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

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

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.