0000950159-13-000260.txt : 20130422 0000950159-13-000260.hdr.sgml : 20130422 20130422171434 ACCESSION NUMBER: 0000950159-13-000260 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130422 DATE AS OF CHANGE: 20130422 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: 13774492 BUSINESS ADDRESS: STREET 1: TWO LIBERTY PLACE STREET 2: 50 S. 16TH STREET SUITE 2400 CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 215-735-4422 MAIL ADDRESS: STREET 1: TWO LIBERTY PLACE STREET 2: 50 S. 16TH STREET SUITE 2400 CITY: PHILADELPHIA STATE: PA ZIP: 19102 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 rfb8k.htm REPUBLIC FIRST BANCORP, INC. FORM 8-K rfb8k.htm
 

 
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 22, 2013
 
REPUBLIC FIRST BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Pennsylvania
000-17007
23-2486815
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
50 South 16th Street, Suite 2400, Philadelphia, PA  19102
(Address of principal executive offices)                             (Zip Code)
 

 
Registrant’s telephone number, including area code:  (215)-735-4422
 
N/A
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:
 
[ ]
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 22, 2013, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the quarter ended March 31, 2013.  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.
 
(d)           Exhibits.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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.
     
     
     
Date: April 22, 2013
By:
/s/ Frank A. Cavallaro
   
Frank A. Cavallaro
   
Executive Vice President and Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

EXHIBIT INDEX
 
 
Exhibit No.  
Description
 
 



 
 
 
 
 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
 
Exhibit 99.1
 
   
News Release
Republic First Bancorp, Inc.
April 22, 2013
 

REPUBLIC FIRST BANCORP, INC. REPORTS EARNINGS FOR FIRST QUARTER 2013

Philadelphia, PA, April 22, 2013 (PR Newswire) – 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, 2013.  The Company has recorded net income of $1.0 million, or $0.04 per share, for the first quarter of 2013 compared to net income of $1.3 million, or $0.05 per share, for the first quarter of 2012.

“Our first quarter results represent a good, solid start to the new year,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer.  “We are encouraged by the increase we are seeing in quality loan opportunities and are pleased with the results of our strategy which is based upon the delivery of extraordinary customer service.  We will continue to build momentum as we put ourselves in position to capitalize on opportunities for growth and expansion.”

Highlights for the Period Ending March 31, 2013

Ø  
The Company recorded net income of $1.0 million, or $0.04 per share, for the quarter ended March 31, 2013 compared to net income of $0.9 million, or $0.03 per share, for the quarter ended December 31, 2012 and net income of $1.3 million, or $0.05 per share, for the quarter ended March 31, 2012.

Ø  
The net interest margin improved to 3.61% in the first quarter 2013 compared to 3.35% for the first quarter 2012.

Ø  
Total loans increased by $23.9 million, or 4%, to $627.1 million as of March 31, 2013 compared to $603.3 million at March 31, 2012.

Ø  
SBA lending continued to be a focal point of the Company’s lending strategy. $7.9 million in new SBA loans were originated during the quarter ended March 31, 2013. Our team is currently ranked as the #2 SBA lender in New Jersey and #2 in Pennsylvania based on the dollar volume of loan originations.

Ø  
Core deposits increased by $3.3 million to $809.2 million as of March 31, 2013 compared to $805.9 million as of March 31, 2012 driven by the Company’s retail strategy which focuses on relationship banking and gathering of low cost core deposits.

Ø  
Capital levels remain strong with a Total Risk-Based Capital ratio of 12.88% and a Tier I Leverage Ratio of 9.32% at March 31, 2013.

Ø  
Tangible book value per share as of March 31, 2013 was $2.72.
 
 
 
 
 
 
 
Income Statement

The Company reported net income of $1.0 million, or $0.04 per share, for the three month period ended March 31, 2013, compared to net income of $0.9 million, or $0.03 per share, for the three month period ended December 31, 2012 and net income of $1.3 million, or $0.05 per share, for the three month period ended March 31, 2012.

The Company continues to lower its cost of funds as evidenced by a decrease of 25 basis points to 0.58% for the three month period ended March 31, 2013, compared to 0.83% for the three month period ended March 31, 2012. The net interest margin increased to 3.61% for the three month period ended March 31, 2013 compared to 3.35% for the three month period ended March 31, 2012.

Non-interest income increased to $2.2 million for the three month period ended March 31, 2013 compared to $1.6 million for the three month period ended March 31, 2012, primarily due to gains on the sale of investment securities of $0.7 million during the three month period ended March 31, 2013.

Non-interest expenses increased by $0.3 million, or 3%, to $9.1 million for the three month period ended March 31, 2013 compared to $8.8 million in the prior year period primarily as a result of higher expenses related to foreclosed real estate during the three month period ended March 31, 2013.


Balance Sheet

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

 
Description
  
Mar 31,
2013
    
Mar 31,
2012
    
% Change
    
Dec 31,
2012
    
% Change
  
                               
Total assets
   $ 926,084     $ 958,288       (3 %)   $ 988,658       (6 %)
                                         
Total loans (net)
     617,769       592,506       4 %     608,359       2 %
                                         
Total deposits
     826,138       857,374       (4 %)     889,201       (7 %)
                                         
Total core deposits
     809,206       805,911       0 %     841,784       (4 %)
                                         

Net loans increased by $25.3 million, or 4%, as of March 31, 2013 compared to March 31, 2012. Total deposits decreased by $63.1 million, or 7%, on a linked quarter basis as of March 31, 2013 due to the maturity of high cost, internet-based certificates of deposit which we have intentionally decided not to renew.  Core deposits grew by $3.3 million to $809.2 million as of March 31, 2013 compared to $805.9 million as of March 31, 2012.
 
 
 
2
 
 

 
Core Deposits

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

 
 
Description
  
Mar 31,
2013
    
Mar 31,
2012
    
% Change
    
Dec 31,
2012
    
%
Change
    
1st Qtr
2013 Cost
of Funds
  
                                     
Demand noninterest-bearing
   $ 149,857     $ 128,935       16 %   $ 145,407       3 %     0.00 %
                                                 
Demand interest-bearing
     159,601       103,385       54 %     180,441       (12 %)     0.46 %
                                                 
Money market and savings
     425,753       447,974       (5 %)     440,119       (3 %)     0.48 %
                                                 
Certificates of deposit
     73,995       125,617       (41 %)     75,817       (2 %)     0.82 %
                                                 
Total core deposits
   $ 809,206     $ 805,911       0 %   $ 841,784       (4 %)     0.43 %
                                                 

Core deposits increased to $809.2 million at March 31, 2013 compared to $805.9 million at March 31, 2012 as the Company continues to focus its effort on the gathering of low-cost core deposits. We recognized strong growth in demand account balances on a year to year basis.  At the same time we’ve reduced the overall deposit cost of funds to 0.46% for the three month period ending March 31, 2013 compared to 0.73% for the three month period ending March 31, 2012. The retail banking strategy has also enabled the Company to significantly reduce its dependence on wholesale funding sources like brokered and internet-based certificates of deposit.


Lending

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

 
Description
  
Mar 31,
2013
    
% of
Total
    
Mar 31,
2012
    
% of
Total
    
Dec 31,
2012
    
% of
Total
  
                                     
Commercial real estate
   $ 332,407       53 %   $ 343,838       57 %   $ 335,561       54 %
Construction and land development
     27,614       4 %     35,424       6 %     26,659       4 %
Commercial and industrial
     110,785       18 %     96,586       16 %     103,768       17 %
Owner occupied real estate
     129,692       21 %     107,804       18 %     126,242       21 %
Consumer and other
     24,359       4 %     16,832       3 %     23,449       4 %
Residential mortgage
     2,425       0 %     3,114       0 %     2,442       0 %
Deferred costs (fees)
     (160 )             (336 )             (220 )        
                                                 
Gross loans
   $ 627,122       100 %   $ 603,262       100 %   $ 617,901       100 %
                                                 

Gross loans increased by $23.9 million to $627.1 million at March 31, 2013 compared to $603.3 million at March 31, 2012 as a result of an increase in quality loan demand over the last twelve months.
 
 
 
 
3
 

 
Asset Quality

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

   
Quarter Ended
  
   
Mar 31,
2013
    
Mar 31,
2012
    
Dec 31,
2012
  
                   
Non-performing assets / total assets
     2.52 %     1.76 %     2.52 %
                         
Quarterly net loan charge-offs / average loans
     0.12 %     0.37 %     0.64 %
                         
Allowance for loan losses / gross loans
     1.49 %     1.78 %     1.54 %
                         
Allowance for loan losses / non-performing loans
     62 %     100 %     59 %
                         
Non-performing assets / capital and reserves
     29 %     22 %     31 %
                         

Non-performing assets increased by $6.5 million to $23.4 million, or 2.52% of total assets, at March 31, 2013, compared to $16.9 million, or 1.76% of total assets, as of March 31, 2012.  The increase was primarily driven by one loan relationship that transferred to non-accrual status during the third quarter 2012. This relationship is backed by adequate collateral to support the current carrying value of the loan. The allowance for loan losses as a percentage of non-performing loans increased to 62% as of March 31, 2013, compared to 59%  as of December 31, 2012.  The ratio of non-performing assets to capital and reserves decreased to 29% as of March 31, 2013 compared to 31% as of December 31, 2012.


Capital

The Company’s capital regulatory ratios at March 31, 2013 were as follows:

   
Republic First Bancorp, Inc.
    
Regulatory Guidelines
“Well Capitalized”
  
             
Leverage Ratio
     9.32 %     5.00 %
                 
Tier 1 Risk Based Capital
     11.65 %     6.00 %
                 
Total Risk Based Capital
     12.88 %     10.00 %
                 

Total shareholders’ equity was $70.5 million at March 31, 2013 which represented a book value per share of $2.72, based on common shares outstanding of approximately 26.0 million.

The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.
 
 
 
4
 
 
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 thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. 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; 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, 2012 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
 
 
 
 
 
5
 
 
 
Republic First Bancorp, Inc.
                  
Consolidated Balance Sheets
                  
(Unaudited)
                  
                   
   
March 31,
    
December 31,
    
March 31,
  
(dollars in thousands)
  
2013
    
2012
    
2012
  
                   
ASSETS
                  
Cash and due from banks
   $ 9,592     $ 9,097     $ 8,627  
Interest-bearing deposits and federal funds sold
     62,337       118,907       109,604  
Total cash and cash equivalents
     71,929       128,004       118,231  
                         
Securities - Available for sale
     173,550       189,259       182,805  
Securities - Held to maturity
     68       67       140  
Restricted stock
     3,276       3,816       5,062  
Total investment securities
     176,894       193,142       188,007  
                         
Loans held for sale
     165       82       1,875  
                         
Loans receivable
     627,122       617,901       603,262  
Allowance for loan losses
     (9,353 )     (9,542 )     (10,756 )
Net loans
     617,769       608,359       592,506  
                         
Premises and equipment
     21,630       21,976       23,131  
Other real estate owned
     8,268       8,912       6,135  
Other assets
     29,429       28,183       28,403  
                         
Total Assets
   $ 926,084     $ 988,658     $ 958,288  
                         
                         
                         
LIABILITIES
                        
Non-interest bearing deposits
   $ 149,857     $ 145,407     $ 128,935  
Interest bearing deposits
     676,281       743,794       728,439  
Total deposits
     826,138       889,201       857,374  
                         
Short-term borrowings
     -       -       4,516  
Subordinated debt
     22,476       22,476       22,476  
Other liabilities
     6,950       7,079       7,519  
                         
Total Liabilities
     855,564       918,756       891,885  
                         
SHAREHOLDERS' EQUITY
                        
Common stock - $0.01 par value
     265       265       265  
Additional paid-in capital
     106,825       106,753       106,472  
Accumulated deficit
     (33,236 )     (34,228 )     (36,537 )
Treasury stock at cost
     (3,099 )     (3,099 )     (3,099 )
Stock held by deferred compensation plan
     (809 )     (809 )     (809 )
Accumulated other comprehensive income (loss)
     574       1,020       111  
                         
Total Shareholders' Equity
     70,520       69,902       66,403  
                         
                         
Total Liabilities and Shareholders' Equity
   $ 926,084     $ 988,658     $ 958,288  
 
 
 
 
6
 
 
 
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)
  
2013
    
2012
    
2012
  
                   
INTEREST INCOME
                  
Interest and fees on loans
   $ 7,928     $ 8,128     $ 8,090  
Interest and dividends on investment securities
     1,120       1,234       1,385  
Interest on other interest earning assets
     59       61       101  
Total interest income
     9,107       9,423       9,576  
                         
INTEREST EXPENSE
                        
Interest on deposits
     976       1,124       1,615  
Interest on borrowed funds
     278       282       285  
Total interest expense
     1,254       1,406       1,900  
                         
Net interest income
     7,853       8,017       7,676  
Provision (credit) for loan losses
     -       750       (750 )
                         
Net interest income after provision (credit) for loan losses
     7,853       7,267       8,426  
                         
NON-INTEREST INCOME
                        
Service fees on deposit accounts
     234       252       210  
Gain on sale of SBA loans
     650       2,194       1,086  
Gain (loss) on sale of investment securities
     703       (37 )     -  
Other non-interest income
     656       443       350  
Total non-interest income
     2,243       2,852       1,646  
                         
NON-INTEREST EXPENSE
                        
Salaries and employee benefits
     4,287       4,407       4,134  
Occupancy and equipment
     1,327       1,353       1,362  
Legal and professional fees
     687       821       1,182  
Foreclosed real estate
     917       274       98  
Regulatory assessments and related fees
     344       335       338  
Other operating expenses
     1,568       2,079       1,722  
Total non-interest expense
     9,130       9,269       8,836  
                         
Income before benefit for income taxes
     966       850       1,236  
                         
Benefit for income taxes
     (26 )     (54 )     (69 )
                         
Net income
   $ 992     $ 904     $ 1,305  
                         
                         
Net Income per Common Share
                        
Basic
   $ 0.04     $ 0.03     $ 0.05  
Diluted
   $ 0.04     $ 0.03     $ 0.05  
                         
Average Common Shares Outstanding
                        
Basic
     25,973       25,973       25,973  
Diluted
     25,973       25,973       25,973  
 
 
 
7
 
 
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, 2013
    
December 31, 2012
    
March 31, 2012
  
                                                       
         
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
 $ 86,685     $ 59       0.28 %   $ 95,227     $ 61       0.25 %   $ 162,103     $ 101       0.25 %
Securities
     183,387       1,159       2.53 %     193,119       1,298       2.69 %     178,650       1,447       3.24 %
Loans receivable
   621,642       7,977       5.20 %     626,916       8,164       5.18 %     592,828       8,127       5.51 %
Total interest-earning assets
   891,714       9,195       4.18 %     915,262       9,523       4.14 %     933,581       9,675       4.17 %
                                                                         
Other assets
     59,736                       58,879                       55,168                  
                                                                         
Total assets
   $ 951,450                     $ 974,141                     $ 988,749                  
                                                                         
Interest-bearing liabilities:
                                                                  
                                                                         
Demand non interest-bearing
 $ 144,045                     $ 142,716                     $ 144,855                  
Demand interest-bearing
   170,868       195       0.46 %     178,658       229       0.51 %     117,794       171       0.58 %
Money market & savings
   422,766       502       0.48 %     425,205       561       0.52 %     431,106       863       0.81 %
Time deposits
     114,054       279       0.99 %     128,005       334       1.04 %     199,523       581       1.17 %
Total deposits
     851,733       976       0.46 %     874,584       1,124       0.51 %     893,278       1,615       0.73 %
                                                                         
Total interest-bearing deposits
   707,688       976       0.56 %     731,868       1,124       0.61 %     748,423       1,615       0.87 %
                                                                         
Other borrowings
   22,476       278       5.02 %     22,547       282       4.98 %     22,575       285       5.08 %
                                                                         
Total interest-bearing liabilities
   730,164       1,254       0.70 %     754,415       1,406       0.74 %     770,998       1,900       0.99 %
Total deposits and
                                                                      
  other borrowings
   874,209       1,254       0.58 %     897,131       1,406       0.62 %     915,853       1,900       0.83 %
                                                                         
                                                                         
Non interest-bearing liabilities
 7,343                       7,623                       7,518                  
Shareholders' equity
   69,898                       69,387                       65,378                  
Total liabilities and
                                                                      
shareholders' equity
 $ 951,450                     $ 974,141                     $ 988,749                  
                                                                         
Net interest income
       $ 7,941                     $ 8,117                     $ 7,775          
Net interest spread
                 3.48 %                     3.40 %                     3.18 %
                                                                         
Net interest margin
                 3.61 %                     3.53 %                     3.35 %
                                                                         
Note: The above tables are presented on a tax equivalent basis.
                                          
 
 
 
 
8
 
 
 
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)
  
2013
    
2012
    
2012
  
                   
                   
Balance at beginning of period
   $ 9,542     $ 9,798     $ 12,050  
                         
Provision (credit) charged to operating expense
     -       750       (750 )
      9,542       10,548       11,300  
                         
Recoveries on loans charged-off:
                        
  Commercial
     1       -       -  
  Consumer
     -       1       1  
Total recoveries
     1       1       1  
                         
Loans charged-off:
                        
  Commercial
     (115 )     (1,007 )     (544 )
  Consumer
     (75 )     -       (1 )
                         
Total charged-off
     (190 )     (1,007 )     (545 )
                         
Net charge-offs
     (189 )     (1,006 )     (544 )
                         
Balance at end of period
   $ 9,353     $ 9,542     $ 10,756  
                         
                         
Net charge-offs as a percentage of
                        
  average loans outstanding
     0.12 %     0.64 %     0.37 %
                         
Allowance for loan losses as a percentage
                        
  of period-end loans
     1.49 %     1.54 %     1.78 %
                         
 
 
 
 
 
 
9
 
 
 
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)
  
2013
    
2012
    
2012
    
2012
    
2012
  
                               
Non-accrual loans:
                              
  Commercial real estate
   $ 14,415     $ 14,850     $ 15,156     $ 10,090     $ 9,911  
  Consumer and other
     700       996       996       802       811  
Total non-accrual loans
     15,115       15,846       16,152       10,892       10,722  
                                         
Loans past due 90 days or more
                                        
  and still accruing
     -       202       -       -       -  
                                         
Total non-performing loans
     15,115       16,048       16,152       10,892       10,722  
                                         
Other real estate owned
     8,268       8,912       7,312       6,135       6,135  
                                         
Total non-performing assets
   $ 23,383     $ 24,960     $ 23,464     $ 17,027     $ 16,857  
                                         
                                         
Non-performing loans to total loans
     2.41 %     2.60 %     2.59 %     1.80 %     1.78 %
                                         
Non-performing assets to total assets
     2.52 %     2.52 %     2.43 %     1.81 %     1.76 %
                                         
Non-performing loan coverage
     61.88 %     59.46 %     60.66 %     86.16 %     100.32 %
                                         
Allowance for loan losses as a percentage
                                        
  of total period-end loans
     1.49 %     1.54 %     1.57 %     1.55 %     1.78 %
                                         
Non-performing assets / capital plus
                                        
   allowance for loan losses
     29.28 %     31.42 %     29.80 %     22.22 %     21.85 %
 
 
 
 
10
 
 
 
 
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