PHILADELPHIA, Oct. 24, 2016 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic
Bank, today announced its financial results for the period ended
September 30, 2016.
|
|
Three Months
Ended
|
($ in millions,
except per share data)
|
|
9/30/16
|
9/30/15
|
%
Change
|
|
|
|
|
|
Assets
|
|
$
|
1,734.5
|
$
|
1,380.8
|
26%
|
Loans
|
|
945.5
|
845.4
|
12%
|
Deposits
|
|
1,582.2
|
1,237.5
|
28%
|
Total
Revenue
|
|
$
|
17.2
|
$
|
11.6
|
48%
|
Net Income
|
|
1.3
|
0.6
|
130%
|
Net Income per
Diluted Share
|
|
$
|
0.03
|
$
|
0.02
|
50%
|
|
|
|
|
|
|
|
The "Power of Red is Back" expansion strategy continues to move
forward and produce positive results. "Since the launch of
our expansion plan we have been able to demonstrate consistent
growth in the balance sheet by increasing loans and deposits," said
Harry D. Madonna, Chairman and Chief
Executive Officer of Republic First Bancorp, Inc. "We're also
seeing significant progress on the income statement as quarterly
earnings improved by 130% year over year."
On October 11, 2016 we filed a
universal shelf registration statement with the Securities and
Exchange Commission. This will allow us to issue various types of
securities including common stock, preferred stock, debt securities
and warrants up to an aggregate amount of $100 million. "We're anticipating the need to
raise additional capital in the near future to support our
continued growth and expansion plan," said Madonna. "The shelf
registration statement will provide us with the financial
flexibility necessary to complete that process when the time
comes."
During the third quarter, the Company completed the acquisition
of Oak Mortgage Company, a residential mortgage lending company
based in Marlton, NJ. The
acquisition closed on July 28, 2016
and the integration into the Bank's operation has gone
exceptionally well.
The Company held a grand opening celebration for its newest
store in Moorestown, NJ in
September and welcomed new fans throughout the month. Construction
also began on a second site in Cherry
Hill, NJ which is scheduled to be completed in the first
quarter of 2017. Additional locations planned for
Medford, Sicklerville and Gloucester Township, New Jersey and
Fairless Hills and Feasterville, Pennsylvania are currently in
various stages of development.
Highlights for the Period Ended September 30, 2016
- Net income increased by 130% to $1.3
million, or $0.03 per diluted
share, in the third quarter of 2016 compared to $582 thousand, or $0.02 per diluted share, in the third quarter of
2015. The Company continues to open new stores and increase net
income despite the additional costs associated with the expansion
strategy. The acquisition of Oak Mortgage has also contributed to
improved earnings.
- A new store was opened in Moorestown,
NJ during the third quarter bringing the total store count
to nineteen. Another site now under construction in Cherry Hill, NJ is scheduled to be completed
in early 2017. There are also several additional sites in various
stages of development for future store locations.
- New stores opened since the beginning of the "Power of Red is
Back" expansion campaign in 2014 are currently growing deposits at
an average rate of $41 million per
year, while the average deposit growth for all stores over the last
twelve months was approximately $18
million per store.
- Total deposits increased by $345
million, or 28%, to $1.6
billion as of September 30,
2016 compared to $1.2 billion
as of September 30, 2015.
- Total assets increased by $354
million, or 26%, to $1.7
billion as of September 30,
2016 compared to $1.4 billion
as of September 30, 2015.
- Total loans grew $101 million, or
12%, to $946 million as of
September 30, 2016 compared to
$845 million at September 30, 2015.
- SBA lending continued to be an important part of the Company's
lending strategy. More than $19
million in new SBA loans were originated during the three
month period ended September 30,
2016. Our team is currently ranked as the #1 SBA lender in
the New Jersey and southeastern
Pennsylvania market based on the
dollar volume of loan originations.
- The Company's Total Risk-Based Capital ratio was 12.00% and
Tier I Leverage Ratio was 8.14% at September
30, 2016.
- Tangible book value per share was $3.16 as of September 30,
2016. This amount excludes approximately $0.34 per share attributable to the deferred tax
asset valuation allowance.
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
|
|
09/30/16
|
09/30/15
|
%
Change
|
|
09/30/16
|
09/30/15
|
%
Change
|
|
|
|
|
|
|
|
|
Total
Revenue
|
$
|
17,197
|
$
|
11,596
|
48%
|
|
$
|
45,528
|
$
|
34,271
|
33%
|
Provision for Loan
Losses
|
607
|
-
|
100%
|
|
1,557
|
-
|
100%
|
Non-interest
Expenses
|
15,282
|
11,024
|
39%
|
|
40,592
|
32,645
|
24%
|
Net Income
|
1,340
|
582
|
130%
|
|
3,448
|
1,643
|
110%
|
Net Income per
Share
|
$
|
0.03
|
$
|
0.02
|
50%
|
|
$
|
0.09
|
$
|
0.04
|
125%
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company reported net income of $1.3
million, or $0.03 per diluted
share, for the three month period ended September 30, 2016, compared to net income of
$582 thousand, or $0.02 per diluted share, for the three month
period ended September 30, 2015. Net
income for the nine month period ended September 30, 2016 was $3.4 million, or $0.09 per diluted share, compared to net income
of $1.6 million, or $0.04 per diluted share, for the nine months
ended September 30, 2015.
Total revenue increased by $5.6
million, or 48%, to $17.2
million for the three month period ended September 30, 2016 compared to $11.6 million for the three month period ended
September 30, 2015. This
increase was primarily driven by the addition of revenue from the
recently acquired residential mortgage division along with strong
growth in interest-earning assets over the last twelve months
driven by the Company's expansion program.
Non-interest income increased to $5.4
million for the three month period ended September 30, 2016 compared to $1.6 million for the three month period ended
September 30, 2015. This
increase was primarily due to an increase in gains on the sale of
SBA loans, gains on the sale of residential mortgage loans, and an
increase in service fees on deposit accounts.
Non-interest expenses increased by $4.3
million, or 39%, to $15.3
million during the three month period ended September 30, 2016 compared to $11.0 million during the three months ended
September 30, 2015. This increase was
mainly caused by the addition of expenses related to the
residential mortgage operations. Salaries and employee benefits
were also higher at the Bank as a result of annual merit increases
along with increased staffing levels related to our growth strategy
of adding and relocating stores. Occupancy and equipment expenses
associated with the growth and relocation strategy also contributed
to the increase in non-interest expenses.
Balance Sheet
The major components of the balance sheet are as follows
(dollars in thousands):
Description
|
09/30/16
|
09/30/15
|
%
Change
|
06/30/16
|
%
Change
|
|
|
|
|
|
|
Total
assets
|
$
|
1,734,462
|
$
|
1,380,814
|
26%
|
$
|
1,582,247
|
10%
|
Total loans
(net)
|
936,088
|
837,037
|
12%
|
920,993
|
2%
|
Total
deposits
|
1,582,232
|
1,237,496
|
28%
|
1,434,251
|
10%
|
Total core
deposits
|
1,581,967
|
1,227,506
|
29%
|
1,429,729
|
11%
|
|
|
|
|
|
|
Total assets increased by $353.6
million, or 26%, as of September 30,
2016 when compared to September
30, 2015. Deposits grew by $344.7 million to $1.6
billion as of September 30,
2016 compared to $1.2 billion
as of September 30, 2015. The number
of deposit accounts has grown by 42% during the past twelve months.
The strong growth in assets, loans and deposits has been driven by
the Company's addition of new stores and the successful execution
of its aggressive growth strategy referred to as "The Power of Red
is Back."
Core Deposits
Core deposits by type of account are as follows (dollars in
thousands):
Description
|
09/30/16
|
09/30/15
|
%
Change
|
06/30/16
|
% Change
|
3rd Qtr
2016
Cost of
Funds
|
|
|
|
|
|
|
|
Demand
noninterest-bearing
|
$
|
302,372
|
$
|
243,836
|
24%
|
$
|
281,496
|
7%
|
0.00%
|
Demand
interest-bearing
|
587,197
|
391,230
|
50%
|
472,575
|
24%
|
0.41%
|
Money market and
savings
|
583,536
|
527,360
|
11%
|
574,050
|
2%
|
0.46%
|
Certificates of
deposit
|
108,862
|
65,080
|
67%
|
101,608
|
7%
|
1.13%
|
Total core
deposits
|
$
|
1,581,967
|
$
|
1,227,506
|
29%
|
$
|
1,429,729
|
11%
|
0.40%
|
|
Core deposits increased to $1.6
billion at September 30, 2016
compared to $1.2 billion at
September 30, 2015 as the Company
moves forward with its expansion strategy to increase the number of
brick and mortar stores which drives the gathering of low-cost core
deposits. The Company recognized strong growth in all deposit
account categories on a year to year basis.
Lending
Loans by type are as follows (dollars in thousands):
Description
|
09/30/16
|
% of
Total
|
09/30/15
|
% of
Total
|
06/30/16
|
%
of Total
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
376,466
|
40%
|
$
|
377,307
|
45%
|
$
|
369,784
|
40%
|
Construction and land
development
|
48,983
|
5%
|
41,418
|
5%
|
40,462
|
4%
|
Commercial and
industrial
|
186,126
|
20%
|
174,631
|
21%
|
199,149
|
21%
|
Owner occupied real
estate
|
268,435
|
28%
|
203,735
|
24%
|
265,245
|
29%
|
Consumer and
other
|
58,622
|
6%
|
45,874
|
5%
|
52,776
|
6%
|
Residential
mortgage
|
6,909
|
1%
|
2,395
|
0%
|
2,338
|
0%
|
Gross loans
|
$
|
945,541
|
100%
|
$
|
845,360
|
100%
|
$
|
929,754
|
100%
|
|
|
|
|
|
|
|
Gross loans increased by $100.2
million, or 12%, to $945.5
million at September 30, 2016
compared to $845.4 million at
September 30, 2015 as a result of an
increase in quality loan demand over the last twelve months and
continued success with the relationship banking model. The
Company experienced strongest growth in the commercial and
industrial, owner occupied real estate, consumer categories.
Asset Quality
The Company's non-performing asset balances and asset quality
ratios are highlighted below:
|
Three Months
Ended
|
|
09/30/16
|
06/30/16
|
09/30/15
|
|
|
|
|
Non-performing assets
/ total assets
|
1.72%
|
1.95%
|
2.10%
|
Quarterly net loan
charge-offs / average loans
|
(0.04%)
|
0.40%
|
0.04%
|
Allowance for loan
losses / gross loans
|
1.00%
|
0.94%
|
0.98%
|
Allowance for loan
losses / non-performing loans
|
49%
|
47%
|
55%
|
Non-performing assets
/ capital and reserves
|
23%
|
24%
|
24%
|
The percentage of non-performing assets to total assets
decreased to 1.72% at September 30,
2016, compared to 2.10% as of September 30, 2015. The decrease in
non-performing assets to total assets on a linked quarter basis was
primarily driven by sales of OREO properties recorded in the third
quarter of 2016.
Capital
The Company's capital ratios at September
30, 2016 were as follows:
|
Actual
September 30,
2016
|
Regulatory
Guidelines
"Well
Capitalized"
|
|
|
|
Leverage
Ratio
|
8.14%
|
5.00%
|
Common Equity
Ratio
|
9.40%
|
6.50%
|
Tier 1 Risk Based
Capital
|
11.21%
|
8.00%
|
Total Risk Based
Capital
|
12.00%
|
10.00%
|
Tangible Common
Equity
|
6.61%
|
n/a
|
Total shareholders' equity increased to $119.7 million at September 30, 2016 compared to $114.5 million at September 30, 2015. Tangible book value per
share increased to $3.16 at
September 30, 2016 compared to
$3.03 per share at September 30, 2015.
Five Year Strategic Goals
For the first time, the Company has also announced its five year
goals extending through the year 2021.
- Increasing store count to 50 +/-
- Average annual deposit growth of $18
million per store
- Net interest margin plus fees above 4.00%
Achieving these goals would result in deposits in excess of
$4.5 billion and loans exceeding
$2.5 billion by the end of the year
in 2021.
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 nineteen stores located in
Abington, Bala Cynwyd, Plymouth Meeting, Media, Wynnewood and Philadelphia, Pennsylvania and Haddonfield, Cherry
Hill, Voorhees,
Glassboro, Marlton, Berlin, Washington
Township and Moorestown, New
Jersey. 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 also 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. For more information about Republic Bank, visit
www.myrepublicbank.com.
A registration statement relating to the securities listed in
the shelf registration statement referred to above has been filed
with the SEC, but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted
prior to the time the registration statement becomes
effective. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Forward Looking Statements
The Company may from time to time make written or oral
"forward-looking statements", including statements contained in
this release and in the Company's filings with the Securities and
Exchange Commission. The forward-looking statements contained
herein, including those related to our Five Year Strategic Goals,
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected in the
forward-looking statements. For example, risks and
uncertainties can arise with changes in: general economic
conditions, including turmoil in the financial markets and related
efforts of government agencies to stabilize the financial system;
the adequacy of our allowance for loan losses and our methodology
for determining such allowance; adverse changes in our loan
portfolio and credit risk-related losses and expenses;
concentrations within our loan portfolio, including our exposure to
commercial real estate loans, and to our primary service area;
changes in interest rates; business conditions in the financial
services industry, including competitive pressure among financial
services companies, new service and product offerings by
competitors, price pressures and similar items; deposit flows; loan
demand; the regulatory environment, including evolving banking
industry standards, changes in legislation or regulation; impact of
the Dodd-Frank Wall Street Reform and Consumer Protection Act; our
securities portfolio and the valuation of our securities;
accounting principles, policies and guidelines as well as estimates
and assumptions used in the preparation of our financial
statements; rapidly changing technology; litigation liabilities,
including costs, expenses, settlements and judgments; and other
economic, competitive, governmental, regulatory and technological
factors affecting our operations, pricing, products and
services. You should carefully review the risk factors
described in the Form 10-K for the year ended December 31, 2015 and other documents the Company
files from time to time with the Securities and Exchange
Commission. The words "would be," "could be," "should be,"
"probability," "risk," "target," "objective," "may," "will,"
"estimate," "project," "believe," "intend," "anticipate," "plan,"
"seek," "expect" and similar expressions or variations on such
expressions are intended to identify forward-looking statements.
All such statements are made in good faith by the Company pursuant
to the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. The Company does not undertake to
update any forward-looking statement, whether written or oral, that
may be made from time to time by or on behalf of the Company,
except as may be required by applicable law or regulations.
Republic First
Bancorp, Inc
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
(dollars in
thousands, except per share amounts)
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
23,061
|
|
$
|
18,561
|
|
$
|
14,212
|
|
Interest-bearing
deposits and federal funds sold
|
126,980
|
|
93,211
|
|
96,307
|
|
|
Total cash and cash
equivalents
|
|
150,041
|
|
111,772
|
|
110,519
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Available for sale
|
|
299,385
|
|
253,289
|
|
209,119
|
|
Securities - Held to
maturity
|
|
220,470
|
|
199,074
|
|
140,116
|
|
Restricted
stock
|
|
|
1,366
|
|
1,367
|
|
1,179
|
|
|
Total investment
securities
|
|
521,221
|
|
453,730
|
|
350,414
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
|
29,715
|
|
5,487
|
|
489
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
945,541
|
|
929,754
|
|
845,360
|
|
Allowance for loan
losses
|
|
(9,453)
|
|
(8,761)
|
|
(8,323)
|
|
|
Net loans
|
|
|
|
936,088
|
|
920,993
|
|
837,037
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment
|
|
55,573
|
|
53,617
|
|
45,094
|
|
Other real estate
owned
|
|
|
10,271
|
|
11,974
|
|
13,773
|
|
Other
assets
|
|
|
|
31,553
|
|
24,674
|
|
23,488
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
$
|
1,734,462
|
|
$
|
1,582,247
|
|
$
|
1,380,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
|
302,372
|
|
$
|
281,496
|
|
$
|
243,836
|
|
Interest bearing
deposits
|
|
|
1,279,860
|
|
1,152,755
|
|
993,660
|
|
|
Total
deposits
|
|
|
1,582,232
|
|
1,434,251
|
|
1,237,496
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
debt
|
|
|
22,476
|
|
22,476
|
|
22,476
|
|
Other
liabilities
|
|
|
10,102
|
|
6,950
|
|
6,369
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,614,810
|
|
1,463,677
|
|
1,266,341
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value
|
|
384
|
|
384
|
|
383
|
|
Additional paid-in
capital
|
|
|
153,887
|
|
153,476
|
|
152,676
|
|
Accumulated
deficit
|
|
|
(29,385)
|
|
(30,725)
|
|
(33,623)
|
|
Treasury stock at
cost
|
|
|
(3,725)
|
|
(3,725)
|
|
(3,725)
|
|
Stock held by
deferred compensation plan
|
(183)
|
|
(183)
|
|
(183)
|
|
Accumulated other
comprehensive income (loss)
|
(1,326)
|
|
(657)
|
|
(1,055)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
119,652
|
|
118,570
|
|
114,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
1,734,462
|
|
$
|
1,582,247
|
|
$
|
1,380,814
|
Republic First
Bancorp, Inc
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
(in thousands,
except per share amounts)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,707
|
|
$
|
10,323
|
|
$
|
9,648
|
|
$
|
30,961
|
|
$
|
27,995
|
|
Interest and
dividends on investment securities
|
2,764
|
|
2,799
|
|
1,662
|
|
8,331
|
|
4,812
|
|
Interest on other
interest earning assets
|
149
|
|
87
|
|
60
|
|
299
|
|
223
|
|
|
Total interest
income
|
|
|
13,620
|
|
13,209
|
|
11,370
|
|
39,591
|
|
33,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
1,531
|
|
1,323
|
|
1,099
|
|
4,019
|
|
3,129
|
|
Interest on borrowed
funds
|
|
303
|
|
289
|
|
279
|
|
898
|
|
833
|
|
|
Total interest
expense
|
|
1,834
|
|
1,612
|
|
1,378
|
|
4,917
|
|
3,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
11,786
|
|
11,597
|
|
9,992
|
|
34,674
|
|
29,068
|
|
Provision for loan
losses
|
|
|
607
|
|
650
|
|
-
|
|
1,557
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
11,179
|
|
10,947
|
|
9,992
|
|
33,117
|
|
29,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on
deposit accounts
|
|
686
|
|
654
|
|
452
|
|
1,910
|
|
1,213
|
|
Gain on sale of
loans
|
|
|
4,413
|
|
1,749
|
|
884
|
|
6,995
|
|
2,684
|
|
Gain on sale of
investment securities
|
2
|
|
358
|
|
64
|
|
656
|
|
73
|
|
Other non-interest
income
|
|
310
|
|
270
|
|
204
|
|
1,293
|
|
1,233
|
|
|
Total non-interest
income
|
|
5,411
|
|
3,031
|
|
1,604
|
|
10,854
|
|
5,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
7,731
|
|
6,551
|
|
5,730
|
|
20,334
|
|
16,667
|
|
Occupancy and
equipment
|
|
2,586
|
|
2,243
|
|
1,911
|
|
7,203
|
|
5,750
|
|
Legal and
professional fees
|
|
511
|
|
519
|
|
345
|
|
1,479
|
|
1,599
|
|
Foreclosed real
estate
|
|
|
702
|
|
323
|
|
425
|
|
1,610
|
|
1,173
|
|
Regulatory
assessments and related fees
|
296
|
|
373
|
|
318
|
|
1,011
|
|
911
|
|
Other operating
expenses
|
|
3,456
|
|
2,958
|
|
2,295
|
|
8,955
|
|
6,545
|
|
|
Total non-interest
expense
|
|
15,282
|
|
12,967
|
|
11,024
|
|
40,592
|
|
32,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit
for income taxes
|
|
1,308
|
|
1,011
|
|
572
|
|
3,379
|
|
1,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
|
|
(32)
|
|
(12)
|
|
(10)
|
|
(69)
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
1,340
|
|
$
|
1,023
|
|
$
|
582
|
|
$
|
3,448
|
|
$
|
1,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.04
|
|
$
|
0.03
|
|
$
|
0.02
|
|
$
|
0.09
|
|
$
|
0.04
|
|
Diluted
|
|
|
|
$
|
0.03
|
|
$
|
0.03
|
|
$
|
0.02
|
|
$
|
0.09
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
37,916
|
|
37,882
|
|
37,816
|
|
37,879
|
|
37,816
|
|
Diluted
|
|
|
|
38,375
|
|
38,422
|
|
38,064
|
|
38,355
|
|
38,052
|
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,
2016
|
|
June 30,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
114,260
|
|
$
|
149
|
|
0.52%
|
|
$
|
72,517
|
|
$
|
87
|
|
0.48%
|
|
$
|
106,357
|
|
$
|
60
|
|
0.22%
|
Securities
|
|
477,601
|
|
2,858
|
|
2.39%
|
|
460,161
|
|
2,895
|
|
2.52%
|
|
305,266
|
|
1,745
|
|
2.29%
|
Loans
receivable
|
|
966,106
|
|
10,848
|
|
4.47%
|
|
921,274
|
|
10,445
|
|
4.56%
|
|
831,712
|
|
9,718
|
|
4.64%
|
Total
interest-earning assets
|
|
1,557,967
|
|
13,855
|
|
3.54%
|
|
1,453,952
|
|
13,427
|
|
3.71%
|
|
1,243,335
|
|
11,523
|
|
3.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
103,826
|
|
|
|
|
|
93,555
|
|
|
|
|
|
82,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,661,793
|
|
|
|
|
|
$1,547,507
|
|
|
|
|
|
$
|
1,325,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
|
282,571
|
|
|
|
|
|
$
|
266,996
|
|
|
|
|
|
$
|
234,285
|
|
|
|
|
Demand
interest-bearing
|
|
533,222
|
|
553
|
|
0.41%
|
|
481,994
|
|
503
|
|
0.42%
|
|
372,795
|
|
378
|
|
0.40%
|
Money market &
savings
|
|
583,256
|
|
677
|
|
0.46%
|
|
574,207
|
|
637
|
|
0.45%
|
|
500,687
|
|
538
|
|
0.43%
|
Time
deposits
|
|
104,701
|
|
301
|
|
1.14%
|
|
77,856
|
|
183
|
|
0.95%
|
|
74,863
|
|
183
|
|
0.97%
|
Total
deposits
|
|
1,503,750
|
|
1,531
|
|
0.41%
|
|
1,401,053
|
|
1,323
|
|
0.38%
|
|
1,182,630
|
|
1,099
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,221,179
|
|
1,531
|
|
0.50%
|
|
1,134,057
|
|
1,323
|
|
0.47%
|
|
948,345
|
|
1,099
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
29,938
|
|
303
|
|
4.03%
|
|
22,476
|
|
289
|
|
5.17%
|
|
22,476
|
|
279
|
|
4.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,251,117
|
|
1,834
|
|
0.58%
|
|
1,156,533
|
|
1,612
|
|
0.56%
|
|
970,821
|
|
1,378
|
|
0.56%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,533,688
|
|
1,834
|
|
0.48%
|
|
1,423,529
|
|
1,612
|
|
0.46%
|
|
1,205,106
|
|
1,378
|
|
0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
9,247
|
|
|
|
|
|
6,871
|
|
|
|
|
|
7,034
|
|
|
|
|
Shareholders'
equity
|
|
118,858
|
|
|
|
|
|
117,107
|
|
|
|
|
|
113,833
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$
|
1,661,793
|
|
|
|
|
|
$
|
1,547,507
|
|
|
|
|
|
$
|
1,325,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
12,021
|
|
|
|
|
|
$
|
11,815
|
|
|
|
|
|
$
|
10,145
|
|
|
Net interest
spread
|
|
|
|
|
|
2.96%
|
|
|
|
|
|
3.15%
|
|
|
|
|
|
3.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.07%
|
|
|
|
|
|
3.27%
|
|
|
|
|
|
3.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
78,094
|
|
$
|
299
|
|
0.51%
|
|
$
|
120,783
|
|
$
|
223
|
|
0.25%
|
Securities
|
|
458,496
|
|
8,615
|
|
2.51%
|
|
275,277
|
|
5,036
|
|
2.44%
|
Loans
receivable
|
|
925,110
|
|
31,339
|
|
4.53%
|
|
809,259
|
|
28,202
|
|
4.66%
|
Total
interest-earning assets
|
|
1,461,700
|
|
40,253
|
|
3.68%
|
|
1,205,319
|
|
33,461
|
|
3.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
95,054
|
|
|
|
|
|
70,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,556,754
|
|
|
|
|
|
$
|
1,276,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand non
interest-bearing
|
|
$
|
270,503
|
|
|
|
|
|
$
|
230,181
|
|
|
|
|
Demand
interest-bearing
|
|
476,134
|
|
1,471
|
|
0.41%
|
|
334,116
|
|
1,009
|
|
0.40%
|
Money market &
savings
|
|
572,347
|
|
1,923
|
|
0.45%
|
|
494,077
|
|
1,592
|
|
0.43%
|
Time
deposits
|
|
82,738
|
|
625
|
|
1.01%
|
|
74,613
|
|
528
|
|
0.95%
|
Total
deposits
|
|
1,401,722
|
|
4,019
|
|
0.38%
|
|
1,132,987
|
|
3,129
|
|
0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing deposits
|
|
1,131,219
|
|
4,019
|
|
0.47%
|
|
902,806
|
|
3,129
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
29,947
|
|
898
|
|
4.01%
|
|
22,489
|
|
833
|
|
4.95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
|
1,161,166
|
|
4,917
|
|
0.57%
|
|
925,295
|
|
3,962
|
|
0.57%
|
Total deposits
and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
1,431,669
|
|
4,917
|
|
0.46%
|
|
1,155,476
|
|
3,962
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing
liabilities
|
|
7,957
|
|
|
|
|
|
7,106
|
|
|
|
|
Shareholders'
equity
|
|
117,128
|
|
|
|
|
|
113,591
|
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$
|
1,556,754
|
|
|
|
|
|
$
|
1,276,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
35,336
|
|
|
|
|
|
$
|
29,499
|
|
|
Net interest
spread
|
|
|
|
|
|
3.11%
|
|
|
|
|
|
3.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.23%
|
|
|
|
|
|
3.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2015
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
8,761
|
|
$
|
9,029
|
|
$
|
8,398
|
|
$
|
11,536
|
|
$
|
8,703
|
|
$
|
11,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
607
|
|
650
|
|
-
|
|
500
|
|
1,557
|
|
-
|
|
9,368
|
|
9,679
|
|
8,398
|
|
12,036
|
|
10,260
|
|
11,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
88
|
|
8
|
|
2
|
|
58
|
|
168
|
|
57
|
Consumer
|
-
|
|
-
|
|
1
|
|
34
|
|
-
|
|
33
|
Total
recoveries
|
88
|
|
8
|
|
3
|
|
92
|
|
168
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
(3)
|
|
(926)
|
|
(78)
|
|
(3,425)
|
|
(975)
|
|
(3,303)
|
Consumer
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
(3)
|
|
(926)
|
|
(78)
|
|
(3,425)
|
|
(975)
|
|
(3,303)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
85
|
|
(918)
|
|
(75)
|
|
(3,333)
|
|
(807)
|
|
(3,213)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of
period
|
$
|
9,453
|
|
$
|
8,761
|
|
$
|
8,323
|
|
$
|
8,703
|
|
$
|
9,453
|
|
$
|
8,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of
|
|
|
|
|
|
|
|
|
|
|
|
average loans
outstanding
|
(0.04%)
|
|
0.40%
|
|
0.04%
|
|
0.41%
|
|
0.12%
|
|
0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
of period-end
loans
|
1.00%
|
|
0.94%
|
|
0.98%
|
|
0.99%
|
|
1.00%
|
|
0.98%
|
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)
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
18,331
|
|
$
|
18,070
|
|
$
|
11,057
|
|
$
|
12,080
|
|
$
|
13,825
|
Consumer and
other
|
1,007
|
|
772
|
|
762
|
|
542
|
|
547
|
Total non-accrual
loans
|
19,338
|
|
18,842
|
|
11,819
|
|
12,622
|
|
14,372
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90
days or more
|
|
|
|
|
|
|
|
|
|
and still
accruing
|
153
|
|
-
|
|
8,037
|
|
-
|
|
844
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
19,491
|
|
18,842
|
|
19,856
|
|
12,622
|
|
15,216
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
10,271
|
|
11,974
|
|
11,393
|
|
11,313
|
|
13,773
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
$
|
29,762
|
|
$
|
30,816
|
|
$
|
31,249
|
|
$
|
23,935
|
|
$
|
28,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
to total loans
|
2.06%
|
|
2.03%
|
|
2.21%
|
|
1.44%
|
|
1.80%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.72%
|
|
1.95%
|
|
2.11%
|
|
1.66%
|
|
2.10%
|
|
|
|
|
|
|
|
|
|
|
Non-performing loan
coverage
|
48.50%
|
|
46.50%
|
|
45.47%
|
|
68.95%
|
|
54.70%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage
|
|
|
|
|
|
|
|
|
|
of total
period-end loans
|
1.00%
|
|
0.94%
|
|
1.00%
|
|
0.99%
|
|
0.98%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
/ capital plus
|
|
|
|
|
|
|
|
|
|
allowance for loan losses
|
23.05%
|
|
24.20%
|
|
24.87%
|
|
19.61%
|
|
23.61%
|
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SOURCE Republic First Bancorp, Inc.