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 |
% |
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Jul 2023 to Jul 2024