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CST: 24/05/2019 20:32:04   

Republic First Bancorp, Inc. Reports Fourth Quarter Financial Results

116 Days ago

Loans Increase By 24% and Deposits Grow 16%

PHILADELPHIA, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2018.

Q4-2018 Highlights

  • Income before tax increased by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for the twelve months ended December 31, 2017. We continue to open new stores and increase profitability despite the additional costs associated with the expansion strategy.
     
  • Total deposits increased by $330 million, or 16%, to $2.4 billion as of December 31, 2018 compared to $2.1 billion as of December 31, 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 $27 million per year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per store.
     
  • Total loans grew $274 million, or 24%, to $1.4 billion as of December 31, 2018 compared to $1.2 billion at December 31, 2017.
     
  • Total revenue grew by 24% during the year ended December 31, 2018 while non-interest expense increased by 11% when compared to the year ended December 31, 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:

“2018 was another exceptional year for ‘The Power of Red is Back’ growth campaign. Four new stores were opened during 2018 using our distinctive glass prototype building. Despite the significant investments required to execute our growth and expansion strategy, we were able to demonstrate significant improvement in profitability as net income before taxes increased by 70% year over year.  Loans increased by 24% and deposits grew by 16%. Customer accounts increased 29% as we continue to welcome new Fans every day.   With the momentum we have generated in the Metro Philadelphia market combined with our expansion in to New York City during 2019 we believe the best is yet to come.”

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

“To support our growth and expansion efforts, we continue to add top talent to our team.  We’ve recently announced the addition of Joe Tredinnick as the Market President of Pennsylvania. In addition, we continue to invest in technology and enhance our product offerings. It is our goal to deliver the best banking experience through every channel…..in-store, online, and mobile options.”

A summary of the financial results for the period ended December 31, 2018 can be found in the following table:

 
  Twelve Months Ended
($ in millions, except per share data) 12/31/18 12/31/17 % Change
       
Assets $ 2,753.3 $   2,322.3   19 %
Loans      1,436.6      1,162.3   24 %
Deposits    2,392.9      2,063.3   16 %
Total Revenue $   112.4 $    90.9    24 %
Income Before Tax      10.2     6.0   70 %
Net Income *      8.6      8.9    (3 %)
Net Income per Share $  0.15 $    0.15    - %


* Note: 

Net income for the period ended 12/31/18 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 deferred tax asset valuation allowance recorded by the Company.

Financial Highlights for the Period Ended December 31, 2018

  • Total assets increased by $431 million, or 19%, to $2.8 billion as of December 31, 2018 compared to $2.3 billion as of December 31, 2017.
     
  • Demand deposits represent the fastest growing segment of the Company’s deposit base. These deposits grew by $315 million to $1.6 billion over the last 12 months, including growth of 18% in non-interest bearing demand deposit balances.
     
  • Net income before tax grew by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for the twelve months ended December 31, 2017.
     
  • We have twenty-five convenient store locations open today. During the fourth quarter of 2018 we opened new stores in Evesboro and Somers Point, NJ. Construction is underway on sites in Lumberton, NJ and Feasterville, PA. There are also multiple sites in various stages of development for future store locations.
     
  • Expansion into New York City is scheduled to begin in 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 0.60% as of December 31, 2018 compared to 0.94% as of December 31, 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 $360 million in loans during the twelve month period ended December 31, 2018.
     
  • Meeting the needs of small business customers continued to be an important part of the Company’s lending strategy.  More than $10 million in new SBA loans were originated during the three month period ended December 31, 2018. Republic Bank is currently ranked as the #1 SBA lender in New Jersey based on the dollar volume of loan originations.
     
  • The Company’s Total Risk-Based Capital ratio was 15.03% and Tier I Leverage Ratio was 9.35% at December 31, 2018.
     
  • Book value per common share increased to $4.17 as of December 31, 2018 compared to $3.97 as of December 31, 2017.

Income Statement

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

       
  Three Months Ended   Twelve Months Ended
  12/31/18 12/31/17 % Change   12/31/18 12/31/17 % Change
Total Revenue $   30,181 $   24,421   24 %   $   112,396 $   90,946   24 %
Provision for Loan Losses   600   400   50 %     2,300   900   156 %
Non-interest Expense   22,057   21,622   2 %     83,721   75,276   11 %
Income (Loss) Before Taxes   2,211   (143 ) n/m     10,205   5,986   70 %
Provision (Benefit) for Taxes   54   (2,881 ) n/m     1,578   (2,919 ) n/m
Net Income   2,157   2,738   (21 %)     8,627   8,905   (3 %)
Net Income per Share $   0.04 $   0.05   (20 %)   $   0.15 $   0.15   - %
                               

The Company reported net income of $2.2 million, or $0.04 per share, for the three month period ended December 31, 2018, compared to $2.7 million, or $0.05 per share, for the three month period ended December 31, 2017.  Net income for the twelve month period ended December 31, 2018 was $8.6 million, or $0.15 per share, compared to net income of $8.9 million, or $0.15 per share, for the twelve months ended December 31, 2017.

During 2017, the Company recorded a benefit for federal and state income taxes due to the reversal of the deferred tax asset valuation allowance recorded on the balance sheet in the fourth quarter of last year. Income Before Taxes grew by 70% to $10.2 million during the year ended December 31, 2018, compared to $6.0 million for the year ended December 31, 2017. 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 $5.8 million, or 24%, to $30.2 million for the three month period ended December 31, 2018, compared to $24.4 million for the three month period ended December 31, 2017.  Total revenue for the twelve month period ended December 31, 2018 increased by $21.5 million, or 24%, to $112.4 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 (24%) and twelve month period (24%) ended December 31, 2018 exceeded the growth in non-interest expense for the three month period (2%) and the twelve month period (11%) ended December 31, 2018 which demonstrates the effect that our growth strategy will have on the profitability of the Bank.

Non-interest expenses increased by 2%, to $22.1 million during the quarter ended December 31, 2018 compared to $21.6 million during the quarter ended December 31, 2017. Non-interest expenses increased by 11%, to $83.7 million during the twelve month period ended December 31, 2018 compared to $75.3 million during the twelve months ended December 31, 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 $54 thousand for the three month period ended December 31, 2018 compared to a benefit for income taxes in the amount of $2.9 million for the three month period ended December 31, 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   12/31/18   12/31/17 % Change   09/30/18 % Change
           
Total assets $ 2,753,297 $ 2,322,347 19 % $ 2,657,206 4 %
Total loans (net)   1,427,983   1,153,679 24 %   1,370,704 4 %
Total deposits   2,392,867   2,063,295 16 %   2,400,358 - %
                     

Total assets increased by $431.0 million, or 19%, as of December 31, 2018 when compared to December 31, 2017.  Deposits grew by $329.6 million to $2.4 billion as of December 31, 2018 compared to $2.1 billion as of December 31, 2017. The number of deposit accounts has grown by 29% 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   12/31/18   12/31/17   %
Change
  09/30/18   %
Change
4th Qtr
2018
Cost of
Funds
             
Demand noninterest-bearing $ 519,056  $ 438,500   18 % $ 509,188    2 % 0.00 %
Demand interest-bearing   1,042,561   807,736  29 %   1,058,670    (2 %) 1.18 %
Money market and savings   676,993   700,322   3 %   703,358    (4 %) 0.82 %
Certificates of deposit   154,257   116,737  32 %   129,142    19 % 1.39 %
Total deposits $ 2,392,867 $ 2,063,295  16 % $ 2,400,358    - % 0.83 %
             

Deposits increased to $2.4 billion at December 31, 2018 compared to $2.1 billion at December 31, 2017 as the Company moves forward with its growth strategy to increase the number of stores and expand the reach of 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 strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 18%, year over year as a result of the successful execution of its strategy.

Lending

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

             
 

Description
  12/31/18 % of
Total
12/31/17 % of
Total
  09/30/18 % of
Total
             
Commercial real estate $ 515,738 36 % $ 433,304 37 % $ 495,529 36 %
Construction and land development   121,042 8 %   104,617 9 %   125,512 9 %
Commercial and industrial   200,423 14 %   173,343 15 %   195,493 14 %
Owner occupied real estate   367,895 26 %   309,838 27 %   358,956 26 %
Consumer and other   91,136 6 %   76,412 7 %   86,922 6 %
Residential mortgage   140,364 10 %   64,764 5 %   116,376 9 %
Gross loans $ 1,436,598 100 % $ 1,162,278 100 % $ 1,378,788 100 %
             

Gross loans increased by $274 million, or 24%, to $1.4 billion at December 31, 2018 compared to $1.2 billion at December 31, 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
  12/31/18 09/30/18 12/31/17
       
Non-performing assets / capital and reserves 7 % 8 % 9 %
Non-performing assets / total assets 0.60 % 0.76 % 0.94 %
Quarterly net loan charge-offs / average loans 0.02 % (0.01 %) 0.02 %
Allowance for loan losses / gross loans 0.60 % 0.59 % 0.74 %
Allowance for loan losses / non-performing loans 83 % 60 % 58 %
             

The percentage of non-performing assets to total assets decreased to 0.60% at December 31, 2018, compared to 0.94% at December 31, 2017.  The ratio of non-performing assets to capital and reserves decreased to 7% at December 31, 2018 compared to 9% at December 31, 2017 primarily as a result of decreases in non-performing assets over the last 12 months.

Capital

The Company’s capital ratios at December 31, 2018 were as follows:

       
  Actual
12/31/18
Bancorp
Actual
12/31/18
Bank
Regulatory
Guidelines

“Well Capitalized”
       
Leverage Ratio   9.35 %   8.21 % 5.00 %
Common Equity Ratio   13.90 %   12.77 % 6.50 %
Tier 1 Risk Based Capital   14.53 %   12.77 % 8.00 %
Total Risk Based Capital   15.03 %   13.26 % 10.00 %
Tangible Common Equity   8.74 %   7.88 % n/a     
           

Total shareholders’ equity increased to $245 million at December 31, 2018 compared to $226 million at December 31, 2017. Book value per common share increased to $4.17 at December 31, 2018 compared to $3.97 per share at December 31, 2017.

Analyst and Investor Call

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

   
Date:    January 28, 2019
Time:    10:00am (EDT)
From the U.S. dial: (866) 436-9172 [Toll Free] or (630) 691-2760
Participant Pin:  48161934#
   
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-five 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.

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)  2018      2018      2017  
               
ASSETS          
  Cash and due from banks $   35,685     $   37,303     $   36,073  
  Interest-bearing deposits and federal funds sold     36,788         108,996         25,869  
    Total cash and cash equivalents     72,473         146,299         61,942  
               
  Securities - Available for sale     321,014         487,524         464,430  
  Securities - Held to maturity     761,563         485,291         472,213  
  Restricted stock     5,754         1,916         1,918  
    Total investment securities     1,088,331         974,731         938,561  
               
  Loans held for sale     26,291         32,839         45,700  
               
  Loans receivable     1,436,598         1,378,788         1,162,278  
  Allowance for loan losses     (8,615 )       (8,084 )       (8,599 )
    Net loans     1,427,983         1,370,704         1,153,679  
               
  Premises and equipment     87,661         81,912         74,947  
  Other real estate owned     6,223         6,768         6,966  
  Other assets     44,335         43,953         40,552  
               
  Total Assets $   2,753,297     $   2,657,206     $   2,322,347  
               
               
               
LIABILITIES          
  Non-interest bearing deposits $   519,056     $   509,188     $   438,500  
  Interest bearing deposits     1,873,811         1,891,170         1,624,795  
    Total deposits     2,392,867         2,400,358         2,063,295  
               
  Short-term borrowings     91,422         -          -   
  Subordinated debt     11,259         11,257         21,681  
  Other liabilities     12,560         9,767         10,911  
               
  Total Liabilities     2,508,108         2,421,382         2,095,887  
               
SHAREHOLDERS' EQUITY          
  Common stock - $0.01 par value     593         593         575  
  Additional paid-in capital     269,147         268,613         256,285  
  Accumulated deficit     (8,716 )       (10,873 )       (18,983 )
  Treasury stock at cost     (3,725 )       (3,725 )       (3,725 )
  Stock held by deferred compensation plan     (183 )       (183 )       (183 )
  Accumulated other comprehensive loss     (11,927 )       (18,601 )       (7,509 )
               
  Total Shareholders' Equity     245,189         235,824         226,460  
               
               
  Total Liabilities and Shareholders' Equity $   2,753,297     $   2,657,206     $   2,322,347  
               

 

Republic First Bancorp, Inc. 
Consolidated Statements of Operations 
(Unaudited) 
                       
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
(in thousands, except per share amounts)  2018      2018    2017      2018      2017  
                       
INTEREST INCOME                  
  Interest and fees on loans $   17,555     $   16,764   $   13,576     $   64,045     $   50,094  
  Interest and dividends on investment securities     7,279         6,641       5,568         27,182         20,178  
  Interest on other interest earning assets     459         153       265         847         577  
    Total interest income     25,293         23,558       19,409         92,074         70,849  
                       
INTEREST EXPENSE                  
  Interest on deposits     5,103         3,642       2,222         14,432         7,418  
  Interest on borrowed funds     210         770       320         1,738         1,366  
    Total interest expense     5,313         4,412       2,542         16,170         8,784  
                       
  Net interest income     19,980         19,146       16,867         75,904         62,065  
  Provision for loan losses     600         500       400         2,300         900  
               .         
  Net interest income after provision for loan losses     19,380         18,646       16,467         73,604         61,165  
                       
NON-INTEREST INCOME                  
  Service fees on deposit accounts     1,589         1,386       1,084         5,476         3,904  
  Mortgage banking income     2,285         2,580       2,619         10,233         11,170  
  Gain on sale of SBA loans     451         816       1,063         3,105         3,378  
  Loss on sale of investment securities     (66 )       -        (85 )       (67 )       (146 )
  Other non-interest income     629         349       331         1,575         1,791  
    Total non-interest income     4,888         5,131       5,012         20,322         20,097  
                       
NON-INTEREST EXPENSE                  
  Salaries and employee benefits     11,351         11,203       10,159         44,082         37,959  
  Occupancy and equipment     3,410         3,260       2,947         13,493         11,774  
  Legal and professional fees     642         773       953         3,033         2,877  
  Foreclosed real estate     707         378       2,388         1,588         4,092  
  Regulatory assessments and related fees     417         396       359         1,675         1,367  
  Other operating expenses     5,530         4,823       4,816         19,850         17,207  
    Total non-interest expense     22,057         20,833       21,622         83,721         75,276  
                       
Income (loss) before benefit for income taxes     2,211         2,944       (143 )       10,205         5,986  
                       
Provision (benefit) for income taxes     54         622       (2,881 )       1,578         (2,919 )
                       
Net income $   2,157     $   2,322   $   2,738     $   8,627     $   8,905  
                       
                       
Net Income per Common Share                  
  Basic $   0.04     $   0.04   $   0.05     $   0.15     $   0.16  
  Diluted $   0.04     $   0.04   $   0.05     $   0.15     $   0.15  
                       
Average Common Shares Outstanding                  
  Basic     58,789         58,774       56,988         58,358         56,933  
  Diluted     59,672         59,774       58,360         59,407         58,250  
                       

 

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, 2018   September 30, 2018   December 31, 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 $   80,416   $   459   2.26 %   $   29,163   $   153   2.08 %   $   82,918   $   265   1.27 %
Securities     1,068,065       7,315   2.74 %       1,018,910       6,676   2.62 %       888,862       5,616   2.53 %
Loans receivable     1,427,260       17,660   4.91 %       1,390,894       16,873   4.81 %       1,171,771       13,743   4.65 %
Total interest-earning assets     2,575,741       25,434   3.92 %       2,438,967       23,702   3.86 %       2,143,551       19,624   3.63 %
                                   
Other assets     134,411               135,139               126,904        
                                   
Total assets $  2,710,152           $  2,574,106           $  2,270,455        
                                   
Interest-bearing liabilities:                                  
                                   
Demand non interest-bearing $   528,568           $   513,292           $   421,841        
Demand interest-bearing     1,073,140       3,192   1.18 %       861,607       1,948   0.90 %       776,203       945   0.48 %
Money market & savings     702,322       1,444   0.82 %       699,081       1,308   0.74 %       693,684       942   0.54 %
Time deposits     133,675       467   1.39 %       126,378       386   1.21 %       120,067       335   1.11 %
Total deposits     2,437,705       5,103   0.83 %       2,200,358       3,642   0.66 %       2,011,795       2,222   0.44 %
                                   
Total interest-bearing deposits     1,909,137       5,103   1.06 %       1,687,066       3,642   0.86 %       1,589,954       2,222   0.55 %
                                   
Other borrowings     24,354       210   3.42 %       127,150       770   2.40 %       23,621       320   5.37 %
                                   
                                   
Total interest-bearing liabilities     1,933,491       5,313   1.09 %       1,814,216       4,412   0.96 %       1,613,575       2,542   0.63 %
Total deposits and                                   
  other borrowings     2,462,059       5,313   0.86 %       2,327,508       4,412   0.75 %       2,035,416       2,542   0.50 %
                                   
                                   
Non interest-bearing liabilities     9,690               10,363               9,560        
Shareholders' equity     238,403               236,235               225,479        
Total liabilities and                                  
shareholders' equity $  2,710,152           $  2,574,106           $  2,270,455        
                                   
Net interest income     $  20,121           $  19,290           $  17,082    
Net interest spread         2.83 %           2.90 %           3.00 %
                                   
Net interest margin         3.10 %           3.14 %           3.16 %
                                   
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, 2018   December 31, 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 $   40,931   $   847   2.07 %   $   48,148   $   577   1.20 %  
Securities     1,037,810       27,316   2.63 %       811,269       20,466   2.52 %  
Loans receivable     1,340,117       64,455   4.81 %       1,090,851       50,687   4.65 %  
Total interest-earning assets     2,418,858       92,618   3.83 %       1,950,268       71,730   3.68 %  
                         
Other assets     131,369               115,770          
                         
Total assets $  2,550,227           $  2,066,038          
                         
Interest-bearing liabilities:                        
                         
Demand non interest-bearing $   488,995           $   372,171          
Demand interest-bearing     918,508       7,946   0.87 %       687,586       3,020   0.44 %  
Money market & savings     697,135       4,898   0.70 %       629,464       3,160   0.50 %  
Time deposits     128,892       1,588   1.23 %       110,952       1,238   1.12 %  
Total deposits     2,233,530       14,432   0.65 %       1,800,173       7,418   0.41 %  
                         
Total interest-bearing deposits     1,744,535       14,432   0.83 %       1,428,002       7,418   0.52 %  
                         
Other borrowings     73,573       1,738   2.36 %       35,429       1,366   3.86 %  
                         
                         
Total interest-bearing liabilities     1,818,108       16,170   0.89 %       1,463,431       8,784   0.60 %  
Total deposits and                         
  other borrowings     2,307,103       16,170   0.70 %       1,835,602       8,784   0.48 %  
                         
                         
Non interest-bearing liabilities     9,431               8,942          
Shareholders' equity     233,693               221,494          
Total liabilities and                        
shareholders' equity $  2,550,227           $  2,066,038          
                         
Net interest income     $  76,448           $  62,946      
Net interest spread         2.94 %           3.08 %  
                         
Net interest margin         3.16 %           3.23 %  
                         
                         
                         
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)  2018     2018     2017     2018     2017 
                   
                   
Balance at beginning of period $   8,084     $   7,566     $   8,258     $   8,599     $   9,155  
                   
Provision charged to operating expense     600         500         400         2,300         900  
      8,684         8,066         8,658         10,899         10,055  
                   
Recoveries on loans charged-off:                  
  Commercial     5         18         1         152         119  
  Consumer     -          1         -          2         1  
Total recoveries     5         19         1         154         120  
                   
Loans charged-off:                  
  Commercial     (68 )       -          (19 )       (2,219 )       (1,523 )
  Consumer     (6 )       (1 )       (41 )       (219 )       (53 )
                   
Total charged-off     (74 )       (1 )       (60 )       (2,438 )       (1,576 )
                   
Net (charge-offs) recoveries     (69 )       18         (59 )       (2,284 )       (1,456 )
                   
Balance at end of period $   8,615     $   8,084     $   8,599     $   8,615     $   8,599  
                   
                   
Net (charge-offs) recoveries as a percentage                  
  of average loans outstanding   0.02 %     (0.01 %)     0.02 %     0.17 %     0.13 %
                   
Allowance for loan losses as a percentage                  
  of period-end loans   0.60 %     0.59 %     0.74 %     0.60 %     0.74 %
                                       

 

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)  2018      2018      2018      2018      2017  
                   
Non-accrual loans:                  
  Commercial real estate $   9,463     $   12,661     $   13,297     $   13,322     $   13,973  
  Consumer and other     878         818         809         810         872  
Total non-accrual loans     10,341         13,479         14,106         14,132         14,845  
                   
Loans past due 90 days or more                  
  and still accruing     -          -          -          -          -   
                   
Total non-performing loans     10,341         13,479         14,106         14,132         14,845  
                   
Other real estate owned     6,223         6,768         6,559         6,966         6,966  
                   
Total non-performing assets $   16,564     $   20,247     $   20,665     $   21,098     $   21,811  
                   
                   
Non-performing loans to total loans   0.72 %     0.98 %     1.07 %     1.13 %     1.28 %
                   
Non-performing assets to total assets   0.60 %     0.76 %     0.81 %     0.85 %     0.94 %
                   
Non-performing loan coverage   83.31 %     59.97 %     53.64 %     47.06 %     57.93 %
                   
Allowance for loan losses as a percentage                  
  of total period-end loans   0.60 %     0.59 %     0.57 %     0.53 %     0.74 %
                   
Non-performing assets / capital plus                  
  allowance for loan losses   6.53 %     8.30 %     8.51 %     8.76 %     9.28 %

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