PHILADELPHIA, April 22, 2016 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the three month
period ended March 31, 2016.
|
|
Three Months
Ended
|
($ in millions,
except per share data)
|
|
3/31/16
|
3/31/15
|
%
Change
|
|
|
|
|
|
Assets
|
|
$ 1,482.7
|
$ 1,264.0
|
17%
|
Loans
|
|
899.1
|
788.8
|
14%
|
Deposits
|
|
1,337.6
|
1,121.4
|
19%
|
Total
Revenue
|
|
$ 13.7
|
$ 11.0
|
24%
|
Net Income
|
|
1.1
|
0.5
|
105%
|
Net Income per
Share
|
|
$ 0.03
|
$ 0.01
|
200%
|
The Power of Red is Back expansion campaign continued to produce
strong results during the first quarter of 2016. "Assets,
loans and deposits are growing at double digit rates which are far
beyond industry standards," said Harry D.
Madonna, the Company's Chairman and Chief Executive
Officer. "In the first quarter we saw meaningful progress on
the income statement as well. Total revenue grew by 24% year
over year, which outpaced the 17% growth in non-interest expenses
required to continue the build out of our store network. This
drove an increase in net income in excess of 100% year over
year."
"Our expansion strategy is really starting to build momentum,"
added Madonna. "The new stores opened over the last two years
are growing deposits at a rate of $36
million per year. We are winning new Fans over every
day with our unmatched commitment to customer service."
Two new stores were recently opened in Washington Township, NJ and Wynnewood, PA utilizing the Bank's signature
glass building. There are currently eighteen stores serving
customers in the Greater
Philadelphia and Southern New
Jersey region. Additional stores are planned for
Cherry Hill, Gloucester Township, Medford, Moorestown and Sicklerville.
Highlights for the Period Ended March
31, 2016
- Net income per share increased by 200% to $0.03 per share, during the first quarter of 2016
compared to $0.01 per share during
the first quarter of 2015. Net income grew to $1.1 million for the three month period ending
March 31, 2016. The Company continues
to open new stores and increase net income despite the additional
costs associated with the expansion strategy.
- Two new stores were recently opened in Washington Township, NJ and Wynnewood, PA bringing the total store count
to eighteen. Another site now under construction is scheduled to be
completed in the summer of 2016. There are also several additional
sites in various stages of development for future store
locations.
- New stores opened within the last 2 years are currently growing
deposits at an average rate of $36
million per year, while the average deposit growth for all
stores over the last twelve months was approximately $13 million per store.
- Total deposits increased by $216
million, or 19%, to $1.3
billion as of March 31, 2016
compared to $1.1 billion as of
March 31, 2015. The deposit
cost of funds decreased to 0.36% during the first quarter of 2016
compared to 0.38% for the first quarter of 2015.
- The net interest margin increased to 3.37% for the quarter
ended March 31, 2016 compared to
3.33% in the quarter ended March 31,
2015.
- Total assets increased by $219
million, or 17%, to $1.5
billion as of March 31, 2016
compared to $1.3 billion as of
March 31, 2015.
- Total loans grew $110 million, or
14%, to $899 million as of
March 31, 2016 compared to
$789 million at March 31, 2015.
- SBA lending continued to be an important part of the Company's
lending strategy. More than $9
million in new SBA loans were originated during the three
month period ended March 31, 2016.
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.
- The Company's Total Risk-Based Capital ratio was 13.01% and
Tier I Leverage Ratio was 9.37% at March 31,
2016.
- Tangible book value per share was $3.08 as of March 31,
2016. This amount excludes approximately $0.35 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
|
|
3/31/16
|
3/31/15
|
%
Change
|
|
|
|
|
Total
Revenue
|
$ 13,703
|
$ 11,044
|
24%
|
Provision for Loan
Losses
|
300
|
-
|
100%
|
Non-interest
Expenses
|
12,343
|
10,518
|
17%
|
Net Income
|
1,085
|
528
|
105%
|
Net Income per
Share
|
$ 0.03
|
$ 0.01
|
200%
|
The Company reported net income of $1.1
million, or $0.03 per share,
for the three month period ended March 31,
2016, compared to net income of $528
thousand, or $0.01 per share,
for the three month period ended March
31, 2015.
Total revenue increased by $2.7
million, or 24%, to $13.7
million for the three month period ended March 31, 2016 compared to $11.0 million for the three month period ended
March 31, 2015. This increase
was primarily driven by strong growth in interest-earning assets
over the last twelve months.
Non-interest income increased to $2.4
million for the three month period ended March 31, 2016 compared to $1.6 million for the three month period ended
March 31, 2015. This increase
was primarily due to higher volumes in gains on sales of SBA loans,
gains on sale of investment securities, and an increase in service
fees on deposit accounts.
Non-interest expenses increased by $1.8
million, or 17%, to $12.3
million during the three month period ended March 31, 2016 compared to $10.5 million during the three months ended
March 31, 2015. This increase was
mainly caused by higher salaries and employee benefits as a result
of annual merit increases along with increased staffing levels
related to our growth strategy of adding and relocating stores.
Occupancy and equipment expenses associated with the growth and
relocation strategy also contributed to the increase in
non-interest expenses.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
03/31/16
|
03/31/15
|
%
Change
|
12/31/15
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 1,482,673
|
$ 1,263,983
|
17%
|
$ 1,439,443
|
3%
|
Total loans
(net)
|
890,088
|
777,857
|
14%
|
866,066
|
3%
|
Total
deposits
|
1,337,607
|
1,121,397
|
19%
|
1,249,298
|
7%
|
Total core
deposits
|
1,333,085
|
1,111,409
|
20%
|
1,239,422
|
8%
|
Total assets increased by $218.7
million, or 17%, as of March 31,
2016 when compared to March
31, 2015. Deposits grew by $216.2 million to $1.3
billion as of March 31, 2016
compared to $1.1 billion as of
March 31, 2015. The number of deposit
accounts has grown by 42% 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
|
03/31/16
|
03/31/15
|
%
Change
|
12/31/15
|
%
Change
|
1st Qtr
2016
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 263,990
|
$ 237,307
|
11%
|
$ 243,696
|
8%
|
0.00%
|
Demand
interest-bearing
|
426,346
|
310,595
|
37%
|
381,499
|
12%
|
0.40%
|
Money market and
savings
|
586,863
|
498,862
|
18%
|
556,525
|
5%
|
0.44%
|
Certificates of
deposit
|
55,886
|
64,645
|
(14%)
|
57,702
|
(3%)
|
0.73%
|
Total core
deposits
|
$ 1,333,085
|
$1,111,409
|
20%
|
$ 1,239,422
|
8%
|
0.35%
|
|
|
|
|
|
|
|
Core deposits increased to $1.3
billion at March 31, 2016
compared to $1.1 billion at
March 31, 2015 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
|
03/31/16
|
% of
Total
|
03/31/15
|
% of
Total
|
12/31/15
|
%
of Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 358,740
|
40%
|
$ 364,397
|
46%
|
$349,726
|
40%
|
Construction and land
development
|
45,815
|
5%
|
35,238
|
5%
|
46,547
|
5%
|
Commercial and
industrial
|
181,828
|
20%
|
159,819
|
20%
|
181,850
|
21%
|
Owner occupied real
estate
|
261,215
|
29%
|
188,783
|
24%
|
246,398
|
28%
|
Consumer and
other
|
49,166
|
6%
|
40,159
|
5%
|
47,868
|
6%
|
Residential
mortgage
|
2,353
|
0%
|
405
|
0%
|
2,380
|
0%
|
Gross loans
|
$899,117
|
100%
|
$788,801
|
100%
|
$874,769
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $110.3
million, or 14%, to $899.1
million at March 31, 2016
compared to $788.8 million at
March 31, 2015 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 strongest growth in the commercial and
industrial and owner occupied real estate categories.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
03/31/16
|
12/31/15
|
03/31/15
|
|
|
|
|
Non-performing assets
/ total assets
|
2.11%
|
1.66%
|
2.28%
|
Quarterly net loan
charge-offs / average loans
|
(0.01%)
|
0.06%
|
0.31%
|
Allowance for loan
losses / gross loans
|
1.00%
|
0.99%
|
1.39%
|
Allowance for loan
losses / non-performing loans
|
45%
|
69%
|
44%
|
Non-performing assets
/ capital and reserves
|
25%
|
20%
|
23%
|
The percentage of non-performing assets to total assets
decreased to 2.11% at March 31, 2016,
compared to 2.28% as of March 31,
2015. Non-performing loans to total loans decreased
significantly to 2.21% at March 31,
2016 compared to 3.17% at March 31,
2015 as a result of the successful migration of certain
assets to the other real estate owned category through the work-out
process. The increase in non-performing assets to total
assets on a linked quarter basis was driven by a single loan
relationship that was categorized as 90 days past due but still
accruing at March 31, 2016.
This relationship is currently in the process of
collection.
Capital
The Company's capital ratios at March 31,
2016 were as follows:
|
Actual
March 31,
2016
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
9.37%
|
5.00%
|
Common Equity
Ratio
|
10.25%
|
6.50%
|
Tier 1 Risk Based
Capital
|
12.20%
|
8.00%
|
Total Risk Based
Capital
|
13.01%
|
10.00%
|
Tangible Common
Equity
|
7.86%
|
n/a
|
Total shareholders' equity increased to $116.6 million at March
31, 2016 compared to $113.9
million at March 31,
2015. Tangible book value per share increased to $3.08 at March 31,
2016 compared to $3.01 per
share at March 31, 2015.
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 eighteen stores located in
Abington, Bala Cynwyd, Plymouth Meeting, Media, Wynnewood and Philadelphia, Pennsylvania and Haddonfield, Cherry
Hill, Voorhees,
Glassboro, Marlton, Berlin and Washington Township, 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, 2015 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(dollars in
thousands)
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
18,000
|
|
$
13,777
|
|
$
25,316
|
|
Interest-bearing
deposits and federal funds sold
|
|
47,198
|
|
13,362
|
|
137,212
|
|
|
Total cash and cash
equivalents
|
|
65,198
|
|
27,139
|
|
162,528
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
260,269
|
|
284,795
|
|
187,024
|
|
Securities - Held to
maturity
|
|
178,628
|
|
172,277
|
|
66,742
|
|
Restricted
stock
|
|
1,179
|
|
3,059
|
|
1,157
|
|
|
Total investment
securities
|
|
440,076
|
|
460,131
|
|
254,923
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
1,983
|
|
3,653
|
|
4,955
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
899,117
|
|
874,769
|
|
788,801
|
|
Allowance for loan
losses
|
|
(9,029)
|
|
(8,703)
|
|
(10,944)
|
|
|
Net loans
|
|
890,088
|
|
866,066
|
|
777,857
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
49,586
|
|
46,164
|
|
36,573
|
|
Other real estate
owned
|
|
11,393
|
|
11,313
|
|
3,827
|
|
Other
assets
|
|
24,349
|
|
24,977
|
|
23,320
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$ 1,482,673
|
|
$ 1,439,443
|
|
$ 1,263,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$ 263,990
|
|
$ 243,695
|
|
$ 237,307
|
|
Interest bearing
deposits
|
|
1,073,617
|
|
1,005,603
|
|
884,090
|
|
|
Total
deposits
|
|
1,337,607
|
|
1,249,298
|
|
1,121,397
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
-
|
|
47,000
|
|
-
|
|
Subordinated
debt
|
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
|
5,988
|
|
7,294
|
|
6,210
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
1,366,071
|
|
1,326,068
|
|
1,150,083
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
384
|
|
384
|
|
383
|
|
Additional paid-in
capital
|
|
153,069
|
|
152,897
|
|
152,352
|
|
Accumulated
deficit
|
|
(31,748)
|
|
(32,833)
|
|
(34,738)
|
|
Treasury stock at
cost
|
|
(3,725)
|
|
(3,725)
|
|
(3,725)
|
|
Stock held by
deferred compensation plan
|
|
(183)
|
|
(183)
|
|
(183)
|
|
Accumulated other
comprehensive loss
|
|
(1,195)
|
|
(3,165)
|
|
(189)
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
116,602
|
|
113,375
|
|
113,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$ 1,482,673
|
|
$ 1,439,443
|
|
$ 1,263,983
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
Consolidated
Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(dollars in
thousands, except per share amounts)
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
9,931
|
|
$
9,786
|
|
$
9,077
|
|
Interest and
dividends on investment securities
|
|
2,768
|
|
2,565
|
|
1,607
|
|
Interest on other
interest earning assets
|
|
63
|
|
55
|
|
77
|
|
|
Total interest
income
|
|
12,762
|
|
12,406
|
|
10,761
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
1,165
|
|
1,137
|
|
1,018
|
|
Interest on borrowed
funds
|
|
306
|
|
282
|
|
276
|
|
|
Total interest
expense
|
|
1,471
|
|
1,419
|
|
1,294
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
11,291
|
|
10,987
|
|
9,467
|
|
Provision for loan
losses
|
|
300
|
|
500
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
10,991
|
|
10,487
|
|
9,467
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
570
|
|
506
|
|
363
|
|
Gain on sale of SBA
loans
|
|
833
|
|
455
|
|
578
|
|
Gain on sale of
investment securities
|
|
296
|
|
35
|
|
-
|
|
Other non-interest
income
|
|
713
|
|
3,744
|
|
636
|
|
|
Total non-interest
income
|
|
2,412
|
|
4,740
|
|
1,577
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,052
|
|
5,821
|
|
5,222
|
|
Occupancy and
equipment
|
|
2,374
|
|
2,259
|
|
1,888
|
|
Legal and
professional fees
|
|
449
|
|
584
|
|
564
|
|
Foreclosed real
estate
|
|
585
|
|
3,066
|
|
377
|
|
Regulatory
assessments and related fees
|
|
342
|
|
337
|
|
292
|
|
Other operating
expenses
|
|
2,541
|
|
2,379
|
|
2,175
|
|
|
Total non-interest
expense
|
|
12,343
|
|
14,446
|
|
10,518
|
|
|
|
|
|
|
|
|
|
Income before
provision (benefit) for income taxes
|
|
1,060
|
|
781
|
|
526
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
(25)
|
|
(9)
|
|
(2)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
1,085
|
|
$
790
|
|
$
528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
Basic
|
|
$
0.03
|
|
$
0.02
|
|
$
0.01
|
|
Diluted
|
|
$
0.03
|
|
$
0.02
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
Basic
|
|
37,837
|
|
37,826
|
|
37,816
|
|
Diluted
|
|
38,269
|
|
38,246
|
|
38,047
|
|
|
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
Average Balances
and Net Interest Income
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the three months
ended
|
|
For the three months
ended
|
(dollars in
thousands)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ 47,109
|
|
$ 63
|
|
0.54%
|
|
$ 65,611
|
|
$ 55
|
|
0.33%
|
|
$ 130,418
|
|
$ 77
|
|
0.24%
|
Securities
|
|
437,514
|
|
2,862
|
|
2.62%
|
|
409,141
|
|
2,656
|
|
2.60%
|
|
254,741
|
|
1,674
|
|
2.63%
|
Loans
receivable
|
|
887,499
|
|
10,046
|
|
4.55%
|
|
855,124
|
|
9,870
|
|
4.58%
|
|
783,379
|
|
9,145
|
|
4.73%
|
Total
interest-earning assets
|
|
1,372,122
|
|
12,971
|
|
3.80%
|
|
1,329,876
|
|
12,581
|
|
3.75%
|
|
1,168,538
|
|
10,896
|
|
3.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
87,685
|
|
|
|
|
|
85,340
|
|
|
|
|
|
61,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 1,459,807
|
|
|
|
|
|
$1,415,216
|
|
|
|
|
|
$1,230,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$ 261,810
|
|
|
|
|
|
$ 252,514
|
|
|
|
|
|
$ 226,708
|
|
|
|
|
Demand
interest-bearing
|
|
412,558
|
|
415
|
|
0.40%
|
|
393,384
|
|
392
|
|
0.40%
|
|
295,630
|
|
290
|
|
0.40%
|
Money market &
savings
|
|
559,458
|
|
609
|
|
0.44%
|
|
552,673
|
|
578
|
|
0.41%
|
|
489,779
|
|
553
|
|
0.46%
|
Time
deposits
|
|
65,414
|
|
141
|
|
0.87%
|
|
71,463
|
|
167
|
|
0.93%
|
|
75,485
|
|
175
|
|
0.94%
|
Total
deposits
|
|
1,299,240
|
|
1,165
|
|
0.36%
|
|
1,270,034
|
|
1,137
|
|
0.36%
|
|
1,087,602
|
|
1,018
|
|
0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,037,430
|
|
1,165
|
|
0.45%
|
|
1,017,520
|
|
1,137
|
|
0.44%
|
|
860,894
|
|
1,018
|
|
0.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
37,428
|
|
306
|
|
3.29%
|
|
23,087
|
|
282
|
|
4.85%
|
|
22,516
|
|
276
|
|
4.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,074,858
|
|
1,471
|
|
0.55%
|
|
1,040,607
|
|
1,419
|
|
0.54%
|
|
883,410
|
|
1,294
|
|
0.59%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,336,668
|
|
1,471
|
|
0.44%
|
|
1,293,121
|
|
1,419
|
|
0.44%
|
|
1,110,118
|
|
1,294
|
|
0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
7,478
|
|
|
|
|
|
7,901
|
|
|
|
|
|
7,094
|
|
|
|
|
Shareholders'
equity
|
|
115,661
|
|
|
|
|
|
114,194
|
|
|
|
|
|
113,300
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$ 1,459,807
|
|
|
|
|
|
$1,415,216
|
|
|
|
|
|
$1,230,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$11,500
|
|
|
|
|
|
$11,162
|
|
|
|
|
|
$ 9,602
|
|
|
Net interest
spread
|
|
|
|
|
|
3.25%
|
|
|
|
|
|
3.21%
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.37%
|
|
|
|
|
|
3.33%
|
|
|
|
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
(dollars in
thousands)
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$ 8,703
|
|
$ 8,323
|
|
$ 11,536
|
|
|
|
|
|
|
Provision charged to
operating expense
|
300
|
|
500
|
|
-
|
|
9,003
|
|
8,823
|
|
11,536
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
Commercial
|
72
|
|
1
|
|
54
|
Consumer
|
-
|
|
1
|
|
31
|
Total
recoveries
|
72
|
|
2
|
|
85
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
Commercial
|
(46)
|
|
(122)
|
|
(677)
|
Consumer
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Total
charged-off
|
(46)
|
|
(122)
|
|
(677)
|
|
|
|
|
|
|
Net
charge-offs
|
26
|
|
(120)
|
|
(592)
|
|
|
|
|
|
|
Balance at end of
period
|
$ 9,029
|
|
$ 8,703
|
|
$ 10,944
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
average loans
outstanding
|
(0.01%)
|
|
0.06%
|
|
0.31%
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
of period-end
loans
|
1.00%
|
|
0.99%
|
|
1.39%
|
|
|
|
|
|
|
Republic First
Bancorp, Inc.
|
Summary of
Non-Performing Loans and Assets
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(dollars in
thousands)
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$ 11,057
|
|
$ 12,080
|
|
$ 13,825
|
|
$ 15,559
|
|
$ 19,530
|
Consumer and
other
|
762
|
|
542
|
|
547
|
|
418
|
|
426
|
Total non-accrual
loans
|
11,819
|
|
12,622
|
|
14,372
|
|
15,977
|
|
19,956
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
8,037
|
|
-
|
|
844
|
|
256
|
|
5,013
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
19,856
|
|
12,622
|
|
15,216
|
|
16,233
|
|
24,969
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
11,393
|
|
11,313
|
|
13,773
|
|
13,162
|
|
3,827
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$ 31,249
|
|
$ 23,935
|
|
$ 28,989
|
|
$ 29,395
|
|
$ 28,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
2.21%
|
|
1.44%
|
|
1.80%
|
|
1.97%
|
|
3.17%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
2.11%
|
|
1.66%
|
|
2.10%
|
|
2.31%
|
|
2.28%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
45.47%
|
|
68.95%
|
|
54.70%
|
|
51.73%
|
|
43.83%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
1.00%
|
|
0.99%
|
|
0.98%
|
|
1.02%
|
|
1.39%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
24.87%
|
|
19.61%
|
|
23.61%
|
|
24.13%
|
|
23.07%
|
|
|
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20100707/PH31611LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/republic-first-bancorp-inc-reports-deposit-growth-of-19-total-revenue-increases-by-24-300256159.html
SOURCE Republic First Bancorp, Inc.