0000950159-14-000208.txt : 20140423 0000950159-14-000208.hdr.sgml : 20140423 20140423171733 ACCESSION NUMBER: 0000950159-14-000208 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140423 DATE AS OF CHANGE: 20140423 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: 14779461 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 republicfirst8k.htm REPUBLIC FIRST BANCORP, INC. FORM 8-K republicfirst8k.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
 
April 23, 2014
Date of Report (Date of earliest event reported)
 
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)
  
(IRS Employer
Ident. No.)
         
50 South 16thStreet, Philadelphia, Pennsylvania
  
19102
(Address of principal executive offices)
  
(Zip Code)
 
(215) 735-4422
Registrant’s telephone number, including area code
 
N/A
(Former name or former address, 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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
 
 

 
1
 

 
Item 2.02                      Results of Operations and Financial Condition.

On April 23, 2014, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the period ended March 31, 2014.  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 Current Report on Form 8-K.  Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), 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 Current Report on Form 8-K.

Item 9.01                      Financial Statements and Exhibits.

(d)           Exhibits:

99.1
Press Release issued on April 23, 2014 regarding financial results for the period ended March 31, 2014.
 
 
 

 
 
2
 
 
 
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 23, 2014
    
 
By:
/s/ Frank A. Cavallaro
   
Frank A. Cavallaro
   
Executive Vice President and
   
Chief Financial Officer
 
 
 

 
 
3
 
 
 
EXHIBIT INDEX
 
Exhibit Number
  
Description
     
99.1
  
Press Release issued on April 23, 2014 regarding financial results for the period ended March 31, 2014
 
 
 
4

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
News Release
Republic First Bancorp, Inc.
April 23, 2014
 
 
REPUBLIC FIRST BANCORP, INC. REPORTS EARNINGS FOR FIRST QUARTER 2014

Philadelphia, PA, April 23, 2014 (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, 2014.  The Company has recorded net income of $0.8 million, or $0.03 per share, for the first quarter of 2014 compared to net income of $1.0 million, or $0.04 per share, for the first quarter of 2013.

“The grand opening of our new store in Cherry Hill, NJ during the first quarter has contributed to a wave of momentum that we look to build upon as we deliver the message that ‘The Power of Red is Back’,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “Our first quarter financial results are a positive contribution to this momentum that we hope to ride throughout the new year.”

To support the planned growth strategy, the Company recently announced that it completed the sale of $45 million of common stock through a private placement offering.  The stock was sold at a price of $3.80 per share.

“The Power of Red is Back” is an aggressive expansion plan beginning in Southern New Jersey and continuing throughout Metro Philadelphia.  During the first quarter the Company opened a new store in Cherry Hill, NJ utilizing its new and distinctive glass building. The revolutionary design of this new location represents the Bank’s commitment to world-class service and convenience for its customers. The grand opening for next location to utilize the new building will be on May 10, 2014 in Voorhees, NJ. There are plans for additional stores in Marlton, Moorestown, Mount Holly, Medford, Glassboro, Washington Township and a second store in Cherry Hill.


Highlights for the Period Ending March 31, 2014

 
Ø
Core deposits increased by $60.4 million $869.6 million, or 7%, as of March 31, 2014 compared to $809.2 million as of March 31, 2013 while the cost of funds on core deposits decreased to 0.35% for the quarter ended March 31, 2014 compared to 0.43% for the quarter ended March 31, 2013.

 
Ø
Total loans increased by $69.7 million, or 11%, to $696.8 million as of March 31, 2014 compared to $627.1 million at March 31, 2013.

 
Ø
The net interest margin increased to 3.86% for the quarter ended March 31, 2014 compared to 3.61% for the quarter ended March 31, 2013 despite the challenging interest rate environment.

 
Ø
SBA lending continued to be a focal point of the Company’s lending strategy. More than $13 million in new SBA loans were originated during the quarter ended March 31, 2014. Our team is currently ranked as the #1 SBA lender in the tri-state footprint of Pennsylvania, New Jersey and Delaware.
 
 
 
 
 
 
 
 
 
Ø
Asset quality improved as non-performing loans decreased by $4.7 million, or 31%, to $10.4 million, or 1.49% of total loans, at March 31, 2014 compared to $15.1 million, or 2.41% of total loans as of March 31, 2013.

 
Ø
The percentage of non-performing assets to capital and reserves improved to 18% as of March 31, 2014 compared to 29% as of March 31, 2013.  The non-performing loan coverage ratio increased to 115% as of March 31, 2014 compared to 62% as of March 31, 2013.

 
Ø
The Company’s Total Risk-Based Capital ratio was 11.29% and Tier I Leverage Ratio was 8.86% at March 31, 2014.

 
Ø
Tangible book value per share as of March 31, 2014 was $2.50.

 
Ø
After giving pro-forma effect to the recent stock offering the Company’s Total Risk Based Capital Ratio increased to 16.64%, the Tier I Legerage Ratio is 13.59% and tangible book value is $2.91 per share at March 31, 2014.

The Company’s capital ratios at March 31, 2014 and on a pro-forma basis after giving effect to the common stock offering were as follows:

 
Actual
March 31, 2014
Pro-Forma After
 Stock Offering
Regulatory Guidelines
“Well Capitalized”
       
Leverage Ratio
8.86%
13.59%
5.00%
       
Tier 1 Risk Based Capital
10.04%
15.39%
6.00%
       
Total Risk Based Capital
11.29%
16.64%
10.00%
       
Tangible Common Equity
6.68%
10.80%
n/a


Income Statement

The Company reported net income of $0.8 million, or $0.03 per share, for the three month period ended March 31, 2014, compared to net income of $1.0 million, or $0.04 per share, for the three month period ended March 31, 2013.

The Company continues to lower its cost of funds as evidenced by a decrease of 10 basis points to 0.48% for the three month period ended March 31, 2014, compared to 0.58% for the three month period ended March 31, 2013. The net interest margin increased to 3.86% for the three month period ended March 31, 2014 compared to 3.61% for the three month period ended March 31, 2013.

Non-interest income decreased to $1.9 million for the three month period ended March 31, 2014 compared to $2.2 million for the three month period ended March 31, 2013, primarily due to gains on the sale of investment securities of $0.7 million which were recognized during the three month period ended March 31, 2013.

Non-interest expenses increased by $0.7 million, or 8%, to $9.8 million for the three month period ended March 31, 2014 compared to $9.1 million in the prior year period.
 
 
 
 
2
 
 
 
Balance Sheet

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

 
Description
Mar 31,
2014
Mar 31,
2013
 
% Change
Dec 31,
2013
 
% Change
           
Total assets
$ 973,862
$ 926,084
5%
$ 961,665
1%
           
Total loans (net)
684,898
617,769
11%
667,048
3%
           
Total deposits
879,882
826,138
7%
869,534
1%
           
Total core deposits
869,649
809,206
7%
859,301
1%
           

Net loans increased by $67.1 million, or 11%, as of March 31, 2014 compared to March 31, 2013.  Core deposits grew by $60.4 million to $869.6 million as of March 31, 2014 compared to $809.2 million as of March 31, 2013.


Core Deposits

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

 
 
Description
 
Mar 31,
2014
 
Mar 31,
2013
 
% Change
 
Dec 31,
2013
 
%
Change
1st Qtr 2014 Cost of Funds
             
Demand noninterest-bearing
$ 182,082
$ 149,857
22%
$ 157,806
15%
0.00%
             
Demand interest-bearing
198,080
159,601
24%
230,221
(14%)
0.36%
             
Money market and savings
423,096
425,753
(1%)
402,671
5%
0.42%
             
Certificates of deposit
66,391
73,995
(10%)
68,603
(3%)
0.76%
             
Total core deposits
$ 869,649
$ 809,206
7%
$ 859,301
1%
0.35%
             

Core deposits increased to $869.6 million at March 31, 2014 compared to $809.2 million at March 31, 2013 as the Company continues to focus its effort on the gathering of low-cost core deposits. The Company recognized strong growth in demand account balances on a year to year basis, while at the same time reducing the overall deposit cost of funds to 0.37% for the three month period ending March 31, 2014 compared to 0.46% for the three month period ending March 31, 2013. The retail banking strategy has also enabled the Company to significantly reduce its dependence on wholesale funding sources such as brokered and internet-based certificates of deposit.
 
 
 

 
 
3
 

 
Lending

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

 
Description
  
Mar 31,
2014
    
% of
Total
    
Mar 31,
2013
    
% of
Total
    
Dec 31,
2013
    
% of
Total
  
                                     
Commercial real estate
   $ 344,125       49 %   $ 332,407       53 %   $ 342,794       50 %
Construction and land development
     26,931       4 %     27,614       4 %     23,977       4 %
Commercial and industrial
     125,792       18 %     110,785       18 %     118,209       17 %
Owner occupied real estate
     164,325       24 %     129,692       21 %     160,229       24 %
Consumer and other
     33,554       5 %     24,359       4 %     31,981       5 %
Residential mortgage
     2,344       0 %     2,425       0 %     2,359       0 %
Deferred costs (fees)
     (223 )             (160 )             (238 )        
                                                 
Gross loans
   $ 696,848       100 %   $ 627,122       100 %   $ 679,311       100 %
                                                 

Gross loans increased by $69.7 million to $696.8 million at March 31, 2014 compared to $627.1 million at March 31, 2013 as a result of an increase in quality loan demand over the last twelve months and continued success with our relationship banking model.


Asset Quality

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

   
Quarter Ended
  
   
Mar 31,
2014
  
Pro-Forma
After Stock
Offering
  
Dec 31,
2013
  
Mar 31,
2013
                         
Non-performing assets / total assets
     1.44 %     1.38 %     1.51 %     2.52 %
                                 
Quarterly net loan charge-offs / average loans
     0.18 %     0.18 %     0.12 %     0.12 %
                                 
Allowance for loan losses / gross loans
     1.71 %     1.71 %     1.81 %     1.49 %
                                 
Allowance for loan losses / non-performing loans
     115 %     115 %     118 %     62 %
                                 
Non-performing assets / capital and reserves
     18 %     12 %     19 %     29 %
                                 

Non-performing assets decreased by $9.3 million to $14.1 million, or 1.44% of total assets, at March 31, 2014, compared to $23.4 million, or 2.52% of total assets, as of March 31, 2013.  The allowance for loan losses as a percentage of non-performing loans increased to 115% as of March 31, 2014, compared to 62%  as of March 31, 2013.  The ratio of non-performing assets to capital and reserves improved to 18% as of March 31, 2014 compared to 29% as of March 31, 2013.
 
 
 
 
 
4
 

 
Capital

On April 22, 2014, the Company announced the closing of a private placement offering of common stock in the amount of $45 million.  Total shareholders’ equity was $65.1 million at March 31, 2014 which represented a book value per share of $2.50, based on common shares outstanding of approximately 26.0 million.  After giving pro-forma effect to the offering, total shareholders’ equity would have increased to $110.1 million and book value per share would have been $2.91 per share at March 31, 2014.


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 fourteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill and Voorhees, New Jersey. For more information about Republic Bank, visit 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, 2013 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.
 
 
 
 
 
5
 
 
 
Source:

Republic First Bancorp, Inc.

Contact:

Frank A. Cavallaro, CFO
(215) 735-4422
 
 
 
 
6
 
 
 
Republic First Bancorp, Inc.
              
Consolidated Balance Sheets
              
(Unaudited)
                  
                       
           
March 31,
  
December 31,
  
March 31,
  
(dollars in thousands)
    
2014
  
2013
  
2013
  
                       
ASSETS
                  
 
Cash and due from banks
  
 $         17,835
  
 $         12,525
  
 $           9,592
  
 
Interest-bearing deposits and federal funds sold
            16,475
  
            23,355
  
            62,337
  
   
Total cash and cash equivalents
            34,310
  
            35,880
  
            71,929
  
                       
 
Securities - Available for sale
  
          201,262
  
          204,891
  
          173,550
  
 
Securities - Held to maturity
  
                  21
  
                  21
  
                  68
  
 
Restricted stock
    
             1,567
  
             1,570
  
             3,276
  
   
Total investment securities
  
          202,850
  
          206,482
  
          176,894
  
                       
 
Loans held for sale
    
             3,796
  
             4,931
  
                165
  
                       
 
Loans receivable
    
          696,848
  
          679,311
  
          627,122
  
 
Allowance for loan losses
  
           (11,950)
  
           (12,263)
  
            (9,353)
  
   
Net loans
      
          684,898
  
          667,048
  
          617,769
  
                       
 
Premises and equipment
  
            24,140
  
            22,748
  
            21,630
  
 
Other real estate owned
  
             3,696
  
             4,059
  
             8,268
  
 
Other assets
    
            20,172
  
            20,517
  
            29,429
  
                       
 
Total Assets
      
 $       973,862
  
 $       961,665
  
 $       926,084
  
                       
                       
                       
LIABILITIES
                  
 
Non-interest bearing deposits
  
 $       182,082
  
 $       157,806
  
 $       149,857
  
 
Interest bearing deposits
  
          697,800
  
          711,728
  
          676,281
  
   
Total deposits
    
          879,882
  
          869,534
  
          826,138
  
                       
 
Short-term borrowings
    
                  -
  
                  -
  
                  -
  
 
Subordinated debt
    
            22,476
  
            22,476
  
            22,476
  
 
Other liabilities
    
             6,444
  
             6,756
  
             6,950
  
                       
 
Total Liabilities
    
          908,802
  
          898,766
  
          855,564
  
                       
SHAREHOLDERS' EQUITY
              
 
Common stock - $0.01 par value
  
                265
  
                265
  
                265
  
 
Additional paid-in capital
  
          107,166
  
          107,078
  
          106,825
  
 
Accumulated deficit
    
           (36,953)
  
           (37,708)
  
           (33,236)
  
 
Treasury stock at cost
    
            (3,099)
  
            (3,099)
  
            (3,099)
  
 
Stock held by deferred compensation plan
               (809)
  
               (809)
  
               (809)
  
 
Accumulated other comprehensive income (loss)
            (1,510)
  
            (2,828)
  
                574
  
                       
 
Total Shareholders' Equity
  
            65,060
  
            62,899
  
            70,520
  
                       
                       
 
Total Liabilities and Shareholders' Equity
 $       973,862
  
 $       961,665
  
 $       926,084
  
                       
 
 
 
 
 
 
 
 
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)
2014
  
2013
  
2013
                     
INTEREST INCOME
              
 
Interest and fees on loans
  
 $          8,323
  
 $          8,181
  
 $          7,928
 
Interest and dividends on investment securities
             1,320
  
             1,321
  
             1,120
 
Interest on other interest earning assets
                 12
  
                 42
  
                 59
   
Total interest income
    
             9,655
  
             9,544
  
             9,107
                     
INTEREST EXPENSE
              
 
Interest on deposits
    
               780
  
               828
  
               976
 
Interest on borrowed funds
  
               276
  
               278
  
               278
   
Total interest expense
    
             1,056
  
             1,106
  
             1,254
                     
 
Net interest income
    
             8,599
  
             8,438
  
             7,853
 
Provision for loan losses
    
                  -
  
             3,760
  
                  -
                     
 
Net interest income after provision for loan losses
             8,599
  
             4,678
  
             7,853
                     
NON-INTEREST INCOME
              
 
Service fees on deposit accounts
  
               293
  
               277
  
               234
 
Gain on sale of SBA loans
  
             1,154
  
             1,475
  
               650
 
Gain on sale of investment securities
                  -
  
                  -
  
               703
 
Other non-interest income
  
               483
  
               459
  
               656
   
Total non-interest income
  
             1,930
  
             2,211
  
             2,243
                     
NON-INTEREST EXPENSE
              
 
Salaries and employee benefits
  
             5,040
  
             3,788
  
             4,287
 
Occupancy and equipment
  
             1,536
  
             1,453
  
             1,327
 
Legal and professional fees
  
               657
  
               847
  
               687
 
Foreclosed real estate
    
               346
  
             1,408
  
               917
 
Regulatory assessments and related fees
               337
  
               345
  
               344
 
Other operating expenses
  
             1,899
  
             2,276
  
             1,568
   
Total non-interest expense
  
             9,815
  
           10,117
  
             9,130
                     
Income (loss) before provision (benefit) for income taxes
               714
  
            (3,228)
  
               966
                     
Provision (benefit) for income taxes
  
                (41)
  
                 33
  
                (26)
                     
Net income (loss)
      
 $             755
  
 $         (3,261)
  
 $             992
                     
                     
Net Income (Loss) per Common Share
            
 
Basic
      
 $            0.03
  
 $           (0.13)
  
 $            0.04
 
Diluted
      
 $            0.03
  
 $           (0.13)
  
 $            0.04
                     
Average Common Shares Outstanding
            
 
Basic
      
           25,973
  
           25,973
  
           25,973
 
Diluted
      
           26,212
  
           25,973
  
           26,042
 
 
 
 
 
 
 
 
 
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, 2014
  
December 31, 2013
  
March 31, 2013
  
                                       
       
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
  
 $   17,829
  
 $      12
  
0.27%
  
 $   61,963
  
 $      42
  
0.27%
  
 $   86,685
  
 $      59
  
0.28%
  
Securities
  
    208,046
  
    1,363
  
2.62%
  
    206,259
  
    1,361
  
2.64%
  
    183,387
  
    1,159
  
2.53%
  
Loans receivable
  
    686,869
  
    8,367
  
4.94%
  
    663,567
  
    8,226
  
4.92%
  
    621,642
  
    7,977
  
5.20%
  
Total interest-earning assets
    912,744
  
    9,742
  
4.33%
  
    931,789
  
    9,629
  
4.10%
  
    891,714
  
    9,195
  
4.18%
  
                                       
Other assets
  
      42,951
          
      46,363
          
      59,736
          
                                       
Total assets
  
 $ 955,695
          
 $ 978,152
          
 $ 951,450
          
                                       
Interest-bearing liabilities:
                                    
                                       
Demand non interest-bearing
 $ 169,699
          
 $ 159,956
          
 $ 144,045
          
Demand interest-bearing
  
    213,980
  
       191
  
0.36%
  
    218,275
  
       210
  
0.38%
  
    170,868
  
       195
  
0.46%
  
Money market & savings
  
    400,880
  
       416
  
0.42%
  
    419,982
  
       431
  
0.41%
  
    422,766
  
       502
  
0.48%
  
Time deposits
  
      77,468
  
       173
  
0.91%
  
      81,744
  
       187
  
0.91%
  
    114,054
  
       279
  
0.99%
  
Total deposits
  
    862,027
  
       780
  
0.37%
  
    879,957
  
       828
  
0.37%
  
    851,733
  
       976
  
0.46%
  
                                       
Total interest-bearing deposits
    692,328
  
       780
  
0.46%
  
    720,001
  
       828
  
0.46%
  
    707,688
  
       976
  
0.56%
  
                                       
Other borrowings
  
      22,476
  
       276
  
4.98%
  
      22,476
  
       278
  
4.91%
  
      22,476
  
       278
  
5.02%
  
                                       
                                       
Total interest-bearing liabilities
    714,804
  
    1,056
  
0.60%
  
    742,477
  
    1,106
  
0.59%
  
    730,164
  
    1,254
  
0.70%
  
Total deposits and
                                      
  other borrowings
  
    884,503
  
    1,056
  
0.48%
  
    902,433
  
    1,106
  
0.49%
  
    874,209
  
    1,254
  
0.58%
  
                                       
                                       
Non interest-bearing liabilities
       6,901
          
       9,312
          
       7,343
          
Shareholders' equity
  
      64,291
          
      66,407
          
      69,898
          
Total liabilities and
                                      
shareholders' equity
  
 $ 955,695
          
 $ 978,152
          
 $ 951,450
          
                                       
Net interest income
      
 $ 8,686
          
 $ 8,523
          
 $ 7,941
      
Net interest spread
          
3.73%
          
3.51%
          
3.48%
  
                                       
Net interest margin
          
3.86%
          
3.63%
          
3.61%
  
                                       
                                       
                                       
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)
            
             
             
    Three months ended  
 
March 31,
  
December 31,
  
March 31,
  
(dollars in thousands)
2014
  
2013
  
2013
  
             
             
Balance at beginning of period
 $       12,263
  
 $         8,704
  
 $         9,542
  
             
Provision charged to operating expense
                 -
  
            3,760
  
                 -
  
 
          12,263
  
          12,464
  
            9,542
  
             
Recoveries on loans charged-off:
            
  Commercial
                 -
  
                48
  
                  1
  
  Consumer
                 -
  
                 -
  
                 -
  
Total recoveries
                 -
  
                48
  
                  1
  
             
Loans charged-off:
            
  Commercial
             (303)
  
             (249)
  
             (115)
  
  Consumer
               (10)
  
                 -
  
               (75)
  
             
Total charged-off
             (313)
  
             (249)
  
             (190)
  
             
Net charge-offs
             (313)
  
             (201)
  
             (189)
  
             
Balance at end of period
 $       11,950
  
 $       12,263
  
 $         9,353
  
             
             
Net charge-offs as a percentage of
            
  average loans outstanding
0.18%
  
0.12%
  
0.12%
  
             
Allowance for loan losses as a percentage
            
  of period-end loans
1.71%
  
1.81%
  
1.49%
  
 
 
 
 
 
 
 
 
 
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)
2014
  
2013
  
2013
  
2013
  
2013
                   
Non-accrual loans:
                  
  Commercial real estate
 $          9,733
  
 $          9,764
  
 $          6,833
  
 $        12,673
  
 $        14,415
  Consumer and other
               643
  
               656
  
               662
  
               667
  
               700
Total non-accrual loans
           10,376
  
           10,420
  
             7,495
  
           13,340
  
           15,115
                   
Loans past due 90 days or more
                  
  and still accruing
                  -
  
                  -
  
                  -
  
                  -
  
                  -
                   
Total non-performing loans
           10,376
  
           10,420
  
             7,495
  
           13,340
  
           15,115
                   
Other real estate owned
             3,696
  
             4,059
  
             5,951
  
             6,584
  
             8,268
                   
Total non-performing assets
 $        14,072
  
 $        14,479
  
 $        13,446
  
 $        19,924
  
 $        23,383
                   
                   
Non-performing loans to total loans
1.49%
  
1.53%
  
1.15%
  
2.09%
  
2.41%
                   
Non-performing assets to total assets
1.44%
  
1.51%
  
1.43%
  
2.17%
  
2.52%
                   
Non-performing loan coverage
115.17%
  
117.69%
  
116.13%
  
69.96%
  
61.88%
                   
Allowance for loan losses as a percentage
                  
  of total period-end loans
1.71%
  
1.81%
  
1.34%
  
1.46%
  
1.49%
                   
Non-performing assets / capital plus
                  
   allowance for loan losses
18.27%
  
19.26%
  
17.74%
  
25.32%
  
29.28%
                   
 
 
 
 
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