0000950159-15-000310.txt : 20151022 0000950159-15-000310.hdr.sgml : 20151022 20151022160053 ACCESSION NUMBER: 0000950159-15-000310 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151022 DATE AS OF CHANGE: 20151022 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: 151170282 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): October 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 October 22, 2015, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the period ended September 30, 2015.  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: October 22, 2015
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
 
News Release
Republic First Bancorp, Inc.
October 22, 2015
   
REPUBLIC FIRST BANCORP, INC. REPORTS ASSET GROWTH OF 22%
DEPOSITS INCREASE BY 25%

Philadelphia, PA, October 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 September 30, 2015.

     
   
Three Months Ended
($ in millions, except per share data)
  
09/30/15
    
09/30/14
    
%
Change
                   
Assets
   $ 1,380.8     $ 1,130.7       22 %
Loans
     845.4       752.0       12 %
Deposits
     1,237.5       990.1       25 %
Total Revenue
   $ 11.6     $ 10.6       10 %
Net Income
     0.6       0.3       100 %
Net Income per Share
   $ 0.02   $ 0.01     100 %


“During the third quarter we opened new stores in Marlton and Berlin, NJ which feature our distinctive glass building,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer.  “These locations are welcoming new fans on a daily basis and producing tremendous results.  Our balance sheet continues to demonstrate positive results associated with our expansion strategy.”

 “Our expansion strategy effectively has us building a ‘new’ bank on top of an ‘old’ bank,” added Madonna. “We are very pleased with our ability to maintain consistent, profitable results while absorbing the costs required to move forward with our growth plan.”

The Company is in the midst of an aggressive expansion plan referred to as “The Power of Red is Back” with the goal of increasing its store footprint while providing legendary customer service. There are currently seventeen stores serving customers in the Greater Philadelphia and Southern New Jersey region.  Additional stores are planned for Cherry Hill, Gloucester Township, Medford, Moorestown, Washington Township and Wynnewood.
 
 
 
 
 
 
Highlights for the Period Ended September 30, 2015

 
·
Republic opened its 16th and 17th stores in Marlton and Berlin, NJ during the third quarter of 2015. The Company currently has six additional sites in various stages of construction and development for future store locations.

 
·
New stores opened within the last 2 years are currently growing deposits at an average rate of $47 million per year.  While the average deposit growth for all stores over the last twelve months was $16 million per store.

 
·
Total deposits increased by $247 million, or 25%, to $1.2 billion as of September 30, 2015 compared to $990 million as of September 30, 2014.

 
·
Non-interest bearing demand deposits increased by 13% to $244 million as of September 30, 2015 compared to $217 million as of September 30, 2014.

 
·
Total assets increased by $250 million, or 22%, to $1.4 billion as of September 30, 2015 compared to $1.1 billion as of September 30, 2014.

 
·
Total loans grew $93 million, or 12%, to $845 million as of September 30, 2015 compared to $752 million at September 30, 2014.

 
·
SBA lending continued to be a focal point of the Company’s lending strategy. More than $8 million in new SBA loans were originated during the three month period ended September 30, 2015. 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 3% to $114 million as of September 30, 2015 compared to $112 million as of September 30, 2014.

 
·
The Company’s Total Risk-Based Capital ratio was 13.80% and Tier I Leverage Ratio was 10.24% at September 30, 2015.

 
·
Tangible book value per share was $3.03 as of September 30, 2015. This amount excludes approximately $0.38 per share attributable to the deferred tax asset valuation allowance.
 
 
 
 
 
 
 
Income Statement

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

    Three Months Ended   Nine Months Ended
   
09/30/15
    
09/30/14
    
%
Change
  
09/30/15
    
09/30/14
    
%
Change
                                     
Total Revenue
   $ 11,596     $ 10,577       10 %   $ 34,271     $ 31,879       8 %
Provision for Loan Losses
     -       300       (100 %)     -       600       (100 %)
Non-interest Expenses
     11,024       9,986       10 %     32,645       29,758       10 %
Net Income
     582       297       96 %     1,643       1,589       3 %
Net Income per Share
   $ 0.02     $ 0.01       100 %   $ 0.04     $ 0.05       (20 %)


The Company reported net income of $582 thousand, or $0.02 per share, for the three month period ended September 30, 2015, compared to net income of $297 thousand, or $0.01 per share, for the three month period ended September 30, 2014.  Net income for the nine month period ended September 30, 2015 was $1.6 million, or $0.04 per share, compared to net income of $1.6 million, or $0.05 per share, for the nine months ended September 30, 2014.

Net interest income increased by $0.8 million, or 9%, to $10.0 million for the three month period ended September 30, 2015 compared to $9.2 million for the three month period ended September 30, 2014.  This increase was driven by strong growth in interest-earning assets over the last twelve months.

Non-interest income increased to $1.6 million for the three month period ended September 30, 2015 compared to $1.4 million for the three month period ended September 30, 2014.  This increase was primarily driven by higher gains on the sale of SBA loans.

Non-interest expenses increased by $1.0 million to $11.0 million during the three month period ended September 30, 2015 compared to $10.0 million during the three months ended September 30, 2014. This increase was primarily driven by higher salaries, employee benefits, occupancy and equipment expenses associated with the addition of new stores related to the Company’s expansion strategy over the last twelve months.
 
 
 
 
 
 
 
Balance Sheet

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

 
Description
  
09/30/15
    
09/30/14
    
%
Change
  
06/30/15
    
%
Change
                               
Total assets
   $ 1,380,814     $ 1,130,716       22 %   $ 1,272,418       9 %
Total loans (net)
     837,037       739,817       13 %     814,477       3 %
Total deposits
     1,237,496       990,075       25 %     1,129,797       10 %
Total core deposits
     1,227,506       979,840       25 %     1,119,809       10 %


Total assets increased by $250.1 million, or 22%, as of September 30, 2015 when compared to September 30, 2014.  Deposits grew by $247.4 million to $1.2 billion as of September 30, 2015 compared to $990.1 million as of September 30, 2014. The number of deposit accounts has grown by 39% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the Company’s successful execution of its aggressive growth strategy referred to as “The Power of Red is Back.”


Core Deposits

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

 
 
Description
  
 
09/30/15
    
 
09/30/14
    
%
Change
  
 
06/30/15
    
%
Change
  
3rd Qtr 2015 Cost of Funds
                                     
Demand noninterest-bearing
   $ 243,836     $ 216,642       13 %   $ 241,550       1 %     0.00 %
Demand interest-bearing
     391,230       224,102       75 %     327,342       20 %     0.40 %
Money market and savings
     527,360       471,199       12 %     488,873       8 %     0.43 %
Certificates of deposit
     65,080       67,897       (4 %)     62,044       5 %     0.82 %
Total core deposits
   $ 1,227,506     $ 979,840       25 %   $ 1,119,809       10 %     0.36 %
                                                 

Core deposits increased to $1.2 billion at September 30, 2015 compared to $979.8 million at September 30, 2014 as the Company moves forward with its expansion strategy to increase the number of brick and mortar stores which drives 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.
 
 
 
 
 
 
 
Lending

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

 
Description
  
09/30/15
    
% of
Total
  
09/30/14
    
% of
Total
  
06/30/15
    
% of
Total
                                     
Commercial real estate
   $ 377,307       45 %   $ 366,611       49 %   $ 371,051       45 %
Construction and land development
     41,418       5 %     38,236       5 %     34,947       4 %
Commercial and industrial
     174,631       21 %     134,340       18 %     166,912       20 %
Owner occupied real estate
     203,735       24 %     172,642       23 %     202,467       25 %
Consumer and other
     46,136       5 %     38,365       5 %     47,475       6 %
Residential mortgage
     2,395       0 %     2,314       0 %     401       0 %
Deferred fees
     (262 )             (475 )             (378 )        
Gross loans
   $ 845,360       100 %   $ 752,033       100 %   $ 822,875       100 %
                                                 

Gross loans increased by $93.3 million, or 12%, to $845.4 million at September 30, 2015 compared to $752.0 million at September 30, 2014 as a result of an increase in quality loan demand over the last twelve months and continued success with the relationship banking model.  The Company experienced strongest growth in the commercial and industrial and owner occupied real estate categories.


Asset Quality

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

 
Three Months Ended
 
09/30/15
06/30/15
09/30/14
       
Non-performing assets / total assets
2.10%
2.31%
2.38%
Quarterly net loan charge-offs / average loans
0.04%
1.26%
0.08%
Allowance for loan losses / gross loans
0.98%
1.02%
1.62%
Allowance for loan losses / non-performing loans
55%
52%
53%
Non-performing assets / capital and reserves
24%
24%
22%

The percentage of non-performing assets to total assets decreased to 2.10% at September 30, 2015, compared to 2.38% as of September 30, 2014. Non-performing loans to total loans decreased significantly to 1.80% at September 30, 2015 compared to 3.08% at September 30, 2014 as a result of the successful migration of certain assets to the other real estate owned category through the work-out process.
 

 
 
 
 

Capital

The Company’s capital ratios at September 30, 2015 were as follows:

 
Actual
September 30, 2015
Regulatory Guidelines
“Well Capitalized”
     
Leverage Ratio
10.24%
5.00%
Common Equity Ratio
10.92%
6.50%
Tier 1 Risk Based Capital
13.01%
8.00%
Total Risk Based Capital
13.80%
10.00%
Tangible Common Equity
 8.29%
n/a

Total shareholders’ equity increased to $114.5 million at September 30, 2015 compared to $111.6 million at September 30, 2014.  Tangible book value per share increased to $3.03 at September 30, 2015 compared to $2.95 per share at September 30, 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 seventeen stores located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill, Voorhees, Glassboro, Marlton and Berlin, New Jersey.  Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with the most convenient hours compared to any bank in its market.  The Bank also offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network.  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, 2014 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
 
 
 
 
 
 
 
Republic First Bancorp, Inc.
                  
Consolidated Balance Sheets
                  
(Unaudited)
                  
                   
   
September 30,
    
June 30,
    
September 30,
  
(dollars in thousands, except per share amounts)
  
2015
    
2015
    
2014
  
                   
ASSETS
                  
Cash and due from banks
   $ 14,212     $ 16,377     $ 13,546  
Interest-bearing deposits and federal funds sold
     96,307       64,793       92,298  
Total cash and cash equivalents
     110,519       81,170       105,844  
                         
Securities - Available for sale
     209,119       176,142       158,830  
Securities - Held to maturity
     140,116       119,338       68,991  
Restricted stock
     1,179       1,179       1,725  
Total investment securities
     350,414       296,659       229,546  
                         
Loans held for sale
     489       3,464       789  
                         
Loans receivable
     845,360       822,875       752,033  
Allowance for loan losses
     (8,323 )     (8,398 )     (12,216 )
Net loans
     837,037       814,477       739,817  
                         
Premises and equipment
     45,094       40,961       29,767  
Other real estate owned
     13,773       13,162       3,775  
Other assets
     23,488       22,525       21,178  
                         
Total Assets
   $ 1,380,814     $ 1,272,418     $ 1,130,716  
                         
                         
                         
LIABILITIES
                        
Non-interest bearing deposits
   $ 243,836     $ 241,550     $ 216,642  
Interest bearing deposits
     993,660       888,247       773,433  
Total deposits
     1,237,496       1,129,797       990,075  
                         
Subordinated debt
     22,476       22,476       22,476  
Other liabilities
     6,369       6,706       6,572  
                         
Total Liabilities
     1,266,341       1,158,979       1,019,123  
                         
SHAREHOLDERS' EQUITY
                        
Common stock - $0.01 par value
     383       383       383  
Additional paid-in capital
     152,676       152,513       152,122  
Accumulated deficit
     (33,623 )     (34,205 )     (36,119 )
Treasury stock at cost
     (3,725 )     (3,725 )     (3,725 )
Stock held by deferred compensation plan
     (183 )     (183 )     (183 )
Accumulated other comprehensive income (loss)
     (1,055 )     (1,344 )     (885 )
                         
Total Shareholders' Equity
     114,473       113,439       111,593  
                         
                         
Total Liabilities and Shareholders' Equity
   $ 1,380,814     $ 1,272,418     $ 1,130,716  
 
 
 
 
 
 
Republic First Bancorp, Inc.
                              
Consolidated Statements of Operations
                              
(Unaudited)
                              
                               
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
June 30,
    
September 30,
    
September 30,
    
September 30,
  
(in thousands, except per share amounts)
  
2015
    
2015
    
2014
    
2015
    
2014
  
                               
INTEREST INCOME
                              
Interest and fees on loans
   $ 9,648     $ 9,270     $ 9,000     $ 27,995     $ 25,633  
Interest and dividends on investment securities
     1,662       1,543       1,356       4,812       3,947  
Interest on other interest earning assets
     60       86       45       223       107  
Total interest income
     11,370       10,899       10,401       33,030       29,687  
                                         
INTEREST EXPENSE
                                        
Interest on deposits
     1,099       1,012       918       3,129       2,568  
Interest on borrowed funds
     279       278       277       833       830  
Total interest expense
     1,378       1,290       1,195       3,962       3,398  
                                         
Net interest income
     9,992       9,609       9,206       29,068       26,289  
Provision for loan losses
     -       -       300       -       600  
                                         
Net interest income after provision for loan losses
     9,992       9,609       8,906       29,068       25,689  
                                         
NON-INTEREST INCOME
                                        
Service fees on deposit accounts
     452       398       316       1,213       896  
Gain on sale of SBA loans
     884       1,222       614       2,684       2,814  
Gain on sale of investment securities
     64       9       -       73       458  
Other non-interest income
     204       393       441       1,233       1,422  
Total non-interest income
     1,604       2,022       1,371       5,203       5,590  
                                         
NON-INTEREST EXPENSE
                                        
Salaries and employee benefits
     5,730       5,715       5,074       16,667       14,942  
Occupancy and equipment
     1,911       1,951       1,749       5,750       4,883  
Legal and professional fees
     345       690       614       1,599       2,143  
Foreclosed real estate
     425       371       376       1,173       1,062  
Regulatory assessments and related fees
     318       301       258       911       791  
Other operating expenses
     2,295       2,075       1,915       6,545       5,937  
Total non-interest expense
     11,024       11,103       9,986       32,645       29,758  
                                         
Income before benefit for income taxes
     572       528       291       1,626       1,521  
                                         
Benefit for income taxes
     (10 )     (5 )     (6 )     (17 )     (68 )
                                         
Net income
   $ 582     $ 533     $ 297     $ 1,643     $ 1,589  
                                         
                                         
Net Income per Common Share
                                        
Basic
   $ 0.02     $ 0.01     $ 0.01     $ 0.04     $ 0.05  
Diluted
   $ 0.02     $ 0.01     $ 0.01     $ 0.04     $ 0.05  
                                         
Average Common Shares Outstanding
                                        
Basic
     37,816       37,816       37,815       37,816       33,025  
Diluted
     38,064       38,049       38,253       38,052       33,399  
 
 
 
 
 
 
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)
  
September 30, 2015
    
June 30, 2015
    
September 30, 2014
  
                                                       
         
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
   $ 106,357     $ 60       0.22 %   $ 125,839     $ 86       0.27 %   $ 77,666     $ 45       0.23 %
Securities
     305,266       1,745       2.29 %     265,268       1,617       2.44 %     221,357       1,408       2.54 %
Loans receivable
     831,712       9,718       4.64 %     812,155       9,339       4.61 %     744,466       9,046       4.82 %
Total interest-earning assets
     1,243,335       11,523       3.68 %     1,203,262       11,042       3.68 %     1,043,489       10,499       3.99 %
                                                                         
Other assets
     82,638                       67,724                       53,430                  
                                                                         
Total assets
   $ 1,325,973                     $ 1,270,986                     $ 1,096,919                  
                                                                         
Interest-bearing liabilities:
                                                                        
                                                                         
Demand non interest-bearing
   $ 234,285                     $ 229,468                     $ 196,734                  
Demand interest-bearing
     372,795       378       0.40 %     333,075       341       0.41 %     229,229       220       0.38 %
Money market & savings
     500,687       538       0.43 %     491,644       501       0.41 %     449,848       509       0.45 %
Time deposits
     74,863       183       0.97 %     73,497       170       0.93 %     79,798       189       0.94 %
Total deposits
     1,182,630       1,099       0.37 %     1,127,684       1,012       0.36 %     955,609       918       0.38 %
                                                                         
Total interest-bearing deposits
     948,345       1,099       0.46 %     898,216       1,012       0.45 %     758,875       918       0.48 %
                                                                         
Other borrowings
     22,476       279       4.92 %     22,476       278       4.96 %     22,476       277       4.89 %
                                                                         
                                                                         
Total interest-bearing liabilities
     970,821       1,378       0.56 %     920,692       1,290       0.56 %     781,351       1,195       0.61 %
Total deposits and
                                                                        
  other borrowings
     1,205,106       1,378       0.45 %     1,150,160       1,290       0.45 %     978,085       1,195       0.48 %
                                                                         
                                                                         
Non interest-bearing liabilities
     7,034                       7,123                       7,198                  
Shareholders' equity
     113,833                       113,703                       111,636                  
Total liabilities and
                                                                        
shareholders' equity
   $ 1,325,973                     $ 1,270,986                     $ 1,096,919                  
                                                                         
Net interest income
           $ 10,145                     $ 9,752                     $ 9,304          
Net interest spread
                     3.12 %                     3.12 %                     3.38 %
                                                                         
Net interest margin
                     3.24 %                     3.25 %                     3.54 %
 
 
 
 
 
 
Republic First Bancorp, Inc.
        
Average Balances and Net Interest Income
              
(unaudited)
                          
                                     
                                     
                                     
   
For the nine months ended
    
For the nine months ended
  
(dollars in thousands)
  
September 30, 2015
    
September 30, 2014
  
                                     
         
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
   $ 120,783     $ 223       0.25 %   $ 59,689     $ 107       0.24 %
Securities
     275,277       5,036       2.44 %     212,364       4,086       2.57 %
Loans receivable
     809,259       28,202       4.66 %     712,867       25,769       4.83 %
Total interest-earning assets
     1,205,319       33,461       3.71 %     984,920       29,962       4.07 %
                                                 
Other assets
     70,854                       48,383                  
                                                 
Total assets
   $ 1,276,173                     $ 1,033,303                  
                                                 
Interest-bearing liabilities:
                                                
                                                 
Demand non interest-bearing
   $ 230,181                     $ 181,365                  
Demand interest-bearing
     334,116       1,009       0.40 %     225,352       636       0.38 %
Money market & savings
     494,077       1,592       0.43 %     426,285       1,392       0.44 %
Time deposits
     74,613       528       0.95 %     78,517       540       0.92 %
Total deposits
     1,132,987       3,129       0.37 %     911,519       2,568       0.38 %
                                                 
Total interest-bearing deposits
     902,806       3,129       0.46 %     730,154       2,568       0.47 %
                                                 
Other borrowings
     22,489       833       4.95 %     22,476       830       4.94 %
                                                 
                                                 
Total interest-bearing liabilities
     925,295       3,962       0.57 %     752,630       3,398       0.60 %
Total deposits and
                                                
  other borrowings
     1,155,476       3,962       0.46 %     933,995       3,398       0.49 %
                                                 
                                                 
Non interest-bearing liabilities
     7,106                       6,995                  
Shareholders' equity
     113,591                       92,313                  
Total liabilities and
                                                
shareholders' equity
   $ 1,276,173                     $ 1,033,303                  
                                                 
Net interest income
           $ 29,499                     $ 26,564          
Net interest spread
                     3.14 %                     3.47 %
                                                 
Net interest margin
                     3.27 %                     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)
                    
                                     
                     
Year
              
      Three months ended    
ended
       Nine months ended  
   
September 30,
    
June 30,
    
September 30,
    
Dec 31
    
September 30,
    
September 30,
  
(dollars in thousands)
  
2015
    
2015
    
2014
    
2014
    
2015
    
2014
  
                                     
                                     
Balance at beginning of period
   $ 8,398     $ 10,944     $ 12,063     $ 12,263     $ 11,536     $ 12,263  
                                                 
Provision charged to operating expense
     -       -       300       900       -       600  
      8,398       10,944       12,363       13,163       11,536       12,863  
                                                 
Recoveries on loans charged-off:
                                                
  Commercial
     2       1       264       385       57       265  
  Consumer
     1       1       -       -       33       -  
Total recoveries
     3       2       264       385       90       265  
                                                 
Loans charged-off:
                                                
  Commercial
     (78 )     (2,548 )     (411 )     (2,002 )     (3,303 )     (902 )
  Consumer
     -       -       -       (10 )     -       (10 )
                                                 
Total charged-off
     (78 )     (2,548 )     (411 )     (2,012 )     (3,303 )     (912 )
                                                 
Net charge-offs
     (75 )     (2,546 )     (147 )     (1,627 )     (3,213 )     (647 )
                                                 
Balance at end of period
   $ 8,323     $ 8,398     $ 12,216     $ 11,536     $ 8,323     $ 12,216  
                                                 
                                                 
Net charge-offs as a percentage of
                                                
  average loans outstanding
     0.04 %     1.26 %     0.08 %     0.22 %     0.53 %     0.12 %
                                                 
Allowance for loan losses as a percentage
                                          
  of period-end loans
     0.98 %     1.02 %     1.62 %     1.48 %     0.98 %     1.62 %
 
 
 
 
 
 
Republic First Bancorp, Inc.
                              
Summary of Non-Performing Loans and Assets
                          
(unaudited)
                              
                               
   
September 30,
    
June 30,
    
March 31,
    
December 31,
    
September 30,
  
(dollars in thousands)
  
2015
    
2015
    
2015
    
2014
    
2014
  
                               
Non-accrual loans:
                              
  Commercial real estate
   $ 13,825     $ 15,559     $ 19,530     $ 21,011     $ 22,607  
  Consumer and other
     547       418       426       429       437  
Total non-accrual loans
     14,372       15,977       19,956       21,440       23,044  
                                         
Loans past due 90 days or more
                                        
  and still accruing
     844       256       5,013       -       131  
                                         
Total non-performing loans
     15,216       16,233       24,969       21,440       23,175  
                                         
Other real estate owned
     13,773       13,162       3,827       3,715       3,775  
                                         
Total non-performing assets
   $ 28,989     $ 29,395     $ 28,796     $ 25,155     $ 26,950  
                                         
                                         
Non-performing loans to total loans
     1.80 %     1.97 %     3.17 %     2.74 %     3.08 %
                                         
Non-performing assets to total assets
     2.10 %     2.31 %     2.28 %     2.07 %     2.38 %
                                         
Non-performing loan coverage
     54.70 %     51.73 %     43.83 %     53.81 %     52.71 %
                                         
Allowance for loan losses as a percentage
                                        
  of total period-end loans
     0.98 %     1.02 %     1.39 %     1.48 %     1.62 %
                                         
Non-performing assets / capital plus
                                        
   allowance for loan losses
     23.61 %     24.13 %     23.07 %     20.23 %     21.77 %
 
 
 
 
 
 GRAPHIC 3 rfblogonew.jpg begin 644 rfblogonew.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# $! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_ MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P 1" [ *(# 2( A$! Q$!_\0 M'0 @(# 0$! "0H " 8'"P4#!/_$ #(0 $$ P ! P0" @ $ M!P 0" P4& 0<("0 1$@H3%!46(1 0 !! $% M 0(("@<#! 4&"?_$ #H1 $# @4" P0'!P4 $" M Q$$!0 &$B$Q!T$346$(%'&!"14BD:'!T18C,T*"L? D,F)C\?_: P# 0 " M$0,1 #\ ?X]:GWOM&,TCI7:VWYC*/UVM-?6RZ/MN*^."5U^%,D1@D9]\9R\> M4PR$PA/NMQ\AMM&,K5C&=L>@>>?S=V=9<..Z\ +^Q-[WOM=I?VFW/@3_ !BO M.JNMD)1C'MG(RWH.%AC,8_I34YAI6,I<5[<7>[@+7:+C<"1-)2/.M@\*>""& M$?UO%"/ZL9+Z-Y%*2TM5M4J M-]+)C"0-@G92T3TW9IPI9TU8I>2G9>7G.< M_P"R\_WZ\CU/1GO&EXC2O(!K+8>SY?;QNI(6J6\:EUY0]$:N2+%*-P[4O..O M9>M=8R$S$MR4&VA+.2LE+-?QE8^1\?=BI;;9<+W6BCH&34U;H<=TEQMN0@%; MBUN/+0A/Q4H2H@"5$ VA>H?4?(O1O*#N;L\W5O+F5;:];K::EN@KZ[PW:QYN MCH:6FM]JI:RM>^T1]BGIG RPVX\X$,M+6D,/JQVC^N^E^;YD"9TONF_4C(#K M;N(4*?-+J1R6U)S^/+TZ2<,J\N,K&/CEF0B2$X]\J;^#F$K3)3=_!D) M';!D+-!;6U#)R[4#B\UZ.,@I""ER\.*CA+76#29',2W*8:<1'G@3,R X2WD, MH@,I\-DH4GIU32W6P5Q8J$U-MKV=*AH<+;@"MTK;>964K0J#I6VM2"00%2#& MVRWF7I?UUR4B\V.HR[U#R3=S44CB:NWMU] XZU"*JBN%JN](EZEJF@M)>H[A M1L5"&W&W%-!MUM2N@9XK_(H%WQJ*7>L\='5S=FLWHV,V/"17W&XB6'DVGU0U MR@!WG'7Q(V84&:.7&N/D+BY,1YK#ZQ2 EK*9Z2K^G-DY<;LK9$8(MW$1)Z$L M+LPUA><,*7'W&EKC77$?^E3C3Q#[;2L_[)2^[C'MA:O?8'3OU9,5HCHC=6E: M=QJ)LZN:GV3;->1^P%= +K>+8JH2Y,$;,-0;6GK W'#DR 1?XS*9F0PH=+3O MY&4PO2ETA( U*;*-9 +@40!,"O![ M9?2G+G1_K[FK*N4&11Y;JJ6TYBM=L#BG4VAN]4:7ZBV-K<4ISW:GKD51HD.* M4MJANR^3_>-^U@ODL+2U,UEJR5V9<=D+W4_>&8Q ML65BXJ*B%0Z]65)G#DJX::5^2[,M_8%B37$C$?%7P&ELZJL/J:=_'C820Q+%J';L!*B8 MV+R1D@=3V4,K(VWY,?/!I5,1O$]N,--^IZ64\HOU&,9X[NLI+E:KR]AZ(J6X=DU]O=2ZL+JR7MCQ@P](0>G6-B
  •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