PHILADELPHIA, Jan. 23, 2017 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
December 31, 2016.
|
Twelve Months
Ended
|
($ in millions,
except per share data)
|
12/31/16
|
12/31/15
|
%
Change
|
|
|
|
|
Assets
|
$ 1,924.5
|
$
1,439.4
|
34%
|
Loans
|
965.0
|
874.8
|
10%
|
Deposits
|
1,677.7
|
1,249.3
|
34%
|
Total
Revenue
|
$
62.5
|
$
50.0
|
25%
|
Net Income
|
4.9
|
2.4
|
103%
|
Diluted Net Income
per Share
|
$
0.12
|
$
0.06
|
100%
|
Vernon W. Hill, II, Chairman
of Republic First Bancorp said:
"Our unique, customer-oriented model has again proven to be
successful. Our relentless commitment to world class customer
service and convenience will continue to attract and convert
Customers into Fans. Our fourth quarter results are in line with
the Five Year Strategic Goals announced last year. I look
forward to continued success as we push forward with the "Power of
Red is Back" expansion campaign into 2017."
Harry D. Madonna, President
and Chief Executive Officer of Republic First Bancorp said:
"The fourth quarter brings to a close a tremendously successful
year for our organization. Our expansion strategy continued to
build momentum with the opening of three new stores during 2016.
The completion of our common stock offering during the fourth
quarter, combined with our proven model and the announcement of
Vernon Hill as Chairman of the Board of Directors sets us up for an
incredibly bright future."
Highlights for the Period Ended December 31, 2016
- The Company completed a $100
million common stock offering during the fourth quarter of
2016. As a result, Shareholders' Equity increased to $215.1 million as of December 31, 2016 compared to $113.4 million as of December 31, 2015. This capital raise will allow
the Company to execute its aggressive expansion plan over the next
several years.
- New stores opened since the beginning of the "Power of Red is
Back" expansion campaign in 2014 are currently growing deposits at
an average rate of $34 million per
year, while the average deposit growth for all stores over the last
twelve months was approximately $23
million per store.
- Total revenue grew by 25% during 2016, while non-interest
expenses grew at a rate of 19%.
- Net income increased by 103% to $4.9
million, or $0.12 per diluted
share, for the twelve months ended December
31, 2016 compared to $2.4
million, or $0.06 per diluted
share, for the twelve months ended December
31, 2015. The Company continues to open new stores and
increase net income despite the additional costs associated with
the expansion strategy. The acquisition of Oak Mortgage has also
contributed to improved earnings.
- A new store was opened in Moorestown,
NJ during the third quarter bringing the total store count
to nineteen. Another location now under construction in
Cherry Hill, NJ is scheduled to be
completed in early 2017 and ground will soon be broken on sites in
Medford, Sicklerville and Fairless Hills. There are also several
additional sites in various stages of development for future store
locations.
- Total assets increased by $485
million, or 34%, to $1.9
billion as of December 31,
2016 compared to $1.4 billion
as of December 31, 2015.
- Total deposits increased by $428
million, or 34%, to $1.7
billion as of December 31,
2016 compared to $1.2 billion
as of December 31, 2015.
- Total loans grew $90 million, or
10%, to $965 million as of
December 31, 2016 compared to
$875 million at December 31, 2015.
- SBA lending continued to be an important part of the Company's
lending strategy. More than $14
million in new SBA loans were originated during the three
month period ended December 31, 2016.
Our team is currently ranked as the #1 SBA lender in the
New Jersey and southeastern
Pennsylvania market based on the
dollar volume of loan originations.
- The Company's Total Risk-Based Capital ratio was 18.99% and
Tier I Leverage Ratio was 12.74% at December
31, 2016.
- Book value per common share increased to $3.79 as of December 31,
2016 compared to $3.00
as of December 31, 2015.
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
|
|
12/31/16
|
12/31/15
|
%
Change
|
|
12/31/16
|
12/31/15
|
%
Change
|
|
|
|
|
|
|
|
|
Total
Revenue
|
$
16,954
|
$
15,727
|
8%
|
|
$
62,482
|
$
49,998
|
25%
|
Provision for Loan
Losses
|
-
|
500
|
(100%)
|
|
1,557
|
500
|
211%
|
Non-interest
Expenses
|
15,507
|
14,446
|
7%
|
|
56,099
|
47,091
|
19%
|
Net Income
|
1,497
|
790
|
89%
|
|
4,945
|
2,433
|
103%
|
Diluted Net Income
per Share
|
$
0.03
|
$
0.02
|
50%
|
|
$
0.12
|
$
0.06
|
100%
|
The Company reported net income of $1.5
million, or $0.03 per diluted
share, for the three month period ended December 31, 2016, compared to net income of
$790 thousand, or $0.02 per diluted share, for the three month
period ended December 31, 2015. Net
income for the twelve month period ended December 31, 2016 was $4.9
million, or $0.12 per diluted
share, compared to net income of $2.4
million, or $0.06 per diluted
share, for the twelve months ended December
31, 2015.
Total revenue increased by $1.2
million, or 8%, to $17.0
million for the three month period ended December 31, 2016, compared to $15.7 million for the three month period ended
December 31, 2015. This
increase is primarily attributable to higher net interest income as
a result of the strong growth in interest-earning assets over the
last twelve months driven by the Company's "Power of Red is Back"
expansion program.
Non-interest income decreased to $4.3
million for the three month period ended December 31, 2016 compared to $4.7 million for the three month period ended
December 31, 2015. This
decrease was primarily driven by a one-time insurance settlement in
the amount of $2.6 million received
in the fourth quarter of 2015 which did not recur in 2016.
This decrease was partially offset by the addition of a residential
mortgage origination team during 2016 which drove an increase in
the gain on the sale of loans.
Non-interest expenses increased by $1.1
million, or 7%, to $15.5
million during the three month period ended December 31, 2016 compared to $14.4 million during the three months ended
December 31, 2015. This increase was
mainly caused by the addition of expenses related to the
residential mortgage division which was acquired in July 2016. Salaries and employee benefits were
also higher at the Bank 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
|
12/31/16
|
12/31/15
|
%
Change
|
09/30/16
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 1,924,526
|
$ 1,439,443
|
34%
|
$ 1,734,462
|
11%
|
Total loans
(net)
|
955,817
|
866,066
|
10%
|
936,088
|
2%
|
Total
deposits
|
1,677,670
|
1,249,298
|
34%
|
1,582,232
|
6%
|
Total core
deposits
|
1,677,403
|
1,239,422
|
35%
|
1,581,967
|
6%
|
Total assets increased by $485.1
million, or 34%, as of December 31,
2016 when compared to December
31, 2015. Deposits grew by $428.4 million to $1.7
billion as of December 31,
2016 compared to $1.2 billion
as of December 31, 2015. The number
of deposit accounts has grown by 41% during the past twelve months.
The strong growth in assets, loans and deposits has been driven by
the addition of new stores and the successful execution of the
Company's 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
|
12/31/16
|
12/31/15
|
%
Change
|
09/30/16
|
% Change
|
4th Qtr
2016
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 324,912
|
$ 243,696
|
33%
|
$ 302,372
|
7%
|
0.00%
|
Demand
interest-bearing
|
605,950
|
381,499
|
59%
|
587,197
|
3%
|
0.40%
|
Money market and
savings
|
635,644
|
556,525
|
14%
|
583,536
|
9%
|
0.45%
|
Certificates of
deposit
|
110,897
|
57,702
|
92%
|
108,862
|
2%
|
1.14%
|
Total core
deposits
|
$
1,677,403
|
$1,239,422
|
35%
|
$
1,581,967
|
6%
|
0.39%
|
|
|
|
|
|
|
|
Core deposits increased to $1.7
billion at December 31, 2016
compared to $1.2 billion at
December 31, 2015 as the Company
moves forward with its growth strategy to increase the number of
stores and expand its customer-centric banking model which drives
the gathering of low-cost, core deposits. The Company recognized
strong growth in all deposit account categories on a year to year
basis as a result of the successful execution of its strategy.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
12/31/16
|
% of
Total
|
12/31/15
|
% of
Total
|
09/30/16
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$378,519
|
39%
|
$349,726
|
40%
|
$376,466
|
40%
|
Construction and land
development
|
61,453
|
6%
|
46,547
|
5%
|
48,983
|
5%
|
Commercial and
industrial
|
174,744
|
18%
|
181,850
|
21%
|
186,126
|
20%
|
Owner occupied real
estate
|
276,986
|
29%
|
246,398
|
28%
|
268,435
|
28%
|
Consumer and
other
|
63,588
|
7%
|
47,868
|
6%
|
58,622
|
6%
|
Residential
mortgage
|
9,682
|
1%
|
2,380
|
0%
|
6,909
|
1%
|
Gross loans
|
$964,972
|
100%
|
$874,769
|
100%
|
$945,541
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $90.2
million, or 10%, to $965.0
million at December 31, 2016
compared to $874.8 million at
December 31, 2015 as a result of the
steady flow 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 real estate
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
|
|
12/31/16
|
09/30/16
|
12/31/15
|
|
|
|
|
Non-performing assets
/ capital and reserves
|
13%
|
23%
|
20%
|
Non-performing assets
/ total assets
|
1.51%
|
1.72%
|
1.66%
|
Quarterly net loan
charge-offs / average loans
|
0.12%
|
(0.04%)
|
0.06%
|
Allowance for loan
losses / gross loans
|
0.95%
|
1.00%
|
0.99%
|
Allowance for loan
losses / non-performing loans
|
48%
|
49%
|
69%
|
The percentage of non-performing assets to total assets
decreased to 1.51% at December 31,
2016, compared to 1.66% at December
31, 2015. The ratio of non-performing assets to
capital and reserves decreased to 13% at December 31, 2016 compared to 20% at December 31, 2015 as a result of the completion
of the common stock offering during the fourth quarter of 2016.
Capital
The Company's capital ratios at December
31, 2016 were as follows:
|
Actual
12/31/16
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
12.74%
|
5.00%
|
Common Equity
Ratio
|
16.59%
|
6.50%
|
Tier 1 Risk Based
Capital
|
18.28%
|
8.00%
|
Total Risk Based
Capital
|
18.99%
|
10.00%
|
Tangible Common
Equity
|
10.91%
|
n/a
|
Total shareholders' equity increased to $215.1 million at December
31, 2016 compared to $113.4
million at December 31, 2015.
Tangible book value per share increased to $3.70 at December 31,
2016 compared to $3.00 per
share at December 31, 2015. The
Company completed a common stock offering in the amount of
$100 million during the fourth
quarter of 2016.
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 nineteen stores located in the
Greater Philadelphia and
Southern New Jersey market place.
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, including those related to our Five Year Strategic Goals,
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
(dollars in
thousands, except per share amounts)
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
19,830
|
|
$
23,061
|
|
$
13,777
|
|
Interest-bearing
deposits and federal funds sold
|
14,724
|
|
126,980
|
|
13,362
|
|
|
Total cash and cash
equivalents
|
|
34,554
|
|
150,041
|
|
27,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
369,739
|
|
299,385
|
|
284,795
|
|
Securities - Held to
maturity
|
|
432,499
|
|
220,470
|
|
172,277
|
|
Restricted
stock
|
|
|
1,366
|
|
1,366
|
|
3,059
|
|
|
Total investment
securities
|
|
803,604
|
|
521,221
|
|
460,131
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
|
28,065
|
|
29,715
|
|
3,653
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
964,972
|
|
945,541
|
|
874,769
|
|
Allowance for loan
losses
|
|
(9,155)
|
|
(9,453)
|
|
(8,703)
|
|
|
Net loans
|
|
|
|
955,817
|
|
936,088
|
|
866,066
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
57,040
|
|
55,573
|
|
46,164
|
|
Other real estate
owned
|
|
|
10,174
|
|
10,271
|
|
11,313
|
|
Other
assets
|
|
|
|
35,272
|
|
31,553
|
|
24,977
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
$
1,924,526
|
|
$
1,734,462
|
|
$
1,439,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
324,912
|
|
$
302,372
|
|
$
243,695
|
|
Interest bearing
deposits
|
|
|
1,352,758
|
|
1,279,860
|
|
1,005,603
|
|
|
Total
deposits
|
|
|
1,677,670
|
|
1,582,232
|
|
1,249,298
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
debt
|
|
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
|
|
9,327
|
|
10,102
|
|
7,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,709,473
|
|
1,614,810
|
|
1,326,068
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
573
|
|
384
|
|
384
|
|
Additional paid-in
capital
|
|
|
253,570
|
|
153,887
|
|
152,897
|
|
Accumulated
deficit
|
|
|
(27,888)
|
|
(29,385)
|
|
(32,833)
|
|
Treasury stock at
cost
|
|
|
(3,725)
|
|
(3,725)
|
|
(3,725)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(183)
|
|
Accumulated other
comprehensive loss
|
(7,294)
|
|
(1,326)
|
|
(3,165)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
215,053
|
|
119,652
|
|
113,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
1,924,526
|
|
$
1,734,462
|
|
$
1,439,443
|
Republic First
Bancorp, Inc
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
(in thousands,
except per share amounts)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
10,826
|
|
$
10,707
|
|
$
9,786
|
|
$
41,787
|
|
$
37,781
|
|
Interest and
dividends on investment securities
|
3,636
|
|
2,764
|
|
2,565
|
|
11,967
|
|
7,377
|
|
Interest on other
interest earning assets
|
174
|
|
149
|
|
55
|
|
473
|
|
278
|
|
|
Total interest
income
|
|
|
14,636
|
|
13,620
|
|
12,406
|
|
54,227
|
|
45,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
1,650
|
|
1,531
|
|
1,137
|
|
5,669
|
|
4,266
|
|
Interest on borrowed
funds
|
|
296
|
|
303
|
|
282
|
|
1,194
|
|
1,115
|
|
|
Total interest
expense
|
|
1,946
|
|
1,834
|
|
1,419
|
|
6,863
|
|
5,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
12,690
|
|
11,786
|
|
10,987
|
|
47,364
|
|
40,055
|
|
Provision for loan
losses
|
|
|
-
|
|
607
|
|
500
|
|
1,557
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
12,690
|
|
11,179
|
|
10,487
|
|
45,807
|
|
39,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
748
|
|
686
|
|
506
|
|
2,658
|
|
1,719
|
|
Gain on sale of
loans
|
|
|
2,723
|
|
4,413
|
|
455
|
|
9,718
|
|
3,139
|
|
Gain on sale of
investment securities
|
-
|
|
2
|
|
35
|
|
656
|
|
108
|
|
Other non-interest
income
|
|
793
|
|
310
|
|
3,744
|
|
2,086
|
|
4,977
|
|
|
Total non-interest
income
|
|
4,264
|
|
5,411
|
|
4,740
|
|
15,118
|
|
9,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
8,268
|
|
7,731
|
|
5,821
|
|
28,602
|
|
22,488
|
|
Occupancy and
equipment
|
|
2,424
|
|
2,586
|
|
2,259
|
|
9,627
|
|
8,009
|
|
Legal and
professional fees
|
|
560
|
|
511
|
|
584
|
|
2,039
|
|
2,183
|
|
Foreclosed real
estate
|
|
|
572
|
|
702
|
|
3,066
|
|
2,182
|
|
4,239
|
|
Regulatory
assessments and related fees
|
402
|
|
296
|
|
337
|
|
1,413
|
|
1,248
|
|
Other operating
expenses
|
|
3,281
|
|
3,456
|
|
2,379
|
|
12,236
|
|
8,924
|
|
|
Total non-interest
expense
|
|
15,507
|
|
15,282
|
|
14,446
|
|
56,099
|
|
47,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit
for income taxes
|
|
1,447
|
|
1,308
|
|
781
|
|
4,826
|
|
2,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
|
|
(50)
|
|
(32)
|
|
(9)
|
|
(119)
|
|
(26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
1,497
|
|
$
1,340
|
|
$
790
|
|
$
4,945
|
|
$
2,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
0.03
|
|
$
0.04
|
|
$
0.02
|
|
$
0.13
|
|
$
0.06
|
|
Diluted
|
|
|
|
$
0.03
|
|
$
0.03
|
|
$
0.02
|
|
$
0.12
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
43,456
|
|
37,916
|
|
37,826
|
|
39,281
|
|
37,818
|
|
Diluted
|
|
|
|
44,317
|
|
38,375
|
|
38,246
|
|
39,865
|
|
38,094
|
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,
2016
|
|
September 30,
2016
|
|
December 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
|
|
$
135,214
|
|
$
174
|
|
0.51%
|
|
$
114,260
|
|
$
149
|
|
0.52%
|
|
$
65,611
|
|
$
55
|
|
0.33%
|
Securities
|
|
649,649
|
|
3,731
|
|
2.30%
|
|
477,601
|
|
2,858
|
|
2.39%
|
|
409,141
|
|
2,656
|
|
2.60%
|
Loans
receivable
|
|
970,391
|
|
10,965
|
|
4.50%
|
|
966,106
|
|
10,848
|
|
4.47%
|
|
855,124
|
|
9,870
|
|
4.58%
|
Total
interest-earning assets
|
|
1,755,254
|
|
14,870
|
|
3.37%
|
|
1,557,967
|
|
13,855
|
|
3.54%
|
|
1,329,876
|
|
12,581
|
|
3.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
104,825
|
|
|
|
|
|
103,826
|
|
|
|
|
|
85,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,860,079
|
|
|
|
|
|
$1,661,793
|
|
|
|
|
|
$1,415,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
325,495
|
|
|
|
|
|
$
282,571
|
|
|
|
|
|
$
252,514
|
|
|
|
|
Demand
interest-bearing
|
|
613,828
|
|
617
|
|
0.40%
|
|
533,222
|
|
553
|
|
0.41%
|
|
393,384
|
|
392
|
|
0.40%
|
Money market &
savings
|
|
629,646
|
|
716
|
|
0.45%
|
|
583,256
|
|
677
|
|
0.46%
|
|
552,673
|
|
578
|
|
0.41%
|
Time
deposits
|
|
110,488
|
|
317
|
|
1.14%
|
|
104,701
|
|
301
|
|
1.14%
|
|
71,463
|
|
167
|
|
0.93%
|
Total
deposits
|
|
1,679,457
|
|
1,650
|
|
0.39%
|
|
1,503,750
|
|
1,531
|
|
0.41%
|
|
1,270,034
|
|
1,137
|
|
0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,353,962
|
|
1,650
|
|
0.48%
|
|
1,221,179
|
|
1,531
|
|
0.50%
|
|
1,017,520
|
|
1,137
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
22,513
|
|
296
|
|
5.23%
|
|
29,938
|
|
303
|
|
4.03%
|
|
23,087
|
|
282
|
|
4.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,376,475
|
|
1,946
|
|
0.56%
|
|
1,251,117
|
|
1,834
|
|
0.58%
|
|
1,040,607
|
|
1,419
|
|
0.54%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,701,970
|
|
1,946
|
|
0.45%
|
|
1,533,688
|
|
1,834
|
|
0.48%
|
|
1,293,121
|
|
1,419
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
10,965
|
|
|
|
|
|
9,247
|
|
|
|
|
|
7,901
|
|
|
|
|
Shareholders'
equity
|
|
147,144
|
|
|
|
|
|
118,858
|
|
|
|
|
|
114,194
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,860,079
|
|
|
|
|
|
$1,661,793
|
|
|
|
|
|
$1,415,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$12,924
|
|
|
|
|
|
$12,021
|
|
|
|
|
|
$11,162
|
|
|
Net interest
spread
|
|
|
|
|
|
2.81%
|
|
|
|
|
|
2.96%
|
|
|
|
|
|
3.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
2.93%
|
|
|
|
|
|
3.07%
|
|
|
|
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
92,452
|
|
$
473
|
|
0.51%
|
|
$
106,876
|
|
$
278
|
|
0.26%
|
Securities
|
|
506,545
|
|
12,346
|
|
2.44%
|
|
309,018
|
|
7,692
|
|
2.49%
|
Loans
receivable
|
|
936,492
|
|
42,304
|
|
4.52%
|
|
820,820
|
|
38,072
|
|
4.64%
|
Total
interest-earning assets
|
|
1,535,489
|
|
55,123
|
|
3.59%
|
|
1,236,714
|
|
46,042
|
|
3.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
97,510
|
|
|
|
|
|
74,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,632,999
|
|
|
|
|
|
$1,311,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
284,326
|
|
|
|
|
|
$
235,810
|
|
|
|
|
Demand
interest-bearing
|
|
510,745
|
|
2,088
|
|
0.41%
|
|
349,055
|
|
1,401
|
|
0.40%
|
Money market &
savings
|
|
586,750
|
|
2,639
|
|
0.45%
|
|
508,846
|
|
2,170
|
|
0.43%
|
Time
deposits
|
|
89,713
|
|
942
|
|
1.05%
|
|
73,819
|
|
695
|
|
0.94%
|
Total
deposits
|
|
1,471,534
|
|
5,669
|
|
0.39%
|
|
1,167,530
|
|
4,266
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,187,208
|
|
5,669
|
|
0.48%
|
|
931,720
|
|
4,266
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
28,079
|
|
1,194
|
|
4.25%
|
|
22,640
|
|
1,115
|
|
4.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,215,287
|
|
6,863
|
|
0.56%
|
|
954,360
|
|
5,381
|
|
0.56%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,499,613
|
|
6,863
|
|
0.46%
|
|
1,190,170
|
|
5,381
|
|
0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
8,867
|
|
|
|
|
|
7,340
|
|
|
|
|
Shareholders'
equity
|
|
124,519
|
|
|
|
|
|
113,709
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,632,999
|
|
|
|
|
|
$1,311,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$48,260
|
|
|
|
|
|
$40,661
|
|
|
Net interest
spread
|
|
|
|
|
|
3.03%
|
|
|
|
|
|
3.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.14%
|
|
|
|
|
|
3.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
9,453
|
|
$
8,761
|
|
$
8,323
|
|
$
8,703
|
|
$
11,536
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
607
|
|
500
|
|
1,557
|
|
500
|
|
9,453
|
|
9,368
|
|
8,823
|
|
10,260
|
|
12,036
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
1
|
|
88
|
|
1
|
|
169
|
|
58
|
Consumer
|
2
|
|
-
|
|
1
|
|
2
|
|
34
|
Total
recoveries
|
3
|
|
88
|
|
2
|
|
171
|
|
92
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial
|
(290)
|
|
(3)
|
|
(122)
|
|
(1,265)
|
|
(3,425)
|
Consumer
|
(11)
|
|
-
|
|
-
|
|
(11)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(301)
|
|
(3)
|
|
(122)
|
|
(1,276)
|
|
(3,425)
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
(298)
|
|
85
|
|
(120)
|
|
(1,105)
|
|
(3,333)
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$
9,155
|
|
$
9,453
|
|
$
8,703
|
|
$
9,155
|
|
$
8,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
|
|
|
|
average loans
outstanding
|
0.12%
|
|
(0.04%)
|
|
0.06%
|
|
0.12%
|
|
0.41%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of period-end
loans
|
0.95%
|
|
1.00%
|
|
0.99%
|
|
0.95%
|
|
0.99%
|
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)
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
17,758
|
|
$
18,331
|
|
$
18,070
|
|
$
11,057
|
|
$
12,080
|
Consumer and
other
|
836
|
|
1,007
|
|
772
|
|
762
|
|
542
|
Total non-accrual
loans
|
18,594
|
|
19,338
|
|
18,842
|
|
11,819
|
|
12,622
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
302
|
|
153
|
|
-
|
|
8,037
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
18,896
|
|
19,491
|
|
18,842
|
|
19,856
|
|
12,622
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
10,174
|
|
10,271
|
|
11,974
|
|
11,393
|
|
11,313
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$
29,070
|
|
$
29,762
|
|
$
30,816
|
|
$
31,249
|
|
$
23,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
1.96%
|
|
2.06%
|
|
2.03%
|
|
2.21%
|
|
1.44%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.51%
|
|
1.72%
|
|
1.95%
|
|
2.11%
|
|
1.66%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
48.45%
|
|
48.50%
|
|
46.50%
|
|
45.47%
|
|
68.95%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
0.95%
|
|
1.00%
|
|
0.94%
|
|
1.00%
|
|
0.99%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
12.97%
|
|
23.05%
|
|
24.20%
|
|
24.87%
|
|
19.61%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/republic-first-bancorp-inc-reports-fourth-quarter-financial-results-net-income-increases-103-and-deposits-grow-34-300394961.html
SOURCE Republic Bank