This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Republic First Bancorp, Inc. Reports Fourth Quarter 2009 Financial Results

PHILADELPHIA, Feb. 5 /PRNewswire-FirstCall/ -- Republic First Bancorp, Inc. (Nasdaq: FRBK), the holding company for Republic First Bank, today announced its financial results for the period ending December 31, 2009.

During the fourth quarter of 2009, the Company recorded a net loss of $2.4 million, or $0.23 per share, compared to net income of $0.2 million, or $0.02 per share, for the third quarter 2009.

"The effects of the ongoing economic crisis have negatively impacted our financial results during 2009," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer.  "As we look toward 2010, we are encouraged by the signs of economic recovery and feel very confident that we have positioned ourselves to emerge from this recession with the momentum to return to the positive results that our shareholders have been accustomed to in past years. We continued to show tremendous progress in the growth of core deposits as we revise our model to provide balance and stability to our organization in these incredibly challenging times.

"We continue to look forward to the completion of the pending merger with Metro Bancorp, Inc ('Metro'). The Company and Metro strongly believe in the potential strength of a combined organization and continue to work toward a successful outcome."

Highlights

  • The Company continues to strengthen its balance sheet and focus on asset quality.
  • Core deposits increased by $217.0 million, or 43%, during the year ended December 31, 2009.
  • Liquidity continues to improve resulting in the reduction of outside borrowings by $77.3 million when compared to December 31, 2008.
  • Loans have decreased by $93.7 million over the previous 12 months as a result of the ongoing effort to reduce exposure to commercial real estate and strengthen our portfolio.
  • Capital levels remain strong with a Total Risk-Based Capital ratio of 13.14% and a Tier I Leverage Ratio of 9.36% at December 31, 2009.
  • With the addition of new talent, products, and services the Company continues to strengthen itself for competitive growth and performance.

Income Statement

The Company reported a net loss of $2.4 million, or $0.23 per diluted share, for the three months ended December 31, 2009, compared to net profit of $0.2 million, or $0.02 per share in the prior quarter and a net loss of $0.4 million, or $0.04 per share, for the three months ended December 31, 2008. The fourth quarter 2009 loss was attributable to a $1.6 million gross impairment charge on investment securities available for sale and a one-time adjustment of $0.9 million related to FDIC insurance premiums. Excluding these  items, the Company's net loss for the fourth quarter 2009 would have been approximately $0.8 million.

Significant deterioration of the nation's economy resulted in higher credit costs during 2009. The provision for loan losses was $14.2 million in 2009 compared to $7.5 million in 2008 as a result of higher charge-offs and an increase in the loan loss reserve.

Net interest income was $7.0 million for the fourth quarter 2009 compared to $7.1 million for the fourth quarter 2008. The net interest margin decreased to 3.01% in the fourth quarter 2009 from 3.25% in the fourth quarter of 2008. On a year-to-date basis, net interest income was $27.4 million during 2009, compared to $28.9 million in 2008. The net interest margin decreased to 3.13% in 2009 from 3.28% in 2008. Margin compression during 2009 was driven by decreased loan volume, partially offset by reduced cost of funds for most products.

Balance Sheet

    
    
    
    (dollars in thousands)                             %                 %
                                12/31/09  12/31/08  Change   9/30/09  Change
                                --------  --------  ------   -------  ------
    Total assets              $1,008,642  $951,980     6%   $952,451      6%
    
    Total loans (net)            680,977   774,673   (12%)   697,073     (2%)
    
    Total deposits               882,894   739,167    19%    823,638      7%
    
    Total core deposits*         719,319   502,332    43%    650,823     11%
    
    
    * Core deposits equal total deposits less public and brokered 
      certificates of deposit
    

The Company's ongoing effort to remix and strengthen its balance sheet continues to show progress. Net loans decreased to $681.0 million as of December 31, 2009, as the Company continues to reduce concentrations in the commercial real estate portfolio. Core deposits grew by 43% to $719.3 million as of December 31, 2009 compared to $502.3 million one year ago. Liquidity continues to improve as the Company reduced outside borrowings by $77.3 million over the past 12 months, while increasing cash and cash equivalent balances by $21.2 million over the same period.

Core Deposits

Core deposits by type of account are as follows:

    
    
    
    (dollars in thousands)                                           4th Qtr
                                                                      2009
                                             %                %      Cost of
                        12/31/09 12/31/08 Change   9/30/09 Change     Funds
                        -------- -------- ------   ------- ------     -----
    Demand noninterest-
     bearing            $125,618  $70,814    77%   $92,017    37%     0.00%
    Demand interest-
     bearing              52,919   43,044    23%    47,418    12%     0.68%
    Money market and
     savings             327,103  231,643    41%   303,111     8%     1.75%
    Certificates of
     deposit             213,679  156,831    36%   208,277     3%     2.43%
                         -------  -------   ---    -------   ---      ----
    Total core deposits $719,319 $502,332    43%  $650,823    11%     1.62%
                        ======== ========   ===   ========   ===      ====
    

Core deposits, which exclude all public and brokered certificates of deposit, increased to $719.3 million at December 31, 2009, an increase of $217.0 million, or 43%, from December 31, 2008 and an increase of $68.5 million, or 11%, compared to September 30, 2009.

Lending

The following table sets forth the composition of the Company's loan portfolio at the dates indicated.

    
    
    
    (dollars in thousands)
                                      % of            % of            % of
                            12/31/09 Total  12/31/08 Total   9/30/09 Total
                            -------- -----  -------- -----   ------- -----
    
    Commercial               $88,926    13%  $97,777    13%  $85,881    12%
    Owner Occupied            85,481    12%   71,821     9%   78,527    11%
                                       ---             ---             ---
    Total Commercial         174,407    25%  169,598    22%  164,408    23%
    
    Consumer & Residential    22,359     3%   27,915     3%   20,586     3%
    Commercial Real Estate   497,052    72%  585,569    75%  524,723    74%
                                       ---        --   ---         -   ---
    
    Gross loans             $693,818   100% $783,082   100% $709,717   100%
                            ========   ===  ========   ===  ========   ===
    

Asset Quality

The Company's asset quality ratios are highlighted below:

    
    
    
                                                    Quarter Ended
                                            -----------------------------
                                            12/31/09   12/31/08   9/30/09
                                            --------   --------   -------
    Nonperforming assets / total assets         3.93%      2.72%     3.09%
    Net loan charge-offs /average
     total loans                                0.46%      0.00%     1.92%
    Allowance for loan losses /gross
     loans                                      1.85%      1.07%     1.78%
    Allowance for loan losses /non-
     performing loans                          49.32%     48.51%    68.03%
    Nonperforming assets /capital and 
     reserves                                  47.70%     29.54%    34.45%
    

Non-performing assets were $39.6 million, or 3.93% of total assets, as of December 31, 2009 compared to $29.4 million, or 3.09%, of total assets at September 30, 2009 and $25.9 million, or 2.72%, of total assets a year earlier. The Company recorded a provision for loan losses of $1.0 million during the three months ended December 31, 2009, compared to a provision of $1.6 million for the quarter ended December 31, 2008. The allowance for loan losses as a percentage of total loans was 1.85% as of December 31, 2009, compared to 1.07% one year ago.

Capital

The Company's capital regulatory ratios at December 31, 2009 were as follows:

    
    
    
                                 Republic First     Regulatory Guidelines
                                  Bancorp, Inc.       "Well Capitalized"
                                 --------------     ---------------------
    Leverage Ratio                        9.36%                     5.00%
    Tier I Risk Based Capital            11.89%                     6.00%
    Total Risk Based Capital             13.14%                    10.00%
    

Total shareholders' equity was $70.3 million at December 31, 2009 which represented a book value per share of $6.59, based on common shares outstanding of approximately 10.7 million.  

About Republic First Bank

Republic First Bank 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 twelve offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.

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.  These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, the success of our planned merger with Metro, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements.  All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

    
    
    
    Republic First Bancorp, Inc.                                             
    Selected Consolidated Financial Data                                     
    (Unaudited)                                                              
                                                                             
                                     Three months ended                      
                                     ------------------                      
    (dollars in thousands,
     except per                                      %                   %
     share amounts)        12/31/09    9/30/09    Change  12/31/08    Change 
                           --------    -------    ------  --------    ------ 
                                                                             
    Income Statement Data:                                                   
      Net interest                                                           
       income                $6,960     $6,805        2%    $7,051       (1%)
      Provision for                                                          
       loan losses            1,000        150      567%     1,601      (38%)
      Non-interest                                                           
       income                (1,205)       250     (582%)     (931)     (29%)
      Total revenues          5,755      7,055      (18%)    6,120       (6%)
      Non-interest                                                           
       expenses               8,556      6,700       28%     5,370       59% 
      Provision                                                              
       (benefit) for                                                         
       income taxes          (1,368)        20   (6,940%)     (435)    (214%)
      Net income (loss)      (2,432)       185   (1,415%)     (416)    (485%)
                                                                             
    Per Common Share Data:                                                   
      Net income                                                             
       (loss): Basic         $(0.23)     $0.02   (1,250%)   $(0.04)    (475%)
      Net income                                                             
       (loss): Diluted        (0.23)      0.02   (1,250%)    (0.04)    (475%)
      Book Value              $6.59      $6.82               $7.46           
      Weighted average 
       shares outstanding:                                   
        Basic                10,666     10,666              10,623           
        Diluted              10,666     10,666              10,623           
                                                                             
    Balance Sheet Data:                                                      
      Total assets       $1,008,642   $952,451        6%                     
      Loans (net)           680,977    697,073       (2%)                    
      Allowance for                                                          
       loan losses           12,841     12,644        2%                     
      Investment                                                             
       securities           192,395    109,104       76%                     
      Total deposits        882,894    823,638        7%                     
      Core deposits*        719,319    650,823       11%                     
      Other borrowed                                                         
       money                 25,000     25,000        -                      
      Subordinated debt      22,476     22,476        -                      
      Stockholders'                                                          
       equity                70,264     72,783       (3%)                    
                                                                             
    Capital:                                                                 
      Stockholders'                                                          
       equity to total                                                       
       assets                  6.97%      7.64%                              
      Leverage ratio           9.36%      9.72%                              
      Risk based capital ratios:                                             
        Tier 1                11.89%     11.20%                              
        Total Capital         13.14%     12.45%                              
                                                                             
    Performance Ratios:                                                      
      Cost of funds            1.63%      1.83%               2.51%          
      Deposit cost of                                                        
       funds                   1.49%      1.69%               2.50%          
      Net interest                                                           
       margin                  3.01%      3.13%               3.25%          
      Return on average                                                      
       assets                 (0.97%)     0.08%              (0.18%)         
      Return on average                                                      
       total                                                                 
       stockholders'                                                         
       equity                (13.38%)     1.02%              (2.08%)         
                                                                             
    Asset Quality                                                            
      Net charge-offs                                                        
       to average loans                                                      
       outstanding             0.46%      1.92%                              
      Nonperforming                                                          
       assets to total                                                       
       period-end assets       3.93%      3.09%                              
      Allowance for                                                          
       loan losses to                                                        
       total period-end                                                      
       loans                   1.85%      1.78%                              
      Allowance for                                                          
       loan losses to                                                        
       nonperforming                                                         
       loans                  49.32%     68.03%                              
      Nonperforming                                                          
       assets to capital                                                     
       and reserves           47.70%     34.45%                              
                                                                             
                                                                             
                               Twelve months ended                           
                               -------------------                           
     (dollars in thousands,
     except per                                      %
     share amounts)        12/31/09   12/31/08    Change                     
                           --------   --------    ------                     
                                                                             
    Income Statement Data:                                                   
      Net interest                                                           
       income               $27,415    $28,895       (5%)                    
      Provision for                                                          
       loan losses           14,200      7,499       89%                     
      Non-interest                                                           
       income                    79      1,242      (94%)                    
      Total revenues         27,494     30,137       (9%)                    
      Non-interest                                                           
       expenses              30,960     23,887       30%                     
      Provision                                                              
       (benefit) for                                                         
       income taxes          (6,223)      (777)    (701%)                    
      Net income (loss)     (11,442)      (472)  (2,324%)                    
                                                                             
    Per Common Share Data:                                                   
      Net income                                                             
       (loss): Basic         $(1.07)    $(0.04)  (2,575%)                    
      Net income                                                             
       (loss): Diluted        (1.07)     (0.04)  (2,575%)                    
      Book Value              $6.59      $7.46                               
      Weighted average 
       shares outstanding:                                   
        Basic                10,655     10,503                               
        Diluted              10,655     10,503                               
                                                                             
    Balance Sheet Data:                                                      
      Total assets       $1,008,642   $951,980        6%                     
      Loans (net)           680,977    774,673      (12%)                    
      Allowance for                                                          
       loan losses           12,841      8,409       53%                     
      Investment                                                             
       securities           192,395     90,066      114%                     
      Total deposits        882,894    739,167       19%                     
      Core deposits*        719,319    502,332       43%                     
      Other borrowed                                                         
       money                 25,000    102,309      (76%)                    
      Subordinated debt      22,476     22,476        -                      
      Stockholders'                                                          
       equity                70,264     79,327      (11%)                    
                                                                             
    Capital:                                                                 
      Stockholders'                                                          
       equity to total                                                       
       assets                  6.97%      8.33%                              
      Leverage ratio           9.36%     11.14%                              
      Risk based capital ratios:                                             
        Tier 1                11.89%     12.26%                              
        Total Capital         13.14%     13.26%                              
                                                                             
    Performance Ratios:                                                      
      Cost of funds            1.87%      2.94%                              
      Deposit cost of                                                        
       funds                   1.75%      2.92%                              
      Net interest                                                           
       margin                  3.13%      3.28%                              
      Return on average                                                      
       assets                 (1.22%)    (0.05%)                             
      Return on average                                                      
       total                                                                 
       stockholders'                                                         
       equity                (15.32%)    (0.60%)                             
                                                                             
    Asset Quality                                                            
      Net charge-offs                                                        
       to average loans                                                      
       outstanding             1.33%      0.96%                              
      Nonperforming                                                          
       assets to total                                                       
       period-end assets       3.93%      2.72%                              
      Allowance for                                                          
       loan losses to                                                        
       total period-end                                                      
       loans                   1.85%      1.07%                              
      Allowance for                                                          
       loan losses to                                                        
       nonperforming                                                         
       loans                  49.32%     48.51%                              
      Nonperforming                                                          
       assets to capital                                                     
       and reserves           47.70%     29.54%                              
                                                                             
                                                                             
    * Core deposits equal total deposits less public and brokered 
      certificates of deposit                                     
    
    
    
    Republic First Bancorp, Inc.  Average           
     Balances and Net Interest Income               
    (unaudited)                                     
                                                    
                                    For the three months ended         
    (dollars in thousands)               December 31, 2009    
                                    --------------------------
                                                    
                                              Interest        
                                     Average  Income/ Yield/ 
                                     Balance  Expense  Rate  
                                     -------  -------  ----  
    Interest-earning assets:                        
                                                    
    Federal funds sold and other                    
     interest-earning assets        $101,795      $68   0.27%
    Securities                       127,672    1,298   4.07%
    Loans receivable                 695,391    9,385   5.35%
                                     -------    -----   ---- 
    Total interest-                                 
     earning assets                  924,858   10,751   4.61%
                                                    
    Other assets                      66,143                 
                                      ------                 
                                                    
    Total assets                    $991,001                 
                                    ========                 
                                                    
    Interest-bearing liabilities:                   
                                                    
    Demand non interest-bearing     $101,446                 
    Demand interest-bearing           53,834      $92   0.68%
    Money market & savings           320,613    1,417   1.75%
    Time deposits                    386,616    1,730   1.78%
                                     -------    -----   ---- 
    Total deposits                   862,509    3,239   1.49%
                                                    
    Total interest-bearing
     deposits                        761,063    3,239   1.69%
                                     -------    -----   ---- 
                                                    
    Other borrowings                  47,476      495   4.14%
                                      ------      ---   ---- 
                                                    
    Total interest-bearing
     liabilities                    $808,539   $3,734   1.83%
                                    ========   ======   ==== 
    Total deposits and                              
     other borrowings                909,985    3,734   1.63%
                                     -------    -----   ---- 
                                                    
    Non interest-bearing                            
     liabilities                       8,893                 
    Shareholders' equity              72,123                 
                                      ------                 
    Total liabilities and                           
     shareholders' equity           $991,001                 
                                    ========                 
                                                    
    Net interest income                        $7,017        
                                               ======        
    Net interest spread                                 2.78%
                                                        ==== 
                                                    
    Net interest margin                                 3.01%
                                                        ==== 
    
    
                                    For the three months ended 
    (dollars in thousands)              September 30, 2009   
                                    --------------------------   
                                                    
                                             Interest        
                                     Average  Income/ Yield/ 
                                     Balance  Expense  Rate  
                                     -------  -------  ----  
    Interest-earning assets:                        
                                                    
    Federal funds sold and other                    
     interest-earning assets         $55,007      $28   0.20%
    Securities                        82,039    1,036   5.05%
    Loans receivable                 733,767    9,705   5.25%
                                     -------    -----   ---- 
    Total interest-earning assets    870,813   10,769   4.91%
                                                    
    Other assets                      58,124                 
                                      ------                 
                                                    
    Total assets                    $928,937                 
                                    ========                 
                                                    
    Interest-bearing liabilities:                   
                                                    
    Demand non interest-bearing      $86,206                 
    Demand interest-bearing           48,148      $78   0.64%
    Money market & savings           296,642    1,366   1.83%
    Time deposits                    369,863    1,963   2.11%
                                     -------    -----   ---- 
    Total deposits                   800,859    3,407   1.69%
                                                    
    Total interest-bearing
     deposits                        714,653    3,407   1.89%
                                     -------    -----   ---- 
                                                    
    Other borrowings                  47,476      501   4.19%
                                      ------      ---   ---- 
                                                    
    Total interest-                                 
     bearing liabilities            $762,129   $3,908   2.03%
                                    ========   ======   ==== 
    Total deposits and                                       
      other borrowings               848,335    3,908   1.83%
                                     -------    -----   ---- 
                                                    
    Non interest-bearing
     liabilities                       8,897                 
    Shareholders' equity              71,705                 
                                      ------                 
    Total liabilities and                           
     shareholders' equity            $928,937                 
                                    ========                 
                                                    
    Net interest income                        $6,861        
                                               ======        
    Net interest spread                                 2.88%
                                                        ==== 
                                                    
    Net interest margin                                 3.13%
                                                        ==== 
    
    
                                    For the three months ended     
    (dollars in thousands)              December 31, 2008    
                                        -----------------    
                                                    
                                             Interest        
                                     Average  Income/ Yield/ 
                                     Balance  Expense  Rate  
                                     -------  -------  ----  
    Interest-earning assets:                        
                                                    
    Federal funds sold and other                    
     interest-earning assets          $7,863      $19   0.96%
    Securities                        94,903    1,321   5.57%
    Loans receivable                 767,597   11,025   5.71%
                                     -------   ------   ---- 
    Total interest-earning assets    870,363   12,365   5.65%
                                                    
    Other assets                      49,664                 
                                      ------                 
                                                    
    Total assets                    $920,027                 
                                    ========                 
                                                    
    Interest-bearing liabilities:                   
                                                    
    Demand non interest-bearing      $77,220                 
    Demand interest-bearing           31,644      $44   0.55%
    Money market & savings           230,668    1,487   2.56%
    Time deposits                    384,353    3,019   3.12%
                                     -------    -----   ---- 
    Total deposits                   723,885    4,550   2.50%
                                                    
    Total interest-                                 
     bearing deposits                646,665    4,550   2.80%
                                     -------    -----   ---- 
                                                    
    Other borrowings                 109,608      714   2.59%
                                     -------      ---   ---- 
                                                    
    Total interest-                                 
     bearing liabilities            $756,273   $5,264   2.77%
                                    ========   ======   ==== 
    Total deposits and                              
     other borrowings                833,493    5,264   2.51%
                                     -------    -----   ---- 
                                                    
    Non interest-bearing                            
     liabilities                       7,034                 
    Shareholders' equity              79,500                 
                                      ------                 
    Total liabilities and                           
     shareholders' equity           $920,027                 
                                    ========                 
                                                    
    Net interest income                        $7,101        
                                               ======        
    Net interest spread                                 2.88%
                                                        ==== 
                                                    
    Net interest margin                                 3.25%
                                                        ==== 
    
    
    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
    (dollars in thousands)                December 31, 2009    
                                           -----------------    
                                                       
                                                Interest        
                                        Average  Income/ Yield/ 
                                        Balance  Expense  Rate  
                                        -------  -------  ----  
    Interest-earning assets:                           
                                                       
    Federal funds sold and other                       
     interest-earning assets            $48,580     $118   0.24%
    Securities                           96,787    4,633   4.79%
    Loans receivable                    736,647   38,943   5.29%
                                        -------   ------   ---- 
    Total interest-earning assets       882,014   43,694   4.95%
                                                       
    Other assets                         58,106                 
                                         ------                 
                                                       
    Total assets                       $940,120                 
                                       ========                 
                                                       
    Interest-bearing liabilities:                      
                                                       
    Demand non interest-bearing         $86,621                 
    Demand interest-bearing              47,174     $310   0.66%
    Money market & savings              281,621    5,258   1.87%
    Time deposits                       383,535    8,374   2.18%
                                        -------    -----   ---- 
    Total deposits                      798,951   13,942   1.75%
                                                       
    Total interest-bearing deposits     712,330   13,942   1.96%
                                        -------   ------   ---- 
                                                       
    Other borrowings                     57,454    2,113   3.68%
                                         ------    -----   ---- 
                                                       
    Total interest-bearing liabilities $769,784  $16,055   2.09%
                                       ========  =======   ==== 
    Total deposits and                                 
     other borrowings                   856,405   16,055   1.87%
                                        -------   ------   ---- 
                                                       
    Non interest-bearing liabilities      9,031                 
    Shareholders' equity                 74,684                 
                                         ------                 
    Total liabilities and                              
     shareholders' equity               $940,120                 
                                       ========                 
                                                       
    Net interest income                          $27,639        
                                                 =======        
    Net interest spread                                    2.86%
                                                           ==== 
                                                       
    Net interest margin                                    3.13%
                                                           ==== 
    
    
                                      For the twelve months ended         
    (dollars in thousands)                 December 31, 2008    
                                           -----------------    
                                                       
                                                Interest        
                                        Average  Income/ Yield/ 
                                        Balance  Expense  Rate  
                                        -------  -------  ----  
    Interest-earning assets:                           
                                                       
    Federal funds sold and other                       
     interest-earning assets             $9,821     $218   2.22%
    Securities                           89,365    5,135   5.75%
    Loans receivable                    789,446   48,846   6.19%
                                        -------   ------   ---- 
    Total interest-earning assets       888,632   54,199   6.10%
                                                       
    Other assets                         51,349                 
                                         ------                 
                                                       
    Total assets                       $939,981                 
                                       ========                 
                                                       
    Interest-bearing liabilities:                      
                                                       
    Demand non interest-bearing         $76,671                 
    Demand interest-bearing              33,976     $327   0.96%
    Money market & savings              222,590    6,150   2.76%
    Time deposits                       397,740   14,844   3.73%
                                        -------   ------   ---- 
    Total deposits                      730,977   21,321   2.92%
                                                       
    Total interest-bearing deposits     654,306   21,321   3.26%
                                        -------   ------   ---- 
                                                       
    Other borrowings                    121,236    3,760   3.10%
                                        -------    -----   ---- 
                                                       
                                                       
    Total interest-bearing liabilities $775,542  $25,081   3.23%
                                       ========  =======   ==== 
    Total deposits and                                 
     other borrowings                   852,213   25,081   2.94%
                                        -------   ------   ---- 
                                                       
    Non interest-bearing liabilities      8,459                 
    Shareholders' equity                 79,309                 
                                         ------                 
    Total liabilities and                              
     shareholders' equity              $939,981                 
                                       ========                 
                                                       
    Net interest income                          $29,118        
                                                 =======        
    Net interest spread                                    2.87%
                                                           ==== 
                                                       
    Net interest margin                                    3.28%
                                                           ==== 
    
    
    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 
                                  ------------------      ------------------- 
    (dollars in thousands)   12/31/09  9/30/09  12/31/08  12/31/09  12/31/08 
                             --------  -------  --------  --------  -------- 
                                                                             
    Balance at beginning of                                                  
     period                   $12,644  $16,037    $6,807    $8,409    $8,508 
    Provisions charged to                                                    
     operating expense          1,000      150     1,601    14,200     7,499 
                                -----      ---     -----    ------     ----- 
                               13,644   16,187     8,408    22,609    16,007 
                                                                             
    Recoveries on loans
     charged-off:                                         
      Commercial                    -        -         -         -       119 
      Tax refund loans              -        -         -         -        77 
      Consumer                      -        1         1         2         3 
                                  ---      ---       ---       ---       --- 
    Total recoveries                -        1         1         2       199 
                                                                             
    Loans charged-off:                                                       
      Commercial                 (803)  (3,544)        -    (9,764)   (7,778)
      Tax refund loans              -        -         -         -         - 
      Consumer                      -        -         -        (6)      (19)
                                  ---      ---       ---        --       --- 
                                                                             
    Total charged-off            (803)  (3,544)        -    (9,770)   (7,797)
                                 ----   ------       ---    ------    ------ 
                                                                             
    Net charge-offs              (803)  (3,543)        1    (9,768)   (7,598)
                                 ----   ------       ---    ------    ------ 
                                                                             
    Balance at end of period  $12,841  $12,644    $8,409   $12,841    $8,409 
                              =======  =======    ======   =======    ====== 
                                                                             
    Net charge-offs as                                                       
     a percentage of                                                         
     average loans                                                           
     outstanding                 0.46%    1.92%     0.00%     1.33%     0.96%
                                                                             
    Allowance for loan losses                                                
     as a percentage of                                                      
     period-end loans            1.85%    1.78%     1.07%     1.85%     1.07%
    
    
    
    Republic First Bancorp, Inc.                                      
    Summary of Non-Performing Loans and Assets                        
    (unaudited)                                                       
                                                                      
                         December   September   June    March   December 
    (dollars in              31,        30,      30,      31,       31,  
     thousands)             2009       2009     2009     2009      2008 
                            ----       ----     ----     ----      ---- 
                                                                      
    Non-accrual loans:                                                
      Commercial real
       estate            $25,449    $17,997  $15,262  $14,882   $16,424 
      Consumer and                                                    
       other                 585        588      600      607       909 
                             ---        ---      ---      ---       --- 
    Total non-accrual
     loans                26,034     18,585   15,862   15,489    17,333 
                                                                      
    Loans past due 90                                                 
     days or more and
     still accruing            -          -        -    2,759         - 
    Renegotiated loans         -          -        -        -         - 
                             ---        ---      ---      ---       --- 
                                                                      
    Total non-performing                                                 
     loans                26,034     18,585   15,862   18,248    17,333 
                                                                      
    Other real estate                                                 
     owned                13,611     10,847   10,016   10,016     8,580 
                          ------     ------   ------   ------     ----- 
                                                                      
    Total non-performing                                                
     assets              $39,645    $29,432  $25,878  $28,264   $25,913 
                         =======    =======  =======  =======   ======= 
                                                                      
    Non-performing loans                                                
     to total loans         3.75%      2.62%    2.12%    2.43%     2.21%
                                                                      
    Non-performing assets                                               
     to total assets        3.93%      3.09%    2.76%    3.10%     2.72%
                                                                      
    Non-performing                                                    
     loan coverage         49.32%     68.03%  101.10%   46.22%    48.51%
                                                                      
    Allowance for loan
     losses as a
     percentage of total
     period-end loans       1.85%      1.78%    2.14%    1.12%     1.07%
                                                                      
    Non-performing assets/
     capital plus 
     allowance for                                                  
     loan losses           47.70%     34.45%   29.63%   33.28%    29.54%
    

SOURCE Republic First Bancorp, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs