014.
- Total loans grew $104 million, or
14%, to $823 million as of
June 30, 2015 compared to
$719 million at June 30, 2014.
- SBA lending continued to be a focal point of the Company's
lending strategy. More than $12
million in new SBA loans were originated during the three
month period ended June 30, 2015. 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 2% to $113 million as of June
30, 2015 compared to $111
million as of June 30,
2014.
- The Company's Total Risk-Based Capital ratio was 13.88% and
Tier I Leverage Ratio was 10.62% at June 30,
2015.
- Tangible book value per share was $3.00 as of June 30,
2015. This amount excludes approximately $0.38 per share attributable to the deferred tax
asset valuation allowance.
Income Statement
The major components of the income statement are as follows
(dollars in thousands, except per share data):
|
Three Months
Ended
|
|
Six Months
Ended
|
|
06/30/15
|
06/30/14
|
%
Change
|
|
06/30/15
|
06/30/14
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
$ 11,631
|
$ 10,773
|
8%
|
|
$ 22,675
|
$ 21,302
|
6%
|
|
Provision for Loan
Losses
|
-
|
300
|
(100%)
|
|
-
|
300
|
(100%)
|
|
Non-interest
Expenses
|
11,103
|
9,957
|
12%
|
|
21,621
|
19,772
|
9%
|
|
Net Income
|
533
|
537
|
(1%)
|
|
1,061
|
1,292
|
(18%)
|
|
Net Income per
Share
|
$ 0.014
|
$ 0.015
|
(7%)
|
|
$ 0.028
|
$ 0.042
|
(33%)
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company reported net income of $533
thousand, or $0.01 per share,
for the three month period ended June 30,
2015, compared to net income of $537
thousand, or $0.02 per share,
for the three month period ended June
30, 2014. Net income for the six month period ended
June 30, 2015 was $1.1 million, or $0.03 per share, compared to net income of
$1.3 million, or $0.04 per share, for the six months ended
June 30, 2014.
Net interest income increased by $1.1
million, or 13%, to $9.6
million for the three month period ended June 30, 2015 compared to $8.5 million for the three month period ended
June 30, 2014. This increase
was driven by strong growth in interest-earning assets over the
last twelve months.
Non-interest expenses increased by $1.1
million to $11.1 million
during the three month period ended June 30,
2015 compared to $10.0 million
during the three months ended June 30,
2014. This increase was primarily driven by higher salaries,
employee benefits, occupancy and equipment expenses associated with
the addition of new stores related to the Company's expansion
strategy over the last twelve months.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
06/30/15
|
06/30/14
|
%
Change
|
03/31/15
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 1,272,418
|
$ 1,065,134
|
19%
|
$ 1,263,983
|
1%
|
Total loans
(net)
|
814,477
|
706,806
|
15%
|
777,857
|
5%
|
Total
deposits
|
1,129,797
|
924,684
|
22%
|
1,121,397
|
1%
|
Total core
deposits
|
1,119,809
|
914,451
|
22%
|
1,111,409
|
1%
|
Total assets increased by $207.3
million, or 19%, as of June 30,
2015 when compared to June 30,
2014. Deposits grew by $205.1
million to $1.1 billion as of
June 30, 2015 compared to
$924.7 million as of June 30, 2014. The number of deposit accounts has
grown by 30% during the past twelve months. The strong growth in
assets, loans and deposits has been driven by the Company's
successful execution of its aggressive growth strategy referred to
as "The Power of Red is Back."
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
06/30/15
|
06/30/14
|
%
Change
|
03/31/15
|
%
Change
|
2nd Qtr
2015
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 241,550
|
$ 199,553
|
21%
|
$ 237,307
|
2%
|
0.00%
|
Demand
interest-bearing
|
327,342
|
212,710
|
54%
|
310,595
|
5%
|
0.41%
|
Money market and
savings
|
488,873
|
431,612
|
13%
|
498,862
|
(2%)
|
0.41%
|
Certificates of
deposit
|
62,044
|
70,576
|
(12%)
|
64,645
|
(4%)
|
0.79%
|
Total core
deposits
|
$ 1,119,809
|
$ 914,451
|
22%
|
$ 1,111,409
|
1%
|
0.35%
|
|
|
|
|
|
|
|
Core deposits increased to $1.1
billion at June 30, 2015
compared to $914.5 million at
June 30, 2014 as the Company moves
forward with its expansion strategy to increase the number of brick
and mortar stores which drives 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.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
06/30/15
|
% of
Total
|
06/30/14
|
% of
Total
|
03/31/15
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 371,051
|
45%
|
$ 353,458
|
49%
|
$364,397
|
46%
|
Construction and land
development
|
34,947
|
4%
|
31,224
|
5%
|
35,238
|
5%
|
Commercial and
industrial
|
166,912
|
20%
|
127,818
|
18%
|
159,819
|
20%
|
Owner occupied real
estate
|
202,467
|
25%
|
167,130
|
23%
|
188,783
|
24%
|
Consumer and
other
|
47,475
|
6%
|
37,255
|
5%
|
40,468
|
5%
|
Residential
mortgage
|
401
|
0%
|
2,330
|
0%
|
405
|
0%
|
Deferred
fees
|
(378)
|
|
(346)
|
|
(309)
|
|
Gross loans
|
$822,875
|
100%
|
$718,869
|
100%
|
$788,801
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $104.0
million, or 14%, to $822.9
million at June 30, 2015
compared to $718.9 million at
June 30, 2014 as a result of an
increase in quality loan demand over the last twelve months and
continued success with the relationship banking model. The
Company experienced strong growth in almost every loan
category.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
06/30/15
|
03/31/15
|
06/30/14
|
|
|
|
|
Non-performing assets
/ total assets
|
2.31%
|
2.28%
|
2.87%
|
Quarterly net loan
charge-offs / average loans
|
1.26%
|
0.31%
|
0.11%
|
Allowance for loan
losses / gross loans
|
1.02%
|
1.39%
|
1.68%
|
Allowance for loan
losses / non-performing loans
|
52%
|
44%
|
45%
|
Non-performing assets
/ capital and reserves
|
24%
|
23%
|
25%
|
Non-performing assets decreased by $1.2
million to $29.4 million, or
2.31% of total assets, at June 30,
2015, compared to $30.6
million, or 2.87% of total assets, as of June 30, 2014. Loan charge-offs in the
second quarter of 2015 were $2.5
million, or 1.26% of average loans outstanding compared to
$0.2 million or 0.11% of average
loans during the second quarter of 2014. This increase was
driven by a charge-off associated with one commercial loan which
was transferred to other real estate owned during the second
quarter of 2015. A loan loss provision for this loan had been
recorded in a prior period.
Capital
The Company's capital ratios at June 30,
2015 were as follows:
|
Actual
June 30,
2015
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
10.62%
|
5.00%
|
Common Equity
Ratio
|
10.95%
|
6.50%
|
Tier 1 Risk Based
Capital
|
13.06%
|
8.00%
|
Total Risk Based
Capital
|
13.88%
|
10.00%
|
Tangible Common
Equity
|
8.92%
|
n/a
|
Total shareholders' equity increased to $113.4 million at June 30,
2015 compared to $111.4
million at June 30,
2014. Tangible book value per share increased to $3.00 at June 30,
2015 compared to $2.95 per
share at June 30, 2014.
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 seventeen stores located in
Abington, Ardmore, Bala
Cynwyd, Plymouth Meeting,
Media and Philadelphia, Pennsylvania and Haddonfield, Cherry
Hill, Voorhees,
Glassboro, Marlton and Berlin,
New Jersey. Republic Bank stores are open 7 days a
week, 361 days a year, with extended lobby and drive-thru hours
providing customers with the most convenient hours compared to any
bank in its market. The Bank also offers free checking, free
coin counting, ATM/Debit cards issued on the spot and access to
more than 55,000 surcharge free ATMs worldwide via the Allpoint
Network. For more information about Republic Bank, visit
www.myrepublicbank.com.
Forward Looking Statements
The Company may from time to time make written or oral
"forward-looking statements", including statements contained in
this release and in the Company's filings with the Securities and
Exchange Commission. The forward-looking statements contained
herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those projected in
the forward-looking statements. For example, risks and
uncertainties can arise with changes in: general economic
conditions, including turmoil in the financial markets and related
efforts of government agencies to stabilize the financial system;
the adequacy of our allowance for loan losses and our methodology
for determining such allowance; adverse changes in our loan
portfolio and credit risk-related losses and expenses;
concentrations within our loan portfolio, including our exposure to
commercial real estate loans, and to our primary service area;
changes in interest rates; business conditions in the financial
services industry, including competitive pressure among financial
services companies, new service and product offerings by
competitors, price pressures and similar items; deposit flows; loan
demand; the regulatory environment, including evolving banking
industry standards, changes in legislation or regulation; impact of
the Dodd-Frank Wall Street Reform and Consumer Protection Act; our
securities portfolio and the valuation of our securities;
accounting principles, policies and guidelines as well as estimates
and assumptions used in the preparation of our financial
statements; rapidly changing technology; litigation liabilities,
including costs, expenses, settlements and judgments; and other
economic, competitive, governmental, regulatory and technological
factors affecting our operations, pricing, products and
services. You should carefully review the risk factors
described in the Form 10-K for the year ended December 31, 2014 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, except per share amounts)
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 16,377
|
|
$ 25,316
|
|
$ 17,070
|
|
Interest-bearing
deposits and federal funds sold
|
64,793
|
|
137,212
|
|
66,050
|
|
|
Total cash and cash
equivalents
|
81,170
|
|
162,528
|
|
83,120
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
176,142
|
|
187,024
|
|
219,634
|
|
Securities - Held to
maturity
|
119,338
|
|
66,742
|
|
21
|
|
Restricted
stock
|
1,179
|
|
1,157
|
|
1,725
|
|
|
Total investment
securities
|
296,659
|
|
254,923
|
|
221,380
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
3,464
|
|
4,955
|
|
491
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
822,875
|
|
788,801
|
|
718,869
|
|
Allowance for loan
losses
|
(8,398)
|
|
(10,944)
|
|
(12,063)
|
|
|
Net loans
|
814,477
|
|
777,857
|
|
706,806
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
40,961
|
|
36,573
|
|
29,041
|
|
Other real estate
owned
|
13,162
|
|
3,827
|
|
3,637
|
|
Other
assets
|
22,525
|
|
23,320
|
|
20,659
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$1,272,418
|
|
$1,263,983
|
|
$1,065,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$ 241,550
|
|
$ 237,307
|
|
$ 199,553
|
|
Interest bearing
deposits
|
888,247
|
|
884,090
|
|
725,131
|
|
|
Total
deposits
|
1,129,797
|
|
1,121,397
|
|
924,684
|
|
|
|
|
|
|
|
|
|
Subordinated
debt
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
6,706
|
|
6,210
|
|
6,551
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
1,158,979
|
|
1,150,083
|
|
953,711
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
383
|
|
383
|
|
383
|
|
Additional paid-in
capital
|
152,513
|
|
152,352
|
|
152,131
|
|
Accumulated
deficit
|
(34,205)
|
|
(34,738)
|
|
(36,416)
|
|
Treasury stock at
cost
|
(3,725)
|
|
(3,725)
|
|
(3,099)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(809)
|
|
Accumulated other
comprehensive income (loss)
|
(1,344)
|
|
(189)
|
|
(767)
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
113,439
|
|
113,900
|
|
111,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$1,272,418
|
|
$1,263,983
|
|
$1,065,134
|
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,
|
(in thousands,
except per share amounts)
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 9,270
|
|
$ 9,077
|
|
$ 8,310
|
|
$18,347
|
|
$16,633
|
|
Interest and
dividends on investment securities
|
1,543
|
|
1,607
|
|
1,271
|
|
3,150
|
|
2,591
|
|
Interest on other
interest earning assets
|
86
|
|
77
|
|
50
|
|
163
|
|
62
|
|
|
Total interest
income
|
10,899
|
|
10,761
|
|
9,631
|
|
21,660
|
|
19,286
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
1,012
|
|
1,018
|
|
870
|
|
2,030
|
|
1,650
|
|
Interest on borrowed
funds
|
278
|
|
276
|
|
277
|
|
554
|
|
553
|
|
|
Total interest
expense
|
1,290
|
|
1,294
|
|
1,147
|
|
2,584
|
|
2,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
9,609
|
|
9,467
|
|
8,484
|
|
19,076
|
|
17,083
|
|
Provision for loan
losses
|
-
|
|
-
|
|
300
|
|
-
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
9,609
|
|
9,467
|
|
8,184
|
|
19,076
|
|
16,783
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
398
|
|
363
|
|
287
|
|
761
|
|
580
|
|
Gain on sale of SBA
loans
|
1,222
|
|
578
|
|
1,046
|
|
1,800
|
|
2,200
|
|
Gain on sale of
investment securities
|
9
|
|
-
|
|
458
|
|
9
|
|
458
|
|
Other non-interest
income
|
393
|
|
636
|
|
498
|
|
1,029
|
|
981
|
|
|
Total non-interest
income
|
2,022
|
|
1,577
|
|
2,289
|
|
3,599
|
|
4,219
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,715
|
|
5,222
|
|
4,828
|
|
10,937
|
|
9,868
|
|
Occupancy and
equipment
|
1,951
|
|
1,888
|
|
1,598
|
|
3,839
|
|
3,134
|
|
Legal and
professional fees
|
690
|
|
564
|
|
872
|
|
1,254
|
|
1,529
|
|
Foreclosed real
estate
|
371
|
|
377
|
|
340
|
|
748
|
|
686
|
|
Regulatory
assessments and related fees
|
301
|
|
292
|
|
196
|
|
593
|
|
533
|
|
Other operating
expenses
|
2,075
|
|
2,175
|
|
2,123
|
|
4,250
|
|
4,022
|
|
|
Total non-interest
expense
|
11,103
|
|
10,518
|
|
9,957
|
|
21,621
|
|
19,772
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit
for income taxes
|
528
|
|
526
|
|
516
|
|
1,054
|
|
1,230
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
(5)
|
|
(2)
|
|
(21)
|
|
(7)
|
|
(62)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 533
|
|
$ 528
|
|
$ 537
|
|
$ 1,061
|
|
$ 1,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 0.01
|
|
$ 0.01
|
|
$ 0.02
|
|
$ 0.03
|
|
$ 0.04
|
|
Diluted
|
$ 0.01
|
|
$ 0.01
|
|
$ 0.02
|
|
$ 0.03
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
37,816
|
|
37,816
|
|
35,157
|
|
37,816
|
|
30,590
|
|
Diluted
|
38,049
|
|
38,047
|
|
35,609
|
|
38,048
|
|
30,932
|
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,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$ 125,839
|
|
$ 86
|
|
0.27%
|
|
$ 130,418
|
|
$ 77
|
|
0.24%
|
|
$ 82,915
|
|
$ 50
|
|
0.24%
|
Securities
|
265,268
|
|
1,617
|
|
2.44%
|
|
254,741
|
|
1,674
|
|
2.63%
|
|
207,545
|
|
1,315
|
|
2.53%
|
Loans
receivable
|
812,155
|
|
9,339
|
|
4.61%
|
|
783,379
|
|
9,145
|
|
4.73%
|
|
706,632
|
|
8,356
|
|
4.74%
|
Total
interest-earning assets
|
1,203,262
|
|
11,042
|
|
3.68%
|
|
1,168,538
|
|
10,896
|
|
3.78%
|
|
997,092
|
|
9,721
|
|
3.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
67,724
|
|
|
|
|
|
61,974
|
|
|
|
|
|
48,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$1,270,986
|
|
|
|
|
|
$1,230,512
|
|
|
|
|
|
$1,045,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$ 229,468
|
|
|
|
|
|
$ 226,708
|
|
|
|
|
|
$ 177,363
|
|
|
|
|
Demand
interest-bearing
|
333,075
|
|
341
|
|
0.41%
|
|
295,630
|
|
290
|
|
0.40%
|
|
232,682
|
|
225
|
|
0.39%
|
Money market &
savings
|
491,644
|
|
501
|
|
0.41%
|
|
489,779
|
|
553
|
|
0.46%
|
|
427,589
|
|
467
|
|
0.44%
|
Time
deposits
|
73,497
|
|
170
|
|
0.93%
|
|
75,485
|
|
175
|
|
0.94%
|
|
78,259
|
|
178
|
|
0.91%
|
Total
deposits
|
1,127,684
|
|
1,012
|
|
0.36%
|
|
1,087,602
|
|
1,018
|
|
0.38%
|
|
915,893
|
|
870
|
|
0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
898,216
|
|
1,012
|
|
0.45%
|
|
860,894
|
|
1,018
|
|
0.48%
|
|
738,530
|
|
870
|
|
0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
22,476
|
|
278
|
|
4.96%
|
|
22,516
|
|
276
|
|
4.97%
|
|
22,476
|
|
277
|
|
4.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
920,692
|
|
1,290
|
|
0.56%
|
|
883,410
|
|
1,294
|
|
0.59%
|
|
761,006
|
|
1,147
|
|
0.60%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
1,150,160
|
|
1,290
|
|
0.45%
|
|
1,110,118
|
|
1,294
|
|
0.47%
|
|
938,369
|
|
1,147
|
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
7,123
|
|
|
|
|
|
7,094
|
|
|
|
|
|
6,741
|
|
|
|
|
Shareholders'
equity
|
113,703
|
|
|
|
|
|
113,300
|
|
|
|
|
|
100,634
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
$1,270,986
|
|
|
|
|
|
$1,230,512
|
|
|
|
|
|
$1,045,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
$ 9,752
|
|
|
|
|
|
$ 9,602
|
|
|
|
|
|
$ 8,574
|
|
|
Net interest
spread
|
|
|
|
|
3.12%
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
3.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
3.25%
|
|
|
|
|
|
3.33%
|
|
|
|
|
|
3.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above
tables are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
|
|
|
|
Average Balances
and Net Interest Income
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended
|
|
For the six months
ended
|
(dollars in
thousands)
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$ 128,116
|
|
$ 163
|
|
0.26%
|
|
$ 50,552
|
|
$ 62
|
|
0.25%
|
Securities
|
260,034
|
|
3,291
|
|
2.53%
|
|
207,793
|
|
2,678
|
|
2.58%
|
Loans
receivable
|
797,846
|
|
18,484
|
|
4.67%
|
|
696,805
|
|
16,723
|
|
4.84%
|
Total
interest-earning assets
|
1,185,996
|
|
21,938
|
|
3.73%
|
|
955,150
|
|
19,463
|
|
4.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
64,865
|
|
|
|
|
|
45,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$1,250,861
|
|
|
|
|
|
$1,000,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
$ 228,096
|
|
|
|
|
|
$ 173,552
|
|
|
|
|
Demand
interest-bearing
|
314,455
|
|
631
|
|
0.40%
|
|
223,383
|
|
416
|
|
0.38%
|
Money market &
savings
|
490,717
|
|
1,054
|
|
0.43%
|
|
414,308
|
|
883
|
|
0.43%
|
Time
deposits
|
74,486
|
|
345
|
|
0.93%
|
|
77,865
|
|
351
|
|
0.91%
|
Total
deposits
|
1,107,754
|
|
2,030
|
|
0.37%
|
|
889,108
|
|
1,650
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
879,658
|
|
2,030
|
|
0.47%
|
|
715,556
|
|
1,650
|
|
0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
22,496
|
|
554
|
|
4.97%
|
|
22,476
|
|
553
|
|
4.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
902,154
|
|
2,584
|
|
0.58%
|
|
738,032
|
|
2,203
|
|
0.60%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
1,130,250
|
|
2,584
|
|
0.46%
|
|
911,584
|
|
2,203
|
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
7,184
|
|
|
|
|
|
6,838
|
|
|
|
|
Shareholders'
equity
|
113,427
|
|
|
|
|
|
82,546
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
$1,250,861
|
|
|
|
|
|
$1,000,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
$19,354
|
|
|
|
|
|
$17,260
|
|
|
Net interest
spread
|
|
|
|
|
3.15%
|
|
|
|
|
|
3.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
3.29%
|
|
|
|
|
|
3.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$ 10,944
|
|
$ 11,536
|
|
$ 11,950
|
|
$ 12,263
|
|
$ 11,536
|
|
$ 12,263
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
-
|
|
300
|
|
900
|
|
-
|
|
300
|
|
10,944
|
|
11,536
|
|
12,250
|
|
13,163
|
|
11,536
|
|
12,563
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1
|
|
54
|
|
-
|
|
385
|
|
55
|
|
-
|
Consumer
|
1
|
|
31
|
|
1
|
|
-
|
|
32
|
|
1
|
Total
recoveries
|
2
|
|
85
|
|
1
|
|
385
|
|
87
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
(2,548)
|
|
(677)
|
|
(188)
|
|
(2,002)
|
|
(3,225)
|
|
(491)
|
Consumer
|
-
|
|
-
|
|
-
|
|
(10)
|
|
-
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(2,548)
|
|
(677)
|
|
(188)
|
|
(2,012)
|
|
(3,225)
|
|
(501)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(2,546)
|
|
(592)
|
|
(187)
|
|
(1,627)
|
|
(3,138)
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$ 8,398
|
|
$ 10,944
|
|
$ 12,063
|
|
$ 11,536
|
|
$ 8,398
|
|
$ 12,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of average loans
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
1.26%
|
|
0.31%
|
|
0.11%
|
|
0.22%
|
|
0.79%
|
|
0.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of
period-end loans
|
|
|
|
|
|
|
|
|
|
|
|
1.02%
|
|
1.39%
|
|
1.68%
|
|
1.48%
|
|
1.02%
|
|
1.68%
|
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)
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$15,559
|
|
$ 19,530
|
|
$ 21,011
|
|
$ 22,607
|
|
$23,750
|
Consumer and
other
|
418
|
|
426
|
|
429
|
|
437
|
|
446
|
Total non-accrual
loans
|
15,977
|
|
19,956
|
|
21,440
|
|
23,044
|
|
24,196
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
256
|
|
5,013
|
|
-
|
|
131
|
|
2,722
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
16,233
|
|
24,969
|
|
21,440
|
|
23,175
|
|
26,918
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
13,162
|
|
3,827
|
|
3,715
|
|
3,775
|
|
3,637
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$29,395
|
|
$ 28,796
|
|
$ 25,155
|
|
$ 26,950
|
|
$30,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
1.97%
|
|
3.17%
|
|
2.74%
|
|
3.08%
|
|
3.74%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
2.31%
|
|
2.28%
|
|
2.07%
|
|
2.38%
|
|
2.87%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
51.73%
|
|
43.83%
|
|
53.81%
|
|
52.71%
|
|
44.81%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of
total period-end loans
|
|
|
|
|
|
|
|
|
|
1.02%
|
|
1.39%
|
|
1.48%
|
|
1.62%
|
|
1.68%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
24.13%
|
|
23.07%
|
|
20.23%
|
|
21.77%
|
|
24.74%
|
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SOURCE Republic First Bancorp, Inc.