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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Republic First Bancorp Inc | NASDAQ:FRBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.309 | 0.312 | 0.3344 | 0 | 01:00:00 |
Q2-2020 Financial Highlights
Vernon W. Hill, II, Chairman of Republic First Bancorp said:
“In the second quarter ‘The Power of Red is Back’ expansion campaign continued to deliver exceptional service during these unprecedented times. Our stores remained operational throughout the quarter serving customers in any way possible in a safe and efficient manner. Through our participation in the PPP loan program authorized by the CARES Act we were able assist thousands of small businesses by providing critical access to funding to support operations in the midst of an economic shutdown.”
“In recognition of our unwavering commitment to extraordinary customer service and convenience our FANS responded to a recent Forbes survey and Republic was ranked as America’s #1 Bank for Service. The goal of our model is to create FANS NOT CUSTOMERS, who join our brand, remain loyal and refer family and friends. The results of the Forbes survey not only demonstrates the success of our model, but also shows that we deliver on our commitment to service better that every other bank in the country.”
Republic will launch its new brand campaign as America’s #1 Bank for Service during the third quarter of 2020.
Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:
“Net income during 2019 was negatively impacted by the challenging nature of the interest rate environment and costs required to initiate our expansion into New York City. During the second quarter of 2020 we returned to profitability through the dedication and commitment of every member of the Republic Bank Team to improve earnings. We have consistently stated that it is our goal to deliver best in class service across all delivery channels…..in-store, by phone, online and mobile options....as we strive to create new FANS each and every day. We are focused on meeting that goal in the most efficient manner possible.”
Paycheck Protection Program
During the second quarter the Republic Bank Team turned its attention to the needs of small businesses in our community. The Paycheck Protection Program included in the CARES Act authorized financial institutions to make loans to companies that have been impacted by the devastating economic effects of the coronavirus (COVID-19) pandemic. We responded by quickly developing a process to accept applications for the program not only from our valued small business customers, but from non-customers throughout the community as well.
PPP Loan Program Highlights
Republic Bank recognized the SBA PPP Loan Program as an opportunity to help existing and new small business customers actively participated in the program by accepting applications.
As of June 30, 2020 Republic has:
As a percentage of existing loan balances outstanding as of March 31, 2020, the $682 million in PPP loans originated by Republic amounted to 36% making us one of the top PPP lenders in the entire country.
Loss Mitigation and Loan Portfolio Analysis
Management has taken a proactive approach to analyze and prepare for the potential challenges to be faced as the effects of the economic shutdown begin to unfold. A detailed analysis of loan concentrations and segments that may represent the areas of highest risk has been prepared. Our commercial lending team has initiated contact with many of our loan customers to discuss the impact that the pandemic has had on their businesses to date and the expected ramifications that may be felt in the future. We have granted payment deferrals for customers that made a request and had an immediate need for assistance.
Management believes exposure in the loan portfolio to the high risk industries most impacted by the current economic conditions is limited. Loans to customers in the accommodations and food services industry (i.e. hotels and restaurants) amount to 7% of the total loans outstanding as of June 30, 2020. Loans to customers involved in the oil and gas industry (refineries) are less than 1% of outstanding loans and credit card receivables are also less than 1% of total loans as of June 30, 2020.
We believe the combination of ongoing communication with our customers, loan payment deferrals, increased focus on risk management practices, and access to government programs such as the PPP Loan Program should help mitigate potential future period losses.
The following table summarizes the number of loan customers that have been granted payment deferrals along with the related loan outstanding balances through the period ended June 30, 2020:
($ in millions) | # of LoanAccounts | % of Total Accts | LoanBalances | % of TotalLoan Balances* | |||||||||||||||||
Deferral of Principal Only | 251 | 5% | $ | 270 | 14% | ||||||||||||||||
Deferral of Principal and Interest | 192 | 4% | 145 | 8% | |||||||||||||||||
Total Deferrals | 443 | 9% | $ | 415 | 22% | ||||||||||||||||
Total Deferrals (as of July 24, 2020) | 103 | 2% | $ | 124 | 7% | ||||||||||||||||
*Note: PPP loans excluded from total loans when calculating % of total loan balances
As of the date of this release more than 75% of the customers that were granted approval for deferral of loan payments have resumed normal principal and interest payments on their outstanding loan balances in the early stages of the third quarter of 2020. During the month of July 2020, the number of customers that have continued with the deferral of loan payments has declined to 103, or 2% of the total loan customers and the related outstanding loan balances have reduced to $124 million, or 7% of the total loan balances outstanding.
Asset Quality
The Company’s asset quality ratios are highlighted below:
Three Months Ended | ||||||
06/30/20 | 03/31/20 | 06/30/19 | ||||
Non-performing assets / capital and reserves | 5 | % | 6 | % | 6 | % |
Non-performing assets / total assets | 0.31 | % | 0.46 | % | 0.53 | % |
Quarterly net loan charge-offs / average loans | 0.03 | % | 0.00 | % | (0.04 | %) |
Allowance for loan losses / gross loans | 0.43 | % | 0.54 | % | 0.53 | % |
Allowance for loan losses / non-performing loans | 87 | % | 72 | % | 86 | % |
The percentage of non-performing assets to total assets decreased to 0.31% at June 30, 2020, compared to 0.53% at June 30, 2019. The ratio of non-performing assets to capital and reserves decreased to 5% at June 30, 2020 compared to 6% at June 30, 2019 primarily as a result of decreases in non-performing assets over the last 12 months.
Quarterly Trend
Profitability in previous quarters was impacted by the inversion of the yield curve and the Company’s strategic decision to enter a new market during 2019. The Company continues to focus on improvement of its operating leverage. The following table highlights changes to some of the key financial metrics that demonstrate this progress:
QTD | QTD | QTD | QTD | QTD | |||||||||||||||||||||||||||
06/30/19 | 09/30/19 | 12/31/19 | 03/31/20 | 06/30/20 | |||||||||||||||||||||||||||
Pre-Tax Pre-Provision Earnings (PTPP) | $ | 0.5 | $ | (1.9 | ) | $ | (2.4 | ) | $ | - | $ | 4.2 | |||||||||||||||||||
% Change in Revenue Qtr-Qtr | 10 | % | (2 | %) | (3 | %) | 9 | % | 13 | % | |||||||||||||||||||||
% Change in Expense Qtr-Qtr | 11 | % | 7 | % | (1 | %) | (1 | %) | (2 | %) | |||||||||||||||||||||
Financial Summary for the Period Ended June 30, 2020
The changes in the balance sheet as of June 30, 2020 were significantly impacted by the effect of the PPP loan program. A portion of the increase in cash balances, outstanding loans, demand deposits and short-term borrowings will be short-term in nature and will change as the borrowers that received PPP loans submit applications for forgiveness to the SBA in the coming months. A summary of the balance sheet presented with and without the impact of the PPP loan program for the period ended June 30, 2020 can be found in the following table:
Excluding | ||||||||||||||||
Actual | PPPProgram | Actual | YOY Growth | YOY Growth | ||||||||||||
($ amounts in millions) | 6/30/2020 | 6/30/2020 | 6/30/2019 | (Including PPP) | (Excluding PPP) | |||||||||||
Cash and Cash Equivalents | $ | 691 | $ | 506 | $ | 130 | $ | 561 | 432% | $ | 376 | 289% | ||||
Investment Securities | 942 | 942 | 1,062 | (120) | (11%) | (120) | (11%) | |||||||||
Loans Held for Sale | 26 | 26 | 23 | 3 | 13% | 3 | 13% | |||||||||
Loans Receivable | 2,542 | 1,889 | 1,509 | 1,033 | 69% | 380 | 25% | |||||||||
Allowance for Loan Losses | (11) | (11) | (8) | (3) | 38% | (3) | 38% | |||||||||
Net Loans | 2,531 | 1,878 | 1,501 | 1,030 | 69% | 377 | 25% | |||||||||
Premises and Equipment | 121 | 121 | 105 | 16 | 15% | 16 | 15% | |||||||||
Other Assets | 123 | 123 | 120 | 3 | 3% | 3 | 3% | |||||||||
Total Assets | $ 4,434 | $ 3,596 | $ | 2,941 | $ | 1,493 | 51% | $ | 655 | 22% | ||||||
Non-interest Bearing Deposits | $ | 1,096 | $ | 696 | $ | 544 | $ | 552 | 101% | $ | 152 | 28% | ||||
Interest Bearing Deposits | 2,548 | 2,548 | 1,984 | 564 | 28% | 564 | 28% | |||||||||
Total Deposits | 3,644 | 3,244 | 2,528 | 1,116 | 44% | 716 | 28% | |||||||||
Short-term Borrowings | 438 | - | 69 | 369 | 535% | (69) | (100%) | |||||||||
Subordinated Debt | 11 | 11 | 11 | - | 0% | - | 0% | |||||||||
Other Liabilities | 86 | 86 | 82 | 4 | 5% | 4 | 5% | |||||||||
Total Liabilities | 4,179 | 3,341 | 2,690 | 1,489 | 55% | 651 | 24% | |||||||||
Common Stock and APIC | 273 | 273 | 271 | 2 | 1% | 2 | 1% | |||||||||
Accumulated Deficit | (10) | (10) | (8) | (2) | 25% | (2) | 25% | |||||||||
Treasury Stock/Def Comp Plan | (4) | (4) | (4) | - | 0% | - | 0% | |||||||||
Acc Comp Other Inc | (4) | (4) | (8) | 4 | (50%) | 4 | (50%) | |||||||||
Total Shareholders' Equity | 255 | 255 | 251 | 4 | 2% | 4 | 2% | |||||||||
Total Liabilities & Shareholders' Equity | $ | 4,434 | $ | 3,596 | $ | 2,941 | $ | 1,493 | 51% | $ | 655 | 22% | ||||
A summary of the income statement for the period ended June 30, 2020 can be found in the following table:
Three Months Ended | Six Months Ended | ||||||||||||||||||||
06/30/20 | 06/30/19 | Change | 06/30/20 | 06/30/19 | Change | ||||||||||||||||
Total Revenue | $ | 36.3 | $ | 33.3 | 9 | % | $ | 70.1 | $ | 63.7 | 10 | % | |||||||||
Net Income | 2.5 | 0.4 | 559 | % | 1.9 | 0.8 | 138 | % | |||||||||||||
Net Income per share | $ | 0.04 | $ | 0.01 | 300 | % | $ | 0.03 | $ | 0.01 | 200 | % | |||||||||
Net Interest Margin | 2.55 | % | 2.94 | % | 2.64 | % | 2.97 | % | |||||||||||||
Income Statement
The major components of the income statement are as follows (dollars in thousands, except per share data):
Three Months Ended | |||||||||||||||
06/30/20 | 03/31/20 | % Change | 06/30/19 | % Change | |||||||||||
Net Interest Income | $ | 22,427 | $ | 20,754 | 8 | % | $ | 19,371 | 16 | % | |||||
Non-interest Income | 8,424 | 6,545 | 29 | % | 7,026 | 20 | % | ||||||||
Total Revenue | 30,851 | 27,299 | 13 | % | 26,397 | 17 | % | ||||||||
Provision for Loan Losses | 1,000 | 950 | 5 | % | - | - | |||||||||
Non-interest Expense | 26,664 | 27,272 | (2 | %) | 25,911 | 3 | % | ||||||||
Income (Loss) Before Taxes | 3,187 | (923 | ) | 445 | % | 486 | 556 | % | |||||||
Provision (Benefit) for Taxes | 675 | (330 | ) | 305 | % | 105 | 543 | % | |||||||
Net Income (Loss) | 2,512 | (593 | ) | 524 | % | 381 | 559 | % | |||||||
Net Income (Loss) per Share | $ | 0.04 | $ | (0.01 | ) | 500 | % | $ | 0.01 | 300 | % |
Six Months Ended | ||||||||||
06/30/20 | 06/30/19 | % Change | ||||||||
Net Interest Income | $ | 43,181 | $ | 38,511 | 12 | % | ||||
Non-interest Income | 14,969 | 11,971 | 25 | % | ||||||
Total Revenue | 58,150 | 50,482 | 15 | % | ||||||
Provision for Loan Losses | 1,950 | 300 | 550 | % | ||||||
Non-interest Expense | 53,936 | 49,178 | 10 | % | ||||||
Income Before Taxes | 2,264 | 1,004 | 125 | % | ||||||
Provision for Taxes | 345 | 197 | 75 | % | ||||||
Net Income | 1,919 | 807 | 138 | % | ||||||
Net Income per Share | $ | 0.03 | $ | 0.01 | 200 | % |
The Company reported net income of $2.5 million, or $0.04 per share, for the three month period ended June 30, 2020, compared to net income of $381 thousand, or $0.01 per share, for the three month period ended June 30, 2019.
Interest income increased by $1.6 million, or 6%, to $27.9 million for the quarter ended June 30, 2020 compared to $26.2 million for the quarter ended June 30, 2019. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the Company’s “Power of Red is Back” expansion strategy. We have also begun to amortize the fees associated with the origination of PPP loans during the second quarter which is reported as interest income. $1.5 million in PPP fees were recorded as income during the quarter ended June 30, 2020 with the remaining balance to be recognized over the life of the loans.
Interest expense decreased by $1.4 million, or 21%, to $5.4 million for the quarter ended June 30, 2020 compared to $6.9 million for the quarter ended June 30, 2019. The decrease in interest expense was primarily driven by a reduction in the cost of deposits as a result of the decrease in the Fed Funds rate during the latter part of the first quarter.
The net interest margin for the three month period ended June 30, 2020 decreased by 39 basis points to 2.55% compared to 2.94% for the three month period ended June 30, 2019. We experienced margin compression throughout 2019 as a result of the flattening of the yield curve. The interest rate on the loans originated under the PPP loan program is 1.00% which caused a decline in the yield on interest earning assets in the second quarter of 2020. In addition, the rate cuts enacted by the Federal Reserve Bank during the first quarter of 2020 has created a lower interest rate environment. The net interest margin excluding the impact of the PPP loan program would have been 2.70%.
Non-interest income increased by $1.4 million, or 20%, to $8.4 million for the three month period ended June 30, 2020, compared to $7.0 million for the three month period ended June 30, 2019. The increase is attributable to gains on the sale of investment securities, higher service fees on deposit accounts which is driven by growth in deposit balances and an increase in the number of deposit accounts, and mortgage banking income driven by mortgage loan originations, partially offset by a decrease in gains on the sale of SBA loans.
Non-interest expense increased by 3%, to $26.7 million during the quarter ended June 30, 2020 compared to $25.9 million during the quarter ended June 30, 2019. The growth in expenses were mainly caused by an increase in occupancy and equipment expenses associated with our growth strategy. Cost control initiatives identified by management have begun to take effect as non-interest expense declined for the third consecutive quarter.
On a linked quarter basis, total revenue increased by 13% during the second quarter of 2020 while non-interest expense declined by 2%. Year over year total revenue increased by 17% and non-interest expense increased by 3% during the second quarter of 2020 compared to the second quarter of 2019.
Deposits
Deposits by type of account are as follows (dollars in thousands):
Description | 06/30/20 | 06/30/19 | %Change | 03/31/20 | %Change | |||||||
Demand noninterest-bearing | $ | 1,095,782 | $ | 544,406 | 101 | % | $ | 676,482 | 62 | % | ||
Demand interest-bearing | 1,435,198 | 1,072,415 | 34 | % | 1,276,816 | 12 | % | |||||
Money market and savings | 902,528 | 719,075 | 26 | % | 768,550 | 17 | % | |||||
Certificates of deposit | 210,446 | 192,081 | 10 | % | 222,631 | (5 | %) | |||||
Total deposits | $ | 3,643,954 | $ | 2,527,977 | 44 | % | $ | 2,944,479 | 24 | % | ||
Deposits increased to $3.6 billion at June 30, 2020 compared to $2.5 billion at June 30, 2019. This increase is partially attributed to our growth strategy to increase the number of stores and expand the reach of our banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, core deposits. We recognized strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 101%, year over year as a result of the successful execution of our strategy. The increase in demand deposits during the second quarter is also a result of our participation in the PPP loan program. When these loans were closed the funds were deposited into Republic Bank checking accounts. These deposits are expected to decline as the borrowers spend the funds on qualified expenses under the program.
Lending
Loans by type are as follows (dollars in thousands):
Description | 06/30/20 | %of Total | 06/30/19 | % of Total | 03/31/20 | % ofTotal | ||||||
Commercial and industrial | $ | 224,504 | 9 | % | $ | 189,632 | 13 | % | $ | 241,754 | 13 | % |
Owner occupied real estate | 434,422 | 17 | % | 381,852 | 25 | % | 436,499 | 23 | % | |||
Commercial real estate | 664,605 | 26 | % | 553,644 | 37 | % | 668,462 | 36 | % | |||
Construction and land develop | 150,157 | 6 | % | 111,474 | 7 | % | 144,215 | 8 | % | |||
Residential mortgage | 313,287 | 12 | % | 173,963 | 12 | % | 287,425 | 15 | % | |||
Paycheck protection program (net) | 653,593 | 26 | % | - | - | % | - | - | % | |||
Consumer and other | 101,680 | 4 | % | 98,155 | 6 | % | 103,682 | 5 | % | |||
Gross loans | $ | 2,542,248 | 100 | % | $ | 1,508,720 | 100 | % | $ | 1,882,037 | 100 | % |
Gross loans increased by $1.0 billion, or 69%, to $2.5 billion at June 30, 2020 compared to $1.5 billion at June 30, 2019 primarily related to PPP loan originations in the current quarter. In addition, we continue to see results from the continued success with the relationship banking model which has driven a steady flow in quality loan demand over the last twelve months. Excluding the addition of the PPP loans during the second quarter of 2020, loans still grew $380 million, or 25%, when compared to the balance as of June 30, 2019. We experienced strong growth across all loan categories.
Capital
The Company’s capital ratios at June 30, 2020 were as follows:
Actual06/30/20Bancorp | Actual06/30/20Bank | RegulatoryGuidelines“Well Capitalized” | |
Leverage Ratio | 7.58% | 7.29% | 5.00% |
Common Equity Ratio | 11.01% | 11.08% | 6.50% |
Tier 1 Risk Based Capital | 11.51% | 11.08% | 8.00% |
Total Risk Based Capital | 12.00% | 11.57% | 10.00% |
Tangible Common Equity | 5.65% | 5.58% | n/a |
Total shareholders’ equity increased to $255 million at June 30, 2020 compared to $251 million at June 30, 2019. Book value per common share increased to $4.34 at June 30, 2020 compared to $4.27 per share at June 30, 2019.
Analyst and Investor Call
An analyst and investor call will be held on the following date and time:
Date: | July 27, 2020 |
Time: | 11:00am (EST) |
From the U.S. dial: | (800) 774-6070 [US Toll Free] or |
(630) 691-2753 [US Toll] | |
Participant Pin: | 7859 277# |
An operator will assist you in joining the call. | |
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 thirty stores located in Greater Philadelphia, Southern New Jersey and New York City. Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with some of the most convenient hours compared to any bank in its market. The Bank offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.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; the effects of health emergencies, including the spread of infectious diseases and pandemics; 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, 2019, the Form 10-Q for the quarter ended March 31, 2020 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.
Source: Republic First Bancorp, Inc.
Contact: Frank A. Cavallaro, CFO(215) 735-4422
Republic First Bancorp, Inc. | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
(Unaudited) | ||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||
(dollars in thousands, except per share amounts) | 2020 | 2020 | 2019 | |||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 36,786 | $ | 32,581 | $ | 38,770 | ||||||||
Interest-bearing deposits and federal funds sold | 654,458 | 23,936 | 90,744 | |||||||||||
Total cash and cash equivalents | 691,244 | 56,517 | 129,514 | |||||||||||
Securities - Available for sale | 382,221 | 497,511 | 338,286 | |||||||||||
Securities - Held to maturity | 556,159 | 611,914 | 718,534 | |||||||||||
Restricted stock | 3,789 | 2,746 | 5,130 | |||||||||||
Total investment securities | 942,169 | 1,112,171 | 1,061,950 | |||||||||||
Loans held for sale | 26,126 | 16,820 | 23,412 | |||||||||||
Loans receivable | 2,542,248 | 1,882,037 | 1,508,720 | |||||||||||
Allowance for loan losses | (11,040 | ) | (10,217 | ) | (8,056 | ) | ||||||||
Net loans | 2,531,208 | 1,871,820 | 1,500,664 | |||||||||||
Premises and equipment | 121,149 | 119,893 | 105,311 | |||||||||||
Other real estate owned | 1,144 | 1,144 | 6,406 | |||||||||||
Other assets | 121,603 | 122,051 | 113,729 | |||||||||||
Total Assets | $ | 4,434,643 | $ | 3,300,416 | $ | 2,940,986 | ||||||||
LIABILITIES | ||||||||||||||
Non-interest bearing deposits | $ | 1,095,782 | $ | 676,482 | $ | 544,406 | ||||||||
Interest bearing deposits | 2,548,172 | 2,267,997 | 1,983,571 | |||||||||||
Total deposits | 3,643,954 | 2,944,479 | 2,527,977 | |||||||||||
Short-term borrowings | 438,478 | - | 68,979 | |||||||||||
Subordinated debt | 11,268 | 11,267 | 11,262 | |||||||||||
Other liabilities | 85,765 | 92,554 | 81,410 | |||||||||||
Total Liabilities | 4,179,465 | 3,048,300 | 2,689,628 | |||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - $0.01 par value | 594 | 594 | 594 | |||||||||||
Additional paid-in capital | 273,118 | 272,639 | 270,789 | |||||||||||
Accumulated deficit | (10,297 | ) | (12,809 | ) | (7,909 | ) | ||||||||
Treasury stock at cost | (3,725 | ) | (3,725 | ) | (3,725 | ) | ||||||||
Stock held by deferred compensation plan | (183 | ) | (183 | ) | (183 | ) | ||||||||
Accumulated other comprehensive loss | (4,329 | ) | (4,400 | ) | (8,208 | ) | ||||||||
Total Shareholders' Equity | 255,178 | 252,116 | 251,358 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,434,643 | $ | 3,300,416 | $ | 2,940,986 | ||||||||
Republic First Bancorp, Inc. | ||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||
(in thousands, except per share amounts) | 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||
INTEREST INCOME | ||||||||||||||||||
Interest and fees on loans | $ | 22,737 | $ | 20,173 | $ | 18,569 | $ | 42,910 | $ | 36,369 | ||||||||
Interest and dividends on investment securities | 5,072 | 6,821 | 7,158 | 11,893 | 14,541 | |||||||||||||
Interest on other interest earning assets | 50 | 289 | 518 | 339 | 854 | |||||||||||||
Total interest income | 27,859 | 27,283 | 26,245 | 55,142 | 51,764 | |||||||||||||
INTEREST EXPENSE | ||||||||||||||||||
Interest on deposits | 5,320 | 6,425 | 6,695 | 11,745 | 12,709 | |||||||||||||
Interest on borrowed funds | 112 | 104 | 179 | 216 | 544 | |||||||||||||
Total interest expense | 5,432 | 6,529 | 6,874 | 11,961 | 13,253 | |||||||||||||
Net interest income | 22,427 | 20,754 | 19,371 | 43,181 | 38,511 | |||||||||||||
Provision for loan losses | 1,000 | 950 | - | 1,950 | 300 | |||||||||||||
Net interest income after provision for loan losses | 21,427 | 19,804 | 19,371 | 41,231 | 38,211 | |||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||
Service fees on deposit accounts | 2,328 | 2,064 | 1,848 | 4,392 | 3,460 | |||||||||||||
Mortgage banking income | 3,389 | 2,458 | 3,031 | 5,847 | 5,251 | |||||||||||||
Gain on sale of SBA loans | 269 | 649 | 1,147 | 918 | 1,649 | |||||||||||||
Gain on sale of investment securities | 1,640 | 841 | 261 | 2,481 | 583 | |||||||||||||
Other non-interest income | 798 | 533 | 739 | 1,331 | 1,028 | |||||||||||||
Total non-interest income | 8,424 | 6,545 | 7,026 | 14,969 | 11,971 | |||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||
Salaries and employee benefits | 13,177 | 13,381 | 13,705 | 26,558 | 26,064 | |||||||||||||
Occupancy and equipment | 5,554 | 5,297 | 4,221 | 10,851 | 8,236 | |||||||||||||
Legal and professional fees | 1,009 | 930 | 1,058 | 1,939 | 1,765 | |||||||||||||
Foreclosed real estate | 75 | 282 | 517 | 357 | 854 | |||||||||||||
Regulatory assessments and related fees | 675 | 630 | 421 | 1,305 | 842 | |||||||||||||
Other operating expenses | 6,174 | 6,752 | 5,989 | 12,926 | 11,417 | |||||||||||||
Total non-interest expense | 26,664 | 27,272 | 25,911 | 53,936 | 49,178 | |||||||||||||
Income (loss) before provision (benefit) for income taxes | 3,187 | (923 | ) | 486 | 2,264 | 1,004 | ||||||||||||
Provision (benefit) for income taxes | 675 | (330 | ) | 105 | 345 | 197 | ||||||||||||
Net income (loss) | $ | 2,512 | $ | (593 | ) | $ | 381 | $ | 1,919 | $ | 807 | |||||||
Net Income (Loss) per Common Share | ||||||||||||||||||
Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.01 | $ | 0.03 | $ | 0.01 | |||||||
Diluted | $ | 0.04 | $ | (0.01 | ) | $ | 0.01 | $ | 0.03 | $ | 0.01 | |||||||
Average Common Shares Outstanding | ||||||||||||||||||
Basic | 58,851 | 58,848 | 58,841 | 58,849 | 58,823 | |||||||||||||
Diluted | 58,883 | 58,848 | 59,401 | 58,911 | 59,501 | |||||||||||||
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, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||||||||||||||||
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 | $ | 198,345 | $ | 50 | 0.10 | % | $ | 81,339 | $ | 289 | 1.43 | % | $ | 85,920 | $ | 518 | 2.42 | % | |||||||||
Securities | 1,033,560 | 5,077 | 1.96 | % | 1,156,504 | 6,826 | 2.36 | % | 1,067,185 | 7,184 | 2.69 | % | |||||||||||||||
Loans receivable | 2,335,500 | 22,884 | 3.94 | % | 1,808,382 | 20,319 | 4.52 | % | 1,509,177 | 18,681 | 4.96 | % | |||||||||||||||
Total interest-earning assets | 3,567,405 | 28,011 | 3.16 | % | 3,046,225 | 27,434 | 3.62 | % | 2,662,282 | 26,383 | 3.97 | % | |||||||||||||||
Other assets | 266,178 | 260,829 | 217,685 | ||||||||||||||||||||||||
Total assets | $ | 3,833,583 | $ | 3,307,054 | $ | 2,879,967 | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||
Demand non interest-bearing | $ | 984,771 | $ | 644,601 | $ | 525,336 | |||||||||||||||||||||
Demand interest-bearing | 1,397,790 | 2,856 | 0.82 | % | 1,337,646 | 3,421 | 1.03 | % | 1,144,783 | 4,206 | 1.47 | % | |||||||||||||||
Money market & savings | 858,782 | 1,431 | 0.67 | % | 752,510 | 1,783 | 0.95 | % | 697,279 | 1,628 | 0.94 | % | |||||||||||||||
Time deposits | 208,838 | 1,033 | 1.99 | % | 226,185 | 1,221 | 2.17 | % | 176,750 | 861 | 1.95 | % | |||||||||||||||
Total deposits | 3,450,181 | 5,320 | 0.62 | % | 2,960,942 | 6,425 | 0.87 | % | 2,544,148 | 6,695 | 1.06 | % | |||||||||||||||
Total interest-bearing deposits | 2,465,410 | 5,320 | 0.87 | % | 2,316,341 | 6,425 | 1.12 | % | 2,018,812 | 6,695 | 1.33 | % | |||||||||||||||
Other borrowings | 45,474 | 112 | 0.99 | % | 11,952 | 104 | 3.50 | % | 19,864 | 179 | 3.61 | % | |||||||||||||||
Total interest-bearing liabilities | 2,510,884 | 5,432 | 0.87 | % | 2,328,293 | 6,529 | 1.13 | % | 2,038,676 | 6,874 | 1.35 | % | |||||||||||||||
Total deposits and | |||||||||||||||||||||||||||
other borrowings | 3,495,655 | 5,432 | 0.62 | % | 2,972,894 | 6,529 | 0.88 | % | 2,564,012 | 6,874 | 1.08 | % | |||||||||||||||
Non interest-bearing liabilities | 83,884 | 84,211 | 66,780 | ||||||||||||||||||||||||
Shareholders' equity | 254,044 | 249,949 | 249,175 | ||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||
shareholders' equity | $ | 3,833,583 | $ | 3,307,054 | $ | 2,879,967 | |||||||||||||||||||||
Net interest income | $ | 22,579 | $ | 20,905 | $ | 19,509 | |||||||||||||||||||||
Net interest spread | 2.29 | % | 2.49 | % | 2.62 | % | |||||||||||||||||||||
Net interest margin | 2.55 | % | 2.76 | % | 2.94 | % | |||||||||||||||||||||
Note: The above tables are presented on a tax equivalent basis. |
Republic First Bancorp, Inc. | ||||||||||||||||||
Average Balances and Net Interest Income | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
For the six months ended | For the six months ended | |||||||||||||||||
(dollars in thousands) | June 30, 2020 | June 30, 2019 | ||||||||||||||||
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 | $ | 139,842 | $ | 339 | 0.49 | % | $ | 70,729 | $ | 854 | 2.43 | % | ||||||
Securities | 1,095,032 | 11,903 | 2.17 | % | 1,076,496 | 14,604 | 2.71 | % | ||||||||||
Loans receivable | 2,071,941 | 43,203 | 4.19 | % | 1,489,020 | 36,592 | 4.96 | % | ||||||||||
Total interest-earning assets | 3,306,815 | 55,445 | 3.37 | % | 2,636,245 | 52,050 | 3.98 | % | ||||||||||
Other assets | 263,504 | 204,344 | ||||||||||||||||
Total assets | $ | 3,570,319 | $ | 2,840,589 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Demand non interest-bearing | $ | 814,686 | $ | 518,790 | ||||||||||||||
Demand interest-bearing | 1,367,718 | 6,277 | 0.92 | % | 1,129,356 | 8,144 | 1.45 | % | ||||||||||
Money market & savings | 805,646 | 3,214 | 0.80 | % | 686,453 | 3,080 | 0.90 | % | ||||||||||
Time deposits | 217,512 | 2,254 | 2.08 | % | 165,354 | 1,485 | 1.81 | % | ||||||||||
Total deposits | 3,205,562 | 11,745 | 0.74 | % | 2,499,953 | 12,709 | 1.03 | % | ||||||||||
Total interest-bearing deposits | 2,390,876 | 11,745 | 0.99 | % | 1,981,163 | 12,709 | 1.29 | % | ||||||||||
Other borrowings | 28,713 | 216 | 1.51 | % | 33,341 | 544 | 3.29 | % | ||||||||||
Total interest-bearing liabilities | 2,419,589 | 11,961 | 0.99 | % | 2,014,504 | 13,253 | 1.33 | % | ||||||||||
Total deposits and | ||||||||||||||||||
other borrowings | 3,234,275 | 11,961 | 0.74 | % | 2,533,294 | 13,253 | 1.05 | % | ||||||||||
Non interest-bearing liabilities | 84,050 | 59,505 | ||||||||||||||||
Shareholders' equity | 251,994 | 247,790 | ||||||||||||||||
Total liabilities and | ||||||||||||||||||
shareholders' equity | $ | 3,570,319 | $ | 2,840,589 | ||||||||||||||
Net interest income | $ | 43,484 | $ | 38,797 | ||||||||||||||
Net interest spread | 2.38 | % | 2.65 | % | ||||||||||||||
Net interest margin | 2.64 | % | 2.97 | % | ||||||||||||||
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) | |||||||||||||||||||||||
Year | |||||||||||||||||||||||
Three months ended | ended | Six months ended | |||||||||||||||||||||
June 30, | March 31, | June 30, | Dec 31 | June 30, | June 30, | ||||||||||||||||||
(dollars in thousands) | 2020 | 2020 | 2019 | 2019 | 2020 | 2019 | |||||||||||||||||
Balance at beginning of period | $ | 10,217 | $ | 9,266 | $ | 7,900 | $ | 8,615 | $ | 9,266 | $ | 8,615 | |||||||||||
Provision charged to operating expense | 1,000 | 950 | - | 1,905 | 1,950 | 300 | |||||||||||||||||
11,217 | 10,216 | 7,900 | 10,520 | 11,216 | 8,915 | ||||||||||||||||||
Recoveries on loans charged-off: | |||||||||||||||||||||||
Commercial | 14 | 17 | 154 | 219 | 31 | 155 | |||||||||||||||||
Consumer | 1 | 6 | 3 | 9 | 7 | 4 | |||||||||||||||||
Total recoveries | 15 | 23 | 157 | 228 | 38 | 159 | |||||||||||||||||
Loans charged-off: | |||||||||||||||||||||||
Commercial | (149 | ) | - | (1 | ) | (1,356 | ) | (149 | ) | (930 | ) | ||||||||||||
Consumer | (43 | ) | (22 | ) | - | (126 | ) | (65 | ) | (88 | ) | ||||||||||||
Total charged-off | (192 | ) | (22 | ) | (1 | ) | (1,482 | ) | (214 | ) | (1,018 | ) | |||||||||||
Net (charge-offs) recoveries | (177 | ) | 1 | 156 | (1,254 | ) | (176 | ) | (859 | ) | |||||||||||||
Balance at end of period | $ | 11,040 | $ | 10,217 | $ | 8,056 | $ | 9,266 | $ | 11,040 | $ | 8,056 | |||||||||||
Net (charge-offs) recoveries as a percentage of | |||||||||||||||||||||||
average loans outstanding | 0.03 | % | (0.00 | %) | (0.04 | %) | 0.08 | % | 0.02 | % | 0.12 | % | |||||||||||
Allowance for loan losses as a percentage | |||||||||||||||||||||||
of period-end loans | 0.43 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.43 | % | 0.53 | % |
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) | 2020 | 2020 | 2019 | 2019 | 2019 | ||||||||||||||
Non-accrual loans: | |||||||||||||||||||
Commercial real estate | $ | 10,747 | $ | 12,060 | $ | 10,569 | $ | 10,180 | $ | 7,545 | |||||||||
Consumer and other | 1,970 | 2,125 | 1,844 | 1,743 | 1,777 | ||||||||||||||
Total non-accrual loans | 12,717 | 14,185 | 12,413 | 11,923 | 9,322 | ||||||||||||||
Loans past due 90 days or more | |||||||||||||||||||
and still accruing | - | - | - | 129 | - | ||||||||||||||
Total non-performing loans | 12,717 | 14,185 | 12,413 | 12,052 | 9,322 | ||||||||||||||
Other real estate owned | 1,144 | 1,144 | 1,730 | 6,653 | 6,406 | ||||||||||||||
Total non-performing assets | $ | 13,861 | $ | 15,329 | $ | 14,143 | $ | 18,705 | $ | 15,728 | |||||||||
Non-performing loans to total loans | 0.50 | % | 0.75 | % | 0.71 | % | 0.77 | % | 0.62 | % | |||||||||
Non-performing assets to total assets | 0.31 | % | 0.46 | % | 0.42 | % | 0.61 | % | 0.53 | % | |||||||||
Non-performing loan coverage | 86.81 | % | 72.03 | % | 74.65 | % | 70.25 | % | 86.42 | % | |||||||||
Allowance for loan losses as a percentage | |||||||||||||||||||
of total period-end loans | 0.43 | % | 0.54 | % | 0.53 | % | 0.54 | % | 0.43 | % | |||||||||
Non-performing assets / capital plus | |||||||||||||||||||
allowance for loan losses | 5.21 | % | 5.84 | % | 5.47 | % | 7.21 | % | 6.05 | % |
1 Year Republic First Bancorp Chart |
1 Month Republic First Bancorp Chart |
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