PHILADELPHIA, July 20, 2017 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
June 30, 2017.
|
|
Three Months
Ended
|
($ in millions,
except per share data)
|
|
06/30/17
|
06/30/16
|
%
Change
|
|
|
|
|
|
Assets
|
|
$ 2,043.5
|
$
1,581.6
|
29%
|
Loans
|
|
1,066.5
|
929.8
|
15%
|
Deposits
|
|
1,732.4
|
1,434.3
|
21%
|
Total
Revenue
|
|
$
22.3
|
$
16.2
|
37%
|
Net Income
|
|
2.1
|
1.0
|
101%
|
Net Income per
Share
|
|
$
0.04
|
$
0.03
|
33%
|
Vernon W. Hill, II, Chairman
of Republic First Bancorp said:
"The Power of Red is Back expansion campaign continues to
deliver strong results. Our ability to offer an exceptional
in-store experience combined with terrific on-line and mobile
banking options is creating new fans throughout our footprint,
driving strong growth in assets, loans and deposits. In addition,
we continue to improve profitability on a consistent basis despite
the significant investments required to proceed with our growth
strategy."
Harry D. Madonna, President
and Chief Executive Officer of Republic First Bancorp
added:
"Our growth and expansion plan continues to produce tremendous
results. The recent grand openings in Cherry Hill and Sicklerville were met with overwhelming
acceptance from new FANS in those communities. With additional
sites in Medford, NJ and
Fairless Hills, PA scheduled to
open in the coming weeks the momentum behind our strategy continues
to build. The results are a testament to the strength of our model
and the unmatched commitment to customer service by every member of
the Republic Bank Team."
Highlights for the Period Ended June
30, 2017
- Total assets increased by $462
million, or 29%, to $2.0
billion as of June 30, 2017
compared to $1.6 billion as of
June 30, 2016.
- Total deposits increased by $298
million, or 21%, to $1.7
billion as of June 30, 2017
compared to $1.4 billion as of
June 30, 2016.
- Net income increased by 101% to $2.1
million, or $0.04 per share,
for the three months ended June 30,
2017 compared to $1.0 million,
or $0.03 per share, for the three
months ended June 30, 2016. The
Company continues to open new stores and increase net income
despite the additional costs associated with the expansion
strategy.
- New stores were recently opened in Cherry Hill and Sicklerville, NJ bringing the total store
count to twenty-one. Stores in Medford,
NJ and Fairless Hills, PA
are currently under construction and scheduled to open during the
third quarter. There are also several additional sites in various
stages of development for future store locations.
- Total loans grew $137 million, or
15%, to $1.1 billion as of
June 30, 2017 compared to
$930 million at June 30, 2016.
- The Company's residential mortgage division, Oak Mortgage, is
serving the home financing needs of customers throughout its
footprint. Oak originated over $100
million in loans during the second quarter of 2016.
- SBA lending continued to be an important part of the Company's
lending strategy. More than $11
million in new SBA loans were originated during the three
month period ended June 30, 2017. Our
team is ranked among the Top 5 SBA Lenders 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 17.94% and
Tier I Leverage Ratio was 12.09% at June 30,
2017.
- Book value per common share increased to $3.90 as of June 30,
2017 compared to $3.13 as of
June 30, 2016.
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
|
|
06/30/17
|
06/30/16
|
%
Change
|
|
06/30/17
|
06/30/16
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
$
22,300
|
$
16,240
|
37%
|
|
$
42,825
|
$
31,414
|
36%
|
|
Provision for Loan
Losses
|
500
|
650
|
(23%)
|
|
500
|
950
|
(47%)
|
|
Non-interest
Expenses
|
17,685
|
12,967
|
36%
|
|
34,489
|
25,310
|
36%
|
|
Net Income
|
2,059
|
1,023
|
101%
|
|
3,846
|
2,108
|
82%
|
|
Net Income per
Share
|
$
0.04
|
$
0.03
|
33%
|
|
$
0.07
|
$
0.05
|
40%
|
|
The Company reported net income of $2.1
million, or $0.04 per share,
for the three month period ended June 30,
2017, compared to net income of $1.0
million, or $0.03 per share,
for the three month period ended June 30,
2016. Net income for the six month period ended June 30, 2017 was $3.8
million, or $0.07 per share,
compared to net income of $2.1
million, or $0.05 per share,
for the six months ended June 30,
2016.
Total revenue increased by $6.1
million, or 37%, to $22.3
million for the three month period ended June 30, 2017, compared to $16.2 million for the three month period ended
June 30, 2016. This increase is
primarily attributable to revenue from the residential mortgage
division which was acquired in July
2016. Revenue also increased due to higher 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 increased to $5.0
million for the three month period ended June 30, 2017 compared to $3.0 million for the three month period ended
June 30, 2016. This increase
was due to $3.0 million in mortgage
banking income, driven primarily by loan sales.
Non-interest expenses increased by $4.7
million, or 36%, to $17.7
million during the three month period ended June 30, 2017 compared to $13.0 million during the three months ended
June 30, 2016. This increase was
mainly caused by the addition of expenses related to the
residential mortgage division. 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
|
06/30/17
|
06/30/16
|
%
Change
|
03/31/17
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$ 2,043,487
|
$ 1,581,637
|
29%
|
$ 1,968,588
|
4%
|
Total loans
(net)
|
1,057,056
|
920,993
|
15%
|
1,016,962
|
4%
|
Total
deposits
|
1,732,431
|
1,434,251
|
21%
|
1,720,512
|
1%
|
Total core
deposits
|
1,731,866
|
1,429,729
|
21%
|
1,720,245
|
1%
|
Total assets increased by $461.9
million, or 29%, as of June 30,
2017 when compared to June 30,
2016. Deposits grew by $298.2
million to $1.7 billion as of
June 30, 2017 compared to
$1.4 billion as of June 30, 2016. The number of deposit accounts has
grown by 35% 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
|
06/30/17
|
06/30/16
|
%
Change
|
03/31/17
|
%
Change
|
2nd Qtr
2017
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$ 370,270
|
$ 281,496
|
32%
|
$ 364,278
|
2%
|
0.00%
|
Demand
interest-bearing
|
647,501
|
472,575
|
37%
|
629,583
|
3%
|
0.42%
|
Money market and
savings
|
607,859
|
574,050
|
6%
|
620,218
|
(2%)
|
0.49%
|
Certificates of
deposit
|
106,236
|
101,608
|
5%
|
106,166
|
-%
|
1.12%
|
Total core
deposits
|
$ 1,731,866
|
$1,429,729
|
21%
|
$ 1,720,245
|
1%
|
0.40%
|
|
|
|
|
|
|
|
Core deposits increased to $1.7
billion at June 30, 2017
compared to $1.4 billion at
June 30, 2016 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
strongest growth in demand accounts on a year to year basis as a
result of the successful execution of its strategy. On a linked
quarter basis, a reduction in money market and savings balances in
the second quarter of 2017 offset growth in the demand
categories.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
06/30/17
|
% of
Total
|
06/30/16
|
% of
Total
|
03/31/17
|
%
of
Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$ 412,695
|
39%
|
$ 369,784
|
40%
|
$394,840
|
39%
|
Construction and
land
development
|
83,571
|
8%
|
40,462
|
4%
|
78,636
|
7%
|
Commercial and
industrial
|
176,949
|
16%
|
199,149
|
21%
|
188,873
|
18%
|
Owner occupied real
estate
|
285,479
|
27%
|
265,245
|
29%
|
273,996
|
27%
|
Consumer and
other
|
68,530
|
6%
|
52,776
|
6%
|
67,146
|
7%
|
Residential
mortgage
|
39,286
|
4%
|
2,338
|
0%
|
22,652
|
2%
|
Gross loans
|
$1,066,510
|
100%
|
$929,754
|
100%
|
$1,026,143
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $136.8
million, or 15%, to $1.1
billion at June 30, 2017
compared to $929.8 million at
June 30, 2016 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 strong growth across most loan categories.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
06/30/17
|
03/31/17
|
06/30/16
|
|
|
|
|
Non-performing assets
/ capital and reserves
|
12%
|
13%
|
24%
|
Non-performing assets
/ total assets
|
1.41%
|
1.45%
|
1.95%
|
Quarterly net loan
charge-offs / average loans
|
0.09%
|
(0.01%)
|
0.40%
|
Allowance for loan
losses / gross loans
|
0.89%
|
0.89%
|
0.94%
|
Allowance for loan
losses / non-performing loans
|
50%
|
50%
|
47%
|
The percentage of non-performing assets to total assets
decreased to 1.41% at June 30, 2017,
compared to 1.95% at June 30,
2016. The ratio of non-performing assets to capital and
reserves decreased to 12% at June 30,
2017 compared to 24% at June 30,
2016 primarily as a result of the completion of the common
stock offering during the fourth quarter of 2016.
Capital
The Company's capital ratios at June 30,
2017 were as follows:
|
Actual
06/30/17
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
12.09%
|
5.00%
|
Common Equity
Ratio
|
15.71%
|
6.50%
|
Tier 1 Risk Based
Capital
|
17.26%
|
8.00%
|
Total Risk Based
Capital
|
17.94%
|
10.00%
|
Tangible Common
Equity
|
10.63%
|
n/a
|
Total shareholders' equity increased to $222.3 million at June 30,
2017 compared to $118.6
million at June 30, 2016. Book
value per common share increased to $3.90 at June 30,
2017 compared to $3.13 per
share at June 30, 2016. 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 twenty one 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 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. The Bank also offers a
wide range of residential mortgage products through its wholly
owned subsidiary, Oak Mortgage Company. 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, 2016 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)
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
28,247
|
|
$
25,119
|
|
$
18,561
|
|
Interest-bearing
deposits and federal funds sold
|
59,750
|
|
11,472
|
|
93,211
|
|
|
Total cash and cash
equivalents
|
|
87,997
|
|
36,591
|
|
111,772
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
345,182
|
|
362,328
|
|
253,289
|
|
Securities - Held to
maturity
|
|
409,373
|
|
421,850
|
|
199,074
|
|
Restricted
stock
|
|
|
3,878
|
|
1,366
|
|
1,367
|
|
|
Total investment
securities
|
|
758,433
|
|
785,544
|
|
453,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
|
29,547
|
|
25,098
|
|
5,487
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
1,066,510
|
|
1,026,143
|
|
929,754
|
|
Allowance for loan
losses
|
|
(9,454)
|
|
(9,181)
|
|
(8,761)
|
|
|
Net loans
|
|
|
|
1,057,056
|
|
1,016,962
|
|
920,993
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
65,471
|
|
58,926
|
|
53,617
|
|
Other real estate
owned
|
|
|
9,909
|
|
9,944
|
|
11,974
|
|
Other
assets
|
|
|
|
35,074
|
|
35,523
|
|
24,064
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
$
2,043,487
|
|
$
1,968,588
|
|
$
1,581,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
370,270
|
|
$
364,278
|
|
$
281,496
|
|
Interest bearing
deposits
|
|
|
1,362,161
|
|
1,356,234
|
|
1,152,755
|
|
|
Total
deposits
|
|
|
1,732,431
|
|
1,720,512
|
|
1,434,251
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
55,000
|
|
-
|
|
-
|
|
Subordinated
debt
|
|
|
21,656
|
|
21,648
|
|
21,866
|
|
Other
liabilities
|
|
|
12,079
|
|
8,104
|
|
6,950
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,821,166
|
|
1,750,264
|
|
1,463,067
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
575
|
|
574
|
|
384
|
|
Additional paid-in
capital
|
|
|
255,215
|
|
254,403
|
|
153,476
|
|
Accumulated
deficit
|
|
|
(24,042)
|
|
(26,101)
|
|
(30,725)
|
|
Treasury stock at
cost
|
|
|
(3,725)
|
|
(3,725)
|
|
(3,725)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(183)
|
|
Accumulated other
comprehensive loss
|
(5,519)
|
|
(6,644)
|
|
(657)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
222,321
|
|
218,324
|
|
118,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
2,043,487
|
|
$
1,968,588
|
|
$
1,581,637
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
12,330
|
|
$
11,199
|
|
$
10,323
|
|
$
23,529
|
|
$
20,254
|
|
Interest and
dividends on investment securities
|
4,931
|
|
4,927
|
|
2,799
|
|
9,858
|
|
5,567
|
|
Interest on other
interest earning assets
|
70
|
|
61
|
|
87
|
|
131
|
|
150
|
|
|
Total interest
income
|
|
|
17,331
|
|
16,187
|
|
13,209
|
|
33,518
|
|
25,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
1,722
|
|
1,602
|
|
1,323
|
|
3,324
|
|
2,488
|
|
Interest on borrowed
funds
|
|
342
|
|
366
|
|
289
|
|
708
|
|
595
|
|
|
Total interest
expense
|
|
2,064
|
|
1,968
|
|
1,612
|
|
4,032
|
|
3,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
15,267
|
|
14,219
|
|
11,597
|
|
29,486
|
|
22,888
|
|
Provision for loan
losses
|
|
|
500
|
|
-
|
|
650
|
|
500
|
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
14,767
|
|
14,219
|
|
10,947
|
|
28,986
|
|
21,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
907
|
|
846
|
|
654
|
|
1,753
|
|
1,224
|
|
Mortgage banking
income
|
|
2,971
|
|
2,421
|
|
-
|
|
5,392
|
|
-
|
|
Gain on sale of SBA
loans
|
|
796
|
|
688
|
|
1,749
|
|
1,484
|
|
2,582
|
|
Gain (loss) on sale
of investment securities
|
(61)
|
|
-
|
|
358
|
|
(61)
|
|
654
|
|
Other non-interest
income
|
|
356
|
|
383
|
|
270
|
|
739
|
|
983
|
|
|
Total non-interest
income
|
|
4,969
|
|
4,338
|
|
3,031
|
|
9,307
|
|
5,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
9,389
|
|
8,582
|
|
6,551
|
|
17,971
|
|
12,603
|
|
Occupancy and
equipment
|
|
2,873
|
|
2,890
|
|
2,243
|
|
5,763
|
|
4,617
|
|
Legal and
professional fees
|
|
633
|
|
681
|
|
519
|
|
1,314
|
|
968
|
|
Foreclosed real
estate
|
|
|
612
|
|
346
|
|
323
|
|
958
|
|
908
|
|
Regulatory
assessments and related fees
|
324
|
|
329
|
|
373
|
|
653
|
|
715
|
|
Other operating
expenses
|
|
3,854
|
|
3,976
|
|
2,958
|
|
7,830
|
|
5,499
|
|
|
Total non-interest
expense
|
|
17,685
|
|
16,804
|
|
12,967
|
|
34,489
|
|
25,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit
for income taxes
|
|
2,051
|
|
1,753
|
|
1,011
|
|
3,804
|
|
2,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
|
|
(8)
|
|
(34)
|
|
(12)
|
|
(42)
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
2,059
|
|
$
1,787
|
|
$
1,023
|
|
$
3,846
|
|
$
2,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
0.04
|
|
$
0.03
|
|
$
0.03
|
|
$
0.07
|
|
$
0.06
|
|
Diluted
|
|
|
|
$
0.04
|
|
$
0.03
|
|
$
0.03
|
|
$
0.07
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
56,945
|
|
56,824
|
|
37,882
|
|
56,885
|
|
37,860
|
|
Diluted
|
|
|
|
58,301
|
|
58,049
|
|
38,422
|
|
58,165
|
|
38,344
|
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,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
28,691
|
|
$
70
|
|
0.98%
|
|
$
23,929
|
|
$
61
|
|
1.03%
|
|
$
72,517
|
|
$
87
|
|
0.48%
|
Securities
|
|
782,121
|
|
5,013
|
|
2.56%
|
|
808,029
|
|
5,032
|
|
2.49%
|
|
460,161
|
|
2,895
|
|
2.52%
|
Loans
receivable
|
|
1,065,313
|
|
12,470
|
|
4.70%
|
|
1,008,329
|
|
11,338
|
|
4.56%
|
|
921,274
|
|
10,445
|
|
4.56%
|
Total
interest-earning assets
|
|
1,876,125
|
|
17,553
|
|
3.75%
|
|
1,840,287
|
|
16,431
|
|
3.62%
|
|
1,453,952
|
|
13,427
|
|
3.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
111,493
|
|
|
|
|
|
101,820
|
|
|
|
|
|
93,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,987,618
|
|
|
|
|
|
$1,942,107
|
|
|
|
|
|
$1,547,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
355,325
|
|
|
|
|
|
$
329,015
|
|
|
|
|
|
$
266,996
|
|
|
|
|
Demand
interest-bearing
|
|
659,859
|
|
695
|
|
0.42%
|
|
620,090
|
|
608
|
|
0.40%
|
|
481,994
|
|
503
|
|
0.42%
|
Money market &
savings
|
|
602,710
|
|
732
|
|
0.49%
|
|
607,181
|
|
698
|
|
0.47%
|
|
574,207
|
|
637
|
|
0.45%
|
Time
deposits
|
|
105,820
|
|
295
|
|
1.12%
|
|
107,923
|
|
296
|
|
1.11%
|
|
77,856
|
|
183
|
|
0.95%
|
Total
deposits
|
|
1,723,714
|
|
1,722
|
|
0.40%
|
|
1,664,209
|
|
1,602
|
|
0.39%
|
|
1,401,053
|
|
1,323
|
|
0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,368,389
|
|
1,722
|
|
0.50%
|
|
1,335,194
|
|
1,602
|
|
0.49%
|
|
1,134,057
|
|
1,323
|
|
0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
35,119
|
|
342
|
|
3.91%
|
|
53,138
|
|
366
|
|
2.79%
|
|
22,476
|
|
289
|
|
5.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,403,508
|
|
2,064
|
|
0.59%
|
|
1,388,332
|
|
1,968
|
|
0.57%
|
|
1,156,533
|
|
1,612
|
|
0.56%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,758,833
|
|
2,064
|
|
0.47%
|
|
1,717,347
|
|
1,968
|
|
0.46%
|
|
1,423,529
|
|
1,612
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
8,345
|
|
|
|
|
|
8,295
|
|
|
|
|
|
6,871
|
|
|
|
|
Shareholders'
equity
|
|
220,440
|
|
|
|
|
|
216,465
|
|
|
|
|
|
117,107
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,987,618
|
|
|
|
|
|
$1,942,107
|
|
|
|
|
|
$1,547,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$15,489
|
|
|
|
|
|
$14,463
|
|
|
|
|
|
$11,815
|
|
|
Net interest
spread
|
|
|
|
|
|
3.16%
|
|
|
|
|
|
3.05%
|
|
|
|
|
|
3.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.31%
|
|
|
|
|
|
3.19%
|
|
|
|
|
|
3.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2017
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
26,323
|
|
$
131
|
|
1.00%
|
|
$
59,813
|
|
$
150
|
|
0.50%
|
Securities
|
|
795,003
|
|
10,045
|
|
2.53%
|
|
448,837
|
|
5,757
|
|
2.57%
|
Loans
receivable
|
|
1,036,979
|
|
23,808
|
|
4.63%
|
|
904,387
|
|
20,491
|
|
4.56%
|
Total
interest-earning assets
|
|
1,858,305
|
|
33,984
|
|
3.69%
|
|
1,413,037
|
|
26,398
|
|
3.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
106,683
|
|
|
|
|
|
90,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$1,964,988
|
|
|
|
|
|
$1,503,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
342,243
|
|
|
|
|
|
$
264,403
|
|
|
|
|
Demand
interest-bearing
|
|
640,084
|
|
1,303
|
|
0.41%
|
|
447,276
|
|
918
|
|
0.41%
|
Money market &
savings
|
|
604,933
|
|
1,430
|
|
0.48%
|
|
566,833
|
|
1,246
|
|
0.44%
|
Time
deposits
|
|
106,866
|
|
591
|
|
1.12%
|
|
71,635
|
|
324
|
|
0.91%
|
Total
deposits
|
|
1,694,126
|
|
3,324
|
|
0.40%
|
|
1,350,147
|
|
2,488
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,351,883
|
|
3,324
|
|
0.50%
|
|
1,085,744
|
|
2,488
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
44,078
|
|
708
|
|
3.24%
|
|
29,952
|
|
595
|
|
3.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,395,961
|
|
4,032
|
|
0.58%
|
|
1,115,696
|
|
3,083
|
|
0.56%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,738,204
|
|
4,032
|
|
0.47%
|
|
1,380,099
|
|
3,083
|
|
0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
8,307
|
|
|
|
|
|
7,211
|
|
|
|
|
Shareholders'
equity
|
|
218,477
|
|
|
|
|
|
116,347
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$1,964,988
|
|
|
|
|
|
$1,503,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$29,952
|
|
|
|
|
|
$23,315
|
|
|
Net interest
spread
|
|
|
|
|
|
3.11%
|
|
|
|
|
|
3.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.25%
|
|
|
|
|
|
3.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
9,181
|
|
$
9,155
|
|
$
9,029
|
|
$
8,703
|
|
$
9,155
|
|
$
8,703
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
500
|
|
-
|
|
650
|
|
1,557
|
|
500
|
|
950
|
|
9,681
|
|
9,155
|
|
9,679
|
|
10,260
|
|
9,655
|
|
9,653
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
30
|
|
36
|
|
8
|
|
169
|
|
66
|
|
80
|
Consumer
|
1
|
|
-
|
|
-
|
|
2
|
|
1
|
|
-
|
Total
recoveries
|
31
|
|
36
|
|
8
|
|
171
|
|
67
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
(253)
|
|
(8)
|
|
(926)
|
|
(1,265)
|
|
(261)
|
|
(972)
|
Consumer
|
(5)
|
|
(2)
|
|
-
|
|
(11)
|
|
(7)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(258)
|
|
(10)
|
|
(926)
|
|
(1,276)
|
|
(268)
|
|
(972)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(227)
|
|
26
|
|
(918)
|
|
(1,105)
|
|
(201)
|
|
(892)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$
9,454
|
|
$
9,181
|
|
$
8,761
|
|
$
9,155
|
|
$
9,454
|
|
$
8,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
|
|
|
|
|
|
average loans
outstanding
|
0.09%
|
|
-0.01%
|
|
0.40%
|
|
0.12%
|
|
0.04%
|
|
0.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
of period-end
loans
|
0.89%
|
|
0.89%
|
|
0.94%
|
|
0.95%
|
|
0.89%
|
|
0.94%
|
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)
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
17,703
|
|
$
17,695
|
|
$
17,758
|
|
$
18,331
|
|
$
18,070
|
Consumer and
other
|
817
|
|
834
|
|
836
|
|
1,007
|
|
772
|
Total non-accrual
loans
|
18,520
|
|
18,529
|
|
18,594
|
|
19,338
|
|
18,842
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
293
|
|
-
|
|
302
|
|
153
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
18,813
|
|
18,529
|
|
18,896
|
|
19,491
|
|
18,842
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
9,909
|
|
9,944
|
|
10,174
|
|
10,271
|
|
11,974
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$
28,722
|
|
$
28,473
|
|
$
29,070
|
|
$
29,762
|
|
$
30,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
1.76%
|
|
1.81%
|
|
1.96%
|
|
2.06%
|
|
2.03%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.41%
|
|
1.45%
|
|
1.51%
|
|
1.72%
|
|
1.95%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
50.25%
|
|
49.55%
|
|
48.45%
|
|
48.50%
|
|
46.50%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
0.89%
|
|
0.89%
|
|
0.95%
|
|
1.00%
|
|
0.94%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
12.39%
|
|
12.52%
|
|
12.97%
|
|
23.05%
|
|
24.20%
|
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SOURCE Republic First Bancorp, Inc.