Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company
for Republic Bank, today announced its financial results for the
period ended December 31, 2019.
Q4-2019
Highlights
- Total deposits increased by $606
million, or 25%, to $3.0 billion as of December 31, 2019 compared
to $2.4 billion as of December 31, 2018.
- New stores opened since the
beginning of the “Power of Red is Back” expansion campaign are
currently growing deposits at an average rate of $30 million per
year, while the average deposit growth for all stores over the last
twelve months was approximately $22 million per store.
- Expansion into New York City
continued with the opening of our second store located on the
corner of 51st Street and 3rd Avenue during the fourth
quarter.
- Total loans grew $312 million, or
22%, to $1.7 billion as of December 31, 2019 compared to $1.4
billion at December 31, 2018.
- Profitability declined to a net
loss of $2.5 million, or ($0.04) per share, during the fourth
quarter of 2019 compared to net income of $2.2 million, or $0.04
per share during the fourth quarter of 2018.
“The Power of Red is Back”
expansion campaign continues to produce impressive results from a
balance sheet perspective. During 2019 total assets grew by $588
million or 21% driven by the success of our customer centric
banking philosophy of turning customers into FANS.
Deposit balances increased by 25% as our network of stores
continues to drive new customer relationships. Loan production was
also significant as outstanding balances increased by 22%.
Earnings during 2019 were negatively impacted by
compression of our net interest margin caused by a flat and, at
times, an inverted yield curve. The shape of the yield curve is
driving lower yields on interest earning assets and higher rates on
interest bearing liabilities. In the midst of this challenging
interest rate environment we have also incurred costs required to
expand into New York City. In addition to new hires, training,
advertising, and occupancy expenses for the opening of our first
two stores in New York this year, we have also established a
management and lending team for this new market.
As we enter the new year a number of cost
control measures have been implemented to offset the challenges
faced in growing revenue as a result of compression in the net
interest margin. These measures will begin to take effect during
the first quarter of 2020.
We are pleased to announce the recent addition
of Jack Allison to the Republic Bank management team. Jack will
serve as the Company’s Chief Technology Information Officer. He has
more than 30 years of technology experience in the financial
services industry including time as the Head of the Commerce Bank
Technology Group from 1991 – 2010. The addition of Jack
demonstrates the commitment to enhance the total Republic Bank
experience not only through the store network, but the on-line and
mobile options as well.
Vernon W. Hill, II, Chairman of Republic
First Bancorp said:
“The fourth quarter caps off another tremendous
year in balance sheet growth for “The Power of Red is
Back” expansion campaign. Since the launch of our first
glass prototype store six years ago deposits have grown at an
average rate of 23% each year as a result of our denovo expansion
strategy. Loan growth has also been strong as balances grew in
excess of 20% for the third consecutive year. However,
profitability continues to be hampered due to compression in our
net interest margin. We are taking the steps necessary to reduce
expenses and improve earnings in this challenging interest rate
environment.”
Harry D. Madonna, President and Chief
Executive Officer of Republic First Bancorp added:
“During the fourth quarter we continued our
expansion into New York City with the opening of our second store
on the corner of 51st Street and 3rd Avenue. And in early January
we celebrated the grand opening of another prototype store in
Northfield, NJ. At a time when most banks are closing branches and
retreating from the communities they serve, Republic Bank continues
in its relentless pursuit to deliver an unmatched banking
experience across every delivery channel.”
A summary of the financial results for the
period ended December 31, 2019 can be found in the following
tables:
| |
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| ($ in
millions, except per share data) |
|
|
|
|
|
|
|
|
| |
|
12/31/19 |
|
12/31/18 |
|
YOY Change |
|
09/30/19 |
|
QTD Change |
| |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
3,341 |
|
$ |
2,753 |
|
21 |
% |
|
$ |
3,086 |
|
8 |
% |
| Loans |
|
|
1,748 |
|
|
1,437 |
|
22 |
% |
|
|
1,569 |
|
11 |
% |
| Deposits |
|
|
2,999 |
|
|
2,393 |
|
25 |
% |
|
|
2,740 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
| |
|
Three Months Ended |
|
Twelve Months Ended |
| |
|
12/31/19 |
|
12/31/18 |
|
Change |
|
12/31/19 |
|
12/31/18 |
|
Change |
|
Total Revenue |
|
$ |
32.1 |
|
|
$ |
30.2 |
|
|
6 |
% |
|
$ |
128.6 |
|
|
$ |
112.4 |
|
|
14 |
% |
| Net Income (Loss) |
|
|
(2.5 |
) |
|
|
2.2 |
|
|
(215 |
%) |
|
|
(3.5 |
) |
|
|
8.6 |
|
|
(141 |
%) |
| Net Income (Loss) per
Share |
|
$ |
(0.04 |
) |
|
$ |
0.04 |
|
|
(200 |
%) |
|
$ |
(0.06 |
) |
|
$ |
0.15 |
|
|
(140 |
%) |
| Net Interest Margin |
|
|
2.67 |
% |
|
|
3.10 |
% |
|
|
|
|
2.85 |
% |
|
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
| |
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Financial Highlights for the Period Ended December 31,
2019
- Total assets increased by $588
million, or 21%, to $3.3 billion as of December 31, 2019 compared
to $2.8 billion as of December 31, 2018.
- We have thirty convenient store
locations open today. During the fourth quarter of 2019 we
celebrated the grand opening of our second store in New York City
located at 51st Street and 3rd Avenue. And just after the
start of the new year we opened a new store in Northfield,
NJ.
- Construction on a new store in
Bensalem, PA is ongoing and expected to be complete during the
second quarter of 2020. There are also multiple sites in various
stages of development for future store locations.
- Profitability declined during the
fourth quarter. The Company recorded a net loss of $2.5 million, or
($0.04) per share, for the three months ended December 31, 2019
compared to a net loss of $1.8 million, or ($0.03) per share for
the three months ended September 30, 2019 and net income of $2.2
million, or $0.04 per share, for the three months ended December
31, 2018.
- The net interest margin decreased
by 43 basis points to 2.67% for the three months ended December 31,
2019 compared to 3.10% for the three months ended December 31,
2018. Margin compression was driven by a flat yield curve
experienced during the fourth quarter of 2019.
- The ratio of non-performing assets
to total assets declined to 0.42% as of December 31, 2019 compared
to 0.60% as of December 31, 2018. The Company was able to
successfully liquidate the single largest non-performing asset on
its books during the fourth quarter of 2019.
- The Company’s residential mortgage
division, Oak Mortgage, is serving the home financing needs of
customers throughout its footprint. The Oak Mortgage team has
originated more than $450 million in mortgage loans over the last
twelve months.
- Meeting the needs of small business
customers continued to be an important part of the Company’s
lending strategy. More than $55 million in new SBA loans were
originated during the twelve month period ended December 31, 2019.
Republic Bank continues to be a top SBA lender in our market area
based on the dollar volume of loan originations.
- The Company’s Total Risk-Based
Capital ratio was 12.37% and Tier I Leverage Ratio was 7.83% at
December 31, 2019.
- Book value per common share
increased to $4.23 as of December 31, 2019 compared to $4.17 as of
December 31, 2018.
Income Statement
The major components of the income statement are
as follows (dollars in thousands, except per share data):
|
|
|
|
|
Three Months Ended |
|
|
12/31/19 |
|
09/30/19 |
|
%Change |
|
12/31/18 |
|
%Change |
|
Net Interest Income |
$ |
19,914 |
|
|
$ |
19,382 |
|
|
3 |
% |
|
$ |
19,980 |
|
- |
% |
| Non-interest Income |
|
5,213 |
|
|
|
6,554 |
|
|
(20 |
%) |
|
|
4,888 |
|
7 |
% |
| Provision for Loan Losses |
|
1,155 |
|
|
|
450 |
|
|
157 |
% |
|
|
600 |
|
93 |
% |
| Non-interest Expense |
|
27,488 |
|
|
|
27,824 |
|
|
(1 |
%) |
|
|
22,057 |
|
25 |
% |
| Income (Loss) Before
Taxes |
|
(3,516 |
) |
|
|
(2,338 |
) |
|
(50 |
%) |
|
|
2,211 |
|
(259 |
%) |
| Provision (Benefit) for
Taxes |
|
(1,031 |
) |
|
|
(516 |
) |
|
(100 |
%) |
|
|
54 |
|
(2,009 |
%) |
| Net Income (Loss) |
|
(2,485 |
) |
|
|
(1,822 |
) |
|
(36 |
%) |
|
|
2,157 |
|
(215 |
%) |
| |
|
|
|
|
|
|
|
|
|
| Net
Income (Loss) per Share |
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
(33 |
%) |
|
$ |
0.04 |
|
(200 |
%) |
|
|
|
|
|
Twelve Months Ended |
|
|
|
12/31/19 |
12/31/18 |
%Change |
|
Net Interest Income |
|
$ |
77,807 |
|
$ |
75,904 |
3 |
% |
| Non-interest Income |
|
|
23,738 |
|
|
20,322 |
17 |
% |
| Provision for Loan Losses |
|
|
1,905 |
|
|
2,300 |
(17 |
%) |
| Non-interest Expense |
|
|
104,490 |
|
|
83,721 |
25 |
% |
| Income (Loss) Before
Taxes |
|
|
(4,850 |
) |
|
10,205 |
(148 |
%) |
| Provision (Benefit) for
Taxes |
|
|
(1,350 |
) |
|
1,578 |
(186 |
%) |
| Net Income (Loss) |
|
|
(3,500 |
) |
|
8,627 |
(141 |
%) |
| Net
Income (Loss) per Share |
|
$ |
(0.06 |
) |
$ |
0.15 |
(140 |
%) |
| |
|
|
|
|
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|
The Company reported a net loss of $2.5 million,
or ($0.04) per share, for the three month period ended December 31,
2019, compared to a net loss of $1.8 million, or ($0.03) per share
for the three month period ended September 30, 2019 and net income
of $2.2 million, or $0.04 per share, for the three month period
ended December 31, 2018. The net loss for the twelve month
period ended December 31, 2019 was $3.5 million, or ($0.06) per
share, compared to net income of $8.6 million, or $0.15 per share,
for the twelve months ended December 31, 2018.
Current year profitability has been impacted by
the expenses incurred to expand into the New York market and
continued compression of the net interest margin.
Interest income increased by $1.6 million, or
6%, to $26.9 million for the quarter ended December 31, 2019
compared to $25.3 million for the quarter ended December 31, 2018.
The increase in interest income is attributable to the growth in
interest-earning assets over the last twelve months driven by the
Company’s “Power of Red is Back” expansion strategy. However,
interest expense increased by $1.7 million, or 31%, to $7.0 million
for the quarter ended December 31, 2019 compared to $5.3 million
for the quarter ended December 31, 2018. The increase in interest
expense was driven by growth in short term interest rates which
resulted in a higher cost of funds on deposit balances and led to
compression in the net interest margin.
On a linked quarter basis, the deposit cost of
funds has begun to decline as a result of three reductions in the
fed funds rate during the third and fourth quarters of 2019. The
total cost of funds declined to 0.95% during the fourth quarter of
2019 compared to 1.02% during the third quarter of 2019. However,
the net interest margin for the three month period ended December
31, 2019 decreased by 43 basis points to 2.67% compared to 3.10%
for the three month period ended December 31, 2018.
Non-interest income increased by $325 thousand,
or 7%, to $5.2 million for the three month period ended December
31, 2019, compared to $4.9 million for the three month period ended
December 31, 2018. The increase is primarily attributable to higher
service fees on deposit accounts which is driven by growth in
deposit balances and an increase in the number of deposit
accounts.
Non-interest expenses increased by 25%, to $27.5
million during the quarter ended December 31, 2019 compared to
$22.1 million during the quarter ended December 31, 2018. The
growth in expenses was driven by an increase in salaries and
employee benefits as a result of 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. Throughout 2019, we’ve incurred costs related to our
expansion into the New York market. We opened our first two stores
in New York City during 2019 and we’ve hired a management and
lending team to operate in this new market. Rent payments have
commenced for our store locations and we’ve initiated a marketing
and advertising campaign to announce our expansion.
The benefit for income taxes was $1.0 million
for the three month period ended December 31, 2019 compared to a
provision for income taxes in the amount of $54 thousand for the
three month period ended December 31, 2018.
Balance Sheet
The major components of the balance sheet are as
follows (dollars in thousands):
|
|
|
|
|
|
|
|
Description |
12/31/19 |
12/31/18 |
% Change |
09/30/19 |
% Change |
|
|
|
|
|
|
|
|
Total assets |
$ |
3,341,290 |
$ |
2,753,297 |
21 |
% |
$ |
3,085,921 |
8 |
% |
|
Total loans (net) |
|
1,738,929 |
|
1,427,983 |
22 |
% |
|
1,560,913 |
11 |
% |
|
Total deposits |
|
2,999,163 |
|
2,392,867 |
25 |
% |
|
2,740,032 |
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets increased by $588 million, or 21%,
as of December 31, 2019 when compared to December 31, 2018.
Deposits grew by $606 million to $3.0 billion as of December 31,
2019 compared to $2.4 billion as of December 31, 2018. The number
of deposit accounts has grown by 27% 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 our
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 |
12/31/19 |
12/31/18 |
%Change |
09/30/19 |
%Change |
4th Qtr2019Cost ofFunds |
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
$ |
661,431 |
$ |
519,056 |
27 |
% |
$ |
595,869 |
11 |
% |
0.00 |
% |
|
Demand interest-bearing |
|
1,352,360 |
|
1,042,561 |
30 |
% |
|
1,227,969 |
10 |
% |
1.13 |
% |
|
Money market and savings |
|
761,793 |
|
676,993 |
13 |
% |
|
698,991 |
9 |
% |
1.01 |
% |
|
Certificates of deposit |
|
223,579 |
|
154,257 |
45 |
% |
|
217,203 |
3 |
% |
2.22 |
% |
| Total deposits |
$ |
2,999,163 |
$ |
2,392,867 |
25 |
% |
$ |
2,740,032 |
9 |
% |
0.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits increased to $3.0 billion at December
31, 2019 compared to $2.4 billion at December 31, 2018 as the we
move forward with our growth strategy to increase the number of
stores and expand the reach of our banking model which focuses on
high levels of customer service and convenience and drives the
gathering of low-cost, core deposits. We recognized strong growth
in demand deposit balances, money market and savings, and
certificates of deposit, year over year as a result of the
successful execution of our strategy.
Lending
Loans by type are as follows (dollars in
thousands):
|
|
|
|
|
|
|
|
|
Description |
12/31/19 |
% ofTotal |
12/31/18 |
% ofTotal |
09/30/19 |
% ofTotal |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
223,906 |
13 |
% |
$ |
200,423 |
14 |
% |
$ |
187,837 |
12 |
% |
| Owner occupied real
estate |
|
424,400 |
24 |
% |
|
367,895 |
26 |
% |
|
397,843 |
26 |
% |
|
Commercial real estate |
|
613,631 |
35 |
% |
|
515,738 |
36 |
% |
|
570,327 |
36 |
% |
| Construction and land
development |
|
121,395 |
7 |
% |
|
121,042 |
8 |
% |
|
109,582 |
7 |
% |
|
Residential mortgage |
|
263,444 |
15 |
% |
|
140,364 |
10 |
% |
|
205,498 |
13 |
% |
|
Consumer and other |
|
101,419 |
6 |
% |
|
91,136 |
6 |
% |
|
98,293 |
6 |
% |
|
Gross loans |
$ |
1,748,195 |
100 |
% |
$ |
1,436,598 |
100 |
% |
$ |
1,569,380 |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans increased by $312 million, or 22%,
to $1.7 billion at December 31, 2019 compared to $1.4 billion at
December 31, 2018 as a result of the steady flow in quality loan
demand over the last twelve months and continued success with the
relationship banking model. We experienced strongest growth in
commercial real estate, owner occupied real estate and residential
mortgage loans year over year.
Asset Quality
Asset quality ratios are highlighted below:
|
|
|
|
|
Three Months Ended |
|
|
12/31/19 |
09/30/19 |
12/31/18 |
|
|
|
|
|
|
Non-performing assets / capital and reserves |
5 |
% |
7 |
% |
7 |
% |
|
Non-performing assets / total assets |
0.42 |
% |
0.61 |
% |
0.60 |
% |
|
Quarterly net loan charge-offs / average loans |
0.09 |
% |
0.01 |
% |
0.02 |
% |
|
Allowance for loan losses / gross loans |
0.53 |
% |
0.54 |
% |
0.60 |
% |
|
Allowance for loan losses / non-performing loans |
75 |
% |
70 |
% |
83 |
% |
|
|
|
|
|
|
|
|
The percentage of non-performing assets to total
assets decreased to 0.42% at December 31, 2019, compared to 0.60%
at December 31, 2018. The ratio of non-performing assets to
capital and reserves decreased to 5% at December 31, 2019 compared
to 7% at December 31, 2018 primarily as a result of decreases in
non-performing assets over the last 12 months.
Capital
The Company’s capital ratios at December 31,
2019 were as follows:
|
|
|
|
|
|
|
Actual12/31/19Bancorp |
Actual12/31/19Bank |
RegulatoryGuidelines“Well
Capitalized” |
|
|
|
|
|
|
Leverage Ratio |
7.83 |
% |
7.54 |
% |
5.00 |
% |
|
Common Equity Ratio |
11.41 |
% |
11.50 |
% |
6.50 |
% |
|
Tier 1 Risk Based Capital |
11.93 |
% |
11.50 |
% |
8.00 |
% |
|
Total Risk Based Capital |
12.37 |
% |
11.94 |
% |
10.00 |
% |
|
Tangible Common Equity |
7.32 |
% |
7.22 |
% |
n/a |
|
|
|
|
|
|
|
|
Total shareholders’ equity increased to $249
million at December 31, 2019 compared to $245 million at December
31, 2018. Book value per common share increased to $4.23 at
December 31, 2019 compared to $4.17 per share at December 31,
2018.
Analyst and Investor Call
An analyst and investor call will be held on the
following date and time:
| |
|
|
|
|
| Date: |
January 28, 2020 |
| Time: |
10:00am (EDT) |
| From the U.S.
dial: |
(888) 517-2513 [Toll
Free] or (847) 619-6533 |
| Participant
Pin: |
6827559# |
| |
|
| 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 thirty stores located in
the Greater Philadelphia, Southern New Jersey and New York City
markets. Republic Bank stores are open 7 days a week, 361
days a year, with extended lobby and drive-thru hours providing
customers with some of 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, 2018 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. |
| |
|
| Contact: |
Frank A. Cavallaro, CFO |
| |
(215) 735-4422 |
| |
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
December 31, |
|
September 30, |
December 31, |
|
(dollars in thousands, except per share amounts) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
41,928 |
|
|
$ |
57,562 |
|
|
$ |
35,685 |
|
| |
Interest-bearing deposits and federal funds sold |
|
126,391 |
|
|
|
143,915 |
|
|
|
36,788 |
|
| |
|
Total cash and cash equivalents |
|
168,319 |
|
|
|
201,477 |
|
|
|
72,473 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Securities - Available for sale |
|
|
539,042 |
|
|
|
379,962 |
|
|
|
321,014 |
|
| |
Securities - Held to maturity |
|
|
644,842 |
|
|
|
687,425 |
|
|
|
761,563 |
|
| |
Restricted stock |
|
|
|
2,746 |
|
|
|
2,371 |
|
|
|
5,754 |
|
| |
|
Total investment securities |
|
|
1,186,630 |
|
|
|
1,069,758 |
|
|
|
1,088,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Loans held for sale |
|
|
|
13,349 |
|
|
|
21,210 |
|
|
|
26,291 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Loans receivable |
|
|
|
1,748,195 |
|
|
|
1,569,380 |
|
|
|
1,436,598 |
|
| |
Allowance for loan losses |
|
|
(9,266 |
) |
|
|
(8,467 |
) |
|
|
(8,615 |
) |
|
|
|
Net loans |
|
|
|
|
1,738,929 |
|
|
|
1,560,913 |
|
|
|
1,427,983 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment |
|
|
116,956 |
|
|
|
111,573 |
|
|
|
87,661 |
|
| |
Other real estate owned |
|
|
1,730 |
|
|
|
6,653 |
|
|
|
6,223 |
|
| |
Other assets |
|
|
|
115,377 |
|
|
|
114,337 |
|
|
|
44,335 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Total Assets |
|
|
$ |
3,341,290 |
|
|
$ |
3,085,921 |
|
|
$ |
2,753,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
| |
Non-interest bearing deposits |
|
$ |
661,431 |
|
|
$ |
595,869 |
|
|
$ |
519,056 |
|
| |
Interest bearing deposits |
|
|
2,337,732 |
|
|
|
2,144,163 |
|
|
|
1,873,811 |
|
| |
|
Total deposits |
|
|
|
2,999,163 |
|
|
|
2,740,032 |
|
|
|
2,392,867 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings |
|
|
|
- |
|
|
|
- |
|
|
|
91,422 |
|
| |
Subordinated debt |
|
|
|
11,265 |
|
|
|
11,263 |
|
|
|
11,259 |
|
| |
Other liabilities |
|
|
|
81,694 |
|
|
|
83,783 |
|
|
|
12,560 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Total Liabilities |
|
|
|
3,092,122 |
|
|
|
2,835,078 |
|
|
|
2,508,108 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock - $0.01 par value |
|
|
594 |
|
|
|
594 |
|
|
|
593 |
|
|
|
Additional paid-in capital |
|
|
272,039 |
|
|
|
271,412 |
|
|
|
269,147 |
|
|
|
Accumulated deficit |
|
|
|
(12,216 |
) |
|
|
(9,731 |
) |
|
|
(8,716 |
) |
|
|
Treasury stock at cost |
|
|
|
(3,725 |
) |
|
|
(3,725 |
) |
|
|
(3,725 |
) |
|
|
Stock held by deferred compensation plan |
|
(183 |
) |
|
|
(183 |
) |
|
|
(183 |
) |
| |
Accumulated other comprehensive loss |
|
(7,341 |
) |
|
|
(7,524 |
) |
|
|
(11,927 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| |
Total Shareholders' Equity |
|
|
249,168 |
|
|
|
250,843 |
|
|
|
245,189 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Total Liabilities and Shareholders' Equity |
$ |
3,341,290 |
|
|
$ |
3,085,921 |
|
|
$ |
2,753,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| |
|
|
|
|
|
December 31, |
|
September 30, |
December 31, |
|
December 31, |
|
December 31, |
|
(in thousands, except per share amounts) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
19,421 |
|
|
$ |
18,707 |
|
|
$ |
17,555 |
|
|
$ |
74,497 |
|
|
$ |
64,045 |
|
| |
Interest and dividends on investment securities |
|
6,531 |
|
|
|
6,724 |
|
|
|
7,279 |
|
|
|
27,796 |
|
|
|
27,182 |
|
| |
Interest on other interest earning assets |
|
940 |
|
|
|
777 |
|
|
|
459 |
|
|
|
2,571 |
|
|
|
847 |
|
| |
Total interest income |
|
|
|
26,892 |
|
|
|
26,208 |
|
|
|
25,293 |
|
|
|
104,864 |
|
|
|
92,074 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
| |
Interest on deposits |
|
|
|
6,869 |
|
|
|
6,689 |
|
|
|
5,103 |
|
|
|
26,267 |
|
|
|
14,432 |
|
| |
Interest on borrowed funds |
|
|
109 |
|
|
|
137 |
|
|
|
210 |
|
|
|
790 |
|
|
|
1,738 |
|
| |
Total interest expense |
|
|
|
6,978 |
|
|
|
6,826 |
|
|
|
5,313 |
|
|
|
27,057 |
|
|
|
16,170 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
|
|
|
19,914 |
|
|
|
19,382 |
|
|
|
19,980 |
|
|
|
77,807 |
|
|
|
75,904 |
|
| |
Provision for loan losses |
|
|
1,155 |
|
|
|
450 |
|
|
|
600 |
|
|
|
1,905 |
|
|
|
2,300 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income after provision for loan losses |
|
18,759 |
|
|
|
18,932 |
|
|
|
19,380 |
|
|
|
75,902 |
|
|
|
73,604 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
| |
Service fees on deposit accounts |
|
|
2,091 |
|
|
|
1,990 |
|
|
|
1,589 |
|
|
|
7,541 |
|
|
|
5,476 |
|
| |
Mortgage banking income |
|
|
2,077 |
|
|
|
2,797 |
|
|
|
2,285 |
|
|
|
10,125 |
|
|
|
10,233 |
|
| |
Gain on sale of SBA loans |
|
|
594 |
|
|
|
944 |
|
|
|
451 |
|
|
|
3,187 |
|
|
|
3,105 |
|
| |
Gain (loss) on sale of investment securities |
|
- |
|
|
|
520 |
|
|
|
(66 |
) |
|
|
1,103 |
|
|
|
(67 |
) |
| |
Other non-interest income |
|
|
451 |
|
|
|
303 |
|
|
|
629 |
|
|
|
1,782 |
|
|
|
1,575 |
|
| |
Total non-interest income |
|
|
|
5,213 |
|
|
|
6,554 |
|
|
|
4,888 |
|
|
|
23,738 |
|
|
|
20,322 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
| |
Salaries and employee benefits |
|
|
13,510 |
|
|
|
14,314 |
|
|
|
11,351 |
|
|
|
53,888 |
|
|
|
44,082 |
|
| |
Occupancy and equipment |
|
|
5,077 |
|
|
|
4,734 |
|
|
|
3,410 |
|
|
|
18,047 |
|
|
|
13,493 |
|
| |
Legal and professional fees |
|
|
1,036 |
|
|
|
1,123 |
|
|
|
642 |
|
|
|
3,924 |
|
|
|
3,033 |
|
| |
Foreclosed real estate |
|
|
|
456 |
|
|
|
799 |
|
|
|
707 |
|
|
|
2,109 |
|
|
|
1,588 |
|
| |
Regulatory assessments and related fees |
|
324 |
|
|
|
62 |
|
|
|
417 |
|
|
|
1,228 |
|
|
|
1,675 |
|
| |
Other operating expenses |
|
|
7,085 |
|
|
|
6,792 |
|
|
|
5,530 |
|
|
|
25,294 |
|
|
|
19,850 |
|
| |
Total non-interest expense |
|
|
|
27,488 |
|
|
|
27,824 |
|
|
|
22,057 |
|
|
|
104,490 |
|
|
|
83,721 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision (benefit) for income taxes |
|
(3,516 |
) |
|
|
(2,338 |
) |
|
|
2,211 |
|
|
|
(4,850 |
) |
|
|
10,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
(1,031 |
) |
|
|
(516 |
) |
|
|
54 |
|
|
|
(1,350 |
) |
|
|
1,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
(2,485 |
) |
|
$ |
(1,822 |
) |
|
$ |
2,157 |
|
|
$ |
(3,500 |
) |
|
$ |
8,627 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
0.15 |
|
| |
Diluted |
|
|
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
0.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
| |
Basic |
|
|
|
|
58,843 |
|
|
|
58,843 |
|
|
|
58,789 |
|
|
|
58,833 |
|
|
|
58,358 |
|
| |
Diluted |
|
|
|
|
58,843 |
|
|
|
58,843 |
|
|
|
59,672 |
|
|
|
58,833 |
|
|
|
59,407 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months ended |
|
For the three months ended |
|
For the three months ended |
|
(dollars in thousands) |
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
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 |
|
$ |
228,292 |
|
$ |
940 |
|
1.63 |
% |
|
$ |
146,446 |
|
$ |
777 |
|
2.10 |
% |
|
$ |
80,416 |
|
$ |
459 |
|
2.26 |
% |
|
Securities |
|
|
1,090,736 |
|
|
6,539 |
|
2.40 |
% |
|
|
1,055,154 |
|
|
6,743 |
|
2.56 |
% |
|
|
1,068,065 |
|
|
7,315 |
|
2.74 |
% |
|
Loans receivable |
|
|
1,658,917 |
|
|
19,538 |
|
4.67 |
% |
|
|
1,540,834 |
|
|
18,816 |
|
4.84 |
% |
|
|
1,427,260 |
|
|
17,660 |
|
4.91 |
% |
|
Total interest-earning assets |
|
2,977,945 |
|
|
27,017 |
|
3.60 |
% |
|
|
2,742,434 |
|
|
26,336 |
|
3.81 |
% |
|
|
2,575,741 |
|
|
25,434 |
|
3.92 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
261,875 |
|
|
|
|
|
|
247,682 |
|
|
|
|
|
|
134,411 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,239,820 |
|
|
|
|
|
$ |
2,990,116 |
|
|
|
|
|
$ |
2,710,152 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non interest-bearing |
$ |
619,075 |
|
|
|
|
|
$ |
563,691 |
|
|
|
|
|
$ |
528,568 |
|
|
|
|
|
Demand interest-bearing |
|
|
1,309,205 |
|
|
3,725 |
|
1.13 |
% |
|
|
1,168,404 |
|
|
3,752 |
|
1.27 |
% |
|
|
1,073,140 |
|
|
3,192 |
|
1.18 |
% |
|
Money market & savings |
|
|
745,707 |
|
|
1,902 |
|
1.01 |
% |
|
|
702,547 |
|
|
1,814 |
|
1.02 |
% |
|
|
702,322 |
|
|
1,444 |
|
0.82 |
% |
|
Time deposits |
|
|
222,116 |
|
|
1,242 |
|
2.22 |
% |
|
|
208,624 |
|
|
1,123 |
|
2.14 |
% |
|
|
133,675 |
|
|
467 |
|
1.39 |
% |
|
Total deposits |
|
|
2,896,103 |
|
|
6,869 |
|
0.94 |
% |
|
|
2,643,266 |
|
|
6,689 |
|
1.00 |
% |
|
|
2,437,705 |
|
|
5,103 |
|
0.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
2,277,028 |
|
|
6,869 |
|
1.20 |
% |
|
|
2,079,575 |
|
|
6,689 |
|
1.28 |
% |
|
|
1,909,137 |
|
|
5,103 |
|
1.06 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
|
11,264 |
|
|
109 |
|
3.84 |
% |
|
|
14,037 |
|
|
137 |
|
3.87 |
% |
|
|
24,354 |
|
|
210 |
|
3.42 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
2,288,292 |
|
|
6,978 |
|
1.21 |
% |
|
|
2,093,612 |
|
|
6,826 |
|
1.29 |
% |
|
|
1,933,491 |
|
|
5,313 |
|
1.09 |
% |
|
Total deposits and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings |
|
|
2,907,367 |
|
|
6,978 |
|
0.95 |
% |
|
|
2,657,303 |
|
|
6,826 |
|
1.02 |
% |
|
|
2,462,059 |
|
|
5,313 |
|
0.86 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing liabilities |
|
82,515 |
|
|
|
|
|
|
81,872 |
|
|
|
|
|
|
9,690 |
|
|
|
|
|
Shareholders' equity |
|
|
249,938 |
|
|
|
|
|
|
250,941 |
|
|
|
|
|
|
238,403 |
|
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
|
$ |
3,239,820 |
|
|
|
|
|
$ |
2,990,116 |
|
|
|
|
|
$ |
2,710,152 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
20,039 |
|
|
|
|
|
$ |
19,510 |
|
|
|
|
|
$ |
20,121 |
|
|
|
Net interest spread |
|
|
|
|
|
2.39 |
% |
|
|
|
|
|
2.52 |
% |
|
|
|
|
|
2.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
3.10 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above tables are presented on a tax equivalent
basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the twelve months ended |
|
For the twelve months ended |
|
(dollars in thousands) |
|
December 31, 2019 |
|
December 31, 2018 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
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 |
|
$ |
129,528 |
|
$ |
2,571 |
|
1.98 |
% |
|
$ |
40,931 |
|
$ |
847 |
|
2.07 |
% |
|
Securities |
|
|
1,074,706 |
|
|
27,886 |
|
2.59 |
% |
|
|
1,037,810 |
|
|
27,316 |
|
2.63 |
% |
|
Loans receivable |
|
|
1,544,904 |
|
|
74,946 |
|
4.85 |
% |
|
|
1,340,117 |
|
|
64,455 |
|
4.81 |
% |
|
Total interest-earning assets |
|
2,749,138 |
|
|
105,403 |
|
3.83 |
% |
|
|
2,418,858 |
|
|
92,618 |
|
3.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
229,767 |
|
|
|
|
|
|
131,369 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,978,905 |
|
|
|
|
|
$ |
2,550,227 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non interest-bearing |
$ |
555,385 |
|
|
|
|
|
$ |
488,995 |
|
|
|
|
|
Demand interest-bearing |
|
|
1,184,530 |
|
|
15,621 |
|
1.32 |
% |
|
|
918,508 |
|
|
7,946 |
|
0.87 |
% |
|
Money market & savings |
|
|
705,445 |
|
|
6,796 |
|
0.96 |
% |
|
|
697,135 |
|
|
4,898 |
|
0.70 |
% |
|
Time deposits |
|
|
190,567 |
|
|
3,850 |
|
2.02 |
% |
|
|
128,892 |
|
|
1,588 |
|
1.23 |
% |
|
Total deposits |
|
|
2,635,927 |
|
|
26,267 |
|
1.00 |
% |
|
|
2,233,530 |
|
|
14,432 |
|
0.65 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
2,080,542 |
|
|
26,267 |
|
1.26 |
% |
|
|
1,744,535 |
|
|
14,432 |
|
0.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
|
22,911 |
|
|
790 |
|
3.45 |
% |
|
|
73,573 |
|
|
1,738 |
|
2.36 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
2,103,453 |
|
|
27,057 |
|
1.29 |
% |
|
|
1,818,108 |
|
|
16,170 |
|
0.89 |
% |
|
Total deposits and |
|
|
|
|
|
|
|
|
|
|
|
|
|
other borrowings |
|
|
2,658,838 |
|
|
27,057 |
|
1.02 |
% |
|
|
2,307,103 |
|
|
16,170 |
|
0.70 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing liabilities |
|
71,131 |
|
|
|
|
|
|
9,431 |
|
|
|
|
|
Shareholders' equity |
|
|
248,936 |
|
|
|
|
|
|
233,693 |
|
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
|
$ |
2,978,905 |
|
|
|
|
|
$ |
2,550,227 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
78,346 |
|
|
|
|
|
$ |
76,448 |
|
|
|
Net interest spread |
|
|
|
|
|
2.54 |
% |
|
|
|
|
|
2.94 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
3.16 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The above tables are presented on a tax equivalent
basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
Summary of Allowance for Loan Losses and Other Related
Data |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Three months ended |
|
Twelve months ended |
| |
December 31, |
|
September 30, |
December 31, |
|
December 31, |
|
December 31, |
|
(dollars in thousands) |
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
8,467 |
|
|
$ |
8,056 |
|
|
$ |
8,084 |
|
|
$ |
8,615 |
|
|
$ |
8,599 |
|
| |
|
|
|
|
|
|
|
|
|
|
Provision charged to operating expense |
|
1,155 |
|
|
|
450 |
|
|
|
600 |
|
|
|
1,905 |
|
|
|
2,300 |
|
| |
|
9,622 |
|
|
|
8,506 |
|
|
|
8,684 |
|
|
|
10,520 |
|
|
|
10,899 |
|
| |
|
|
|
|
|
|
|
|
|
|
Recoveries on loans charged-off: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
5 |
|
|
|
59 |
|
|
|
5 |
|
|
|
219 |
|
|
|
152 |
|
|
Consumer |
|
2 |
|
|
|
3 |
|
|
|
- |
|
|
|
9 |
|
|
|
2 |
|
|
Total recoveries |
|
7 |
|
|
|
62 |
|
|
|
5 |
|
|
|
228 |
|
|
|
154 |
|
| |
|
|
|
|
|
|
|
|
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
(354 |
) |
|
|
(72 |
) |
|
|
(68 |
) |
|
|
(1,356 |
) |
|
|
(2,219 |
) |
|
Consumer |
|
(9 |
) |
|
|
(29 |
) |
|
|
(6 |
) |
|
|
(126 |
) |
|
|
(219 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Total charged-off |
|
(363 |
) |
|
|
(101 |
) |
|
|
(74 |
) |
|
|
(1,482 |
) |
|
|
(2,438 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
(356 |
) |
|
|
(39 |
) |
|
|
(69 |
) |
|
|
(1,254 |
) |
|
|
(2,284 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
$ |
9,266 |
|
|
$ |
8,467 |
|
|
$ |
8,615 |
|
|
$ |
9,266 |
|
|
$ |
8,615 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percentage of |
|
|
|
|
|
|
|
|
|
|
average loans outstanding |
|
0.09 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.08 |
% |
|
|
0.17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage |
|
|
|
|
|
|
|
|
|
|
of period-end loans |
|
0.53 |
% |
|
|
0.54 |
% |
|
|
0.60 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Republic First Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
Summary of Non-Performing Loans and Assets |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
December 31, |
September 30, |
June 30, |
|
March 31, |
|
December 31, |
|
(dollars in thousands) |
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
10,569 |
|
|
$ |
10,180 |
|
|
$ |
7,545 |
|
|
$ |
8,096 |
|
|
$ |
9,463 |
|
|
Consumer and other |
|
1,844 |
|
|
|
1,743 |
|
|
|
1,777 |
|
|
|
836 |
|
|
|
878 |
|
|
Total non-accrual loans |
|
12,413 |
|
|
|
11,923 |
|
|
|
9,322 |
|
|
|
8,932 |
|
|
|
10,341 |
|
| |
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more |
|
|
|
|
|
|
|
|
|
|
and still accruing |
|
- |
|
|
|
129 |
|
|
|
- |
|
|
|
1,744 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
Total non-performing loans |
|
12,413 |
|
|
|
12,052 |
|
|
|
9,322 |
|
|
|
10,676 |
|
|
|
10,341 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
1,730 |
|
|
|
6,653 |
|
|
|
6,406 |
|
|
|
6,088 |
|
|
|
6,223 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total non-performing assets |
$ |
14,143 |
|
|
$ |
18,705 |
|
|
$ |
15,728 |
|
|
$ |
16,764 |
|
|
$ |
16,564 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
0.71 |
% |
|
|
0.77 |
% |
|
|
0.62 |
% |
|
|
0.72 |
% |
|
|
0.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Non-performing assets to total assets |
|
0.42 |
% |
|
|
0.61 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Non-performing loan coverage |
|
74.65 |
% |
|
|
70.25 |
% |
|
|
86.42 |
% |
|
|
74.00 |
% |
|
|
83.31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage |
|
|
|
|
|
|
|
|
|
|
of total period-end loans |
|
0.53 |
% |
|
|
0.54 |
% |
|
|
0.53 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Non-performing assets / capital plus |
|
|
|
|
|
|
|
|
|
|
allowance for loan losses |
|
5.47 |
% |
|
|
7.21 |
% |
|
|
6.06 |
% |
|
|
6.54 |
% |
|
|
6.53 |
% |
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Republic First Bancorp (NASDAQ:FRBK)
Historical Stock Chart
From Apr 2023 to Apr 2024
