FRBK Republic First Bancorp Inc

Deposits Grow 27% and Loans Grow 26%

Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2018.

Q3-2018 Highlights

• Total deposits increased by $515 million, or 27%, to $2.4 billion as of September 30, 2018 compared to $1.9 billion as of September 30, 2017.  
• New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $29 million per year, while the average deposit growth for all stores over the last twelve months was approximately $22 million per store. 
• Total loans grew $283 million, or 26%, to $1.4 billion as of September 30, 2018 compared to $1.1 billion at September 30, 2017. 
• Total revenue grew by 24% during the nine month period ended September 30, 2018 while non-interest expense increased by 15% when compared to the first nine months of 2017. We continue to open new stores and increase profitability despite the additional costs associated with the expansion strategy. 
• Income before tax increased by 30% to $8.0 million for the nine months ended September 30, 2018 compared to $6.1 million for the nine months ended September 30, 2017.

“The Power of Red is Back” expansion strategy continues to build momentum. As recently announced, Republic Bank is moving forward with plans to expand into New York City. Sites for several new stores have been identified in Manhattan with two to four stores projected to open during 2019.

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

“Since the launch of ‘The Power of Red is Back’ growth campaign in 2014 we’ve opened thirteen new store locations using our distinctive glass prototype building and total assets have nearly tripled in size. Deposits have grown at an average annual rate of 25% and loans have grown at an average rate of 17% during this time. We have also demonstrated the ability to steadily improve profitability despite the significant investments being made to execute the growth plan. It is our goal to deliver the best banking experience through every channel…..in-store, online, and mobile options…..turning Customers into FANS. Our results to this point have demonstrated the success we are capable of achieving.”

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

“During the third quarter we opened our newest store in Gloucester Township, NJ which is off to a tremendous start. We also have four additional stores now under construction in Evesboro, Lumberton and Somers Point, NJ and Feasterville, PA. These sites combined with the planned expansion into New York City beginning in 2019 put us in a perfect position to capitalize on opportunities that arise as our competition continues to alienate customers with declining levels of service, higher fees and fewer locations.”

A summary of the financial results for the period ended September 30, 2018 can be found in the following table:

		Nine Months Ended
($ in millions, except per share data)		09/30/18		09/30/17		% Change
Assets		$	2,657.2	$	2,141.6	24	%
Loans			1,378.8		1,095.4	26	%
Deposits			2,400.4		1,885.4	27	%
Total Revenue		$	82.2	$	66.5	24	%
Income Before Tax			8.0		6.1	30	%
Net Income *			6.5		6.2	5	%
Net Income per Share		$	0.11	$	0.11	-	%

* Note:    Net income for the period ended 9/30/18 reflects an increased provision for federal and state income taxes which did not have the same impact on 2017 results due to an adjustment to the DTA valuation allowance recorded by the Company.

Financial Highlights for the Period Ended September 30, 2018

• Total assets increased by $516 million, or 24%, to $2.7 billion as of September 30, 2018 compared to $2.1 billion as of September 30, 2017. 
• Demand deposits represent the fastest growing segment of the Company’s deposit base. These deposits grew by $423 million to $1.6 billion over the last 12 months which includes growth of 28% in non-interest bearing demand deposit balances.  
• Net income before tax grew by 30% to $8.0 million for the nine months ended September 30, 2018 compared to $6.1 million for the nine months ended September 30, 2017. 
• We have twenty-three convenient store locations open today. During the third quarter of 2018 we opened a new store in Gloucester Township, NJ. Construction is underway on sites in Evesboro, Lumberton, and Somers Point, NJ and Feasterville, PA. There are also multiple sites in various stages of development for future store locations.
• Expansion into New York City is expected to begin during 2019. The Company is planning to open two to four new stores in Manhattan in the coming year. 
• Asset quality continues to improve. The ratio of non-performing assets to total assets declined to 0.76% as of September 30, 2018 compared to 1.07% as of September 30, 2017. 
• The Company converted $10.6 million of outstanding trust preferred securities to 1.6 million shares of common stock during the first quarter of 2018. This conversion will result in a reduction of interest expense of approximately $0.9 million on an annual basis going forward. 
• The Company’s residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Oak has originated more than $280 million in loans during the nine month period ended September 30, 2018. 
• Meeting the needs of small business customers continued to be an important part of the Company’s lending strategy.  More than $15 million in new SBA loans were originated during the three month period ended September 30, 2018. Republic Bank is currently ranked as the #2 SBA lender in New Jersey based on the dollar volume of loan originations. 
• The Company’s Total Risk-Based Capital ratio was 15.39% and Tier I Leverage Ratio was 9.75% at September 30, 2018. 
• Book value per common share increased to $4.01 as of September 30, 2018 compared to $3.95 as of September 30, 2017.

Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

	Three Months Ended							Nine Months Ended
	09/30/18		09/30/17		% Change			09/30/18		09/30/17			% Change
Total Revenue	$	28,689	$	23,700	21	%		$	82,215	$	66,525		24	%
Provision for Loan Losses		500		-	100	%			1,700		500		240	%
Non-interest Expense		20,833		19,165	9	%			61,664		53,654		15	%
Income Before Taxes		2,944		2,325	27	%			7,994		6,129		30	%
Provision (Benefit) for Taxes		622		4	n/m				1,524		(38	)	n/m
Net Income		2,322		2,321	-	%			6,470		6,167		5	%
Net Income per Share	$	0.04	$	0.04	-	%		$	0.11	$	0.11		-	%

The Company reported net income of $2.3 million, or $0.04 per share, for both three month periods ended September 30, 2018 and September 30, 2017.  Net income for the nine month period ended September 30, 2018 was $6.5 million, or $0.11 per share, compared to net income of $6.2 million, or $0.11 per share, for the nine months ended September 30, 2017.

During 2017, the Company recorded a minimal provision for federal and state income taxes due to the deferred tax asset valuation allowance recorded on the balance sheet. Income Before Taxes grew 27% to $2.9 million during the third quarter of 2018 and grew 30% to $8.0 million on a year to date basis in 2018. The significant improvement in pre-tax profitability has been achieved despite the ongoing investments and expenditures required for the growth and expansion strategy.

Total revenue increased by $5.0 million, or 21%, to $28.7 million for the three month period ended September 30, 2018, compared to $23.7 million for the three month period ended September 30, 2017.  Total revenue for the nine month period ended September 30, 2018 increased by $15.7 million, or 24%, to $82.2 million. The increase in revenue is primarily attributable 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.

The increase in total revenue for both the three month period (21%) and nine month period (24%) ended September 30, 2018 exceeded the growth in non-interest expense for the three month period (9%) and the nine month period (15%) ended September 30, 2018 which demonstrates the effect that our growth strategy will have on the profitability of the Bank.

Non-interest expenses increased by 9%, to $20.8 million during the quarter ended September 30, 2018 compared to $19.2 million during the quarter ended September 30, 2017. Non-interest expenses increased by 15%, to $61.7 million during the nine month period ended September 30, 2018 compared to $53.7 million during the nine months ended September 30, 2017. The growth in expenses were mainly caused by an increase in salaries and employee benefits driven by annual merit increases along with increased staffing levels related to our growth and expansion strategy. Occupancy and equipment expenses associated with the growth strategy also contributed to the increase in non-interest expenses.

The provision for income taxes was $622 thousand for the three month period ended September 30, 2018 compared to a provision for income taxes in the amount of $4 thousand for the three month period ended September 30, 2017. The Company began recognizing an increased provision for federal and state income taxes during 2018 after reversing its deferred tax asset valuation allowance during the fourth quarter of 2017.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

Description	09/30/18		09/30/17		% Change		06/30/18		% Change
Total assets	$	2,657,206	$	2,141,563	24	%	$	2,552,920	4	%
Total loans (net)		1,370,704		1,087,147	26	%		1,310,012	5	%
Total deposits		2,400,358		1,885,405	27	%		2,134,141	12	%

Total assets increased by $515.6 million, or 24%, as of September 30, 2018 when compared to September 30, 2017.  Deposits grew by $515.0 million to $2.4 billion as of September 30, 2018 compared to $1.9 billion as of September 30, 2017. The number of deposit accounts has grown by 32% 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.”

Deposits

Deposits by type of account are as follows (dollars in thousands):

Description	09/30/18		09/30/17		% Change		06/30/18		%Change		3rd Qtr 2018 Cost of Funds
Demand noninterest-bearing	$	509,188	$	398,794	28	%	$	526,650	(3	%)	0.00	%
Demand interest-bearing		1,058,670		745,878	42	%		785,513	35	%	0.90	%
Money market and savings		703,358		619,265	14	%		698,182	1	%	0.74	%
Certificates of deposit		129,142		121,468	6	%		123,796	4	%	1.21	%
Total deposits	$	2,400,358	$	1,885,405	27	%	$	2,134,141	12	%	0.66	%

Deposits increased to $2.4 billion at September 30, 2018 compared to $1.9 billion at September 30, 2017 as the Company moves forward with its growth strategy to increase the number of stores and expand its banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, core deposits. The Company recognized strongest growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 28%, year over year as a result of the successful execution of its strategy.

Lending

Loans by type are as follows (dollars in thousands):

Description	09/30/18		% of Total		09/30/17		% of Total		06/30/18		% of Total
Commercial real estate	$	495,529	36	%	$	415,532	38	%	$	489,574	37	%
Construction and land development		125,512	9	%		93,657	8	%		120,165	9	%
Commercial and industrial		195,493	14	%		163,085	15	%		188,254	14	%
Owner occupied real estate		358,956	26	%		297,880	27	%		335,871	26	%
Consumer and other		86,922	6	%		71,867	7	%		83,606	6	%
Residential mortgage		116,376	9	%		53,384	5	%		100,108	8	%
Gross loans	$	1,378,788	100	%	$	1,095,405	100	%	$	1,317,578	100	%

Gross loans increased by $283 million, or 26%, to $1.4 billion at September 30, 2018 compared to $1.1 billion at September 30, 2017 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 all loan categories.

Asset Quality

The Company’s asset quality ratios are highlighted below:

	Three Months Ended
	09/30/18		06/30/18		09/30/17
Non-performing assets / capital and reserves	8	%	9	%	10	%
Non-performing assets / total assets	0.76	%	0.81	%	1.07	%
Quarterly net loan charge-offs / average loans	(0.01	%)	(0.04	%)	0.43	%
Allowance for loan losses / gross loans	0.59	%	0.57	%	0.75	%
Allowance for loan losses / non-performing loans	60	%	54	%	60	%

The percentage of non-performing assets to total assets decreased to 0.76% at September 30, 2018, compared to 1.07% at September 30, 2017.  The ratio of non-performing assets to capital and reserves decreased to 8% at September 30, 2018 compared to 10% at September 30, 2017 primarily as a result of decreases in non-performing assets over the last 12 months.

Capital

The Company’s capital ratios at September 30, 2018 were as follows:

	Actual09/30/18Bancorp		Actual09/30/18Bank		Regulatory Guidelines“Well Capitalized”
Leverage Ratio	9.75	%	8.47	%	5.00	%
Common Equity Ratio	14.26	%	12.96	%	6.50	%
Tier 1 Risk Based Capital	14.91	%	12.96	%	8.00	%
Total Risk Based Capital	15.39	%	13.44	%	10.00	%
Tangible Common Equity	8.71	%	7.74	%	n/a

Total shareholders’ equity increased to $236 million at September 30, 2018 compared to $225 million at September 30, 2017. Book value per common share increased to $4.01 at September 30, 2018 compared to $3.95 per share at September 30, 2017.

Analyst and Investor Call

An analyst and investor call will be held on the following date and time:

Date:			October 25, 2018
Time:			10:00am (EDT)
From the U.S. dial:			(800) 697-5978
Participant Pin:			8722 756#
An operator will assist you in joining the call.

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-three 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 mortgage division which does business under the name of 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, 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, 2017 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.

Source:		Republic First Bancorp, Inc.
		Frank A. Cavallaro, CFO
Contact:		(215) 735-4422

Republic First Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
						September 30,				June 30,				September 30,
(dollars in thousands, except per share amounts)						2018				2018				2017
ASSETS
	Cash and due from banks					$	37,303			$	29,363			$	27,181
	Interest-bearing deposits and federal funds sold						108,996				29,991				71,601
		Total cash and cash equivalents					146,299				59,354				98,782
	Securities - Available for sale						487,524				502,021				377,757
	Securities - Held to maturity						485,291				503,742				416,987
	Restricted stock						1,916				8,379				1,678
		Total investment securities					974,731				1,014,142				796,422
	Loans held for sale						32,839				39,301				41,711
	Loans receivable						1,378,788				1,317,578				1,095,405
	Allowance for loan losses						(8,084	)			(7,566	)			(8,258	)
		Net loans					1,370,704				1,310,012				1,087,147
	Premises and equipment						81,912				80,069				71,715
	Other real estate owned						6,768				6,559				9,169
	Other assets						43,953				43,483				36,617
	Total Assets					$	2,657,206			$	2,552,920			$	2,141,563
LIABILITIES
	Non-interest bearing deposits					$	509,188			$	526,650			$	398,794
	Interest bearing deposits						1,891,170				1,607,491				1,486,611
		Total deposits					2,400,358				2,134,141				1,885,405
	Short-term borrowings						-				161,669				-
	Subordinated debt						11,257				11,256				21,663
	Other liabilities						9,767				10,520				9,293
	Total Liabilities						2,421,382				2,317,586				1,916,361
SHAREHOLDERS' EQUITY
	Common stock - $0.01 par value						593				593				575
	Additional paid-in capital						268,613				267,974				255,752
	Accumulated deficit						(10,873	)			(13,195	)			(21,721	)
	Treasury stock at cost						(3,725	)			(3,725	)			(3,725	)
	Stock held by deferred compensation plan						(183	)			(183	)			(183	)
	Accumulated other comprehensive loss						(18,601	)			(16,130	)			(5,496	)
	Total Shareholders' Equity						235,824				235,334				225,202
	Total Liabilities and Shareholders' Equity					$	2,657,206			$	2,552,920			$	2,141,563

 

Republic First Bancorp, Inc.
Consolidated Statements of Operations
(Unaudited)
						Three Months Ended										Nine Months Ended
						September 30,			June 30,				September 30,			September 30,				September 30,
(in thousands, except per share amounts)						2018			2018				2017			2018				2017
INTEREST INCOME
	Interest and fees on loans					$	16,764		$	15,457			$	12,989		$	46,490			$	36,518
	Interest and dividends on investment securities						6,641			6,804				4,752			19,903				14,610
	Interest on other interest earning assets						153			63				181			388				312
		Total interest income					23,558			22,324				17,922			66,781				51,440
INTEREST EXPENSE
	Interest on deposits						3,642			3,089				1,872			9,329				5,196
	Interest on borrowed funds						770			573				338			1,528				1,046
		Total interest expense					4,412			3,662				2,210			10,857				6,242
	Net interest income						19,146			18,662				15,712			55,924				45,198
	Provision for loan losses						500			800				-			1,700				500
	Net interest income after provision for loan losses						18,646			17,862				15,712			54,224				44,698
NON-INTEREST INCOME
	Service fees on deposit accounts						1,386			1,326				1,067			3,887				2,820
	Mortgage banking income						2,580			3,182				3,159			7,948				8,551
	Gain on sale of SBA loans						816			846				831			2,654				2,315
	Gain (loss) on sale of investment securities						-			(1	)			-			(1	)			(61	)
	Other non-interest income						349			415				721			946				1,460
		Total non-interest income					5,131			5,768				5,778			15,434				15,085
NON-INTEREST EXPENSE
	Salaries and employee benefits						11,203			10,883				9,829			32,731				27,800
	Occupancy and equipment						3,260			3,353				3,064			10,083				8,827
	Legal and professional fees						773			859				610			2,391				1,924
	Foreclosed real estate						378			192				746			881				1,704
	Regulatory assessments and related fees						396			395				355			1,258				1,008
	Other operating expenses						4,823			5,047				4,561			14,320				12,391
		Total non-interest expense					20,833			20,729				19,165			61,664				53,654
Income before provision (benefit) for income taxes							2,944			2,901				2,325			7,994				6,129
Provision (benefit) for income taxes							622			530				4			1,524				(38	)
Net income						$	2,322		$	2,371			$	2,321		$	6,470			$	6,167
Net Income per Common Share
	Basic					$	0.04		$	0.04			$	0.04		$	0.11			$	0.11
	Diluted					$	0.04		$	0.04			$	0.04		$	0.11			$	0.11
Average Common Shares Outstanding
	Basic						58,774			58,746				56,974			58,213				56,915
	Diluted						59,774			59,911				58,314			59,338				58,213

 

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)		September 30, 2018									June 30, 2018									September 30, 2017
					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		$	29,163		$	153		2.08	%		$	13,412		$	63		1.88	%		$	56,316		$	181		1.28	%
Securities			1,018,910			6,676		2.62	%			1,048,291			6,838		2.61	%			765,678			4,805		2.51	%
Loans receivable			1,390,894			16,873		4.81	%			1,304,244			15,557		4.78	%			1,115,920			13,136		4.67	%
Total interest-earning assets			2,438,967			23,702		3.86	%			2,365,947			22,458		3.81	%			1,937,914			18,122		3.71	%
Other assets			135,139									129,077									122,513
Total assets		$	2,574,106								$	2,495,024								$	2,060,427
Interest-bearing liabilities:
Demand non interest-bearing		$	513,292								$	481,548								$	381,380
Demand interest-bearing			861,607			1,948		0.90	%			844,405			1,549		0.74	%			692,423			772		0.44	%
Money market & savings			699,081			1,308		0.74	%			699,136			1,174		0.67	%			613,506			788		0.51	%
Time deposits			126,378			386		1.21	%			125,607			366		1.17	%			109,878			312		1.13	%
Total deposits			2,200,358			3,642		0.66	%			2,150,696			3,089		0.58	%			1,797,187			1,872		0.41	%
Total interest-bearing deposits			1,687,066			3,642		0.86	%			1,669,148			3,089		0.74	%			1,415,807			1,872		0.52	%
Other borrowings			127,150			770		2.40	%			101,829			573		2.26	%			30,220			338		4.44	%
Total interest-bearing liabilities			1,814,216			4,412		0.96	%			1,770,977			3,662		0.83	%			1,446,027			2,210		0.61	%
Total deposits and
other borrowings			2,327,508			4,412		0.75	%			2,252,525			3,662		0.65	%			1,827,407			2,210		0.48	%
Non interest-bearing liabilities			10,363									8,952									9,179
Shareholders' equity			236,235									233,547									223,841
Total liabilities and
shareholders' equity		$	2,574,106								$	2,495,024								$	2,060,427
Net interest income					$	19,290								$	18,796								$	15,912
Net interest spread								2.90	%								2.98	%								3.10	%
Net interest margin								3.14	%								3.19	%								3.26	%
Note: The above tables are presented on a tax equivalent basis.

 

Republic First Bancorp, Inc.
Average Balances and Net Interest Income
(unaudited)
		For the nine months ended									For the nine months ended
(dollars in thousands)		September 30, 2018									September 30, 2017
					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		$	27,625		$	388		1.88	%		$	36,431		$	312		1.15	%
Securities			1,027,614			20,001		2.60	%			785,121			14,850		2.52	%
Loans receivable			1,310,750			46,795		4.77	%			1,063,581			36,944		4.64	%
Total interest-earning assets			2,365,989			67,184		3.80	%			1,885,133			52,106		3.70	%
Other assets			130,344									112,018
Total assets		$	2,496,333								$	1,997,151
Interest-bearing liabilities:
Demand non interest-bearing		$	475,659								$	355,432
Demand interest-bearing			866,397			4,754		0.73	%			657,722			2,075		0.42	%
Money market & savings			695,386			3,454		0.66	%			607,822			2,218		0.49	%
Time deposits			127,281			1,121		1.18	%			107,881			903		1.12	%
Total deposits			2,164,723			9,329		0.58	%			1,728,857			5,196		0.40	%
Total interest-bearing deposits			1,689,064			9,329		0.74	%			1,373,425			5,196		0.51	%
Other borrowings			90,160			1,528		2.27	%			39,408			1,046		3.55	%
Total interest-bearing liabilities			1,779,224			10,857		0.82	%			1,412,833			6,242		0.59	%
Total deposits and
other borrowings			2,254,883			10,857		0.64	%			1,768,265			6,242		0.47	%
Non interest-bearing liabilities			9,534									8,628
Shareholders' equity			231,916									220,258
Total liabilities and
shareholders' equity		$	2,496,333								$	1,997,151
Net interest income					$	56,327								$	45,864
Net interest spread								2.98	%								3.11	%
Net interest margin								3.18	%								3.25	%
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				Nine months ended
	September 30,				June 30,				September 30,				Dec 31				September 30,				September 30,
(dollars in thousands)	2018				2018				2017				2017				2018				2017
Balance at beginning of period	$	7,566			$	6,650			$	9,454			$	9,155			$	8,599			$	9,155
Provision charged to operating expense		500				800				-				900				1,700				500
		8,066				7,450				9,454				10,055				10,299				9,655
Recoveries on loans charged-off:
Commercial		18				129				52				119				147				118
Consumer		1				1				-				1				2				1
Total recoveries		19				130				52				120				149				119
Loans charged-off:
Commercial		-				-				(1,243	)			(1,523	)			(2,151	)			(1,504	)
Consumer		(1	)			(14	)			(5	)			(53	)			(213	)			(12	)
Total charged-off		(1	)			(14	)			(1,248	)			(1,576	)			(2,364	)			(1,516	)
Net charge-offs		18				116				(1,196	)			(1,456	)			(2,215	)			(1,397	)
Balance at end of period	$	8,084			$	7,566			$	8,258			$	8,599			$	8,084			$	8,258
Net charge-offs as a percentage of
average loans outstanding		(0.01	%)			(0.04	%)			0.43	%			0.13	%			0.23	%			0.18	%
Allowance for loan losses as a percentage
of period-end loans		0.59	%			0.57	%			0.75	%			0.74	%			0.59	%			0.75	%

 

Republic First Bancorp, Inc.
Summary of Non-Performing Loans and Assets
(unaudited)
	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)	2018				2018				2018				2017				2017
Non-accrual loans:
Commercial real estate	$	12,661			$	13,297			$	13,322			$	13,973			$	10,140
Consumer and other		818				809				810				872				880
Total non-accrual loans		13,479				14,106				14,132				14,845				11,020
Loans past due 90 days or more
and still accruing		-				-				-				-				2,730
Total non-performing loans		13,479				14,106				14,132				14,845				13,750
Other real estate owned		6,768				6,559				6,966				6,966				9,169
Total non-performing assets	$	20,247			$	20,665			$	21,098			$	21,811			$	22,919
Non-performing loans to total loans		0.98	%			1.07	%			1.13	%			1.28	%			1.26	%
Non-performing assets to total assets		0.76	%			0.81	%			0.85	%			0.94	%			1.07	%
Non-performing loan coverage		59.97	%			53.64	%			47.06	%			57.93	%			60.06	%
Allowance for loan losses as a percentage
of total period-end loans		0.59	%			0.57	%			0.53	%			0.74	%			0.75	%
Non-performing assets / capital plus
allowance for loan losses		8.30	%			8.51	%			8.76	%			9.28	%			9.82	%