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Republic First Bancorp, Inc. Reports Earnings For First Quarter 2014

Republic Bank Logo. (PRNewsFoto/Republic Bank) (PRNewsFoto/)

News provided by

Republic First Bancorp, Inc.

Apr 23, 2014, 03:56 ET

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PHILADELPHIA, April 23, 2014 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the three month period ended March 31, 2014.  The Company has recorded net income of $0.8 million, or $0.03 per share, for the first quarter of 2014 compared to net income of $1.0 million, or $0.04 per share, for the first quarter of 2013.

"The grand opening of our new store in Cherry Hill, NJ during the first quarter has contributed to a wave of momentum that we look to build upon as we deliver the message that 'The Power of Red is Back'," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer. "Our first quarter financial results are a positive contribution to this momentum that we hope to ride throughout the new year."

To support the planned growth strategy, the Company recently announced that it completed the sale of $45 million of common stock through a private placement offering.  The stock was sold at a price of $3.80 per share.

"The Power of Red is Back" is an aggressive expansion plan beginning in Southern New Jersey and continuing throughout Metro Philadelphia.  During the first quarter the Company opened a new store in Cherry Hill, NJ utilizing its new and distinctive glass building. The revolutionary design of this new location represents the Bank's commitment to world-class service and convenience for its customers. The grand opening for next location to utilize the new building will be on May 10, 2014 in Voorhees, NJ. There are plans for additional stores in Marlton, Moorestown, Mount Holly, Medford, Glassboro, Washington Township and a second store in Cherry Hill.

Highlights for the Period Ending March 31, 2014

  • Core deposits increased by $60.4 million $869.6 million, or 7%, as of March 31, 2014 compared to $809.2 million as of March 31, 2013 while the cost of funds on core deposits decreased to 0.35% for the quarter ended March 31, 2014 compared to 0.43% for the quarter ended March 31, 2013.
  • Total loans increased by $69.7 million, or 11%, to $696.8 million as of March 31, 2014 compared to $627.1 million at March 31, 2013.
  • The net interest margin increased to 3.86% for the quarter ended March 31, 2014 compared to 3.61% for the quarter ended March 31, 2013 despite the challenging interest rate environment.
  • SBA lending continued to be a focal point of the Company's lending strategy. More than $13 million in new SBA loans were originated during the quarter ended March 31, 2014. Our team is currently ranked as the #1 SBA lender in the tri-state footprint of Pennsylvania, New Jersey and Delaware.
  • Asset quality improved as non-performing loans decreased by $4.7 million, or 31%, to $10.4 million, or 1.49% of total loans, at March 31, 2014 compared to $15.1 million, or 2.41% of total loans as of March 31, 2013.
  • The percentage of non-performing assets to capital and reserves improved to 18% as of March 31, 2014 compared to 29% as of March 31, 2013. The non-performing loan coverage ratio increased to 115% as of March 31, 2014 compared to 62% as of March 31, 2013.
  • The Company's Total Risk-Based Capital ratio was 11.29% and Tier I Leverage Ratio was 8.86% at March 31, 2014.
  • Tangible book value per share as of March 31, 2014 was $2.50.
  • After giving pro-forma effect to the recent stock offering the Company's Total Risk Based Capital Ratio increased to 16.64%, the Tier I Legerage Ratio is 13.59% and tangible book value is $2.91 per share at March 31, 2014.

The Company's capital ratios at March 31, 2014 and on a pro-forma basis after giving effect to the common stock offering were as follows:


Actual

March 31, 2014

Pro-Forma After

 Stock Offering

Regulatory Guidelines

"Well Capitalized"





Leverage Ratio

8.86%

13.59%

5.00%





Tier 1 Risk Based Capital

10.04%

15.39%

6.00%





Total Risk Based Capital

11.29%

16.64%

10.00%





Tangible Common Equity

6.68%

10.80%

n/a

Income Statement

The Company reported net income of $0.8 million, or $0.03 per share, for the three month period ended March 31, 2014, compared to net income of $1.0 million, or $0.04 per share, for the three month period ended March 31, 2013.

The Company continues to lower its cost of funds as evidenced by a decrease of 10 basis points to 0.48% for the three month period ended March 31, 2014, compared to 0.58% for the three month period ended March 31, 2013. The net interest margin increased to 3.86% for the three month period ended March 31, 2014 compared to 3.61% for the three month period ended March 31, 2013.

Non-interest income decreased to $1.9 million for the three month period ended March 31, 2014 compared to $2.2 million for the three month period ended March 31, 2013, primarily due to gains on the sale of investment securities of $0.7 million which were recognized during the three month period ended March 31, 2013.

Non-interest expenses increased by $0.7 million, or 8%, to $9.8 million for the three month period ended March 31, 2014 compared to $9.1 million in the prior year period. 

Balance Sheet

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

 

Description

Mar 31,

2014

Mar 31,

2013

% Change

Dec 31,

2013

% Change







Total assets

$ 973,862

$ 926,084

5%

$ 961,665

1%







Total loans (net)

684,898

617,769

11%

667,048

3%







Total deposits

879,882

826,138

7%

869,534

1%







Total core deposits

869,649

809,206

7%

859,301

1%







Net loans increased by $67.1 million, or 11%, as of March 31, 2014 compared to March 31, 2013.  Core deposits grew by $60.4 million to $869.6 million as of March 31, 2014 compared to $809.2 million as of March 31, 2013.

Core Deposits

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

 

 

Description

Mar 31,

2014

Mar 31,

2013

%
Change

Dec 31,

2013

%
Change

1st Qtr
2014 Cost
of Funds








Demand noninterest-bearing

$ 182,082

$ 149,857

22%

$ 157,806

15%

0.00%








Demand interest-bearing

198,080

159,601

24%

230,221

(14%)

0.36%








Money market and savings

423,096

425,753

(1%)

402,671

5%

0.42%








Certificates of deposit

66,391

73,995

(10%)

68,603

(3%)

0.76%








Total core deposits

$ 869,649

$ 809,206

7%

$ 859,301

1%

0.35%








Core deposits increased to $869.6 million at March 31, 2014 compared to $809.2 million at March 31, 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 0.37% for the three month period ending March 31, 2014 compared to 0.46% for the three month period ending March 31, 2013. The retail banking strategy has also enabled the Company to significantly reduce its dependence on wholesale funding sources such as brokered and internet-based certificates of deposit.

Lending

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

Description

Mar 31,

2014

% of
Total

Mar 31,

2013

% of
Total

Dec 31,

2013

% of

Total








Commercial real estate

$ 344,125

49%

$ 332,407

53%

$342,794

50%

Construction and land development

26,931

4%

27,614

4%

23,977

4%

Commercial and industrial

125,792

18%

110,785

18%

118,209

17%

Owner occupied real estate

164,325

24%

129,692

21%

160,229

24%

Consumer and other

33,554

5%

24,359

4%

31,981

5%

Residential mortgage

2,344

0%

2,425

0%

2,359

0%

Deferred costs (fees)

(223)


(160)


(238)









Gross loans

$696,848

100%

$627,122

100%

$679,311

100%








Gross loans increased by $69.7 million to $696.8 million at March 31, 2014 compared to $627.1 million at March 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. 

Asset Quality

The Company's non-performing asset balances and asset quality ratios are highlighted below:


Quarter Ended


Mar 31,

2014

Pro-Forma
After Stock
Offering

Dec 31,

2013

Mar 31,

2013






Non-performing assets / total assets

1.44%

1.38%

1.51%

2.52%






Quarterly net loan charge-offs / average loans

0.18%

0.18%

0.12%

0.12%






Allowance for loan losses / gross loans

1.71%

1.71%

1.81%

1.49%






Allowance for loan losses / non-performing loans

115%

115%

118%

62%






Non-performing assets / capital and reserves

18%

12%

19%

29%






Non-performing assets decreased by $9.3 million to $14.1 million, or 1.44% of total assets, at March 31, 2014, compared to $23.4 million, or 2.52% of total assets, as of March 31, 2013.  The allowance for loan losses as a percentage of non-performing loans increased to 115% as of March 31, 2014, compared to 62%  as of March 31, 2013.  The ratio of non-performing assets to capital and reserves improved to 18% as of March 31, 2014 compared to 29% as of March 31, 2013.

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 was $65.1 million at March 31, 2014 which represented a book value per share of $2.50, based on common shares outstanding of approximately 26.0 million.  After giving pro-forma effect to the offering, total shareholders' equity would have increased to $110.1 million and book value per share would have been $2.91 per share at March 31, 2014.

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)


























March 31,


December 31,


March 31,

(dollars in thousands)



2014


2013


2013












ASSETS










Cash and due from banks


$         17,835


$         12,525


$           9,592


Interest-bearing deposits and federal funds sold

16,475


23,355


62,337



Total cash and cash equivalents


34,310


35,880


71,929













Securities - Available for sale


201,262


204,891


173,550


Securities - Held to maturity


21


21


68


Restricted stock



1,567


1,570


3,276



Total investment securities


202,850


206,482


176,894













Loans held for sale



3,796


4,931


165













Loans receivable



696,848


679,311


627,122


Allowance for loan losses


(11,950)


(12,263)


(9,353)



Net loans




684,898


667,048


617,769













Premises and equipment


24,140


22,748


21,630


Other real estate owned



3,696


4,059


8,268


Other assets




20,172


20,517


29,429













Total Assets




$       973,862


$       961,665


$       926,084


































LIABILITIES










Non-interest bearing deposits


$       182,082


$       157,806


$       149,857


Interest bearing deposits



697,800


711,728


676,281



Total deposits



879,882


869,534


826,138













Short-term borrowings



-


-


-


Subordinated debt



22,476


22,476


22,476


Other liabilities



6,444


6,756


6,950













Total Liabilities



908,802


898,766


855,564












SHAREHOLDERS' EQUITY









Common stock - $0.01 par value


265


265


265


Additional paid-in capital



107,166


107,078


106,825


Accumulated deficit



(36,953)


(37,708)


(33,236)


Treasury stock at cost



(3,099)


(3,099)


(3,099)


Stock held by deferred compensation plan

(809)


(809)


(809)


Accumulated other comprehensive income (loss)

(1,510)


(2,828)


574













Total Shareholders' Equity


65,060


62,899


70,520
























Total Liabilities and Shareholders' Equity

$       973,862


$       961,665


$       926,084












Republic First Bancorp, Inc.





Consolidated Statements of Operations




(Unaudited)


























Three Months Ended







March 31,


December 31,


March 31,

(dollars in thousands, except per share amounts)

2014


2013


2013












INTEREST INCOME









Interest and fees on loans


$          8,323


$          8,181


$          7,928


Interest and dividends on investment securities

1,320


1,321


1,120


Interest on other interest earning assets

12


42


59



Total interest income



9,655


9,544


9,107












INTEREST EXPENSE









Interest on deposits



780


828


976


Interest on borrowed funds


276


278


278



Total interest expense


1,056


1,106


1,254













Net interest income



8,599


8,438


7,853


Provision for loan losses



-


3,760


-













Net interest income after provision for loan losses

8,599


4,678


7,853












NON-INTEREST INCOME









Service fees on deposit accounts


293


277


234


Gain on sale of SBA loans


1,154


1,475


650


Gain on sale of investment securities

-


-


703


Other non-interest income


483


459


656



Total non-interest income


1,930


2,211


2,243












NON-INTEREST EXPENSE









Salaries and employee benefits


5,040


3,788


4,287


Occupancy and equipment


1,536


1,453


1,327


Legal and professional fees


657


847


687


Foreclosed real estate



346


1,408


917


Regulatory assessments and related fees

337


345


344


Other operating expenses


1,899


2,276


1,568



Total non-interest expense


9,815


10,117


9,130












Income (loss) before provision (benefit) for income taxes

714


(3,228)


966












Provision (benefit) for income taxes


(41)


33


(26)












Net income (loss)



$             755


$         (3,261)


$             992























Net Income (Loss) per Common Share








Basic




$            0.03


$           (0.13)


$            0.04


Diluted




$            0.03


$           (0.13)


$            0.04












Average Common Shares Outstanding








Basic




25,973


25,973


25,973


Diluted




26,212


25,973


26,042












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)


March 31, 2014


December 31, 2013


March 31, 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


$  17,829


$      12


0.27%


$   61,963


$      42


0.27%


$   86,685


$      59


0.28%

Securities


208,046


1,363


2.62%


206,259


1,361


2.64%


183,387


1,159


2.53%

Loans receivable


686,869


8,367


4.94%


663,567


8,226


4.92%


621,642


7,977


5.20%

Total interest-earning assets


912,744


9,742


4.33%


931,789


9,629


4.10%


891,714


9,195


4.18%




















Other assets


42,951






46,363






59,736
























Total assets


$955,695






$ 978,152






$ 951,450
























Interest-bearing liabilities:






































Demand non interest-bearing


$169,699






$ 159,956






$ 144,045





Demand interest-bearing


213,980


191


0.36%


218,275


210


0.38%


170,868


195


0.46%

Money market & savings


400,880


416


0.42%


419,982


431


0.41%


422,766


502


0.48%

Time deposits


77,468


173


0.91%


81,744


187


0.91%


114,054


279


0.99%

Total deposits


862,027


780


0.37%


879,957


828


0.37%


851,733


976


0.46%




















Total interest-bearing deposits


692,328


780


0.46%


720,001


828


0.46%


707,688


976


0.56%




















Other borrowings


22,476


276


4.98%


22,476


278


4.91%


22,476


278


5.02%







































Total interest-bearing liabilities


714,804


1,056


0.60%


742,477


1,106


0.59%


730,164


1,254


0.70%

Total deposits and 



















  other borrowings


884,503


1,056


0.48%


902,433


1,106


0.49%


874,209


1,254


0.58%







































Non interest-bearing liabilities


6,901






9,312






7,343





Shareholders' equity


64,291






66,407






69,898





Total liabilities and



















shareholders' equity


$955,695






$ 978,152






$ 951,450
























Net interest income




$ 8,686






$ 8,523






$ 7,941



Net interest spread






3.73%






3.51%






3.48%




















Net interest margin






3.86%






3.63%






3.61%


























































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




March 31,


December 31,


March 31,

(dollars in thousands)

2014


2013


2013













Balance at beginning of period

$       12,263


$         8,704


$         9,542







Provision charged to operating expense

-


3,760


-


12,263


12,464


9,542







Recoveries on loans charged-off:






  Commercial

-


48


1

  Consumer

-


-


-

Total recoveries

-


48


1







Loans charged-off:






  Commercial

(303)


(249)


(115)

  Consumer

(10)


-


(75)







Total charged-off

(313)


(249)


(190)







Net charge-offs

(313)


(201)


(189)







Balance at end of period

$       11,950


$       12,263


$         9,353













Net charge-offs as a percentage of






  average loans outstanding

0.18%


0.12%


0.12%







Allowance for loan losses as a percentage






  of period-end loans

1.71%


1.81%


1.49%







Republic First Bancorp, Inc. 



Summary of Non-Performing Loans and Assets



(unaudited)



















March 31,


December 31,


September 30,


June 30,


March 31,

(dollars in thousands)

2014


2013


2013


2013


2013











Non-accrual loans:










  Commercial real estate

$          9,733


$          9,764


$          6,833


$        12,673


$        14,415

  Consumer and other

643


656


662


667


700

Total non-accrual loans

10,376


10,420


7,495


13,340


15,115











Loans past due 90 days or more










  and still accruing

-


-


-


-


-











Total non-performing loans

10,376


10,420


7,495


13,340


15,115











Other real estate owned

3,696


4,059


5,951


6,584


8,268











Total non-performing assets

$        14,072


$        14,479


$        13,446


$        19,924


$        23,383





















Non-performing loans to total loans

1.49%


1.53%


1.15%


2.09%


2.41%











Non-performing assets to total assets

1.44%


1.51%


1.43%


2.17%


2.52%











Non-performing loan coverage

115.17%


117.69%


116.13%


69.96%


61.88%











Allowance for loan losses as a percentage










  of total period-end loans

1.71%


1.81%


1.34%


1.46%


1.49%











Non-performing assets / capital plus










   allowance for loan losses

18.27%


19.26%


17.74%


25.32%


29.28%











Logo - http://photos.prnewswire.com/prnh/20100707/PH31611LOGO  

SOURCE Republic First Bancorp, Inc.

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