Attached files
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| 8-K - REPUBLIC FIRST BANCORP, INC. FORM 8-K - REPUBLIC FIRST BANCORP INC | rfb8k.htm |
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News Release
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Republic First Bancorp, Inc.
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January 22, 2015
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REPUBLIC FIRST BANCORP, INC. REPORTS DEPOSIT GROWTH OF 23%
NET INCOME IMPROVES BY 170%
Philadelphia, PA, January 22, 2015 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2014.
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Financial Highlights
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Three Months Ended
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Twelve Months Ended
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($ in millions, except per share data)
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12/31/14
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12/31/13
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% Change
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12/31/14
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12/31/13
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% Change
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Assets
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$ | 1,214.6 | $ | 961.7 | 26 | % | ||||||||||||||||||
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Loans
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781.9 | 679.3 | 15 | % | ||||||||||||||||||||
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Deposits
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1,072.2 | 869.5 | 23 | % | ||||||||||||||||||||
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Total Revenue
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$ | 12.0 | $ | 10.6 | 12 | % | $ | 43.8 | $ | 41.8 | 5 | % | ||||||||||||
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Net Income
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0.9 | (3.3 | ) | 126 | % | 2.4 | (3.5 | ) | 170 | % | ||||||||||||||
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Net Income per Share
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$ | 0.02 | $ | (0.13 | ) | 115 | % | $ | 0.07 | $ | (0.13 | ) | 154 | % | ||||||||||
“Our fourth quarter results bring to conclusion a very successful year for Republic Bank led by continued growth in our market with our new model,” said Harry D. Madonna, Chairman and Chief Executive Officer of Republic Bank. “With total assets, deposits and loans growing by double-digit percentages in 2014, it is clear that our strategic plan is producing strong and tangible results.”
“Our significant year-over-year growth reaffirms the commitment to our aggressive expansion plan,” added Madonna. “With fifteen stores, including our newest store recently opened in Glassboro, Republic Bank enters 2015 with substantial momentum and a growing public awareness that we are redefining the Customer experience.”
Highlights for the Period Ended December 31, 2014
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Total assets increased by $253 million, or 26%, to $1.2 billion as of December 31, 2014 compared to $962 million as of December 31, 2013.
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Non-interest bearing demand deposits increased by 42% to $224 million as of December 31, 2014 compared to $158 million as of December 31, 2013.
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Total deposits increased by $203 million, or 23%, to $1.1 billion as of December 31, 2014 compared to $870 million as of December 31, 2013. The cost of funds on interest bearing deposits decreased to 0.47% for the year ended December 31, 2014 compared to 0.50% for the year ended December 31, 2013.
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Total loans grew $103 million, or 15%, to $782 million as of December 31, 2014 compared to $679 million at December 31, 2013.
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SBA lending continued to be a focal point of the Company’s lending strategy. More than $56 million in new SBA loans were originated during the year ended December 31, 2014. Our team is currently ranked as the #1 SBA lender in the tri-state market of New Jersey, Pennsylvania and Delaware based on the dollar volume of loan originations.
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Shareholders’ equity increased by 79% to $113 million as of December 31, 2014 compared to $63 million as of December 31, 2013 as a result of the $45 million common stock offering closed during the second quarter of 2014.
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The Company’s Total Risk-Based Capital ratio was 15.10% and Tier I Leverage Ratio was 11.23% at December 31, 2014.
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Tangible book value per share was $2.98 as of December 31, 2014.
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Income Statement
The major components of the income statement are as follows (dollars in thousands, except per share data):
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Three Months Ended
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Twelve Months Ended
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12/31/14
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12/31/13
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% Change
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12/31/14
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12/31/13
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% Change
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Total Revenue
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$ | 11,967 | $ | 10,649 | 12 | % | $ | 43,846 | $ | 41,831 | 5 | % | ||||||||||||
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Provision for Loan Losses
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300 | 3,760 | (92 | %) | 900 | 4,935 | (82 | %) | ||||||||||||||||
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Non-interest Expenses
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10,792 | 10,117 | 7 | % | 40,550 | 40,411 | 0 | % | ||||||||||||||||
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Net Income
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853 | (3,261 | ) | 126 | % | 2,442 | (3,480 | ) | 170 | % | ||||||||||||||
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Net Income per Share
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$ | 0.02 | $ | (0.13 | ) | 115 | % | $ | 0.07 | $ | (0.13 | ) | 154 | % | ||||||||||
The Company reported net income of $2.4 million, or $0.07 per share, for the twelve month period ended December 31, 2014, compared to a net loss of $3.5 million, or $(0.13) per share, for the twelve month period ended December 31, 2013.
Prior year earnings were impacted by charges associated with loans and relationships that were established prior to 2008 under the old Republic Bank model including a loan loss provision in the amount of $3.6 million on one loan, a $2.1 million writedown on an OREO property, and a $1.9 million settlement on an outstanding legal matter. Earnings in 2014 were not materially affected by legacy issues that impacted the prior year.
2
Net interest income increased by $3.2 million, or 10%, to $35.8 million for the year ended December 31, 2014 compared to $32.6 million for the year ended December 31, 2013. This increase was driven by strong growth in interest-earning assets during the year.
The provision for loan losses decreased by $4.0 million, to $0.9 million for the twelve month period ended December 31, 2014 compared to $4.9 million in the prior year period mainly due to the aforementioned provision related to a single loan relationship recorded in the fourth quarter of 2013.
Non-interest expenses increased by a minimal amount during 2014 to $40.5 million during the twelve month period ended December 31, 2014 compared to $40.4 million during the twelve months ended December 31, 2013. Increases in salaries, employee benefits, occupancy and equipment expenses driven by the addition of new stores related to the Company’s expansion strategy were offset by decreases in foreclosed real estate and other operating expenses as a result of significant charges in 2013 that did not recur in 2014 as discussed previously.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
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Description
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12/31/14
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12/31/13
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% Change
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09/30/14
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% Change
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Total assets
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$ | 1,214,598 | $ | 961,665 | 26 | % | $ | 1,130,716 | 7 | % | ||||||||||
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Total loans (net)
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770,404 | 667,048 | 15 | % | 739,817 | 4 | % | |||||||||||||
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Total deposits
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1,072,230 | 869,534 | 23 | % | 990,075 | 8 | % | |||||||||||||
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Total core deposits
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1,061,994 | 859,301 | 24 | % | 979,840 | 8 | % | |||||||||||||
Total assets increased by $252.9 million, or 26%, as of December 31, 2014 when compared to December 31, 2013. Deposits grew by $202.7 million to $1.1 billion as of December 31, 2014 compared to $869.5 million as of December 31, 2013. The number of deposit accounts grew by 26% during the year ended December 31, 2014. The strong growth in assets, loans and deposits during 2014 was driven by the Company’s successful execution of its growth strategy.
3
Core Deposits
Core deposits by type of account are as follows (dollars in thousands):
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Description
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12/31/14
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12/31/13
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% Change
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09/30/14
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% Change
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4th Qtr 2014 Cost of Funds
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Demand noninterest-bearing
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$ | 224,245 | $ | 157,806 | 42 | % | $ | 216,642 | 4 | % | 0.00 | % | ||||||||||||
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Demand interest-bearing
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283,768 | 230,221 | 23 | % | 224,102 | 27 | % | 0.39 | % | |||||||||||||||
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Money market and savings
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488,848 | 402,671 | 21 | % | 471,199 | 4 | % | 0.45 | % | |||||||||||||||
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Certificates of deposit
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65,133 | 68,603 | (5 | %) | 67,897 | (4 | %) | 0.78 | % | |||||||||||||||
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Total core deposits
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$ | 1,061,994 | $ | 859,301 | 24 | % | $ | 979,840 | 8 | % | 0.36 | % | ||||||||||||
Core deposits increased to $1.1 billion at December 31, 2014 compared to $859.3 million at December 31, 2013 as the Company moves forward with its expansion strategy which focuses on the gathering of low-cost core deposits. The Company recognized strong growth in demand, money market and savings account balances on a year to year basis, while at the same time decreasing the deposit cost of funds to 0.38% for the twelve month period ending December 31, 2014 compared to 0.41% for the twelve month period ending December 31, 2013.
Lending
Loans by type are as follows (dollars in thousands):
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Description
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12/31/14
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% of Total
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12/31/13
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% of Total
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09/30/14
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% of
Total
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Commercial real estate
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$ | 379,259 | 48 | % | $ | 342,794 | 50 | % | $ | 366,611 | 49 | % | ||||||||||||
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Construction and land development
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29,861 | 4 | % | 23,977 | 4 | % | 38,236 | 5 | % | |||||||||||||||
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Commercial and industrial
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145,113 | 19 | % | 118,209 | 17 | % | 134,340 | 18 | % | |||||||||||||||
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Owner occupied real estate
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188,025 | 24 | % | 160,229 | 24 | % | 172,642 | 23 | % | |||||||||||||||
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Consumer and other
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39,713 | 5 | % | 31,981 | 5 | % | 38,365 | 5 | % | |||||||||||||||
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Residential mortgage
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408 | 0 | % | 2,359 | 0 | % | 2,314 | 0 | % | |||||||||||||||
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Deferred costs (fees)
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(439 | ) | (238 | ) | (475 | ) | ||||||||||||||||||
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Gross loans
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$ | 781,940 | 100 | % | $ | 679,311 | 100 | % | $ | 752,033 | 100 | % | ||||||||||||
Gross loans increased by $102.6 million, or 15%, to $781.9 million at December 31, 2014 compared to $679.3 million at December 31, 2013 as a result of an increase in quality loan demand over the last twelve months and continued success with our relationship banking model.
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Asset Quality
The Company’s non-performing asset balances and asset quality ratios are highlighted below:
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Three Months Ended
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12/31/14
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09/30/14
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12/31/13
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Non-performing assets / total assets
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2.07 | % | 2.38 | % | 1.51 | % | ||||||
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Quarterly net loan charge-offs / average loans
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0.51 | % | 0.08 | % | 0.12 | % | ||||||
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Allowance for loan losses / gross loans
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1.48 | % | 1.62 | % | 1.81 | % | ||||||
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Allowance for loan losses / non-performing loans
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54 | % | 53 | % | 118 | % | ||||||
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Non-performing assets / capital and reserves
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20 | % | 22 | % | 19 | % | ||||||
Non-performing assets increased by $10.7 million to $25.2 million, or 2.07% of total assets, at December 31, 2014, compared to $14.5 million, or 1.51% of total assets, as of December 31, 2013. This increase was primarily driven by one loan that was transferred to non-accrual status during the second quarter of 2014. A reserve for this loan was recorded during the fourth quarter of 2013 when it was initially downgraded to impaired status.
The allowance for loan losses as a percentage of non-performing loans decreased to 54% as of December 31, 2014, compared to 118% as of December 31, 2013. The ratio of non-performing assets to capital and reserves increased to 20% as of December 31, 2014, compared to 19% as of December 31, 2013.
Capital
The Company’s capital ratios at December 31, 2014 were as follows:
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Actual
December 31, 2014
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Regulatory Guidelines
“Well Capitalized”
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Leverage Ratio
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11.23%
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5.00%
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Tier 1 Risk Based Capital
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13.88%
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6.00%
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Total Risk Based Capital
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15.10%
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10.00%
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Tangible Common Equity
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9.29%
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n/a
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During the second quarter of 2014, the Company successfully completed a private placement offering of common stock in the amount of $45 million. 11.8 million shares were sold through the offering at a price of $3.80 per share. Total shareholders’ equity increased to $112.8 million at December 31, 2014 compared to $62.9 million at December 31, 2013. Tangible book value per share increased to $2.98 at December 31, 2014 compared to $2.42 per share at December 31, 2013.
5
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 fifteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill, Voorhees and Glassboro, New Jersey. For more information about Republic Bank, visit 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, 2013 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
6
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Republic First Bancorp, Inc.
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Consolidated Balance Sheets
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(Unaudited)
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December 31,
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September 30,
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December 31,
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(dollars in thousands)
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2014
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2014
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2013
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ASSETS
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Cash and due from banks
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$ | 14,822 | $ | 13,546 | $ | 12,525 | ||||||
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Interest-bearing deposits and federal funds sold
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114,004 | 92,298 | 23,355 | |||||||||
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Total cash and cash equivalents
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128,826 | 105,844 | 35,880 | |||||||||
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Securities - Available for sale
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185,379 | 158,830 | 204,891 | |||||||||
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Securities - Held to maturity
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67,866 | 68,991 | 21 | |||||||||
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Restricted stock
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1,157 | 1,725 | 1,570 | |||||||||
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Total investment securities
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254,402 | 229,546 | 206,482 | |||||||||
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Loans held for sale
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1,676 | 789 | 4,931 | |||||||||
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Loans receivable
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781,940 | 752,033 | 679,311 | |||||||||
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Allowance for loan losses
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(11,536 | ) | (12,216 | ) | (12,263 | ) | ||||||
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Net loans
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770,404 | 739,817 | 667,048 | |||||||||
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Premises and equipment
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35,030 | 29,767 | 22,748 | |||||||||
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Other real estate owned
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3,715 | 3,775 | 4,059 | |||||||||
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Other assets
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20,545 | 21,178 | 20,517 | |||||||||
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Total Assets
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$ | 1,214,598 | $ | 1,130,716 | $ | 961,665 | ||||||
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LIABILITIES
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Non-interest bearing deposits
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$ | 224,245 | $ | 216,642 | $ | 157,806 | ||||||
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Interest bearing deposits
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847,985 | 773,433 | 711,728 | |||||||||
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Total deposits
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1,072,230 | 990,075 | 869,534 | |||||||||
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Subordinated debt
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22,476 | 22,476 | 22,476 | |||||||||
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Other liabilities
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7,081 | 6,572 | 6,756 | |||||||||
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Total Liabilities
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1,101,787 | 1,019,123 | 898,766 | |||||||||
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SHAREHOLDERS' EQUITY
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Common stock - $0.01 par value
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383 | 383 | 265 | |||||||||
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Additional paid-in capital
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152,234 | 152,122 | 107,078 | |||||||||
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Accumulated deficit
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(35,266 | ) | (36,119 | ) | (37,708 | ) | ||||||
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Treasury stock at cost
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(3,725 | ) | (3,725 | ) | (3,099 | ) | ||||||
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Stock held by deferred compensation plan
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(183 | ) | (183 | ) | (809 | ) | ||||||
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Accumulated other comprehensive income (loss)
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(632 | ) | (885 | ) | (2,828 | ) | ||||||
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Total Shareholders' Equity
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112,811 | 111,593 | 62,899 | |||||||||
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Total Liabilities and Shareholders' Equity
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$ | 1,214,598 | $ | 1,130,716 | $ | 961,665 | ||||||
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Republic First Bancorp, Inc.
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Consolidated Statements of Operations
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(Unaudited)
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Three Months Ended
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Twelve Months Ended
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December 31,
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September 30,
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December 31,
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December 31,
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December 31,
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(dollars in thousands, except per share amounts)
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2014
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2014
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2013
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2014
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2013
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INTEREST INCOME
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Interest and fees on loans
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$ | 9,236 | $ | 9,000 | $ | 8,181 | $ | 34,869 | $ | 32,335 | ||||||||||
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Interest and dividends on investment securities
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1,470 | 1,356 | 1,321 | 5,417 | 4,685 | |||||||||||||||
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Interest on other interest earning assets
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80 | 45 | 42 | 187 | 185 | |||||||||||||||
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Total interest income
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10,786 | 10,401 | 9,544 | 40,473 | 37,205 | |||||||||||||||
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INTEREST EXPENSE
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Interest on deposits
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968 | 918 | 828 | 3,536 | 3,478 | |||||||||||||||
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Interest on borrowed funds
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278 | 277 | 278 | 1,108 | 1,112 | |||||||||||||||
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Total interest expense
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1,246 | 1,195 | 1,106 | 4,644 | 4,590 | |||||||||||||||
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Net interest income
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9,540 | 9,206 | 8,438 | 35,829 | 32,615 | |||||||||||||||
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Provision for loan losses
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300 | 300 | 3,760 | 900 | 4,935 | |||||||||||||||
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Net interest income after provision for loan losses
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9,240 | 8,906 | 4,678 | 34,929 | 27,680 | |||||||||||||||
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NON-INTEREST INCOME
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Service fees on deposit accounts
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328 | 316 | 277 | 1,224 | 1,046 | |||||||||||||||
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Gain on sale of SBA loans
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1,903 | 614 | 1,475 | 4,717 | 5,338 | |||||||||||||||
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Gain (loss) on sale of investment securities
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- | - | - | 458 | 703 | |||||||||||||||
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Other non-interest income
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196 | 441 | 459 | 1,618 | 2,129 | |||||||||||||||
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Total non-interest income
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2,427 | 1,371 | 2,211 | 8,017 | 9,216 | |||||||||||||||
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NON-INTEREST EXPENSE
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Salaries and employee benefits
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5,147 | 5,074 | 3,788 | 20,089 | 17,064 | |||||||||||||||
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Occupancy and equipment
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1,746 | 1,749 | 1,453 | 6,629 | 5,740 | |||||||||||||||
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Legal and professional fees
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615 | 614 | 847 | 2,758 | 3,298 | |||||||||||||||
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Foreclosed real estate
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732 | 376 | 1,408 | 1,794 | 3,179 | |||||||||||||||
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Regulatory assessments and related fees
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274 | 258 | 345 | 1,065 | 1,257 | |||||||||||||||
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Other operating expenses
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2,278 | 1,915 | 2,276 | 8,215 | 9,873 | |||||||||||||||
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Total non-interest expense
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10,792 | 9,986 | 10,117 | 40,550 | 40,411 | |||||||||||||||
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Income (loss) before provision (benefit) for income taxes
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875 | 291 | (3,228 | ) | 2,396 | (3,515 | ) | |||||||||||||
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Provision (benefit) for income taxes
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22 | (6 | ) | 33 | (46 | ) | (35 | ) | ||||||||||||
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Net income (loss)
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$ | 853 | $ | 297 | $ | (3,261 | ) | $ | 2,442 | $ | (3,480 | ) | ||||||||
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Net Income (Loss) per Common Share
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Basic
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$ | 0.02 | $ | 0.01 | $ | (0.13 | ) | $ | 0.07 | $ | (0.13 | ) | ||||||||
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Diluted
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$ | 0.02 | $ | 0.01 | $ | (0.13 | ) | $ | 0.07 | $ | (0.13 | ) | ||||||||
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Average Common Shares Outstanding
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Basic
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37,815 | 37,815 | 25,973 | 34,232 | 25,973 | |||||||||||||||
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Diluted
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38,121 | 38,253 | 25,973 | 34,591 | 25,973 | |||||||||||||||
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Republic First Bancorp, Inc.
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Average Balances and Net Interest Income
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(unaudited)
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For the three months ended
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For the three months ended
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For the three months ended
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(dollars in thousands)
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December 31, 2014
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September 30, 2014
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December 31, 2013
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Interest
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Interest
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Interest
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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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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
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interest-earning assets
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$ | 122,787 | $ | 80 | 0.26 | % | $ | 77,666 | $ | 45 | 0.23 | % | $ | 61,963 | $ | 42 | 0.27 | % | ||||||||||||||||||
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Securities
|
234,479 | 1,527 | 2.60 | % | 221,357 | 1,408 | 2.54 | % | 206,259 | 1,361 | 2.64 | % | ||||||||||||||||||||||||
|
Loans receivable
|
757,953 | 9,283 | 4.86 | % | 744,466 | 9,046 | 4.82 | % | 663,567 | 8,226 | 4.92 | % | ||||||||||||||||||||||||
|
Total interest-earning assets
|
1,115,219 | 10,890 | 3.87 | % | 1,043,489 | 10,499 | 3.99 | % | 931,789 | 9,629 | 4.10 | % | ||||||||||||||||||||||||
|
Other assets
|
55,997 | 53,430 | 46,363 | |||||||||||||||||||||||||||||||||
|
Total assets
|
$ | 1,171,216 | $ | 1,096,919 | $ | 978,152 | ||||||||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
|
Demand non interest-bearing
|
$ | 214,872 | $ | 196,734 | $ | 159,956 | ||||||||||||||||||||||||||||||
|
Demand interest-bearing
|
258,443 | 252 | 0.39 | % | 229,229 | 220 | 0.38 | % | 218,275 | 210 | 0.38 | % | ||||||||||||||||||||||||
|
Money market & savings
|
478,651 | 537 | 0.45 | % | 449,848 | 509 | 0.45 | % | 419,982 | 431 | 0.41 | % | ||||||||||||||||||||||||
|
Time deposits
|
76,756 | 179 | 0.93 | % | 79,798 | 189 | 0.94 | % | 81,744 | 187 | 0.91 | % | ||||||||||||||||||||||||
|
Total deposits
|
1,028,722 | 968 | 0.37 | % | 955,609 | 918 | 0.38 | % | 879,957 | 828 | 0.37 | % | ||||||||||||||||||||||||
|
Total interest-bearing deposits
|
813,850 | 968 | 0.47 | % | 758,875 | 918 | 0.48 | % | 720,001 | 828 | 0.46 | % | ||||||||||||||||||||||||
|
Other borrowings
|
22,689 | 278 | 4.86 | % | 22,476 | 277 | 4.89 | % | 22,476 | 278 | 4.91 | % | ||||||||||||||||||||||||
|
Total interest-bearing liabilities
|
836,539 | 1,246 | 0.59 | % | 781,351 | 1,195 | 0.61 | % | 742,477 | 1,106 | 0.59 | % | ||||||||||||||||||||||||
|
Total deposits and
|
||||||||||||||||||||||||||||||||||||
|
other borrowings
|
1,051,411 | 1,246 | 0.47 | % | 978,085 | 1,195 | 0.48 | % | 902,433 | 1,106 | 0.49 | % | ||||||||||||||||||||||||
|
Non interest-bearing liabilities
|
7,427 | 7,198 | 9,312 | |||||||||||||||||||||||||||||||||
|
Shareholders' equity
|
112,378 | 111,636 | 66,407 | |||||||||||||||||||||||||||||||||
|
Total liabilities and
|
||||||||||||||||||||||||||||||||||||
|
shareholders' equity
|
$ | 1,171,216 | $ | 1,096,919 | $ | 978,152 | ||||||||||||||||||||||||||||||
|
Net interest income
|
$ | 9,644 | $ | 9,304 | $ | 8,523 | ||||||||||||||||||||||||||||||
|
Net interest spread
|
3.28 | % | 3.38 | % | 3.51 | % | ||||||||||||||||||||||||||||||
|
Net interest margin
|
3.43 | % | 3.54 | % | 3.63 | % | ||||||||||||||||||||||||||||||
|
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, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
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
|
$ | 75,593 | $ | 187 | 0.25 | % | $ | 67,307 | $ | 185 | 0.27 | % | ||||||||||||
|
Securities
|
217,939 | 5,613 | 2.58 | % | 192,315 | 4,820 | 2.51 | % | ||||||||||||||||
|
Loans receivable
|
724,231 | 35,052 | 4.84 | % | 640,233 | 32,523 | 5.08 | % | ||||||||||||||||
|
Total interest-earning assets
|
1,017,763 | 40,852 | 4.01 | % | 899,855 | 37,528 | 4.17 | % | ||||||||||||||||
|
Other assets
|
50,302 | 50,616 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,068,065 | $ | 950,471 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Demand non interest-bearing
|
$ | 189,810 | $ | 149,125 | ||||||||||||||||||||
|
Demand interest-bearing
|
233,693 | 888 | 0.38 | % | 192,224 | 825 | 0.43 | % | ||||||||||||||||
|
Money market & savings
|
439,484 | 1,929 | 0.44 | % | 417,652 | 1,786 | 0.43 | % | ||||||||||||||||
|
Time deposits
|
78,073 | 719 | 0.92 | % | 92,484 | 867 | 0.94 | % | ||||||||||||||||
|
Total deposits
|
941,060 | 3,536 | 0.38 | % | 851,485 | 3,478 | 0.41 | % | ||||||||||||||||
|
Total interest-bearing deposits
|
751,250 | 3,536 | 0.47 | % | 702,360 | 3,478 | 0.50 | % | ||||||||||||||||
|
Other borrowings
|
22,530 | 1,108 | 4.92 | % | 22,476 | 1,112 | 4.95 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
773,780 | 4,644 | 0.60 | % | 724,836 | 4,590 | 0.63 | % | ||||||||||||||||
|
Total deposits and
|
||||||||||||||||||||||||
|
other borrowings
|
963,590 | 4,644 | 0.48 | % | 873,961 | 4,590 | 0.53 | % | ||||||||||||||||
|
Non interest-bearing liabilities
|
7,084 | 7,902 | ||||||||||||||||||||||
|
Shareholders' equity
|
97,391 | 68,608 | ||||||||||||||||||||||
|
Total liabilities and
|
||||||||||||||||||||||||
|
shareholders' equity
|
$ | 1,068,065 | $ | 950,471 | ||||||||||||||||||||
|
Net interest income
|
$ | 36,208 | $ | 32,938 | ||||||||||||||||||||
|
Net interest spread
|
3.41 | % | 3.54 | % | ||||||||||||||||||||
|
Net interest margin
|
3.56 | % | 3.66 | % | ||||||||||||||||||||
|
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)
|
2014
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||
|
Balance at beginning of period
|
$ | 12,216 | $ | 12,063 | $ | 8,704 | $ | 12,263 | $ | 9,542 | ||||||||||
|
Provision charged to operating expense
|
300 | 300 | 3,760 | 900 | 4,935 | |||||||||||||||
| 12,516 | 12,363 | 12,464 | 13,163 | 14,477 | ||||||||||||||||
|
Recoveries on loans charged-off:
|
||||||||||||||||||||
|
Commercial
|
120 | 264 | 48 | 385 | 117 | |||||||||||||||
|
Consumer
|
- | - | - | - | 26 | |||||||||||||||
|
Total recoveries
|
120 | 264 | 48 | 385 | 143 | |||||||||||||||
|
Loans charged-off:
|
||||||||||||||||||||
|
Commercial
|
(1,100 | ) | (411 | ) | (249 | ) | (2,002 | ) | (2,282 | ) | ||||||||||
|
Consumer
|
- | - | - | (10 | ) | (75 | ) | |||||||||||||
|
Total charged-off
|
(1,100 | ) | (411 | ) | (249 | ) | (2,012 | ) | (2,357 | ) | ||||||||||
|
Net charge-offs
|
(980 | ) | (147 | ) | (201 | ) | (1,627 | ) | (2,214 | ) | ||||||||||
|
Balance at end of period
|
$ | 11,536 | $ | 12,216 | $ | 12,263 | $ | 11,536 | $ | 12,263 | ||||||||||
|
Net charge-offs as a percentage of
|
||||||||||||||||||||
|
average loans outstanding
|
0.51 | % | 0.08 | % | 0.12 | % | 0.22 | % | 0.35 | % | ||||||||||
|
Allowance for loan losses as a percentage
|
||||||||||||||||||||
|
of period-end loans
|
1.48 | % | 1.62 | % | 1.81 | % | 1.48 | % | 1.81 | % | ||||||||||
|
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)
|
2014
|
2014
|
2014
|
2014
|
2013
|
|||||||||||||||
|
Non-accrual loans:
|
||||||||||||||||||||
|
Commercial real estate
|
$ | 21,011 | $ | 22,607 | $ | 23,750 | $ | 9,733 | $ | 9,764 | ||||||||||
|
Consumer and other
|
429 | 437 | 446 | 643 | 656 | |||||||||||||||
|
Total non-accrual loans
|
21,440 | 23,044 | 24,196 | 10,376 | 10,420 | |||||||||||||||
|
Loans past due 90 days or more
|
||||||||||||||||||||
|
and still accruing
|
- | 131 | 2,722 | - | - | |||||||||||||||
|
Total non-performing loans
|
21,440 | 23,175 | 26,918 | 10,376 | 10,420 | |||||||||||||||
|
Other real estate owned
|
3,715 | 3,775 | 3,637 | 3,696 | 4,059 | |||||||||||||||
|
Total non-performing assets
|
$ | 25,155 | $ | 26,950 | $ | 30,555 | $ | 14,072 | $ | 14,479 | ||||||||||
|
Non-performing loans to total loans
|
2.74 | % | 3.08 | % | 3.74 | % | 1.49 | % | 1.53 | % | ||||||||||
|
Non-performing assets to total assets
|
2.07 | % | 2.38 | % | 2.87 | % | 1.44 | % | 1.51 | % | ||||||||||
|
Non-performing loan coverage
|
53.81 | % | 52.71 | % | 44.81 | % | 115.17 | % | 117.69 | % | ||||||||||
|
Allowance for loan losses as a percentage
|
||||||||||||||||||||
|
of total period-end loans
|
1.48 | % | 1.62 | % | 1.68 | % | 1.71 | % | 1.81 | % | ||||||||||
|
Non-performing assets / capital plus
|
||||||||||||||||||||
|
allowance for loan losses
|
20.23 | % | 21.77 | % | 24.74 | % | 18.27 | % | 19.26 | % | ||||||||||