Attached files
| file | filename |
|---|---|
| 8-K - REPUBLIC FIRST BANCORP FORM 8-K - REPUBLIC FIRST BANCORP INC | rfb8k.htm |
Exhibit 99.1
 |
News Release
Republic First Bancorp, Inc.
July 29, 2011
|
REPUBLIC FIRST BANCORP, INC. REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 2011
Philadelphia, PA, July 29, 2011 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the three month period ended June 30, 2011.
During the second quarter of 2011, the Company recorded a net loss of $0.5 million, or $0.02 per share, compared to a net loss of $7.1 million, or $0.60 per share, for the second quarter of 2010.
“We continue to make strides in a positive direction related to the resolution of credit quality concerns on our balance sheet today,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “Non-performing assets are lower for a fourth consecutive quarter as of June 30, 2011 and other credit quality indicators continue to steadily improve.”
“Over the past two years we have transformed Republic into a new bank with a new brand, new management team, renovated store locations and a retail model focused on fanatical customer service,” said Madonna. “During this time we have strengthened our capital position and brought stabilization to the balance sheet in an incredibly challenging economic environment. Unfortunately our earnings continue to be negatively impacted by some of the remaining asset quality issues originated under the old bank model prior to 2008. We firmly believe that our current strategy, along with our overall financial strength, will carry us through any challenges that may lie ahead and also puts us in a position to expand and take advantage of future opportunities.”
Highlights for the Three Months Ended June 30, 2011
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Ø
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Capital levels remain strong with a Total Risk-Based Capital ratio of 14.07% and a Tier I Leverage Ratio of 10.67% at June 30, 2011
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Ø
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Tangible book value per share as of June 30, 2011 was $3.36
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Ø
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Core deposits increased by $46.4 million, or 7%, on a linked quarter basis as of June 30, 2011
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Ø
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Increased the allowance for loan losses to $15.1 million, or 2.36% of total loans, as of June 30, 2011
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Ø
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Increased outstanding loan balances on a linked quarter basis by $8.6 million to $639.4 million at June 30, 2011, compared to $630.8 million at March 31, 2011
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Ø
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Reduced non-performing asset balances for a fourth consecutive quarter
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Ø
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The net interest margin improved to 3.61% for the three months ended June 30, 2011 compared to 3.42% for the three months ended June 30, 2010
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Income Statement
The Company reported a net loss of $0.5 million or $0.02 per share, for the three months ended June 30, 2011, compared to a net loss of $7.1 million, or $0.60 per share, for the three months ended June 30, 2010.
The loan loss provision decreased to $1.5 million for the quarter ended June 30, 2011 compared to $10.8 million for the quarter ended June 30, 2010 as credit quality indicators continue to stabilize. The loan loss provision recorded during the second quarter of 2011 primarily relates to updated appraisals of collateral for troubled loans originated prior to 2008.
The Company continues to lower its cost of funds as evidenced by a decrease of 21 basis points to 1.03% for the three months ended June 30, 2011, compared to 1.24% for the three months ended June 30, 2010. The net interest margin improved to 3.61% for the quarter ended June 30, 2011 compared to 3.42% for the quarter ended June 30, 2010.
Non-interest income increased to $2.1 million for the three months ended June 30, 2011 compared to $0.3 million for the three months ended June 30, 2010, as the Company continued to recognize gains on the sale of SBA loans during the second quarter 2011. The experienced SBA lending team hired by the Company earlier in the year is now ranked as the #1 SBA lender in New Jersey and the #36 lender in the nation based on the dollar volume of loan originations.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
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Description
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June 30,
2011
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March 31,
2011
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% Change
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June 30,
2010
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% Change
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|||||||||||||||
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Total assets
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$ | 900,892 | $ | 877,081 | 3 | % | $ | 934,303 | (4 | %) | ||||||||||
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Total loans (net)
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624,280 | 616,360 | 1 | % | 658,812 | (5 | %) | |||||||||||||
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Total deposits
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783,102 | 761,077 | 3 | % | 805,211 | (3 | %) | |||||||||||||
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Total core deposits
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718,053 | 671,605 | 7 | % | 681,765 | 5 | % | |||||||||||||
Net loans increased by $7.9 million to $624.3 million as of June 30, 2011, compared to $616.4 million as of March 31, 2011. Core deposits increased by $46.4 million, or 7%, as of June 30, 2011 compared to March 31, 2011 as a result of the Company’s retail strategy which focuses on relationship banking.
Total deposits decreased by $22.1 million, or 3%, as of June 30, 2011 when compared to June 30, 2010, primarily as a result of the Company’s intentional effort to reduce its dependence on wholesale funding sources in the brokered and public fund certificate of deposit market. Liquidity continues to improve as the Company has currently eliminated the need for outside borrowings and has significantly reduced its dependence on wholesale funding sources.
2
Core Deposits
Core deposits by type of account are as follows (dollars in thousands):
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Description
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June 30,
2011
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March 31,
2011
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%
Change
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June 30,
2010
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%
Change
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2nd Qtr 2011 Cost of Funds
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Demand noninterest-bearing
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$ | 113,641 | $ | 78,221 | 45 | % | $ | 117,169 | (3 | %) | 0.00 | % | ||||||||||||
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Demand interest-bearing
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97,149 | 76,349 | 27 | % | 64,636 | 50 | % | 0.68 | % | |||||||||||||||
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Money market and savings
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321,971 | 333,457 | (3 | %) | 311,790 | 3 | % | 1.02 | % | |||||||||||||||
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Certificates of deposit
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185,292 | 183,578 | 1 | % | 188,170 | (2 | %) | 1.38 | % | |||||||||||||||
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Total core deposits
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$ | 718,053 | $ | 671,605 | 7 | % | $ | 681,765 | 5 | % | 0.92 | % | ||||||||||||
Core deposits increased to $718.1 million at June 30, 2011 compared to $681.8 million at June 30, 2010 as the Company continues to focus its effort on the gathering of low-cost core deposits. At the same time, the Company reduced the overall deposit cost of funds to 0.92% for the three month period ending June 30, 2011 compared to 1.10% for the three month period ending June 30, 2010.
Lending
Loans by type of customer are as follows (dollars in thousands):
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Description
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June 30,
2011
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% of
Total
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March 31,
2011
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% of
Total
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June 30,
2010
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% of
Total
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Commercial
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$ | 81,783 | 13 | % | $ | 78,735 | 12 | % | $ | 92,500 | 14 | % | ||||||||||||
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Owner occupied
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81,799 | 13 | % | 79,412 | 13 | % | 84,507 | 13 | % | |||||||||||||||
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Total commercial
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163,582 | 26 | % | 158,147 | 25 | % | 177,007 | 27 | % | |||||||||||||||
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Consumer & residential
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20,149 | 3 | % | 20,884 | 3 | % | 21,756 | 3 | % | |||||||||||||||
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Commercial real estate
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455,657 | 71 | % | 451,779 | 72 | % | 470,325 | 70 | % | |||||||||||||||
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Gross loans
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$ | 639,388 | 100 | % | $ | 630,810 | 100 | % | $ | 669,088 | 100 | % | ||||||||||||
Gross loans increased for a second consecutive quarter to $639.4 million as of June 30, 2011 as the Company continues to realize a steady return to quality loan demand.
3
Asset Quality
The Company’s asset quality ratios are highlighted below:
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Quarter Ended
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Ratio
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June 30,
2011
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March 31,
2011
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June 30,
2010
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Non-performing assets/total assets
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5.78%
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6.07%
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6.69%
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Quarterly net loan charge-offs (recoveries)/average loans
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0.53%
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0.35%
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8.38%
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Allowance for loan losses/gross loans
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2.36%
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2.29%
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1.54%
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Allowance for loan losses/non-performing loans
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39%
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37%
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20%
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Non-performing assets/capital and reserves
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51%
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53%
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63%
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Non-performing assets trended lower for a fourth consecutive quarter to $52.0 million, or 5.78% of total assets, at June 30, 2011, compared to $62.5 million, or 6.69% of total assets, as of June 30, 2010. The allowance for loan losses as a percentage of total loans increased to 2.36% as of June 30, 2011, compared to 1.54% as of June 30, 2010.
Every non-performing asset currently on the books was originated under the old bank model prior to December 31, 2007. The Company will continue to aggressively pursue resolutions for each non-performing asset.
Capital
The Company’s capital regulatory ratios at June 30, 2011 were as follows:
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Republic First Bancorp, Inc.
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Regulatory Guidelines
“Well Capitalized”
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Leverage Ratio
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10.67%
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5.00%
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Tier 1 Risk Based Capital
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12.83%
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6.00%
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Total Risk Based Capital
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14.07%
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10.00%
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Total shareholders’ equity was $87.2 million at June 30, 2011 which represented a book value per share of $3.36, based on common shares outstanding of approximately 26.0 million.
The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.
4
About Republic Bank
Republic Bank 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 thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey.
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 their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” 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
5
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Republic First Bancorp, Inc.
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Selected Consolidated Financial Data
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(Unaudited)
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| Three months ended | Six months ended | |||||||||||||||||||||||||||||||
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(dollars in thousands, except per share amounts)
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6/30/11
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3/31/11
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%
Change
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6/30/10
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%
Change
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6/30/11
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6/30/10
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%
Change
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Income Statement Data:
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Net interest income
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$ | 7,526 | $ | 7,420 | 1 | % | $ | 7,511 | 0 | % | $ | 14,946 | $ | 14,920 | 0 | % | ||||||||||||||||
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Provision for loan losses
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1,500 | 3,550 | 58 | % | 10,750 | (86 | %) | 5,050 | 16,250 | (69 | %) | |||||||||||||||||||||
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Non-interest income
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2,076 | 1,127 | 84 | % | 254 | 717 | % | 3,203 | 729 | 339 | % | |||||||||||||||||||||
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Total revenues
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9,602 | 8,547 | 12 | % | 7,765 | 24 | % | 18,149 | 15,649 | 16 | % | |||||||||||||||||||||
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Non-interest expenses
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9,011 | 8,992 | 0 | % | 7,953 | 13 | % | 18,003 | 16,358 | 10 | % | |||||||||||||||||||||
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Provision (benefit) for income taxes
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(429 | ) | (1,487 | ) | (71 | %) | (3,883 | ) | 89 | % | (1,916 | ) | (6,042 | ) | 68 | % | ||||||||||||||||
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Net income (loss)
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(480 | ) | (2,508 | ) | (81 | %) | (7,055 | ) | 93 | % | (2,988 | ) | (10,917 | ) | 73 | % | ||||||||||||||||
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Per Common Share Data:
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Net income (loss): Basic
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$ | (0.02 | ) | $ | (0.10 | ) | (80 | %) | $ | (0.60 | ) | 97 | % | $ | (0.12 | ) | $ | (0.98 | ) | 88 | % | |||||||||||
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Net income (loss): Diluted
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(0.02 | ) | (0.10 | ) | (80 | %) | (0.60 | ) | 97 | % | (0.12 | ) | (0.98 | ) | 88 | % | ||||||||||||||||
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Book Value
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$ | 3.36 | $ | 3.33 | $ | 3.47 | $ | 3.36 | $ | 3.47 | ||||||||||||||||||||||
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Weighted average shares outstanding:
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Basic
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25,973 | 25,973 | 11,707 | 25,973 | 11,142 | |||||||||||||||||||||||||||
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Diluted
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25,973 | 25,973 | 11,707 | 25,973 | 11,142 | |||||||||||||||||||||||||||
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Balance Sheet Data:
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Total assets
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$ | 900,892 | $ | 877,081 | 3 | % | $ | 934,303 | (4 | %) | $ | 900,892 | $ | 934,303 | (4 | %) | ||||||||||||||||
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Loans (net)
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624,280 | 616,360 | 1 | % | 658,812 | (5 | %) | 624,280 | 658,812 | (5 | %) | |||||||||||||||||||||
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Allowance for loan losses
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15,108 | 14,450 | 5 | % | 10,276 | 47 | % | 15,108 | 10,276 | 47 | % | |||||||||||||||||||||
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Investment securities
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168,242 | 145,969 | 15 | % | 180,489 | (7 | %) | 168,242 | 180,489 | (7 | %) | |||||||||||||||||||||
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Total deposits
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783,102 | 761,077 | 3 | % | 805,211 | (3 | %) | 783,102 | 805,211 | (3 | %) | |||||||||||||||||||||
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Core deposits*
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718,053 | 671,605 | 7 | % | 681,765 | 5 | % | 718,053 | 681,765 | 5 | % | |||||||||||||||||||||
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Public and brokered certificates of deposit
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65,049 | 89,472 | (27 | %) | 123,446 | (47 | %) | 65,049 | 123,446 | (47 | %) | |||||||||||||||||||||
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Other borrowed money
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- | - | 9,149 | (100 | %) | - | 9,149 | (100 | %) | |||||||||||||||||||||||
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Subordinated debt
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22,476 | 22,476 | - | 22,476 | - | 22,476 | 22,476 | - | ||||||||||||||||||||||||
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Stockholders' equity
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87,165 | 86,384 | 1 | % | 88,761 | (2 | %) | 87,165 | 88,761 | (2 | %) | |||||||||||||||||||||
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Capital:
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Stockholders' equity to total assets
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9.68 | % | 9.85 | % | 9.50 | % | 9.68 | % | 9.50 | % | ||||||||||||||||||||||
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Leverage ratio
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10.67 | % | 11.25 | % | 10.59 | % | 10.67 | % | 10.59 | % | ||||||||||||||||||||||
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Risk based capital ratios:
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Tier 1
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12.83 | % | 13.02 | % | 12.82 | % | 12.83 | % | 12.82 | % | ||||||||||||||||||||||
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Total Capital
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14.07 | % | 14.28 | % | 14.07 | % | 14.07 | % | 14.07 | % | ||||||||||||||||||||||
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Performance Ratios:
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Cost of funds
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1.03 | % | 1.00 | % | 1.24 | % | 1.02 | % | 1.31 | % | ||||||||||||||||||||||
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Deposit cost of funds
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0.92 | % | 0.88 | % | 1.10 | % | 0.91 | % | 1.16 | % | ||||||||||||||||||||||
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Net interest margin
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3.61 | % | 3.84 | % | 3.42 | % | 3.72 | % | 3.40 | % | ||||||||||||||||||||||
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Return on average assets
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(0.21 | %) | (1.17 | %) | (2.96 | %) | (0.67 | %) | (2.28 | %) | ||||||||||||||||||||||
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Return on average total stockholders' equity
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(2.21 | %) | (11.59 | %) | (39.55 | %) | (6.88 | %) | (30.61 | %) | ||||||||||||||||||||||
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Asset Quality
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Net charge-offs to average loans outstanding
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0.53 | % | 0.35 | % | 8.38 | % | 0.44 | % | 5.56 | % | ||||||||||||||||||||||
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Nonperforming assets to total period-end assets
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5.78 | % | 6.07 | % | 6.69 | % | 5.78 | % | 6.69 | % | ||||||||||||||||||||||
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Allowance for loan losses to total period-end loans
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2.36 | % | 2.29 | % | 1.54 | % | 2.36 | % | 1.54 | % | ||||||||||||||||||||||
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Allowance for loan losses to nonperforming loans
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38.81 | % | 36.90 | % | 19.83 | % | 38.81 | % | 19.83 | % | ||||||||||||||||||||||
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Nonperforming assets to capital and reserves
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50.88 | % | 52.80 | % | 63.07 | % | 50.88 | % | 63.07 | % | ||||||||||||||||||||||
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* Core deposits equal total deposits less public and brokered certificates of deposit
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Republic First Bancorp, Inc. Average Balances and Net Interest Income
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(unaudited)
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(dollars in thousands)
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For the three months ended
June 30, 2011 |
For the three months ended
March 31, 2011 |
For the three months ended
June 30, 2010 |
|||||||||||||||||||||||||||||||||
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Interest
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Interest
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Interest
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||||||||||||||||||||||||||||||||||
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Average
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Income/
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Yield/
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Average
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Income/
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Yield/
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Average
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Income/
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Yield/
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||||||||||||||||||||||||||||
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Balance
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Expense
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Rate
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Balance
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Expense
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Rate
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Balance
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Expense
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Rate
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Interest-earning assets:
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Federal funds sold and other interest-earning assets
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$ | 51,808 | $ | 34 | 0.26 | % | $ | 14,675 | $ | 14 | 0.39 | % | $ | 23,751 | $ | 16 | 0.27 | % | ||||||||||||||||||
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Securities
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160,764 | 1,297 | 3.23 | % | 149,485 | 1,170 | 3.13 | % | 183,421 | 1,602 | 3.49 | % | ||||||||||||||||||||||||
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Loans receivable
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636,128 | 8,430 | 5.32 | % | 629,825 | 8,248 | 5.31 | % | 679,889 | 8,675 | 5.12 | % | ||||||||||||||||||||||||
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Total interest-earning assets
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848,700 | 9,761 | 4.61 | % | 793,985 | 9,432 | 4.81 | % | 887,061 | 10,293 | 4.65 | % | ||||||||||||||||||||||||
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Other assets
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71,967 | 76,454 | 69,564 | |||||||||||||||||||||||||||||||||
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Total assets
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$ | 920,667 | $ | 870,439 | $ | 956,625 | ||||||||||||||||||||||||||||||
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Interest-bearing liabilities:
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Demand non interest-bearing
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$ | 101,395 | $ | 127,055 | $ | 118,223 | ||||||||||||||||||||||||||||||
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Demand interest-bearing
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98,435 | $ | 168 | 0.68 | % | 63,870 | $ | 98 | 0.62 | % | 63,277 | $ | 125 | 0.79 | % | |||||||||||||||||||||
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Money market & savings
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339,603 | 860 | 1.02 | % | 309,805 | 799 | 1.05 | % | 321,689 | 912 | 1.14 | % | ||||||||||||||||||||||||
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Time deposits
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264,070 | 825 | 1.25 | % | 241,191 | 721 | 1.21 | % | 329,699 | 1,239 | 1.51 | % | ||||||||||||||||||||||||
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Total deposits
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803,503 | 1,853 | 0.92 | % | 741,921 | 1,618 | 0.88 | % | 832,888 | 2,276 | 1.10 | % | ||||||||||||||||||||||||
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Total interest-bearing deposits
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702,108 | 1,853 | 1.06 | % | 614,866 | 1,618 | 1.07 | % | 714,665 | 2,276 | 1.28 | % | ||||||||||||||||||||||||
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Other borrowings
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22,478 | 278 | 4.96 | % | 31,946 | 296 | 3.76 | % | 46,507 | 447 | 3.86 | % | ||||||||||||||||||||||||
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Total interest-bearing liabilities
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$ | 724,586 | $ | 2,131 | 1.18 | % | $ | 646,812 | $ | 1,914 | 1.20 | % | $ | 761,172 | $ | 2,723 | 1.43 | % | ||||||||||||||||||
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Total deposits and other borrowings
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825,981 | 2,131 | 1.03 | % | 773,867 | 1,914 | 1.00 | % | 879,395 | 2,723 | 1.24 | % | ||||||||||||||||||||||||
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Non interest-bearing liabilities
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7,683 | 8,781 | 5,681 | |||||||||||||||||||||||||||||||||
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Shareholders' equity
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87,003 | 87,791 | 71,549 | |||||||||||||||||||||||||||||||||
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Total liabilities and shareholders' equity
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$ | 920,667 | $ | 870,439 | $ | 956,625 | ||||||||||||||||||||||||||||||
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Net interest income
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$ | 7,630 | $ | 7,518 | $ | 7,570 | ||||||||||||||||||||||||||||||
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Net interest spread
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3.43 | % | 3.61 | % | 3.22 | % | ||||||||||||||||||||||||||||||
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Net interest margin
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3.61 | % | 3.84 | % | 3.42 | % | ||||||||||||||||||||||||||||||
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The above tables are presented on a tax equivalent basis.
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Republic First Bancorp, Inc. Average Balances and Net Interest Income
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(unaudited)
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For the six months ended
|
For the six months ended
|
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(dollars in thousands)
|
June 30, 2011
|
June 30, 2010
|
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Interest
|
Interest
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Average
|
Income/
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Yield/
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Average
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Income/
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Yield/
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|||||||||||||||||||
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Balance
|
Expense
|
Rate
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Balance
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Expense
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Rate
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Interest-earning assets:
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||||||||||||||||||||||||
|
Federal funds sold and other
|
||||||||||||||||||||||||
|
interest-earning assets
|
$ | 33,344 | $ | 48 | 0.29 | % | $ | 23,298 | $ | 36 | 0.31 | % | ||||||||||||
|
Securities
|
155,156 | 2,467 | 3.18 | % | 187,060 | 3,318 | 3.55 | % | ||||||||||||||||
|
Loans receivable
|
632,994 | 16,678 | 5.31 | % | 681,857 | 17,434 | 5.16 | % | ||||||||||||||||
|
Total interest-earning assets
|
821,494 | 19,193 | 4.71 | % | 892,215 | 20,788 | 4.70 | % | ||||||||||||||||
|
Other assets
|
74,198 | 71,528 | ||||||||||||||||||||||
|
Total assets
|
$ | 895,692 | $ | 963,743 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Demand non interest-bearing
|
$ | 114,154 | $ | 121,791 | ||||||||||||||||||||
|
Demand interest-bearing
|
81,248 | $ | 266 | 0.66 | % | 56,429 | $ | 207 | 0.74 | % | ||||||||||||||
|
Money market & savings
|
324,786 | 1,659 | 1.03 | % | 314,814 | 1,962 | 1.26 | % | ||||||||||||||||
|
Time deposits
|
252,694 | 1,546 | 1.23 | % | 345,162 | 2,644 | 1.54 | % | ||||||||||||||||
|
Total deposits
|
772,882 | 3,471 | 0.91 | % | 838,196 | 4,813 | 1.16 | % | ||||||||||||||||
|
Total interest-bearing deposits
|
658,728 | 3,471 | 1.06 | % | 716,405 | 4,813 | 1.35 | % | ||||||||||||||||
|
Other borrowings
|
27,186 | 574 | 4.26 | % | 47,541 | 936 | 3.97 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
685,914 | 4,045 | 1.19 | % | 763,946 | 5,749 | 1.52 | % | ||||||||||||||||
|
Total deposits and
|
||||||||||||||||||||||||
|
other borrowings
|
800,068 | 4,045 | 1.02 | % | 885,737 | 5,749 | 1.31 | % | ||||||||||||||||
|
Non interest-bearing liabilities
|
8,082 | 6,083 | ||||||||||||||||||||||
|
Shareholders' equity
|
87,542 | 71,923 | ||||||||||||||||||||||
|
Total liabilities and
|
||||||||||||||||||||||||
|
shareholders' equity
|
$ | 895,692 | $ | 963,743 | ||||||||||||||||||||
|
Net interest income
|
$ | 15,148 | $ | 15,039 | ||||||||||||||||||||
|
Net interest spread
|
3.52 | % | 3.18 | % | ||||||||||||||||||||
|
Net interest margin
|
3.72 | % | 3.40 | % | ||||||||||||||||||||
|
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
|
Six months ended | ||||||||||||||||||||||
|
(dollars in thousands)
|
6/30/11
|
3/31/11
|
6/30/10
|
12/31/10
|
6/30/11
|
6/30/10
|
||||||||||||||||||
|
Balance at beginning of period
|
$ | 14,450 | $ | 11,444 | $ | 13,725 | $ | 12,841 | $ | 11,444 | $ | 12,841 | ||||||||||||
|
Provisions charged to operating
|
||||||||||||||||||||||||
|
expense
|
1,500 | 3,550 | 10,750 | 16,600 | 5,050 | 16,250 | ||||||||||||||||||
| 15,950 | 14,994 | 24,475 | 29,441 | 16,494 | 29,091 | |||||||||||||||||||
|
Recoveries on loans charged-off:
|
||||||||||||||||||||||||
|
Commercial
|
2 | 9 | 113 | 1,168 | 11 | 263 | ||||||||||||||||||
|
Consumer
|
38 | - | - | 3 | 38 | - | ||||||||||||||||||
|
Total recoveries
|
40 | 9 | 113 | 1,171 | 49 | 263 | ||||||||||||||||||
|
Loans charged-off:
|
||||||||||||||||||||||||
|
Commercial
|
(882 | ) | (522 | ) | (14,270 | ) | (19,126 | ) | (1,404 | ) | (19,036 | ) | ||||||||||||
|
Consumer
|
- | (31 | ) | (42 | ) | (42 | ) | (31 | ) | (42 | ) | |||||||||||||
|
Total charged-off
|
(882 | ) | (553 | ) | (14,312 | ) | (19,168 | ) | (1,435 | ) | (19,078 | ) | ||||||||||||
|
Net charge-offs
|
(842 | ) | (544 | ) | (14,199 | ) | (17,997 | ) | (1,386 | ) | (18,815 | ) | ||||||||||||
|
Balance at end of period
|
$ | 15,108 | $ | 14,450 | $ | 10,276 | $ | 11,444 | $ | 15,108 | $ | 10,276 | ||||||||||||
|
Net charge-offs as a percentage of
|
||||||||||||||||||||||||
|
average loans outstanding
|
0.53 | % | 0.35 | % | 8.38 | % | 2.73 | % | 0.44 | % | 5.56 | % | ||||||||||||
|
Allowance for loan losses as a percentage of
|
||||||||||||||||||||||||
|
period-end loans
|
2.36 | % | 2.29 | % | 1.54 | % | 1.84 | % | 2.36 | % | 1.54 | % | ||||||||||||
|
Republic First Bancorp, Inc.
|
||||||||||||||||||||
|
Summary of Non-Performing Loans and Assets
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
|
(dollars in thousands)
|
2011
|
2011
|
2010
|
2010
|
2010
|
|||||||||||||||
|
Non-accrual loans:
|
||||||||||||||||||||
|
Commercial real estate
|
$ | 36,642 | $ | 38,187 | $ | 39,302 | $ | 45,958 | $ | 51,213 | ||||||||||
|
Consumer and other
|
949 | 974 | 690 | 574 | 599 | |||||||||||||||
|
Total non-accrual loans
|
37,591 | 39,161 | 39,992 | 46,532 | 51,812 | |||||||||||||||
|
Loans past due 90 days or more
|
||||||||||||||||||||
|
and still accruing
|
1,338 | - | - | 1,795 | - | |||||||||||||||
|
Renegotiated loans
|
- | - | - | - | - | |||||||||||||||
|
Total non-performing loans
|
38,929 | 39,161 | 39,992 | 48,327 | 51,812 | |||||||||||||||
|
Other real estate owned
|
13,109 | 14,077 | 15,237 | 10,647 | 10,647 | |||||||||||||||
|
Total non-performing assets
|
$ | 52,038 | $ | 53,238 | $ | 55,229 | $ | 58,974 | $ | 62,459 | ||||||||||
|
Non-performing loans to total loans
|
6.09 | % | 6.21 | % | 6.45 | % | 7.60 | % | 7.74 | % | ||||||||||
|
Non-performing assets to total assets
|
5.78 | % | 6.07 | % | 6.30 | % | 6.23 | % | 6.69 | % | ||||||||||
|
Non-performing loan coverage
|
38.81 | % | 36.90 | % | 28.62 | % | 22.53 | % | 19.83 | % | ||||||||||
|
Allowance for loan losses as a percentage
|
||||||||||||||||||||
|
of total period-end loans
|
2.36 | % | 2.29 | % | 1.84 | % | 1.71 | % | 1.54 | % | ||||||||||
|
Non-performing assets/capital plus
|
||||||||||||||||||||
|
allowance for loan losses
|
50.88 | % | 52.80 | % | 55.46 | % | 58.36 | % | 63.07 | % | ||||||||||