Republic First Bancorp, Inc. Reports Financial Results for Quarter and Year Ended December 31, 2011

01 Feb, 2012, 13:35 ET from Republic First Bancorp, Inc.

PHILADELPHIA, Feb. 1, 2012 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the quarter and year ended December 31, 2011.  The Company completed the transformation of its balance sheet through the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale substantially reduced non-performing asset balances and immediately improved credit quality metrics during the period.

(Logo: http://photos.prnewswire.com/prnh/20100707/PH31611LOGO )

The Company also recorded a valuation allowance related to its deferred tax assets in the amount of $14.4 million during the fourth quarter of 2011. The recording of this allowance had no impact on regulatory capital ratios. The valuation allowance represents $14.4 million in unrecorded tax assets that can be used to increase future earnings.

"Strengthening the balance sheet and improving asset quality has been the main focus of our organization over the last two years," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer.  "The loan sale completed that process and will now enable us to redirect our focus on growth and improved earnings going forward. This transaction represents the final step in the transformation of Republic  into a new bank with a new brand, new management team, improved stores, and a retail model focused on extraordinary customer service."

A summary of earnings for the three and twelve months ended December 31, 2011 are as follows (dollars in thousands):

Quarter Ended 12/31/11

Year Ended 12/31/11

Income (Loss) From Operations

$           1,315

$         (1,716)

Loss on Loan Sale

14,795

14,795

Income (Loss) Before Income Taxes

(13,480)

(16,511)

Provision (Benefit) for Income Taxes

(4,792)

(6,199)

Provision for DTA Valuation Allowance

14,390

14,390

Net Income (Loss)

$    (23,078)

$    (24,702)

Highlights for the Period Ending December 31, 2011

  • Asset quality trends improved for a sixth consecutive quarter. Non-performing asset balances decreased significantly by $37.4 million, or 68%, to $17.8 million as of December 31, 2011 compared to $55.2 million as of December 31, 2010.
  • Non-performing asset and loan ratios improved significantly year over year.

12/31/11

12/31/10

Non-Performing Loans / Total Loans

1.92%

6.45%

Non-Performing Assets / Total Assets

1.70%

6.30%

Loan Loss Reserve / Total Loans

2.04%

1.84%

Loan Loss Reserve / Non-Performing Loans

106.52%

28.62%

Non-Performing Assets / Capital and Reserves

23.13%

55.46%

  • Total assets increased to $1.0 billion as of December 31, 2011 compared to $876.1 million as of December 31, 2010 which represents growth of $171.3 million, or 20%.
  • Total deposits increased by $194.9 million, or 26%, to $952.6 million as of December 31, 2011  compared to $757.7 million as of December 31, 2010. Core deposits grew by $83.5 million, or 12%, to a total of $785.2 million during the year ended December 31, 2011.
  • Capital levels remain strong with a Total Risk-Based Capital ratio of 13.09% and a Tier I Leverage Ratio of 8.70% at December 31, 2011.
  • The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months ended December 31, 2010. Cost of funds decreased by 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010.
  • The SBA Lending Team continued to establish itself as a strong component of the Company's operating results with the origination of $11 million in new loans during the fourth quarter of 2011. This team is now ranked as the #1 SBA lender in New Jersey and the #39 lender in the nation based on the dollar volume of loan originations.
  • Non-interest income grew to $10.6 million for the year ended December 31, 2011 compared to $2.8 million for the year ended December 31, 2010. This represents a year over year increase of $7.7 million, or 273%, primarily due to the gains recognized on the sale of SBA loans.

Income Statement

Income from operations was approximately $1.3 million for the three month period ended December 31, 2011 compared to $0.2 million for the three month period ended December 31, 2010. The Company reported a loss from operations of $1.7 million for the twelve month period ended December 31, 2011 compared to a loss from operations of $16.8 million for the twelve month period ended December 31, 2010. Please refer to "Non-GAAP Financial Measures" below for a reconciliation of GAAP to non-GAAP items.

Earnings for the three and twelve month periods ended December 31, 2011 were significantly impacted by non-recurring items in the amount of $14.8 million related to the loan sale and $14.4 million for the deferred tax asset valuation allowance. The Company reported a net loss of $23.1 million, or $0.89 per share, for the three months ended December 31, 2011, compared to net income of $1.4 million, or $0.05 per share, for the three months ended September 30, 2011 and net income of $0.2 million, or $0.01 per share, for the three months ended December 31, 2010.  On a year to date basis, the Company reported a net loss of $24.7 million for the twelve months ended December 31, 2011 compared to a net loss of $10.7 million for the twelve months ended December 31, 2010.

The loan loss provision increased to $10.3 million for the quarter ended December 31, 2011 compared to $0.6 million for the quarter ended September 30, 2011 due to the sale of loans and foreclosed properties completed in December that dramatically reduced non-performing asset balances and significantly improved credit quality metrics.  On a year to date basis the loan loss provision decreased by $0.6 million, or 4%, to $16.0 million for the twelve month period ended December 31, 2011 compared to $16.6 million for the twelve month period ended December 31, 2010. The loan loss provision recorded during both 2011 and 2010 was primarily driven by the loan sale and updated appraisals of collateral associated with troubled loans all of which were originated prior to 2008.

The Company continues to lower its cost of funds as evidenced by a decrease of 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010. The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months  ended December 31, 2010.

Non-interest income increased to $3.4 million for the three months ended December 31, 2011 compared to $1.6 million for the three months ended December 31, 2010, primarily as a result of a settlement in the amount of $2.0 million related to the resolution of a legal dispute. Non-interest income increased to $10.6 million for the twelve months ended December 31, 2011 compared to $2.8 million for the twelve months ended December 31, 2010 mainly due to the $2.0 million legal settlement along with gains recognized on the sale of SBA loans during 2011.

Non-interest expense increased to $14.1 million for the three months ended December 31, 2011 compared to $9.1 million for the three months ended December 31, 2010 mainly due to other real estate write-downs and expenses totaling $4.8 million which were associated with the disposition of foreclosed assets included in the loan sale completed during the fourth quarter of 2011. Non-interest expense increased to $41.2 million for the twelve months ended December 31, 2011 compared to $33.1 million for the twelve months ended December 31, 2010 as a result of the disposition of foreclosed assets in the loan sale combined with expenses related to the SBA lending team that joined the Company during 2011.

In accordance with the applicable accounting guidance a deferred tax asset valuation allowance was recorded during the period ended December 31, 2011. The Company recorded a provision for income taxes in the amount of $9.6 million for the three month period ended December 31, 2011. This amount was the net result of a $4.8 million tax benefit  calculated based on the operating results during the fourth quarter of 2011 offset by a tax provision in the amount of $14.4 million related to a deferred tax asset valuation allowance recorded during the fourth quarter of 2011.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

Description

December 31,

2011

September 30,

2011

% Change

December 31,

2010

% Change

Total assets

$ 1,047,353

$ 952,801

10%

$ 876,097

20%

Total loans (net)

577,442

621,256

(7%)

608,911

(5%)

Total deposits

952,611

833,289

14%

757,730

26%

Total core deposits

785,246

762,275

3%

701,779

12%

Total assets grew by $171.3 million, or 20%, as of December 31, 2011 when compared to December 31, 2010. The growth in assets was driven by an increase in total deposits to $952.6 million as of December 31, 2011 compared to $757.7 million as of December 31, 2010. Core deposits increased by $23.0 million, or 3%, as of December 31, 2011 compared to September 30, 2011 and increased $83.5 million, or 12%, when compared to December 31, 2010 as a result of the Company's retail strategy which focuses on relationship banking.

Core Deposits

Core deposits by type of account are as follows (dollars in thousands):

Description

December 31,

2011

September 30,

2011

%

Change

December 31,

2010

%

Change

4th Qtr

2011 Cost

of Funds

Demand noninterest-bearing

$ 129,684

$ 126,310

3%

$ 128,578

1%

0.00%

Demand interest-bearing

109,243

98,293

11%

66,283

65%

0.64%

Money market and savings

400,143

371,293

8%

329,742

21%

0.96%

Certificates of deposit

146,176

166,379

(12%)

177,176

(17%)

1.25%

Total core deposits

$ 785,246

$ 762,275

3%

$ 701,779

12%

0.82%

Core deposits increased to $785.2 million at December 31, 2011 compared to $701.8 million at December 31, 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 0.84% for the three month period ending December 31, 2011 compared to 0.94% for the three month period ending December 31, 2010. Core deposits, excluding certificates of deposit, grew by $114.5 million, or 22%, as of December 31, 2011 compared to December 31, 2010.

The retail banking strategy has enabled the company to significantly reduce its dependence on wholesale funding sources in the brokered and public fund certificate of deposit market.  Liquidity remains strong as the Company has also currently eliminated the need for outside borrowings.

Lending

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

Description

Dec 31,

2011

% of

Total

Sept 30,

2011

% of

Total

Dec 31,

2010

% of

Total

Commercial real estate

$ 353,529

60%

$ 393,652

62%

$374,935

60%

Construction and land development

35,061

6%

52,681

8%

73,795

12%

Commercial and industrial

87,668

15%

79,162

12%

78,428

13%

Owner occupied real estate

93,625

16%

88,677

14%

70,833

11%

Consumer and other

16,683

3%

16,636

3%

17,808

3%

Residential mortgage

3,150

0%

3,175

1%

5,026

1%

Deferred costs (fees)

(224)

(347)

(470)

Gross loans

$589,492

100%

$633,636

100%

$620,355

100%

Asset Quality

The Company's asset quality ratios are highlighted below:

Quarter Ended

Ratio

December 31,

2011

September 30,

2011

December 31,

2010

Non-performing assets/total assets

1.70%

4.83%

6.30%

Quarterly net loan charge-offs (recoveries)/average loans

6.83%

2.08%

(0.58%)

Allowance for loan losses/gross loans

2.04%

1.95%

1.84%

Allowance for loan losses/non-performing loans

107%

39%

29%

Non-performing assets/capital and reserves

23%

46%

55%

Non-performing assets trended lower for a sixth consecutive quarter. During the fourth quarter of 2011, the Company completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale dramatically reduced non-performing asset balances and significantly improved credit quality metrics for the period ended December 31, 2011. The loans and foreclosed properties had a book balance of $45.1 million and included $28.4 million of non-accrual loans and other real estate owned.

On a year to date basis, non-performing assets decreased by $37.4 million to $17.8 million, or 1.70% of total assets, at December 31, 2011, compared to $55.2 million, or 6.30% of total assets, as of December 31, 2010. Non-performing assets decreased by $28.2 million on a linked quarter basis as well. The allowance for loan losses as a percentage of total loans increased to 2.04% as of December 31, 2011, compared to 1.84%  as of December 31, 2010.

Every non-performing asset included in the loan sale or currently remaining on the books was originated under the old bank model prior to December 31, 2007.

Capital

The Company's capital regulatory ratios at December 31, 2011 were as follows:

Republic First Bancorp, Inc.

Regulatory Guidelines

"Well Capitalized"

Leverage Ratio

8.70%

5.00%

Tier 1 Risk Based Capital

11.71%

6.00%

Total Risk Based Capital

13.09%

10.00%

Total shareholders' equity was $64.9 million at December 31, 2011 which represented a book value per share of $2.50, 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.

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 thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.

Non-GAAP Financial Measures

Income (loss) from operations is not a measure of financial performance under generally accepted accounting principles (GAAP) and should not be construed as substitutes for, or superior to, GAAP net income (loss) as a measure of financial performance. However, management uses both GAAP financial measures and the disclosed non-GAAP financial measures internally to evaluate and manage the Company's operations and to better understand its business. Further, management believes the inclusion of non-GAAP financial measures provides meaningful supplementary information to and facilitates analysis by investors in evaluating the Company's financial performance and results of operations. Income (loss) from operations as presented herein is not necessarily comparable to similarly titled measures of other companies.

The following table reconciles reported income (loss) from operations to net income (loss) (dollars in thousands):

For the Three Months Ended

For the Twelve Months Ended

2011

2010

2011

2010

Income (loss) from operations

$    1,315

$171

$  (1,716)

$(16,764)

Loss on sale of loans

14,795

-

14,795

-

Income (loss) before income taxes

(13,480)

171

(16,511)

(16,764)

Provision (benefit) for income taxes

(4,792)

12

(6,199)

(6,074)

Provision for deferred tax asset valuation allowance

14,390

-

14,390

-

Net income (loss)

$(23,078)

$159

$(24,702)

$(10,690)

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.

Republic First Bancorp, Inc.

Selected Consolidated Financial Data

(Unaudited)

Three months ended

Twelve months ended

(dollars in thousands, except per share amounts)

12/31/11

9/30/11

%

Change

12/31/10

%

Change

12/31/11

12/31/10

%

Change

Income Statement Data:

Net interest income

$           7,489

$           7,639

(2%)

$          7,223

4%

$         30,074

$        30,064

0%

Provision for loan losses

10,300

616

1,572%

(350)

3,043%

15,966

16,600

(4%)

Non-interest income

3,423

3,955

(13%)

1,589

115%

10,581

2,839

273%

Total revenues

10,912

11,594

(6%)

8,812

24%

40,655

32,903

24%

Non-interest expenses

14,092

9,105

55%

8,991

57%

41,200

33,067

25%

Provision (benefit) for income taxes

9,598

509

1,786%

12

79,883%

8,191

(6,074)

235%

Net income (loss)

(23,078)

1,364

(1,792%)

159

(14,614%)

(24,702)

(10,690)

(131%)

Per Common Share Data:

Net income (loss): Basic

$            (0.89)

$             0.05

(1,880%)

$            0.01

(9,000%)

$            (0.95)

$          (0.57)

(67%)

Net income (loss): Diluted

(0.89)

0.05

(1,880%)

0.01

(9,000%)

(0.95)

(0.57)

(67%)

Book Value

$             2.50

$             3.40

$            3.39

$             2.50

$            3.39

Weighted average shares outstanding:

Basic

25,973

25,973

25,967

25,973

18,593

Diluted

25,973

25,973

25,967

25,973

18,593

Balance Sheet Data:

Total assets

$    1,047,353

$       952,801

10%

$      876,097

20%

$    1,047,353

$      876,097

20%

Loans (net)

577,442

621,256

(7%)

608,911

(5%)

577,442

608,911

(5%)

Allowance for loan losses

12,050

12,380

(3%)

11,444

5%

12,050

11,444

5%

Investment securities

179,784

159,992

12%

150,087

20%

179,784

150,087

20%

Total deposits

952,611

833,289

14%

757,730

26%

952,611

757,730

26%

Core deposits*

785,246

762,275

3%

701,779

12%

785,246

701,779

12%

Public and brokered certificates of deposit

70,765

71,014

(0%)

55,951

26%

70,765

55,951

26%

Other borrowed money

-

-

-

-

-

-

-

Subordinated debt

22,476

22,476

-

22,476

-

22,476

22,476

-

Stockholders' equity

64,851

88,304

(27%)

88,146

(26%)

64,851

88,146

(26%)

Capital:

Stockholders' equity to total assets

6.19%

9.27%

10.06%

6.19%

10.06%

Leverage ratio

8.70%

10.66%

11.01%

8.70%

11.01%

Risk based capital ratios:

Tier 1

11.71%

12.72%

13.68%

11.71%

13.68%

Total Capital

13.09%

13.97%

14.93%

13.09%

14.93%

Performance Ratios:

Cost of funds

0.95%

0.99%

1.05%

0.99%

1.20%

Deposit cost of funds

0.84%

0.88%

0.94%

0.88%

1.07%

Net interest margin

3.38%

3.57%

3.45%

3.59%

3.50%

Return on average assets

(9.51%)

0.58%

0.07%

(2.68%)

(1.14%)

Return on average total stockholders' equity

(110.48%)

6.17%

0.71%

(28.68%)

(13.42%)

Asset Quality

Net charge-offs to average loans outstanding

6.83%

2.08%

(0.58%)

2.44%

2.73%

Nonperforming assets to total period-end assets

1.70%

4.83%

6.30%

1.70%

6.30%

Allowance for loan losses to total period-end loans

2.04%

1.95%

1.84%

2.04%

1.84%

Allowance for loan losses to nonperforming loans

106.52%

38.68%

28.62%

106.52%

28.62%

Nonperforming assets to capital and reserves

23.13%

45.68%

55.46%

23.13%

55.46%

* Core deposits equal total deposits less public and brokered certificates of deposit and temporary demand deposits.

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

December 31, 2011

September 30, 2011

December 31, 2010

thousands)

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

$  108,488

$           63

0.23%

$    72,214

$           34

0.19%

$    62,508

$           40

0.25%

Securities

163,999

1,384

3.38%

151,120

1,268

3.36%

151,510

1,296

3.42%

Loans receivable

617,856

8,211

5.27%

637,477

8,528

5.31%

622,913

8,093

5.15%

Total interest-earning assets

890,343

9,658

4.30%

860,811

9,830

4.53%

836,931

9,429

4.47%

Other assets

72,205

71,649

75,300

Total assets

$  962,548

$  932,460

$  912,231

Interest-bearing liabilities:

Demand non interest-bearing

$  127,842

$  120,443

$  114,540

Demand interest-bearing

102,960

$         165

0.64%

100,516

$         159

0.63%

61,010

$         101

0.66%

Money market & savings

385,553

930

0.96%

347,727

868

0.99%

336,752

888

1.05%

Time deposits

228,751

690

1.20%

245,083

781

1.26%

278,900

878

1.25%

Total deposits

845,106

1,785

0.84%

813,769

1,808

0.88%

791,202

1,867

0.94%

Total interest-bearing deposits

717,264

1,785

0.99%

693,326

1,808

1.03%

676,662

1,867

1.09%

Other borrowings

22,476

282

4.98%

22,552

279

4.91%

22,508

279

4.92%

Total interest-bearing liabilities

$  739,740

$      2,067

1.11%

$  715,878

$      2,087

1.16%

$  699,170

$      2,146

1.22%

Total deposits and

 other borrowings

867,582

2,067

0.95%

836,321

2,087

0.99%

813,710

2,146

1.05%

Non interest-bearing liabilities

12,092

8,468

9,052

Shareholders' equity

82,874

87,671

89,469

Total liabilities and

shareholders' equity

$  962,548

$  932,460

$  912,231

Net interest income

$      7,591

$      7,743

$      7,283

Net interest spread

3.19%

3.37%

3.25%

Net interest margin

3.38%

3.57%

3.45%

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, 2011

December 31, 2010

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

$      62,082

$           145

0.23%

$      31,313

$             80

0.26%

Securities

156,367

5,119

3.27%

175,074

6,176

3.53%

Loans receivable

630,309

33,417

5.30%

659,882

34,293

5.20%

Total interest-earning assets

848,758

38,681

4.56%

866,269

40,549

4.68%

Other assets

73,053

73,961

Total assets

$    921,811

$    940,230

Interest-bearing liabilities:

Demand non interest-bearing

$    119,189

$    116,895

Demand interest-bearing

91,577

$           590

0.64%

58,467

$           427

0.73%

Money market & savings

345,885

3,457

1.00%

320,296

3,689

1.15%

Time deposits

244,741

3,017

1.23%

320,194

4,621

1.44%

Total deposits

801,392

7,064

0.88%

815,852

8,737

1.07%

Total interest-bearing deposits

682,203

7,064

1.04%

698,957

8,737

1.25%

Other borrowings

24,831

1,135

4.57%

35,930

1,508

4.20%

Total interest-bearing liabilities

707,034

8,199

1.16%

734,887

10,245

1.39%

Total deposits and

 other borrowings

826,223

8,199

0.99%

851,782

10,245

1.20%

Non interest-bearing liabilities

9,472

8,781

Shareholders' equity

86,116

79,667

Total liabilities and

shareholders' equity

$    921,811

$    940,230

Net interest income

$      30,482

$      30,304

Net interest spread

3.40%

3.29%

Net interest margin

3.59%

3.50%

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

(dollars in thousands)

12/31/11

9/30/11

12/31/10

12/31/11

12/31/10

Balance at beginning of period

$      12,380

$      15,108

$      10,889

$      11,444

$      12,841

Provisions/(recoveries) charged to operating

expense

10,300

616

(350)

15,966

16,600

22,680

15,724

10,539

27,410

29,441

Recoveries on loans charged-off:

 Commercial

59

-

905

70

1,168

 Consumer

-

1

-

39

3

Total recoveries

59

1

905

109

1,171

Loans charged-off:

 Commercial

(10,682)

(3,342)

-

(15,428)

(19,126)

 Consumer

(7)

(3)

-

(41)

(42)

Total charged-off

(10,689)

(3,345)

-

(15,469)

(19,168)

Net charge-offs

(10,630)

(3,344)

905

(15,360)

(17,997)

Balance at end of period

$      12,050

$      12,380

$      11,444

$      12,050

$      11,444

Net charge-offs/(recoveries) as a percentage

average loans outstanding

6.83%

2.08%

(0.58%)

2.44%

2.73%

Allowance for loan losses as a percentage of

period-end loans

2.04%

1.95%

1.84%

2.04%

1.84%

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)

2011

2011

2011

2011

2010

Non-accrual loans:

 Commercial real estate

$                9,667

$              31,096

$              36,642

$              38,187

$              39,302

 Consumer and other

897

910

949

974

690

Total non-accrual loans

10,564

32,006

37,591

39,161

39,992

Loans past due 90 days or more

 and still accruing

748

-

1,338

-

-

Renegotiated loans

-

-

-

-

-

Total non-performing loans

11,312

32,006

38,929

39,161

39,992

Other real estate owned

6,479

13,988

13,109

14,077

15,237

Total non-performing assets

$              17,791

$              45,994

$              52,038

$              53,238

$              55,229

Non-performing loans to total loans

1.92%

5.05%

6.09%

6.21%

6.45%

Non-performing assets to total assets

1.70%

4.83%

5.78%

6.07%

6.30%

Non-performing loan coverage

106.52%

38.68%

38.81%

36.90%

28.62%

Allowance for loan losses as a percentage

 of total period-end loans

2.04%

1.95%

2.36%

2.29%

1.84%

Non-performing assets/capital plus

  allowance for loan losses

23.13%

45.68%

50.88%

52.80%

55.46%

SOURCE Republic First Bancorp, Inc.



RELATED LINKS

http://www.myrepublicbank.com