0000950159-15-000021.txt : 20150123 0000950159-15-000021.hdr.sgml : 20150123 20150123102534 ACCESSION NUMBER: 0000950159-15-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150123 DATE AS OF CHANGE: 20150123 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: 15543837 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): January 22, 2015
 
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 January 22, 2015, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the period ended December 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 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: January 23, 2015
By: /s/ Frank A. Cavallaro
 
Frank A. Cavallaro
 
Executive Vice President and
 
Chief Financial Officer
 
 
 
 
 
 
 

 
EXHIBIT INDEX
 
 
 
 
 



 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
 
 
News Release
Republic First Bancorp, Inc.
January 22, 2015
 

REPUBLIC FIRST BANCORP, INC. REPORTS DEPOSIT GROWTH OF 23%
NET INCOME IMPROVES BY 170%

Philadelphia, PA, January 22, 2015 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2014.

Financial Highlights
  
   
Three Months Ended
    
Twelve Months Ended
  
($ in millions, except per share data)
  
12/31/14
    
12/31/13
    
% Change
    
12/31/14
    
12/31/13
    
% Change
  
                                     
Assets
   $ 1,214.6     $ 961.7       26 %                  
Loans
     781.9       679.3       15 %                  
Deposits
     1,072.2       869.5       23 %                  
Total Revenue
   $ 12.0     $ 10.6       12 %   $ 43.8     $ 41.8       5 %
Net Income
     0.9       (3.3 )     126 %     2.4       (3.5 )     170 %
Net Income per Share
   $ 0.02     $ (0.13 )     115 %   $ 0.07     $ (0.13 )     154 %

“Our fourth quarter results bring to conclusion a very successful year for Republic Bank led by continued growth in our market with our new model,” said Harry D. Madonna, Chairman and Chief Executive Officer of Republic Bank.  “With total assets, deposits and loans growing by double-digit percentages in 2014, it is clear that our strategic plan is producing strong and tangible results.”

“Our significant year-over-year growth reaffirms the commitment to our aggressive expansion plan,” added Madonna. “With fifteen stores, including our newest store recently opened in Glassboro, Republic Bank enters 2015 with substantial momentum and a growing public awareness that we are redefining the Customer experience.”

Highlights for the Period Ended December 31, 2014

 
·
Total assets increased by $253 million, or 26%, to $1.2 billion as of December 31, 2014 compared to $962 million as of December 31, 2013.

 
·
Non-interest bearing demand deposits increased by 42% to $224 million as of December 31, 2014 compared to $158 million as of December 31, 2013.
 
 
 
 
 
 
 

 
 
·
Total deposits increased by $203 million, or 23%, to $1.1 billion as of December 31, 2014 compared to $870 million as of December 31, 2013. The cost of funds on interest bearing deposits decreased to 0.47% for the year ended December 31, 2014 compared to 0.50% for the year ended December 31, 2013.

 
·
Total loans grew $103 million, or 15%, to $782 million as of December 31, 2014 compared to $679 million at December 31, 2013.

 
·
SBA lending continued to be a focal point of the Company’s lending strategy. More than $56 million in new SBA loans were originated during the year ended December 31, 2014. Our team is currently ranked as the #1 SBA lender in the tri-state market of New Jersey, Pennsylvania and Delaware based on the dollar volume of loan originations.

 
·
Shareholders’ equity increased by 79% to $113 million as of December 31, 2014 compared to $63 million as of December 31, 2013 as a result of the $45 million common stock offering closed during the second quarter of 2014.

 
·
The Company’s Total Risk-Based Capital ratio was 15.10% and Tier I Leverage Ratio was 11.23% at December 31, 2014.

 
·
Tangible book value per share was $2.98 as of December 31, 2014.


Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

   
Three Months Ended
    
Twelve Months Ended
  
   
12/31/14
    
12/31/13
    
% Change
    
12/31/14
    
12/31/13
    
% Change
  
Total Revenue
   $ 11,967     $ 10,649       12 %   $ 43,846     $ 41,831       5 %
Provision for Loan Losses
     300       3,760       (92 %)     900       4,935       (82 %)
Non-interest Expenses
     10,792       10,117       7 %     40,550       40,411       0 %
Net Income
     853       (3,261 )     126 %     2,442       (3,480 )     170 %
Net Income per Share
   $ 0.02     $ (0.13 )     115 %   $ 0.07     $ (0.13 )     154 %

The Company reported net income of $2.4 million, or $0.07 per share, for the twelve month period ended December 31, 2014, compared to a net loss of $3.5 million, or $(0.13) per share, for the twelve month period ended December 31, 2013.

Prior year earnings were impacted by charges associated with loans and relationships that were established prior to 2008 under the old Republic Bank model including a loan loss provision in the amount of $3.6 million on one loan, a $2.1 million writedown on an OREO property, and a $1.9 million settlement on an outstanding legal matter. Earnings in 2014 were not materially affected by legacy issues that impacted the prior year.
 
 
 
 
 
2
 

 
Net interest income increased by $3.2 million, or 10%, to $35.8 million for the year ended December 31, 2014 compared to $32.6 million for the year ended December 31, 2013.  This increase was driven by strong growth in interest-earning assets during the year.

The provision for loan losses decreased by $4.0 million, to $0.9 million for the twelve month period ended December 31, 2014 compared to $4.9 million in the prior year period mainly due to the aforementioned provision related to a single loan relationship recorded in the fourth quarter of 2013.

Non-interest expenses increased by a minimal amount during 2014 to $40.5 million during the twelve month period ended December 31, 2014 compared to $40.4 million during the twelve months ended December 31, 2013. Increases in salaries, employee benefits, occupancy and equipment expenses driven by the addition of new stores related to the Company’s expansion strategy were offset by decreases in foreclosed real estate and other operating expenses as a result of significant charges in 2013 that did not recur in 2014 as discussed previously.


Balance Sheet

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

 
Description
  
12/31/14
    
12/31/13
    
% Change
    
09/30/14
    
% Change
  
                               
Total assets
   $ 1,214,598     $ 961,665       26 %   $ 1,130,716       7 %
Total loans (net)
     770,404       667,048       15 %     739,817       4 %
Total deposits
     1,072,230       869,534       23 %     990,075       8 %
Total core deposits
     1,061,994       859,301       24 %     979,840       8 %

Total assets increased by $252.9 million, or 26%, as of December 31, 2014 when compared to December 31, 2013.  Deposits grew by $202.7 million to $1.1 billion as of December 31, 2014 compared to $869.5 million as of December 31, 2013. The number of deposit accounts grew by 26% during the year ended December 31, 2014. The strong growth in assets, loans and deposits during 2014 was driven by  the Company’s successful execution of its growth strategy.
 
 
 
 
 
3
 
 
 
Core Deposits

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

 
 
Description
  
 
12/31/14
    
 
12/31/13
    
% Change
    
 
09/30/14
    
% Change
    
4th Qtr 2014 Cost of Funds
  
                                     
Demand noninterest-bearing
   $ 224,245     $ 157,806       42 %   $ 216,642       4 %     0.00 %
Demand interest-bearing
     283,768       230,221       23 %     224,102       27 %     0.39 %
Money market and savings
     488,848       402,671       21 %     471,199       4 %     0.45 %
Certificates of deposit
     65,133       68,603       (5 %)     67,897       (4 %)     0.78 %
Total core deposits
   $ 1,061,994     $ 859,301       24 %   $ 979,840       8 %     0.36 %
                                                 

Core deposits increased to $1.1 billion at December 31, 2014 compared to $859.3 million at December 31, 2013 as the Company moves forward with its expansion strategy which focuses on the gathering of low-cost core deposits. The Company recognized strong growth in demand, money market and savings account balances on a year to year basis, while at the same time decreasing the deposit cost of funds to 0.38% for the twelve month period ending December 31, 2014 compared to 0.41% for the twelve month period ending December 31, 2013.

Lending

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

 
Description
  
12/31/14
    
% of Total
    
12/31/13
    
% of Total
    
09/30/14
    
% of
Total
  
                                     
Commercial real estate
   $ 379,259       48 %   $ 342,794       50 %   $ 366,611       49 %
Construction and land development
     29,861       4 %     23,977       4 %     38,236       5 %
Commercial and industrial
     145,113       19 %     118,209       17 %     134,340       18 %
Owner occupied real estate
     188,025       24 %     160,229       24 %     172,642       23 %
Consumer and other
     39,713       5 %     31,981       5 %     38,365       5 %
Residential mortgage
     408       0 %     2,359       0 %     2,314       0 %
Deferred costs (fees)
     (439 )             (238 )             (475 )        
Gross loans
   $ 781,940       100 %   $ 679,311       100 %   $ 752,033       100 %
                                                 

Gross loans increased by $102.6 million, or 15%, to $781.9 million at December 31, 2014 compared to $679.3 million at December 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.
 
 
 
 
 
4
 
 

Asset Quality

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

 
  
Three Months Ended
  
   
12/31/14
    
09/30/14
    
12/31/13
  
                   
Non-performing assets / total assets
     2.07 %     2.38 %     1.51 %
Quarterly net loan charge-offs / average loans
     0.51 %     0.08 %     0.12 %
Allowance for loan losses / gross loans
     1.48 %     1.62 %     1.81 %
Allowance for loan losses / non-performing loans
     54 %     53 %     118 %
Non-performing assets / capital and reserves
     20 %     22 %     19 %

Non-performing assets increased by $10.7 million to $25.2 million, or 2.07% of total assets, at December 31, 2014, compared to $14.5 million, or 1.51% of total assets, as of December 31, 2013.  This increase was primarily driven by one loan that was transferred to non-accrual status during the second quarter of 2014. A reserve for this loan was recorded during the fourth quarter of 2013 when it was initially downgraded to impaired status.

The allowance for loan losses as a percentage of non-performing loans decreased to 54% as of December 31, 2014, compared to 118%  as of December 31, 2013.  The ratio of non-performing assets to capital and reserves increased to 20% as of December 31, 2014, compared to 19% as of December 31, 2013.

Capital

The Company’s capital ratios at December 31, 2014 were as follows:

 
Actual
December 31, 2014
Regulatory Guidelines
“Well Capitalized”
     
Leverage Ratio
11.23%
5.00%
Tier 1 Risk Based Capital
13.88%
6.00%
Total Risk Based Capital
15.10%
10.00%
Tangible Common Equity
9.29%
n/a

During the second quarter of 2014, the Company successfully completed a private placement offering of common stock in the amount of $45 million.  11.8 million shares were sold through the offering at a price of $3.80 per share. Total shareholders’ equity increased to $112.8 million at December 31, 2014 compared to $62.9 million at December 31, 2013.  Tangible book value per share increased to $2.98 at December 31, 2014 compared to $2.42 per share at December 31, 2013.
 
 
 
 
 
5
 
 

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 fifteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill, Voorhees and Glassboro, 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.

Source:
Republic First Bancorp, Inc.

Contact:
Frank A. Cavallaro, CFO
(215) 735-4422
 
 
 
 
 
 
6
 
 
 
Republic First Bancorp, Inc.
                  
Consolidated Balance Sheets
                  
(Unaudited)
                  
                   
   
December 31,
    
September 30,
    
December 31,
  
(dollars in thousands)
  
2014
    
2014
    
2013
  
                   
ASSETS
                  
Cash and due from banks
   $ 14,822     $ 13,546     $ 12,525  
Interest-bearing deposits and federal funds sold
     114,004       92,298       23,355  
Total cash and cash equivalents
     128,826       105,844       35,880  
                         
Securities - Available for sale
     185,379       158,830       204,891  
Securities - Held to maturity
     67,866       68,991       21  
Restricted stock
     1,157       1,725       1,570  
Total investment securities
     254,402       229,546       206,482  
                         
Loans held for sale
     1,676       789       4,931  
                         
Loans receivable
     781,940       752,033       679,311  
Allowance for loan losses
     (11,536 )     (12,216 )     (12,263 )
Net loans
     770,404       739,817       667,048  
                         
Premises and equipment
     35,030       29,767       22,748  
Other real estate owned
     3,715       3,775       4,059  
Other assets
     20,545       21,178       20,517  
                         
Total Assets
   $ 1,214,598     $ 1,130,716     $ 961,665  
                         
                         
                         
LIABILITIES
                        
Non-interest bearing deposits
   $ 224,245     $ 216,642     $ 157,806  
Interest bearing deposits
     847,985       773,433       711,728  
Total deposits
     1,072,230       990,075       869,534  
                         
Subordinated debt
     22,476       22,476       22,476  
Other liabilities
     7,081       6,572       6,756  
                         
Total Liabilities
     1,101,787       1,019,123       898,766  
                         
SHAREHOLDERS' EQUITY
                        
Common stock - $0.01 par value
     383       383       265  
Additional paid-in capital
     152,234       152,122       107,078  
Accumulated deficit
     (35,266 )     (36,119 )     (37,708 )
Treasury stock at cost
     (3,725 )     (3,725 )     (3,099 )
Stock held by deferred compensation plan
     (183 )     (183 )     (809 )
Accumulated other comprehensive income (loss)
     (632 )     (885 )     (2,828 )
                         
Total Shareholders' Equity
     112,811       111,593       62,899  
                         
                         
Total Liabilities and Shareholders' Equity
   $ 1,214,598     $ 1,130,716     $ 961,665  
                         
 
 
 
 
 
 
 
 
 
Republic First Bancorp, Inc.
                              
Consolidated Statements of Operations
                              
(Unaudited)
                              
                               
   
Three Months Ended
  
Twelve Months Ended
  
   
December 31,
    
September 30,
    
December 31,
    
December 31,
    
December 31,
  
(dollars in thousands, except per share amounts)
  
2014
    
2014
    
2013
    
2014
    
2013
  
                               
INTEREST INCOME
                              
Interest and fees on loans
   $ 9,236     $ 9,000     $ 8,181     $ 34,869     $ 32,335  
Interest and dividends on investment securities
     1,470       1,356       1,321       5,417       4,685  
Interest on other interest earning assets
     80       45       42       187       185  
Total interest income
     10,786       10,401       9,544       40,473       37,205  
                                         
INTEREST EXPENSE
                                        
Interest on deposits
     968       918       828       3,536       3,478  
Interest on borrowed funds
     278       277       278       1,108       1,112  
Total interest expense
     1,246       1,195       1,106       4,644       4,590  
                                         
Net interest income
     9,540       9,206       8,438       35,829       32,615  
Provision for loan losses
     300       300       3,760       900       4,935  
                                         
Net interest income after provision for loan losses
     9,240       8,906       4,678       34,929       27,680  
                                         
NON-INTEREST INCOME
                                        
Service fees on deposit accounts
     328       316       277       1,224       1,046  
Gain on sale of SBA loans
     1,903       614       1,475       4,717       5,338  
Gain (loss) on sale of investment securities
     -       -       -       458       703  
Other non-interest income
     196       441       459       1,618       2,129  
Total non-interest income
     2,427       1,371       2,211       8,017       9,216  
                                         
NON-INTEREST EXPENSE
                                        
Salaries and employee benefits
     5,147       5,074       3,788       20,089       17,064  
Occupancy and equipment
     1,746       1,749       1,453       6,629       5,740  
Legal and professional fees
     615       614       847       2,758       3,298  
Foreclosed real estate
     732       376       1,408       1,794       3,179  
Regulatory assessments and related fees
     274       258       345       1,065       1,257  
Other operating expenses
     2,278       1,915       2,276       8,215       9,873  
Total non-interest expense
     10,792       9,986       10,117       40,550       40,411  
                                         
Income (loss) before provision (benefit) for income taxes
     875       291       (3,228 )     2,396       (3,515 )
                                         
Provision (benefit) for income taxes
     22       (6 )     33       (46 )     (35 )
                                         
Net income (loss)
   $ 853     $ 297     $ (3,261 )   $ 2,442     $ (3,480 )
                                         
                                         
Net Income (Loss) per Common Share
                                        
Basic
   $ 0.02     $ 0.01     $ (0.13 )   $ 0.07     $ (0.13 )
Diluted
   $ 0.02     $ 0.01     $ (0.13 )   $ 0.07     $ (0.13 )
                                         
Average Common Shares Outstanding
                                        
Basic
     37,815       37,815       25,973       34,232       25,973  
Diluted
     38,121       38,253       25,973       34,591       25,973  
                                         
 
 
 
 
 
 
 
 
 
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)
  
December 31, 2014
    
September 30, 2014
    
December 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
   $ 122,787     $ 80       0.26 %   $ 77,666     $ 45       0.23 %   $ 61,963     $ 42       0.27 %
Securities
     234,479       1,527       2.60 %     221,357       1,408       2.54 %     206,259       1,361       2.64 %
Loans receivable
     757,953       9,283       4.86 %     744,466       9,046       4.82 %     663,567       8,226       4.92 %
Total interest-earning assets
     1,115,219       10,890       3.87 %     1,043,489       10,499       3.99 %     931,789       9,629       4.10 %
                                                                         
Other assets
     55,997                       53,430                       46,363                  
                                                                         
Total assets
   $ 1,171,216                     $ 1,096,919                     $ 978,152                  
                                                                         
Interest-bearing liabilities:
                                                                        
                                                                         
Demand non interest-bearing
   $ 214,872                     $ 196,734                     $ 159,956                  
Demand interest-bearing
     258,443       252       0.39 %     229,229       220       0.38 %     218,275       210       0.38 %
Money market & savings
     478,651       537       0.45 %     449,848       509       0.45 %     419,982       431       0.41 %
Time deposits
     76,756       179       0.93 %     79,798       189       0.94 %     81,744       187       0.91 %
Total deposits
     1,028,722       968       0.37 %     955,609       918       0.38 %     879,957       828       0.37 %
                                                                         
Total interest-bearing deposits
     813,850       968       0.47 %     758,875       918       0.48 %     720,001       828       0.46 %
                                                                         
Other borrowings
     22,689       278       4.86 %     22,476       277       4.89 %     22,476       278       4.91 %
                                                                         
                                                                         
Total interest-bearing liabilities
     836,539       1,246       0.59 %     781,351       1,195       0.61 %     742,477       1,106       0.59 %
Total deposits and
                                                                        
  other borrowings
     1,051,411       1,246       0.47 %     978,085       1,195       0.48 %     902,433       1,106       0.49 %
                                                                         
                                                                         
Non interest-bearing liabilities
     7,427                       7,198                       9,312                  
Shareholders' equity
     112,378                       111,636                       66,407                  
Total liabilities and
                                                                        
shareholders' equity
   $ 1,171,216                     $ 1,096,919                     $ 978,152                  
                                                                         
Net interest income
           $ 9,644                     $ 9,304                     $ 8,523          
Net interest spread
                     3.28 %                     3.38 %                     3.51 %
                                                                         
Net interest margin
                     3.43 %                     3.54 %                     3.63 %
                                                                         
                                                                         
                                                                         
Note: The above tables are presented on a tax equivalent basis.
                                          
                                                                         
 
 
 
 
 
 
 
 
 
Republic First Bancorp, Inc.
                                
Average Balances and Net Interest Income
                                
(unaudited)
                                    
                                     
                                     
                                     
   
For the twelve months ended
    
For the twelve months ended
  
(dollars in thousands)
  
December 31, 2014
    
December 31, 2013
  
                                     
         
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
   $ 75,593     $ 187       0.25 %   $ 67,307     $ 185       0.27 %
Securities
     217,939       5,613       2.58 %     192,315       4,820       2.51 %
Loans receivable
     724,231       35,052       4.84 %     640,233       32,523       5.08 %
Total interest-earning assets
     1,017,763       40,852       4.01 %     899,855       37,528       4.17 %
                                                 
Other assets
     50,302                       50,616                  
                                                 
Total assets
   $ 1,068,065                     $ 950,471                  
                                                 
Interest-bearing liabilities:
                                                
                                                 
Demand non interest-bearing
   $ 189,810                     $ 149,125                  
Demand interest-bearing
     233,693       888       0.38 %     192,224       825       0.43 %
Money market & savings
     439,484       1,929       0.44 %     417,652       1,786       0.43 %
Time deposits
     78,073       719       0.92 %     92,484       867       0.94 %
Total deposits
     941,060       3,536       0.38 %     851,485       3,478       0.41 %
                                                 
Total interest-bearing deposits
     751,250       3,536       0.47 %     702,360       3,478       0.50 %
                                                 
Other borrowings
     22,530       1,108       4.92 %     22,476       1,112       4.95 %
                                                 
                                                 
Total interest-bearing liabilities
     773,780       4,644       0.60 %     724,836       4,590       0.63 %
Total deposits and
                                                
  other borrowings
     963,590       4,644       0.48 %     873,961       4,590       0.53 %
                                                 
                                                 
Non interest-bearing liabilities
     7,084                       7,902                  
Shareholders' equity
     97,391                       68,608                  
Total liabilities and
                                                
shareholders' equity
   $ 1,068,065                     $ 950,471                  
                                                 
Net interest income
           $ 36,208                     $ 32,938          
Net interest spread
                     3.41 %                     3.54 %
                                                 
Net interest margin
                     3.56 %                     3.66 %
                                                 
                                                 
                                                 
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     Twelve months ended  
   
December 31,
    
September 30,
    
December 31,
    
December 31,
    
December 31,
  
(dollars in thousands)
  
2014
    
2014
    
2013
    
2014
    
2013
  
                               
                               
Balance at beginning of period
   $ 12,216     $ 12,063     $ 8,704     $ 12,263     $ 9,542  
                                         
Provision charged to operating expense
     300       300       3,760       900       4,935  
      12,516       12,363       12,464       13,163       14,477  
                                         
Recoveries on loans charged-off:
                                        
  Commercial
     120       264       48       385       117  
  Consumer
     -       -       -       -       26  
Total recoveries
     120       264       48       385       143  
                                         
Loans charged-off:
                                        
  Commercial
     (1,100 )     (411 )     (249 )     (2,002 )     (2,282 )
  Consumer
     -       -       -       (10 )     (75 )
                                         
Total charged-off
     (1,100 )     (411 )     (249 )     (2,012 )     (2,357 )
                                         
Net charge-offs
     (980 )     (147 )     (201 )     (1,627 )     (2,214 )
                                         
Balance at end of period
   $ 11,536     $ 12,216     $ 12,263     $ 11,536     $ 12,263  
                                         
                                         
Net charge-offs as a percentage of
                                        
  average loans outstanding
     0.51 %     0.08 %     0.12 %     0.22 %     0.35 %
                                         
Allowance for loan losses as a percentage
                                        
  of period-end loans
     1.48 %     1.62 %     1.81 %     1.48 %     1.81 %
                                         
 
 
 
 
 
 
 
 
 
Republic First Bancorp, Inc.
                              
Summary of Non-Performing Loans and Assets
                          
(unaudited)
                              
                               
   
December 31,
    
September 30,
    
June 30,
    
March 31,
    
December 31,
  
(dollars in thousands)
  
2014
    
2014
    
2014
    
2014
    
2013
  
                               
Non-accrual loans:
                              
  Commercial real estate
   $ 21,011     $ 22,607     $ 23,750     $ 9,733     $ 9,764  
  Consumer and other
     429       437       446       643       656  
Total non-accrual loans
     21,440       23,044       24,196       10,376       10,420  
                                         
Loans past due 90 days or more
                                        
  and still accruing
     -       131       2,722       -       -  
                                         
Total non-performing loans
     21,440       23,175       26,918       10,376       10,420  
                                         
Other real estate owned
     3,715       3,775       3,637       3,696       4,059  
                                         
Total non-performing assets
   $ 25,155     $ 26,950     $ 30,555     $ 14,072     $ 14,479  
                                         
                                         
Non-performing loans to total loans
     2.74 %     3.08 %     3.74 %     1.49 %     1.53 %
                                         
Non-performing assets to total assets
     2.07 %     2.38 %     2.87 %     1.44 %     1.51 %
                                         
Non-performing loan coverage
     53.81 %     52.71 %     44.81 %     115.17 %     117.69 %
                                         
Allowance for loan losses as a percentage
                                        
  of total period-end loans
     1.48 %     1.62 %     1.68 %     1.71 %     1.81 %
                                         
Non-performing assets / capital plus
                                        
   allowance for loan losses
     20.23 %     21.77 %     24.74 %     18.27 %     19.26 %
                                         
 
 
 
 
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