Republic First Bancorp, Inc. Reports Second Quarter 2010 Financial Results
PHILADELPHIA, July 20 /PRNewswire-FirstCall/ -- Republic First Bancorp, Inc. (Nasdaq: FRBK), the holding company for Republic First Bank, today announced its financial results for the period ending June 30, 2010.
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During the second quarter of 2010, the Company recorded a net loss of $7.1 million, or $0.60 per share, compared to a net loss of $5.4 million, or $0.51 per share, for the second quarter 2009.
“Our second quarter was negatively impacted by increases in reserves and charge-offs related to the restructuring of our loan portfolio necessary to strengthen the Company’s future operations, along with increases in personnel cost required to execute our strategic plan,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “We believe we have appropriately addressed all significant credit quality issues that exist in our loan portfolio and look forward to moving ahead with the deployment of our new retail focused strategy.”
During the second quarter of 2010, the Company successfully completed a $30 million common stock offering and has initiated the process of rebranding to the name Republic Bank. “We will continue with our efforts to put the organization in a position to take advantage of the growth opportunities that will arise from the consolidation and disruption of service in the banking industry in our geographic area of operation. With a strong management team in place, we have already made great strides in this direction,” said Madonna.
Highlights
- A $30 million common stock offering was completed during the second quarter 2010.
- Successfully opened a new store in Haddonfield, New Jersey on July 19, 2010.
- The second quarter results included a $10.8 million provision for loan losses which bolsters reserves and facilitates the restructuring of our loan portfolio.
- Total loans outstanding decreased by 10% to $658.8 million at June 30, 2010 compared to $732.0 million at June 30, 2009 as a result of the continuing effort to reduce exposure to commercial real estate and strengthen the loan portfolio.
- The Company continues to reposition its balance sheet and focus on low cost deposit growth.
- Core deposits increased by $54.4 million, or 9%, during the twelve month period ended June 30, 2010.
- The cost of funds decreased to 1.24% for the second quarter 2010 compared to 1.98% for the second quarter 2009.
- Capital levels remain strong with a Total Risk-Based Capital ratio of 14.07% and a Tier I Leverage Ratio of 10.59% at June 30, 2010.
- With the addition of new talent, products, and services the Company continues to strengthen itself for competitive growth and performance.
Income Statement
The Company reported a net loss of $7.1 million, or $0.60 per share, for the three months ended June 30, 2010, compared to a net loss of $5.4 million, or $0.51 per share, for the three months ended June 30, 2009. The second quarter 2010 loss was attributable to a provision for loan losses in the amount of $10.8 million.
Net interest income increased to $7.5 million for the second quarter 2010 compared to $6.8 million for the second quarter 2009 due to a reduction in the cost of funds. The net interest margin increased to 3.42% for the second quarter 2010 compared to 3.18% for the second quarter of 2009. The Company continues to make strong progress in the growth of low cost core deposits.
Balance Sheet
(dollars in thousands) |
% |
% |
||||||||
6/30/10 |
6/30/09 |
Change |
3/31/10 |
Change |
||||||
Total assets |
$ 934,303 |
$937,116 |
(0%) |
$ 967,507 |
(3%) |
|||||
Total loans (net) |
658,812 |
731,981 |
(10%) |
665,711 |
(1%) |
|||||
Total deposits |
805,211 |
808,636 |
(0%) |
846,232 |
(5%) |
|||||
Total core deposits* |
681,765 |
627,350 |
9% |
689,996 |
(1%) |
|||||
* Core deposits equal total deposits less public and brokered certificates of deposit |
||||||||||
The Company's ongoing effort to remix and strengthen its balance sheet continues to show progress. Net loans decreased to $658.8 million as of June 30, 2010, as the Company continues to reduce exposure to concentrations in the commercial real estate portfolio. Core deposits grew by 9% to $681.8 million as of June 30, 2010 compared to $627.4 million at June 30, 2009 as a direct result of the retail-focused model that the Company has begun to deploy. Liquidity remained strong as the Company continues to decrease its dependence on outside borrowings, while increasing cash and investment securities balances by $57.7 million as of June 30, 2010 when compared to June 30, 2009. These changes are attributable to the strong growth in core deposits over that period of time.
Core Deposits
Core deposits by type of account are as follows:
(dollars in thousands) |
2nd Qtr 2010 |
|||||||||||
% |
% |
Cost of |
||||||||||
6/30/10 |
6/30/09 |
Change |
3/31/10 |
Change |
Funds |
|||||||
Demand noninterest-bearing |
$117,169 |
$ 91,642 |
28% |
$138,842 |
(16%) |
0.00% |
||||||
Demand interest-bearing |
64,636 |
42,675 |
51% |
45,587 |
42% |
0.79% |
||||||
Money market and savings |
311,790 |
304,879 |
2% |
311,792 |
0% |
1.14% |
||||||
Certificates of deposit |
188,170 |
188,154 |
0% |
193,775 |
(3%) |
2.02% |
||||||
Total core deposits |
$681,765 |
$627,350 |
9% |
$689,996 |
(1%) |
1.16% |
||||||
Core deposits, which exclude all public and brokered certificates of deposit, increased to $681.8 million at June 30, 2010, an increase of $54.4 million, or 9%, from June 30, 2009. We believe core deposits are the appropriate measure of deposits gathered through our store network.
Lending
The following table sets forth the composition of the Company's loan portfolio at the dates indicated.
(dollars in thousands) |
||||||||||||
% of |
% of |
% of |
||||||||||
6/30/10 |
Total |
6/30/09 |
Total |
3/31/10 |
Total |
|||||||
Commercial |
$ 92,500 |
14% |
$ 94,989 |
13% |
$ 86,326 |
13% |
||||||
Owner Occupied |
84,507 |
13% |
64,887 |
8% |
83,500 |
12% |
||||||
Total Commercial |
177,007 |
27% |
159,876 |
21% |
169,826 |
25% |
||||||
Consumer & Residential |
21,756 |
3% |
22,184 |
3% |
21,518 |
3% |
||||||
Commercial Real Estate |
470,325 |
70% |
565,958 |
76% |
488,092 |
72% |
||||||
Gross loans |
$669,088 |
100% |
$748,018 |
100% |
$679,436 |
100% |
||||||
Asset Quality
The Company's asset quality ratios are highlighted below:
Quarter Ended |
||||||
6/30/10 |
6/30/09 |
3/31/10 |
||||
Nonperforming assets / total assets |
6.69% |
2.76% |
4.94% |
|||
Net loan charge-offs / average total loans |
8.38% |
0.35% |
2.74% |
|||
Allowance for loan losses / gross loans |
1.54% |
2.14% |
2.02% |
|||
Allowance for loan losses / non-performing loans |
19.83% |
101.10% |
37.37% |
|||
Nonperforming assets / capital and reserves |
63.07% |
29.63% |
60.54% |
|||
Non-performing assets were $62.5 million, or 6.69% of total assets, as of June 30, 2010 compared to $47.8 million, or 4.94%, of total assets at March 31, 2010 and $25.9 million, or 2.76%, of total assets at June 30, 2009. The Company recorded a provision for loan losses of $10.8 million during the three months ended June 30, 2010, compared to a provision of $8.3 million for the quarter ended June 30, 2009. The allowance for loan losses as a percentage of total loans was 1.54% as of June 30, 2010, compared to 2.14% one year ago.
Capital
The Company's capital regulatory ratios at June 30, 2010 were as follows:
Republic First |
Regulatory Guidelines |
|||||
Bancorp, Inc. |
"Well Capitalized" |
|||||
Leverage Ratio |
10.59% |
5.00% |
||||
Tier I Risk Based Capital |
12.82% |
6.00% |
||||
Total Risk Based Capital |
14.07% |
10.00% |
||||
Total shareholders' equity was $88.8 million at June 30, 2010 which represented a book value per share of $3.47, based on common shares outstanding of approximately 25.6 million.
About Republic First Bank
Republic First Bank 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 twelve offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.
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. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar 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 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 |
Six months ended |
|||||||||||||||||
% |
% |
% |
||||||||||||||||
(dollars in thousands, except per share amounts) |
6/30/10 |
3/31/10 |
Change |
6/30/09 |
Change |
6/30/10 |
6/30/09 |
Change |
||||||||||
Income Statement Data: |
||||||||||||||||||
Net interest income |
$ 7,511 |
$ 7,409 |
1% |
$ 6,792 |
11% |
$ 14,920 |
$ 13,650 |
9% |
||||||||||
Provision for loan losses |
10,750 |
5,500 |
95% |
8,250 |
30% |
16,250 |
13,050 |
25% |
||||||||||
Non-interest income |
254 |
475 |
(47%) |
382 |
34% |
729 |
1,034 |
(29%) |
||||||||||
Total revenues |
7,765 |
7,884 |
(2%) |
7,174 |
8% |
15,649 |
14,684 |
7% |
||||||||||
Non-interest expenses |
7,953 |
8,405 |
(5%) |
7,219 |
10% |
16,358 |
15,704 |
4% |
||||||||||
Provision (benefit) for income taxes |
(3,883) |
(2,159) |
80% |
(2,860) |
(36%) |
(6,042) |
(4,875) |
(24%) |
||||||||||
Net income (loss) |
(7,055) |
(3,862) |
83% |
(5,435) |
(30%) |
(10,917) |
(9,195) |
(19%) |
||||||||||
Per Common Share Data: |
||||||||||||||||||
Net income (loss): Basic |
$ (0.60) |
$ (0.37) |
62% |
$ (0.51) |
(18%) |
$ (0.98) |
$ (0.86) |
(14%) |
||||||||||
Net income (loss): Diluted |
(0.60) |
(0.37) |
62% |
(0.51) |
(18%) |
(0.98) |
(0.86) |
(14%) |
||||||||||
Book Value |
$ 3.47 |
$ 6.18 |
$ 6.69 |
$ 3.47 |
$ 6.69 |
|||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||
Basic |
11,707 |
10,578 |
10,656 |
11,142 |
10,644 |
|||||||||||||
Diluted |
11,707 |
10,578 |
10,656 |
11,142 |
10,644 |
|||||||||||||
Balance Sheet Data: |
||||||||||||||||||
Total assets |
$ 934,303 |
$ 967,507 |
(3%) |
$ 934,303 |
$ 937,116 |
(0%) |
||||||||||||
Loans (net) |
658,812 |
665,711 |
(1%) |
658,812 |
731,981 |
(10%) |
||||||||||||
Allowance for loan losses |
10,276 |
13,725 |
(25%) |
10,276 |
16,037 |
(36%) |
||||||||||||
Investment securities |
180,489 |
183,400 |
(2%) |
180,489 |
80,927 |
123% |
||||||||||||
Total deposits |
805,211 |
846,232 |
(5%) |
805,211 |
808,636 |
(0%) |
||||||||||||
Core deposits* |
681,765 |
689,996 |
(1%) |
681,765 |
627,350 |
9% |
||||||||||||
Public and brokered certificates of deposit |
123,446 |
156,236 |
(21%) |
123,446 |
181,286 |
(32%) |
||||||||||||
Other borrowed money |
9,149 |
25,000 |
(63%) |
9,149 |
25,000 |
(63%) |
||||||||||||
Subordinated debt |
22,476 |
22,476 |
- |
22,476 |
22,476 |
- |
||||||||||||
Stockholders' equity |
88,761 |
65,182 |
36% |
88,761 |
71,307 |
24% |
||||||||||||
Capital: |
||||||||||||||||||
Stockholders' equity to total assets |
9.50% |
6.74% |
9.50% |
7.61% |
||||||||||||||
Leverage ratio |
10.59% |
8.94% |
10.59% |
9.75% |
||||||||||||||
Risk based capital ratios: |
||||||||||||||||||
Tier 1 |
12.82% |
11.21% |
12.82% |
10.83% |
||||||||||||||
Total Capital |
14.07% |
12.49% |
14.07% |
12.09% |
||||||||||||||
Performance Ratios: |
||||||||||||||||||
Cost of funds |
1.24% |
1.38% |
1.98% |
1.31% |
2.04% |
|||||||||||||
Deposit cost of funds |
1.10% |
1.22% |
1.84% |
1.16% |
1.92% |
|||||||||||||
Net interest margin |
3.42% |
3.38% |
3.18% |
3.40% |
3.20% |
|||||||||||||
Return on average assets |
(2.96%) |
(1.61%) |
(2.36%) |
(2.28%) |
(2.02%) |
|||||||||||||
Return on average total stockholders' equity |
(39.55%) |
(22.68%) |
(28.88%) |
(30.99%) |
(24.05%) |
|||||||||||||
Asset Quality |
||||||||||||||||||
Net charge-offs to average loans outstanding |
8.38% |
2.74% |
5.56% |
1.44% |
||||||||||||||
Nonperforming assets to total period-end assets |
6.69% |
4.94% |
6.69% |
2.76% |
||||||||||||||
Allowance for loan losses to total period-end loans |
1.54% |
2.02% |
1.54% |
2.14% |
||||||||||||||
Allowance for loan losses to nonperforming loans |
19.83% |
37.37% |
19.83% |
101.10% |
||||||||||||||
Nonperforming assets to capital and reserves |
63.07% |
60.54% |
63.07% |
29.63% |
||||||||||||||
* Core deposits equal total deposits less public and brokered certificates of deposit |
||||||||||||||||||
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, 2010 |
March 31, 2010 |
June 30, 2009 |
|||||||||||||||
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 |
$ 23,751 |
$ 16 |
0.27% |
$ 22,840 |
$ 20 |
0.36% |
$ 31,005 |
$ 19 |
0.25% |
|||||||||
Securities |
183,421 |
1,602 |
3.49% |
190,738 |
1,716 |
3.60% |
86,230 |
1,109 |
5.14% |
|||||||||
Loans receivable |
679,889 |
8,675 |
5.12% |
683,846 |
8,759 |
5.19% |
747,725 |
9,863 |
5.29% |
|||||||||
Total interest-earning assets |
887,061 |
10,293 |
4.65% |
897,424 |
10,495 |
4.74% |
864,960 |
10,991 |
5.10% |
|||||||||
Other assets |
69,564 |
73,516 |
58,404 |
|||||||||||||||
Total assets |
$ 956,625 |
$ 970,940 |
$ 923,364 |
|||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||
Demand non interest-bearing |
$ 118,223 |
$ 125,400 |
$ 81,046 |
|||||||||||||||
Demand interest-bearing |
63,277 |
$ 125 |
0.79% |
49,506 |
$ 82 |
0.67% |
44,487 |
$ 75 |
0.68% |
|||||||||
Money market & savings |
321,689 |
912 |
1.14% |
307,862 |
1,050 |
1.38% |
281,368 |
1,374 |
1.96% |
|||||||||
Time deposits |
329,699 |
1,245 |
1.51% |
360,796 |
1,405 |
1.58% |
383,161 |
2,180 |
2.28% |
|||||||||
Total deposits |
832,888 |
2,282 |
1.10% |
843,564 |
2,537 |
1.22% |
790,062 |
3,629 |
1.84% |
|||||||||
Total interest-bearing deposits |
714,665 |
2,282 |
1.28% |
718,164 |
2,537 |
1.43% |
709,016 |
3,629 |
2.05% |
|||||||||
Other borrowings |
46,507 |
441 |
3.80% |
48,586 |
489 |
4.08% |
47,690 |
514 |
4.32% |
|||||||||
Total interest-bearing liabilities |
761,172 |
2,723 |
1.43% |
766,750 |
3,026 |
1.60% |
756,706 |
4,143 |
2.20% |
|||||||||
Total deposits and other borrowings |
879,395 |
2,723 |
1.24% |
892,150 |
3,026 |
1.38% |
837,752 |
4,143 |
1.98% |
|||||||||
Non interest-bearing liabilities |
5,681 |
9,716 |
10,127 |
|||||||||||||||
Shareholders' equity |
71,549 |
69,074 |
75,485 |
|||||||||||||||
Total liabilities and |
||||||||||||||||||
shareholders' equity |
$ 956,625 |
$ 970,940 |
$ 923,364 |
|||||||||||||||
Net interest income |
$ 7,570 |
$ 7,469 |
$ 6,848 |
|||||||||||||||
Net interest spread |
3.22% |
3.14% |
2.90% |
|||||||||||||||
Net interest margin |
3.42% |
3.38% |
3.18% |
|||||||||||||||
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, 2010 |
June 30, 2009 |
||||||||||
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 |
$ 23,298 |
$ 36 |
0.31% |
$ 18,264 |
$ 22 |
0.24% |
||||||
Securities |
187,060 |
3,318 |
3.55% |
88,585 |
2,299 |
5.19% |
||||||
Loans receivable |
681,857 |
17,434 |
5.16% |
759,080 |
19,853 |
5.27% |
||||||
Total interest-earning assets |
892,215 |
20,788 |
4.70% |
865,929 |
22,174 |
5.16% |
||||||
Other assets |
71,528 |
54,013 |
||||||||||
Total assets |
$ 963,743 |
$ 919,942 |
||||||||||
Interest-bearing liabilities: |
||||||||||||
Demand non interest-bearing |
$ 121,792 |
$ 79,296 |
||||||||||
Demand interest-bearing |
56,429 |
$ 207 |
0.74% |
43,294 |
$ 140 |
0.65% |
||||||
Money market & savings |
314,814 |
1,962 |
1.26% |
254,167 |
2,475 |
1.96% |
||||||
Time deposits |
345,162 |
2,650 |
1.55% |
388,919 |
4,681 |
2.43% |
||||||
Total deposits |
838,197 |
4,819 |
1.16% |
765,676 |
7,296 |
1.92% |
||||||
Total interest-bearing deposits |
716,405 |
4,819 |
1.36% |
686,380 |
7,296 |
2.14% |
||||||
Other borrowings |
47,541 |
930 |
3.94% |
67,597 |
1,117 |
3.33% |
||||||
Total interest-bearing liabilities |
763,946 |
5,749 |
1.52% |
753,977 |
8,413 |
2.25% |
||||||
Total deposits and |
||||||||||||
other borrowings |
885,738 |
5,749 |
1.31% |
833,273 |
8,413 |
2.04% |
||||||
Non interest-bearing liabilities |
6,961 |
9,573 |
||||||||||
Shareholders' equity |
71,044 |
77,096 |
||||||||||
Total liabilities and |
||||||||||||
shareholders' equity |
$ 963,743 |
$ 919,942 |
||||||||||
Net interest income |
$ 15,039 |
$ 13,761 |
||||||||||
Net interest spread |
3.18% |
2.91% |
||||||||||
Net interest margin |
3.40% |
3.20% |
||||||||||
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 |
||||||||||
(dollars in thousands) |
6/30/10 |
3/31/10 |
6/30/09 |
12/31/09 |
6/30/10 |
6/30/09 |
||||||
Balance at beginning of period |
$ 13,725 |
$ 12,841 |
$ 8,434 |
$ 8,409 |
$ 12,841 |
$ 8,409 |
||||||
Provisions charged to operating expense |
10,750 |
5,500 |
8,250 |
14,200 |
16,250 |
13,050 |
||||||
24,475 |
18,341 |
16,684 |
22,609 |
29,091 |
21,459 |
|||||||
Recoveries on loans charged-off: |
||||||||||||
Commercial |
113 |
150 |
- |
- |
263 |
- |
||||||
Tax refund loans |
- |
- |
- |
- |
- |
- |
||||||
Consumer |
- |
- |
1 |
2 |
- |
1 |
||||||
Total recoveries |
113 |
150 |
1 |
2 |
263 |
1 |
||||||
Loans charged-off: |
||||||||||||
Commercial |
(14,270) |
(4,766) |
(642) |
(9,764) |
(19,036) |
(5,417) |
||||||
Tax refund loans |
- |
- |
- |
- |
- |
- |
||||||
Consumer |
(42) |
- |
(6) |
(6) |
(42) |
(6) |
||||||
Total charged-off |
(14,312) |
(4,766) |
(648) |
(9,770) |
(19,078) |
(5,423) |
||||||
Net charge-offs |
(14,199) |
(4,616) |
(647) |
(9,768) |
(18,815) |
(5,422) |
||||||
Balance at end of period |
$ 10,276 |
$ 13,725 |
$ 16,037 |
$ 12,841 |
$ 10,276 |
$ 16,037 |
||||||
Net charge-offs as a percentage of average loans outstanding |
8.38% |
2.74% |
0.35% |
1.33% |
5.56% |
1.44% |
||||||
Allowance for loan losses as a percentage of period-end loans |
1.54% |
2.02% |
2.14% |
1.85% |
1.54% |
2.14% |
||||||
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) |
2010 |
2010 |
2009 |
2009 |
2009 |
|||||
Non-accrual loans: |
||||||||||
Commercial real estate |
$ 51,213 |
$ 36,144 |
$ 25,449 |
$ 17,997 |
$ 15,262 |
|||||
Consumer and other |
599 |
582 |
585 |
588 |
600 |
|||||
Total non-accrual loans |
51,812 |
36,726 |
26,034 |
18,585 |
15,862 |
|||||
Loans past due 90 days or more |
||||||||||
and still accruing |
- |
- |
- |
- |
- |
|||||
Renegotiated loans |
- |
- |
- |
- |
- |
|||||
Total non-performing loans |
51,812 |
36,726 |
26,034 |
18,585 |
15,862 |
|||||
Other real estate owned |
10,647 |
11,044 |
13,611 |
10,847 |
10,016 |
|||||
Total non-performing assets |
$ 62,459 |
$ 47,770 |
$ 39,645 |
$ 29,432 |
$ 25,878 |
|||||
Non-performing loans to total loans |
7.74% |
5.41% |
3.75% |
2.62% |
2.12% |
|||||
Non-performing assets to total assets |
6.69% |
4.94% |
3.93% |
3.09% |
2.76% |
|||||
Non-performing loan coverage |
19.83% |
37.37% |
49.32% |
68.03% |
101.10% |
|||||
Allowance for loan losses as a percentage of total period-end loans |
1.54% |
2.02% |
1.85% |
1.78% |
2.14% |
|||||
Non-performing assets/capital plus allowance for loan losses |
63.07% |
60.54% |
47.70% |
34.45% |
29.63% |
|||||
SOURCE Republic First Bancorp, Inc.
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