-----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, DMUAVx8bNbR4R4LFqkXli/ayU5TJYKjXKRSZGU0IKm0iFhGoSGvDRDV8YOve52L6 pu0E4WxpovQmFTK1mB7NrA== 0000950159-05-000473.txt : 20050420 0000950159-05-000473.hdr.sgml : 20050420 20050420132114 ACCESSION NUMBER: 0000950159-05-000473 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050420 DATE AS OF CHANGE: 20050420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPUBLIC FIRST BANCORP INC CENTRAL INDEX KEY: 0000834285 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232486815 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17007 FILM NUMBER: 05761398 BUSINESS ADDRESS: STREET 1: 1608 WALNUT ST STREET 2: STE 1000 CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2157354422 MAIL ADDRESS: STREET 1: 1608 WALNUT ST STREET 2: STE 1000 CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: FIRST REPUBLIC BANCORP INC /DE/ DATE OF NAME CHANGE: 19960617 FORMER COMPANY: FORMER CONFORMED NAME: EXECUFIRST BANCORP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST EXECUTIVE BANCORP INC DATE OF NAME CHANGE: 19881113 8-K 1 repfirst8k.txt UNITED STATES 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 (Date of earliest event reported): April 20, 2005 Republic First Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 0-17007 23-2486815 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission File No.) I.R.S. Employer incorporation or organization) Identification No.) 1608 Walnut Street, Suite 1000, Philadelphia, PA 19103 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (215)-735-4422 --------------------------------------------------------------- (Registrant's telephone number, including area code) None ---------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On April 20, 2005, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition for the fiscal quarter ending March 31, 2005. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Report, including the exhibit attached hereto, is furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. Item 9.01. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release issued April 20, 2005 regarding financial results for the fiscal quarter ended March 31, 2005. 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. REPUBLIC FIRST BANCORP, INC. Dated: April 20, 2005 ------------------------------ Name: Paul Frenkiel Title: Chief Financial Officer EXHIBIT INDEX ------------- Exhibit Number Description 99.1 Press Release dated April 20, 2005. EX-99 2 ex99.txt EXHIBIT 99.1 FINAL NEWS RELEASE FOR RELEASE IMMEDIATELY Contact: Paul Frenkiel, CFO (215) 735-4422 ext. 5255 REPUBLIC FIRST BANCORP, INC. REPORTS 263% INCREASE IN FIRST QUARTER EARNINGS Philadelphia, PA, April 20, 2005 - Republic First Bancorp, Inc. (NASDAQ:FRBK), the holding company for Republic First Bank (PA), today reported first quarter 2005 earnings from continuing operations of $2.1 million or $0.28 per diluted share. That compares with $585,000 or $0.08 for the comparable prior year period. The improvement in 2005 earnings reflected commercial loan and core deposit growth, increases in non-interest income and the payoff of the high cost Federal Home Loan Bank borrowings. Average commercial and construction loans grew in excess of 21% in first quarter 2005 compared to the comparable prior year period. Total shareholders' equity stood at $55.8 million with a book value per share of $7.72 at March 31, 2005. The Company remains well capitalized. Chairman Madonna stated: "Management and the Board are very pleased with the improvement in earnings and we believe the Bank is well situated to continue to increase profitability." Republic First Bank (PA) is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its eleven offices located in Abington, Ardmore, Bala Cynwyd, East Norriton, Media, and Philadelphia, Pennsylvania. The Company may from time to time make written or oral "forward-looking statements", including statements contained 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. 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. # # # Republic First Bancorp, Inc. Condensed Income Statement (Dollar amounts in thousands except per share data) (Unaudited) Three Months Ended March 31, 2005 2004 (1) --------- --------- Net Interest Income $ 7,198 $ 4,546 Provision for Loan Losses 703 699 Other Income 1,143 593 Other Expenses 4,471 3,602 Income Taxes 1,045 253 --------- --------- Income From Continuing Operations 2,122 585 --------- --------- Income From Discontinued Operations, Net of Tax -- 928 Net Income $ 2,122 $ 1,513 Diluted EPS From Continuing Operations $ 0.28 $ 0.08 Diluted EPS From Discontinued Operations, Net of Tax -- 0.12 --------- --------- Diluted EPS $ 0.28 $ 0.20 Republic First Bancorp, Inc. Condensed Balance Sheet (Dollar amounts in thousands) Assets March 31, March 31, 2005 2004 (2) --------- --------- Federal Funds Sold and Other Interest Bearing Cash $ 68,697 $ 69,276 Investment Securities 46,593 66,713 Commercial and Other Loans 563,563 476,307 Allowance for Loan Losses (6,713) (7,336) Other Assets 54,330 48,400 --------- --------- Total Assets $ 726,470 $ 653,360 ========= ========= Liabilities and Shareholders' Equity: Transaction Accounts $ 396,966 $ 259,797 Time Deposit Accounts 225,777 189,708 FHLB Advances and Trust Preferred Securities 39,241 148,686 Other Liabilities 8,647 6,242 Shareholders' Equity 55,839 48,927 --------- --------- Total Liabilities and Shareholders' Equity $ 726,470 $ 653,360 ========= ========= (1) Prior year EPS has been restated for the 10% stock dividend paid August 24, 2004. (2) Prior year has been adjusted to exclude the First Bank of Delaware balance sheet, reflecting the spin off of that bank effective January 1, 2005. Republic First Bancorp, Inc. March 31, 2005 (Unaudited)
At or For the Three Months Ended --------------------------------- March 31, March 31, Financial Data: 2005 2004 (1) -------------- ------------- Return on average assets on continuing operations 1.15 % 0.36 % Return on average equity on continuing operations 15.48 % 4.90 % Share information: Book value per share $ 7.72 $ 6.81 Shares o/s at period end, net of Treasury shares 7,235,000 7,187,000 Average diluted shares o/s 7,700,000 7,521,000
(1) Prior year amounts have been adjusted for the spin off of First Bank of Delaware effective January 1, 2005. Republic First Bancorp, Inc. (Dollars in thousands except per share data) (Unaudited) Credit Quality Ratios: March 31, March 31, 2005 2004 (1) --------- --------- Non-accrual and loans accruing, but past due 90 days or more $ 3,212 $ 7,821 Restructured loans -- -- --------- --------- Total non-performing loans 3,212 7,821 OREO 137 207 --------- --------- Total non-performing assets $ 3,349 $ 8,028 ========= ========= Non-performing loans as a percentage of total loans 0.57% 1.64% Non-performing assets as a percentage of total assets 0.46% 1.23% Allowance for loan losses to total loans 1.19% 1.54% Allowance for loan losses to total non-performing loans 209.00% 93.80% (1) Prior year has been adjusted to exclude the First Bank of Delaware loans, reflecting the spin off of that bank effective January 1, 2005.
Republic First Bancorp, Inc. (Dollars in thousands ) (Unaudited) Quarter-to-Date Average Balance Sheet -------------------------------- Three months ended Three months ended March 31, 2005 March 31, 2004 (1) ------------------------------------- ----------------------------------- Average Average Interest-Earning Assets: Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost ------------- ---------- --------- ---------- --------- ---------- Commercial and other loans $ 567,247 $ 9,912 7.09 % $ 469,872 $ 7,693 6.64 % Investment securities 48,779 444 3.64 68,012 575 3.43 Federal funds sold 77,425 476 2.50 81,272 215 1.07 ------------- ---------- --------- ---------- --------- ---------- Total interest-earning assets 693,451 10,832 6.33 619,156 8,483 5.56 Other assets 43,694 37,389 Total assets $ 737,145 $10,832 $ 656,545 $ 8,483 ============= ========== ========== ========= Interest-bearing liabilities: Interest-bearing deposits $ 512,341 $ 2,996 2.37 % $ 371,702 $ 1,846 2.01 % Borrowed funds 68,336 638 3.79 154,355 2,091 5.50 ------------- ---------- --------- ---------- --------- ---------- Interest-bearing liabilities 580,677 3,634 2.54 526,057 3,937 3.04 ------------- ---------- --------- ---------- --------- ---------- Non-interest and interest-bearing funding 674,235 3,634 2.19 601,754 3,937 2.66 Other liabilities: 8,077 6,992 ------------- ---------- Total liabilities 682,312 608,746 ------------- ---------- Shareholder's equity 54,833 47,799 Total liabilities & shareholder's equity $ 737,145 $ 656,545 ============= ========== Net interest income $ 7,198 $ 4,546 ========== ========= Net interest margin 4.20 % 2.97 % ========= ========== (1) Prior year has been adjusted to exclude the First Bank of Delaware, reflecting the spin off of that bank effective January 1, 2005
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