PHILADELPHIA, July 21, 2014 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended June 30, 2014. The Company has recorded net income of $0.5 million, or $0.02 per share, for the second quarter of 2014 compared to net income of $1.0 million, or $0.04 per share, for the second quarter of 2013.
"The second quarter of 2014 has been positively marked by the Company's execution of our expansion program, 'The Power of Red is Back,' which focuses on Southeastern Pennsylvania and Southern New Jersey," said Harry D. Madonna, Chairman and Chief Executive Officer of Republic Bank. "Driven by the completion of a $45 million sale of common stock through a private placement offering, our aggressive expansion plan has seen a highly successful grand opening in Voorhees, NJ as well as the completed renovation of our flagship store at 16th and Market Streets in the heart of Center City Philadelphia during the second quarter. This strategy has led to an increase in total assets, loans and deposits during the second quarter of 2014 and we expect that it will continue to deliver similar, successful results in the coming months."
Madonna continued, "What has made these openings so exciting for the Company, and for our Customers, is that both our new and renovated stores now reflect our brand's hallmark glass design, which was unveiled with the opening of our Cherry Hill store in the first quarter of 2014. Creating a distinctive look for Republic Bank stores, our inviting glass design is further enhanced by larger teller areas, the addition of more customer service desks and new safe deposit boxes. All of these amenities combine to create an inviting atmosphere for Customers managing their personal and business finances with us."
"Our work is firmly rooted in creating new fans of Republic Bank and the important strides made in the second quarter, especially with the opening of new and highly improved locations, have helped us to achieve exactly that," said Madonna. "Our Customers expect world-class service and Republic Bank consistently exceeds expectations."
Highlights for the Period Ending June 30, 2014
- Shareholders' equity increased by 71% during the second quarter of 2014 as a result of the $45 million common stock offering closed during the period.
- Total assets increased by $145 million, or 16%, to $1.1 billion as of June 30, 2014 compared to $920 million as of June 30, 2013.
- Core deposits increased by $109 million, or 14%, to $914 million as of June 30, 2014 compared to $805 million as of June 30, 2013 while the cost of funds on core deposits decreased to 0.36% for the quarter ended June 30, 2014 compared to 0.38% for the quarter ended June 30, 2013.
- Total loans grew $81 million, or 13%, to $719 million as of June 30, 2014 compared to $638 million at June 30, 2013.
- SBA lending continued to be a focal point of the Company's lending strategy. More than $9 million in new SBA loans were originated during the quarter ended June 30, 2014. Our team is currently ranked as one of the leading SBA lenders in the tri-state footprint of Pennsylvania, New Jersey and Delaware.
- The Company's Total Risk-Based Capital ratio was 16.31% and Tier I Leverage Ratio was 12.51% at June 30, 2014.
- Tangible book value per share as of June 30, 2014 was $2.95.
Capital
On April 22, 2014, the Company announced the closing of a private placement offering of common stock in the amount of $45 million. Total shareholders' equity increased to $111.4 million at June 30, 2014 which represented a book value per share of $2.95, based on common shares outstanding of approximately 37.8 million.
The Company's capital ratios at June 30, 2014 were as follows:
Actual June 30, 2014 |
Regulatory Guidelines "Well Capitalized" |
|
Leverage Ratio |
12.51% |
5.00% |
Tier 1 Risk Based Capital |
15.06% |
6.00% |
Total Risk Based Capital |
16.31% |
10.00% |
Tangible Common Equity |
10.46% |
n/a |
Income Statement
The Company reported net income of $0.5 million, or $0.02 per share, for the three month period ended June 30, 2014, compared to net income of $1.0 million, or $0.04 per share, for the three month period ended June 30, 2013. Net income for the six month period ended June 30, 2014 was $1.3 million, or $0.04 per share, compared to net income of $2.0 million, or $0.08 per share, for the six months ended June 30, 2013.
The decrease in net income in both the three and six month period ended June 30, 2014 is primarily attributable to a decrease in gains recognized on the sale of SBA loans when compared to the prior periods.
The Company continues to lower its cost of funds as evidenced by a decrease of 4 basis points to 0.49% for the three month period ended June 30, 2014, compared to 0.53% for the three month period ended June 30, 2013. However, the net interest margin decreased to 3.45% for the three month period ended June 30, 2014 compared to 3.73% for the three month period ended June 30, 2013. The decrease in the net interest margin during the second quarter of 2014 was driven by an adjustment to interest income related to a non-performing loan and an increase in fed funds sold and other interest-earning assets during the period which generate a lower yield than loans and investment securities.
Non-interest expenses increased by $0.9 million, or 10%, to $10.0 million for the three month period ended June 30, 2014 compared to $9.1 million in the prior year period mainly due to increased salary and benefit costs along with higher occupancy expenses related to the Company's branch expansion strategy.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
Description |
Jun 30, 2014 |
Jun 30, 2013 |
% Change |
Mar 31, 2014 |
% Change |
Total assets |
$ 1,065,134 |
$ 919,666 |
16% |
$ 973,862 |
9% |
Total loans (net) |
706,806 |
628,401 |
12% |
684,898 |
3% |
Total deposits |
924,684 |
820,852 |
13% |
879,882 |
5% |
Total core deposits |
914,451 |
805,361 |
14% |
869,649 |
5% |
Total assets increased by $145.5 million, or 16%, as of June 30, 2014 compared to June 30, 2013. Core deposits grew by $109.1 million to $914.5 million as of June 30, 2014 compared to $805.4 million as of June 30, 2013. The strong growth in assets, loans and deposits during the second quarter was driven by the Company's successful execution of its growth strategy.
Core Deposits
Core deposits by type of account are as follows (dollars in thousands):
Description |
Jun 30, 2014 |
Jun 30, 2013 |
% Change |
Mar 31, 2014 |
% Change |
2nd Qtr |
Demand noninterest-bearing |
$ 199,553 |
$ 143,485 |
39% |
$ 182,082 |
10% |
0.00% |
Demand interest-bearing |
212,710 |
180,802 |
18% |
198,080 |
7% |
0.39% |
Money market and savings |
431,612 |
408,355 |
6% |
423,096 |
2% |
0.44% |
Certificates of deposit |
70,576 |
72,719 |
(3%) |
66,391 |
6% |
0.77% |
Total core deposits |
$ 914,451 |
$ 805,361 |
14% |
$ 869,649 |
5% |
0.36% |
Core deposits increased to $914.5 million at June 30, 2014 compared to $805.4 million at June 30, 2013 as the Company continues to focus its effort on the gathering of low-cost core deposits. The Company recognized strong growth in demand account balances on a year to year basis, while at the same time reducing the overall deposit cost of funds to 0.38% for the three month period ending June 30, 2014 compared to 0.41% for the three month period ending June 30, 2013.
Lending
Loans by type are as follows (dollars in thousands):
Description |
Jun 30, 2014 |
% of |
Jun 30, |
% of |
Mar 31, 2014 |
% of Total |
Commercial real estate |
$ 353,458 |
49% |
$ 329,599 |
52% |
$344,125 |
49% |
Construction and land development |
31,224 |
5% |
31,455 |
5% |
26,931 |
4% |
Commercial and industrial |
127,818 |
18% |
108,951 |
17% |
125,792 |
18% |
Owner occupied real estate |
167,130 |
23% |
137,219 |
22% |
164,325 |
24% |
Consumer and other |
37,255 |
5% |
28,413 |
4% |
33,554 |
5% |
Residential mortgage |
2,330 |
0% |
2,400 |
0% |
2,344 |
0% |
Deferred costs (fees) |
(346) |
(304) |
(223) |
|||
Gross loans |
$718,869 |
100% |
$637,733 |
100% |
$696,848 |
100% |
Gross loans increased by $81.1 million to $718.9 million at June 30, 2014 compared to $637.7 million at June 30, 2013 as a result of an increase in quality loan demand over the last twelve months and continued success with our relationship banking model.
Asset Quality
The Company's non-performing asset balances and asset quality ratios are highlighted below:
Quarter Ended |
||||
Jun 30, 2014 |
Mar 31, 2014 |
Jun 30, 2013 |
||
Non-performing assets / total assets |
2.87% |
1.44% |
2.17% |
|
Quarterly net loan charge-offs / average loans |
0.11% |
0.18% |
0.60% |
|
Allowance for loan losses / gross loans |
1.68% |
1.71% |
1.46% |
|
Allowance for loan losses / non-performing loans |
45% |
115% |
70% |
|
Non-performing assets / capital and reserves |
25% |
18% |
25% |
|
Non-performing assets increased by $10.6 million to $30.6 million, or 2.87% of total assets, at June 30, 2014, compared to $19.9 million, or 2.17% of total assets, as of June 30, 2013. This increase was primarily driven by one loan that was transferred to non-accrual status during the current period. A reserve for this loan was recorded during 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 45% as of June 30, 2014, compared to 70% as of June 30, 2013. The ratio of non-performing assets to capital and reserves remained flat at 25% as of June 30, 2014 when compared to June 30, 2013.
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 fourteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill and Voorhees, 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.
Republic First Bancorp, Inc. |
||||||||||
Consolidated Balance Sheets |
||||||||||
(Unaudited) |
||||||||||
June 30, |
March 31, |
June 30, |
||||||||
(dollars in thousands, except per share amounts) |
2014 |
2014 |
2013 |
|||||||
ASSETS |
||||||||||
Cash and due from banks |
$ 17,070 |
$ 17,835 |
$ 8,934 |
|||||||
Interest-bearing deposits and federal funds sold |
66,050 |
16,475 |
47,850 |
|||||||
Total cash and cash equivalents |
83,120 |
34,310 |
56,784 |
|||||||
Securities - Available for sale |
219,634 |
201,262 |
184,371 |
|||||||
Securities - Held to maturity |
21 |
21 |
68 |
|||||||
Restricted stock |
1,725 |
1,567 |
2,326 |
|||||||
Total investment securities |
221,380 |
202,850 |
186,765 |
|||||||
Loans held for sale |
491 |
3,796 |
282 |
|||||||
Loans receivable |
718,869 |
696,848 |
637,733 |
|||||||
Allowance for loan losses |
(12,063) |
(11,950) |
(9,332) |
|||||||
Net loans |
706,806 |
684,898 |
628,401 |
|||||||
Premises and equipment |
29,041 |
24,140 |
21,232 |
|||||||
Other real estate owned |
3,637 |
3,696 |
6,584 |
|||||||
Other assets |
20,659 |
20,172 |
19,618 |
|||||||
Total Assets |
$ 1,065,134 |
$ 973,862 |
$ 919,666 |
|||||||
LIABILITIES |
||||||||||
Non-interest bearing deposits |
$ 199,553 |
$ 182,082 |
$ 143,485 |
|||||||
Interest bearing deposits |
725,131 |
697,800 |
677,367 |
|||||||
Total deposits |
924,684 |
879,882 |
820,852 |
|||||||
Subordinated debt |
22,476 |
22,476 |
22,476 |
|||||||
Other liabilities |
6,551 |
6,444 |
6,970 |
|||||||
Total Liabilities |
953,711 |
908,802 |
850,298 |
|||||||
SHAREHOLDERS' EQUITY |
||||||||||
Common stock - $0.01 par value |
383 |
265 |
265 |
|||||||
Additional paid-in capital |
152,131 |
107,166 |
106,908 |
|||||||
Accumulated deficit |
(36,416) |
(36,953) |
(32,225) |
|||||||
Treasury stock at cost |
(3,099) |
(3,099) |
(3,099) |
|||||||
Stock held by deferred compensation plan |
(809) |
(809) |
(809) |
|||||||
Accumulated other comprehensive income (loss) |
(767) |
(1,510) |
(1,672) |
|||||||
Total Shareholders' Equity |
111,423 |
65,060 |
69,368 |
|||||||
Total Liabilities and Shareholders' Equity |
$ 1,065,134 |
$ 973,862 |
$ 919,666 |
|||||||
Republic First Bancorp, Inc. |
||||||||||||||
Consolidated Statements of Operations |
||||||||||||||
(Unaudited) |
||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
||||||||||
(in thousands, except per share amounts) |
2014 |
2014 |
2013 |
2014 |
2013 |
|||||||||
INTEREST INCOME |
||||||||||||||
Interest and fees on loans |
$ 8,310 |
$ 8,323 |
$ 8,080 |
$ 16,633 |
$ 16,008 |
|||||||||
Interest and dividends on investment securities |
1,271 |
1,320 |
1,091 |
2,591 |
2,211 |
|||||||||
Interest on other interest earning assets |
50 |
12 |
44 |
62 |
103 |
|||||||||
Total interest income |
9,631 |
9,655 |
9,215 |
19,286 |
18,322 |
|||||||||
INTEREST EXPENSE |
||||||||||||||
Interest on deposits |
870 |
780 |
839 |
1,650 |
1,815 |
|||||||||
Interest on borrowed funds |
277 |
276 |
278 |
553 |
556 |
|||||||||
Total interest expense |
1,147 |
1,056 |
1,117 |
2,203 |
2,371 |
|||||||||
Net interest income |
8,484 |
8,599 |
8,098 |
17,083 |
15,951 |
|||||||||
Provision for loan losses |
300 |
- |
925 |
300 |
925 |
|||||||||
Net interest income after provision for loan losses |
8,184 |
8,599 |
7,173 |
16,783 |
15,026 |
|||||||||
NON-INTEREST INCOME |
||||||||||||||
Service fees on deposit accounts |
287 |
293 |
265 |
580 |
499 |
|||||||||
Gain on sale of SBA loans |
1,046 |
1,154 |
2,107 |
2,200 |
2,757 |
|||||||||
Gain on sale of investment securities |
458 |
- |
- |
458 |
703 |
|||||||||
Other non-interest income |
498 |
483 |
498 |
981 |
1,154 |
|||||||||
Total non-interest income |
2,289 |
1,930 |
2,870 |
4,219 |
5,113 |
|||||||||
NON-INTEREST EXPENSE |
||||||||||||||
Salaries and employee benefits |
4,828 |
5,040 |
4,503 |
9,868 |
8,790 |
|||||||||
Occupancy and equipment |
1,598 |
1,536 |
1,348 |
3,134 |
2,675 |
|||||||||
Legal and professional fees |
872 |
657 |
862 |
1,529 |
1,549 |
|||||||||
Foreclosed real estate |
340 |
346 |
109 |
686 |
1,026 |
|||||||||
Regulatory assessments and related fees |
196 |
337 |
241 |
533 |
585 |
|||||||||
Other operating expenses |
2,123 |
1,899 |
1,993 |
4,022 |
3,561 |
|||||||||
Total non-interest expense |
9,957 |
9,815 |
9,056 |
19,772 |
18,186 |
|||||||||
Income before benefit for income taxes |
516 |
714 |
987 |
1,230 |
1,953 |
|||||||||
Benefit for income taxes |
(21) |
(41) |
(24) |
(62) |
(50) |
|||||||||
Net income |
$ 537 |
$ 755 |
$ 1,011 |
$ 1,292 |
$ 2,003 |
|||||||||
Net Income per Common Share |
||||||||||||||
Basic |
$ 0.02 |
$ 0.03 |
$ 0.04 |
$ 0.04 |
$ 0.08 |
|||||||||
Diluted |
$ 0.02 |
$ 0.03 |
$ 0.04 |
$ 0.04 |
$ 0.08 |
|||||||||
Average Common Shares Outstanding |
||||||||||||||
Basic |
35,157 |
25,973 |
25,973 |
30,590 |
25,973 |
|||||||||
Diluted |
35,609 |
26,212 |
26,103 |
30,932 |
26,062 |
|||||||||
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) |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
||||||||||||||||
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 |
$ 82,915 |
$ 50 |
0.24% |
$ 17,829 |
$ 12 |
0.27% |
$ 62,419 |
$ 44 |
0.28% |
||||||||||
Securities |
207,545 |
1,315 |
2.53% |
208,046 |
1,363 |
2.62% |
182,025 |
1,117 |
2.45% |
||||||||||
Loans receivable |
706,632 |
8,356 |
4.74% |
686,869 |
8,367 |
4.94% |
633,547 |
8,128 |
5.15% |
||||||||||
Total interest-earning assets |
997,092 |
9,721 |
3.91% |
912,744 |
9,742 |
4.33% |
877,991 |
9,289 |
4.24% |
||||||||||
Other assets |
48,652 |
42,951 |
50,912 |
||||||||||||||||
Total assets |
$1,045,744 |
$ 955,695 |
$ 928,903 |
||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||
Demand non interest-bearing |
$ 177,363 |
$ 169,699 |
$ 141,390 |
||||||||||||||||
Demand interest-bearing |
232,682 |
225 |
0.39% |
213,980 |
191 |
0.36% |
180,824 |
207 |
0.46% |
||||||||||
Money market & savings |
427,589 |
467 |
0.44% |
400,880 |
416 |
0.42% |
417,567 |
428 |
0.41% |
||||||||||
Time deposits |
78,259 |
178 |
0.91% |
77,468 |
173 |
0.91% |
88,994 |
204 |
0.92% |
||||||||||
Total deposits |
915,893 |
870 |
0.38% |
862,027 |
780 |
0.37% |
828,775 |
839 |
0.41% |
||||||||||
Total interest-bearing deposits |
738,530 |
870 |
0.47% |
692,328 |
780 |
0.46% |
687,385 |
839 |
0.49% |
||||||||||
Other borrowings |
22,476 |
277 |
4.94% |
22,476 |
276 |
4.98% |
22,476 |
278 |
4.96% |
||||||||||
Total interest-bearing liabilities |
761,006 |
1,147 |
0.60% |
714,804 |
1,056 |
0.60% |
709,861 |
1,117 |
0.63% |
||||||||||
Total deposits and |
|||||||||||||||||||
other borrowings |
938,369 |
1,147 |
0.49% |
884,503 |
1,056 |
0.48% |
851,251 |
1,117 |
0.53% |
||||||||||
Non interest-bearing liabilities |
6,741 |
6,901 |
7,379 |
||||||||||||||||
Shareholders' equity |
100,634 |
64,291 |
70,273 |
||||||||||||||||
Total liabilities and |
|||||||||||||||||||
shareholders' equity |
$1,045,744 |
$ 955,695 |
$ 928,903 |
||||||||||||||||
Net interest income |
$ 8,574 |
$ 8,686 |
$ 8,172 |
||||||||||||||||
Net interest spread |
3.31% |
3.73% |
3.61% |
||||||||||||||||
Net interest margin |
3.45% |
3.86% |
3.73% |
||||||||||||||||
Note: The above tables are presented on a tax equivalent basis. |
|||||||||||||||||||
Republic First Bancorp, Inc. |
|||||||||||||
Average Balances and Net Interest Income |
|||||||||||||
(unaudited) |
|||||||||||||
For the six months ended |
For the six months ended |
||||||||||||
(dollars in thousands) |
June 30, 2014 |
June 30, 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 |
$ 50,552 |
$ 62 |
0.25% |
$ 74,485 |
$ 103 |
0.28% |
|||||||
Securities |
207,793 |
2,678 |
2.58% |
182,702 |
2,276 |
2.49% |
|||||||
Loans receivable |
696,805 |
16,723 |
4.84% |
627,628 |
16,105 |
5.17% |
|||||||
Total interest-earning assets |
955,150 |
19,463 |
4.11% |
884,815 |
18,484 |
4.21% |
|||||||
Other assets |
45,818 |
55,299 |
|||||||||||
Total assets |
$1,000,968 |
$ 940,114 |
|||||||||||
Interest-bearing liabilities: |
|||||||||||||
Demand non interest-bearing |
$ 173,552 |
$ 142,710 |
|||||||||||
Demand interest-bearing |
223,383 |
416 |
0.38% |
175,873 |
402 |
0.46% |
|||||||
Money market & savings |
414,308 |
883 |
0.43% |
420,152 |
930 |
0.45% |
|||||||
Time deposits |
77,865 |
351 |
0.91% |
101,455 |
483 |
0.96% |
|||||||
Total deposits |
889,108 |
1,650 |
0.37% |
840,190 |
1,815 |
0.44% |
|||||||
Total interest-bearing deposits |
715,556 |
1,650 |
0.47% |
697,480 |
1,815 |
0.52% |
|||||||
Other borrowings |
22,476 |
553 |
4.96% |
22,476 |
556 |
4.99% |
|||||||
Total interest-bearing liabilities |
738,032 |
2,203 |
0.60% |
719,956 |
2,371 |
0.66% |
|||||||
Total deposits and |
|||||||||||||
other borrowings |
911,584 |
2,203 |
0.49% |
862,666 |
2,371 |
0.55% |
|||||||
Non interest-bearing liabilities |
6,838 |
7,424 |
|||||||||||
Shareholders' equity |
82,546 |
70,024 |
|||||||||||
Total liabilities and |
|||||||||||||
shareholders' equity |
$1,000,968 |
$ 940,114 |
|||||||||||
Net interest income |
$17,260 |
$16,113 |
|||||||||||
Net interest spread |
3.51% |
3.55% |
|||||||||||
Net interest margin |
3.64% |
3.67% |
|||||||||||
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 |
Year ended |
Six months ended |
|||||||||
June 30, |
March 31, |
June 30, |
Dec 31 |
June 30, |
June 30, |
||||||
(dollars in thousands) |
2014 |
2014 |
2013 |
2013 |
2014 |
2013 |
|||||
Balance at beginning of period |
$ 11,950 |
$ 12,263 |
$ 9,353 |
$ 9,542 |
$ 12,263 |
$ 9,542 |
|||||
Provision charged to operating expense |
300 |
- |
925 |
4,935 |
300 |
925 |
|||||
12,250 |
12,263 |
10,278 |
14,477 |
12,563 |
10,467 |
||||||
Recoveries on loans charged-off: |
|||||||||||
Commercial |
- |
- |
58 |
117 |
- |
59 |
|||||
Consumer |
1 |
- |
25 |
26 |
1 |
25 |
|||||
Total recoveries |
1 |
- |
83 |
143 |
1 |
84 |
|||||
Loans charged-off: |
|||||||||||
Commercial |
(188) |
(303) |
(1,029) |
(2,282) |
(491) |
(1,144) |
|||||
Consumer |
- |
(10) |
- |
(75) |
(10) |
(75) |
|||||
Total charged-off |
(188) |
(313) |
(1,029) |
(2,357) |
(501) |
(1,219) |
|||||
Net charge-offs |
(187) |
(313) |
(946) |
(2,214) |
(500) |
(1,135) |
|||||
Balance at end of period |
$ 12,063 |
$ 11,950 |
$ 9,332 |
$ 12,263 |
$ 12,063 |
$ 9,332 |
|||||
Net charge-offs as a percentage of |
|||||||||||
average loans outstanding |
0.11% |
0.18% |
0.60% |
0.35% |
0.14% |
0.36% |
|||||
Allowance for loan losses as a percentage |
|||||||||||
of period-end loans |
1.68% |
1.71% |
1.46% |
1.81% |
1.68% |
1.46% |
|||||
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) |
2014 |
2014 |
2013 |
2013 |
2013 |
||||
Non-accrual loans: |
|||||||||
Commercial real estate |
$ 23,750 |
$ 9,733 |
$ 9,764 |
$ 6,833 |
$ 12,673 |
||||
Consumer and other |
446 |
643 |
656 |
662 |
667 |
||||
Total non-accrual loans |
24,196 |
10,376 |
10,420 |
7,495 |
13,340 |
||||
Loans past due 90 days or more |
|||||||||
and still accruing |
2,722 |
- |
- |
- |
- |
||||
Total non-performing loans |
26,918 |
10,376 |
10,420 |
7,495 |
13,340 |
||||
Other real estate owned |
3,637 |
3,696 |
4,059 |
5,951 |
6,584 |
||||
Total non-performing assets |
$ 30,555 |
$ 14,072 |
$ 14,479 |
$ 13,446 |
$ 19,924 |
||||
Non-performing loans to total loans |
3.74% |
1.49% |
1.53% |
1.15% |
2.09% |
||||
Non-performing assets to total assets |
2.87% |
1.44% |
1.51% |
1.43% |
2.17% |
||||
Non-performing loan coverage |
44.81% |
115.17% |
117.69% |
116.13% |
69.96% |
||||
Allowance for loan losses as a percentage |
|||||||||
of total period-end loans |
1.68% |
1.71% |
1.81% |
1.34% |
1.46% |
||||
Non-performing assets / capital plus |
|||||||||
allowance for loan losses |
24.74% |
18.27% |
19.26% |
17.74% |
25.32% |
||||
Photo - http://photos.prnewswire.com/prnh/20100707/PH31611LOGO
SOURCE Republic First Bancorp, Inc.
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