-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HyAHeghApuIyQ96TChqV6loNYX5NOagmTyHHtFP6RjEao+Txs4CyeMyiB8jHF1XC 0RVgAuj4UaFmrLG9LT3cbg== 0000770975-97-000010.txt : 19970423 0000770975-97-000010.hdr.sgml : 19970423 ACCESSION NUMBER: 0000770975-97-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970331 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19970421 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST REPUBLIC BANCORP INC CENTRAL INDEX KEY: 0000770975 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 942964497 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09837 FILM NUMBER: 97583852 BUSINESS ADDRESS: STREET 1: 388 MARKET ST STREET 2: SEOND FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4153921400 8-K 1 PRESS RELEASE FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report April 18, 1997 FIRST REPUBLIC BANCORP INC. --------------------------- (Exact name of registrant as specified in its charter) Delaware 0-15882 94-2964497 - ---------------------- ----------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 388 Market Street San Francisco, CA 94111 ------------------------ (Address of principal executive office) (Zip Code) (415) 392-1400 -------------- (Registrant's telephone number, including area code) Not applicable -------------- (Former name, former address, if changed since last report) FIRST REPUBLIC BANCORP INC. Page 2 Item 5. Other Events First Republic Bancorp Inc. hereby files with the Securities and Exchange Commission (the "Commission") its press release, dated April 18, 1997, concerning its earnings release for the first quarter ended March 31, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. First Republic Bancorp Inc. (Registrant) Date: April 18, 1997 --------------------------- Willis H. Newton, Jr. Senior Vice President and Chief Financial Officer FOR IMMEDIATE RELEASE - --------------------- FIRST REPUBLIC BANCORP REPORTS FIRST QUARTER 1997 RESULTS Common Stock Symbol - FRC New York Stock Exchange San Francisco, California, April 17, 1997 - First Republic Bancorp Inc. today reported net income of $4,020,000 for the quarter ended March 31, 1997, compared with $2,770,000 for the same quarter in 1996. Fully diluted earnings per share (EPS) were $0.38 for the first quarter of 1997, a 23% increase compared to $0.31 for the similar period in 1996. The 1997 earnings were higher than earnings a year ago primarily because of higher net interest income, lower provisions for losses, and increased gains on the sale of loans, offset in part by higher operating expenses. The Company's quarter-end ratio of capital to risk-adjusted assets was 15.08%. At March 31, 1997, total capital, including subordinated debentures and reserves, was $209,664,000. Tangible book value per share was $16.19 at March 31, 1997, compared to $16.46 at December 31, 1996. During the quarter, the Company completed the conversion of all of its outstanding 7 1/4% Convertible Subordinated Debentures due 2002 into shares of common stock. As a result, the number of shares outstanding at March 31, 1997 was approximately 2,245,000 higher than at December 31, 1996, at which time $30,685,000 of these convertible debentures were outstanding. Because the conversion price was $13.67 per share, the Company's reported tangible book value per share outstanding was reduced. Total assets of First Republic Bancorp were $2,183,453,000 at March 31, 1997. Substantially all of the Company's $1,939,153,000 loan portfolio consists of first trust deed, real estate secured, California and Nevada loans, 84% of which are housing related and approximately 85% of which are adjustable within one year. The Company's asset growth continued to be focused on single family home loans, which represent 66% of the loan portfolio at March 31, 1997. At March 31, 1997, nonaccruing loans and REO totalled $27,250,000, or 1.25% of total assets as compared to $28,567,000, or 1.32% of total assets at December 31, 1996. During the quarter, the Company's reserves increased by $831,000 as recoveries exceeded chargeoffs by $331,000 and a provision of $500,000 was recorded. At March 31, 1997, after such activity, the Company's reserves totalled $18,351,000, or 0.95% of total loans. MORE FIRST REPUBLIC BANCORP INC. Page 2 The Company's nonaccruing loans include $15,736,000 of loans on which interest payments were received during the first quarter at an average payment rate of 9.04% on their written down recorded investment. Most of these loans had been restructured by waiver or deferral of interest, by interest rate concessions, or by the forgiveness of principal in certain cases. At March 31, 1997, the Company had restructured performing loans of $1,142,000 and accruing single family loans more than 90 days past due of $631,000. First Republic operates thirteen retail branches in four metropolitan areas - San Francisco, Los Angeles, San Diego, and Las Vegas. At March 31, 1997, the Company's deposits totalled $1,377,882,000 and NOW checking, money market checking, and passbook accounts represented 23.7% of total deposits. For the first quarter of 1997, total interest income increased to $41,455,000 from $38,658,000 in 1996, as a result of a larger average asset base. Net interest income increased to $13,009,000 in the first quarter of 1997, compared to $11,256,000 for the first quarter of 1996. The conversion of all outstanding convertible debentures reduced interest expense in the first quarter of 1997 by $625,000, compared to the same quarter last year. The Company's net interest margin was 2.36% for the first quarter of 1997, compared to 2.33% for the first quarter of 1996. The Company's non-interest expense totalled $7,433,000 for the first quarter of 1997, compared to $6,010,000 for the same period in 1996. Over the past year, the Company has added new branches and employees to expand its products and services, and approximately $300,000 of nonrecurring costs were incurred in the first quarter of 1997. As a percentage of average assets, recurring general and administrative expenses were 1.25% for the first quarter of 1997, compared with 1.09% for the first quarter of 1996. The Company's operating efficiency ratio, or net non-interest expense as a percentage of net interest income and recurring non-interest income, was 49.5% for the first quarter of 1997, compared to 42.8% for the same period in 1996. For the first quarter of 1997, the Company originated $200,573,000 of loans compared with $198,941,000 for the same period in 1996. The Company sold $86,246,000 of loans during the first quarter of 1997, compared with $42,374,000 in the first quarter of 1996. The Company recorded net gains of $1,090,000 on the sale of loans in the first quarter of 1997, compared to gains of $172,000 during the first quarter of 1996. The portfolio of real estate loans serviced for third-party investors was $845,972,000 at March 31, 1997. First Republic Bancorp Inc. functions as a direct lender as well as a mortgage banker through First Republic Savings Bank, its FDIC-insured, Nevada chartered industrial bank subsidiary. First Republic Savings Bank provides both loan and deposit services in the San Francisco, Los Angeles, Beverly Hills, and San Diego, California areas and in Las Vegas, Nevada. MORE FIRST REPUBLIC BANCORP INC. Page 3
Three Months Ended March 31 ---------------------------------- Financial Results 1997 1996 - ----------------- ------------ ------------ Total Interest Income $ 41,455,000 $ 38,658,000 Net Interest Income $ 13,009,000 $ 11,256,000 Provision for Losses $ 500,000 $ 1,773,000 REO Costs and Losses $ 644,000 $ 726,000 Net Income $ 4,020,000 $ 2,770,000 Primary EPS $ 0.43 $ 0.36 ============ ============ Fully-diluted EPS $ 0.38 $ 0.31 ============ ============ Weighted Average Shares: Primary 9,299,684 7,595,620 Fully-diluted 10,670,962 10,119,887 Operating Information - --------------------- Loan Origination Volume $200,573,000 $198,941,000 Avg. Assets Per Employee $ 13,002,000 $ 12,596,000 Net Income Per Employee* $ 96,300 $ 71,900 Return on Average Assets* 0.74% 0.57% Return on Average Common Equity* 11.31% 10.06% Efficiency Ratio* 49.5% 42.8% General and Administrative Expenses as % of Average Assets* 1.25% 1.09% Rates Earned/Paid* - ----------------- Yield on Investments 6.64% 6.86% Yield on Loans 7.83% 8.22% ------ ------ Earning Assets Yield 7.71% 8.10% ====== ====== Cost of Deposits 5.63% 5.90% Cost of Borrowings 6.00% 6.54% ------ ------ Liability Costs 5.75% 6.14% ====== ====== Net Interest Spread 1.96% 1.96% ====== ====== Margin on Earning Assets 2.36% 2.33% ====== ====== * Quarterly Data is Annualized
MORE FIRST REPUBLIC BANCORP INC. Page 4
As of March 31, ---------------------------------------- Financial Condition 1997 1996 - ------------------- --------------- --------------- Total Loans $1,939,153,000 $1,731,192,000 ============== ============== Total Assets $2,183,453,000 $1,972,611,000 ============== ============== Loans Serviced for Investors $ 845,972,000 $ 788,199,000 ============== ============== Total Deposits $1,377,882,000 $1,195,006,000 ============== ============== FHLB Advances $ 591,530,000 $ 581,530,000 ============== ============== Stockholders' Equity $ 161,862,000 $ 111,462,000 Senior Subordinated Debentures 9,966,000 9,971,000 Subordinated Debentures 19,485,000 19,566,000 Convertible Subordinated Debentures - 34,500,000 Reserves 18,351,000 18,878,000 -------------- -------------- Total Capital $ 209,664,000 $ 194,377,000 ============== ============== Capital-to-Risk-Adjusted Assets 15.08% 15.06% ===== ===== Tangible Stockholders' Equity Per Share Outstanding $16.19 $15.16 ====== ====== Shares of Common Stock Outstanding 9,992,426 7,348,974 ========= =========
For further information call: Willis H. Newton, Jr. Senior Vice President and Chief Financial Officer 388 Market Street San Francisco, CA 94111 (415)392-1400 # # # # # # # # # # # # # -----END PRIVACY-ENHANCED MESSAGE-----