PHOENIX, Nov. 02, 2016 (GLOBE NEWSWIRE) -- RepublicBankAz, N.A. (OTCBB:RBAZ) ("RBAz") announced a net income of $381,000, or $0.22 per share, for the quarter ended September 30, 2016, as compared to a net income of $140,000 or $0.08 per share for the same period in 2015. President and CEO Ralph Tapscott stated, "We are pleased with our quarter ended September 30, 2016 earnings of $381,000 and resulting return on assets ("ROA") of 1.69%, as well as our year-to-date results of $587,000 in income and the resultant ROA of 0.87%. We are proud that our hard work over the past few years was recognized by our regulators with the removal of the enforcement action we had been working under. We will continue to build a safe and sound financial institution, and now our focus can be more directed towards fulfilling our customers' needs and building value for our shareholders. Building the Bank north of $100 million in asset size is our next incremental goal and I'm confident we will cross that milestone in the near future." Third Quarter Highlights Include:
- On August 19 th the Office of the Comptroller of the Currency lifted the Formal Agreement the Bank entered into on May 31, 2013.
- Total Assets have grown $4.2 million since December 31, 2015, which represents an annualized growth rate of 6.6%.
- Total deposits have grown $3.4 million (despite a tactical reduction of $7.2 million in non-customer deposits) since December 31, 2015, which represents an annualized growth rate of 6.4%.
- Nonperforming assets as a percentage of total assets decreased 34.9% from the level at December 31, 2015 to 2.15%, supporting a negative provision expense being recorded during the quarter.
- Equity capital has grown 6.6% or $858,000 since December 31, 2015.
- Non-interest expense for the third quarter improved 6.9% from the same period in 2015.
The Bank remains "well capitalized" as follows:
|September 30,2016 (%)||Ratio to be WellCapitalized (%)|
|Tier 1 Capital to Risk Weighted Assets||22.81||6.00|
|Total Capital to Risk Weighted Assets||24.08||10.00|
|Unaudited Summary Financial Information|
|For the three months ended September 30,||For the nine months ended September 30,||Year-End|
|(dollars in thousands, except per share data)|
|Summary Income Data|
|Net interest income||981||1,055||2,939||3,097||4,176|
|Provision for loan losses||(400||)||24||(400||)||24||24|
|Realized gains on sales of securities||-||-||22||-||-|
|Income before income taxes||628||246||952||595||990|
|Provision for income tax||247||106||365||247||364|
|Per Share Data:|
|Shares outstanding end-of-period||1,702||1,702||1,702||1,702||1,702|
|Earnings per common share||0.22||0.08||0.34||0.20||0.37|
|Cash dividend declared||-||-||-||-||-|
|Total shareholders' equity||$||13,777||$||12,725||$||13,777||$||12,725||$||12,919|
|Book value per share||8.09||7.48||8.09||7.48||7.59|
|Selected Balance Sheet Data:|
|Allowance for loan losses||1,747||2,257||1,747||2,257||2,268|
|Return on average shareholders' equity (annualized) (%)||11.21||4.65||5.88||4.02||5.28|
|Net interest margin (%)||4.39||4.89||4.44||4.86||4.91|
|Return on average assets (annualized) (%)||1.69||0.64||0.87||0.54||0.72|
|Shareholders' equity to assets (%)||15.31||14.23||15.31||14.23||15.07|
|Efficiency ratio (%)||77.54||75.78||82.67||81.39||77.61|
|Asset Quality Data:|
|Other real estate and repos||303||433||303||433||303|
|Nonperforming assets to total assets (%)||2.15||2.41||2.15||2.41||3.30|
|Nonperforming loans to total loans (%)||2.72||2.39||2.72||2.39||3.80|
|Reserve for loan losses to total loans (%)||2.90||3.14||2.90||3.14||3.41|
|Reserve for loan losses to nonperforming loans (%)||106.78||131.30||106.78||131.30||89.79|
|Reserve for loan losses to nonperforming assets (%)||90.10||104.88||90.10||104.88||80.17|
|Net charge-offs for period||-||78||162||78||78|
|Ratio of charge-offs to average loans (%)||-||0.11||0.26||0.11||0.11|
|Regulatory Capital Ratios:|
|Tier 1 leverage capital ratio (%)||15.02||14.53||15.02||14.53||14.53|
|Tier 1 risk-based capital ratio (%)||22.81||18.88||22.81||18.88||20.83|
|Total risk-based capital ratio (%)||24.08||20.16||24.08||20.16||22.11|
Contact: Ralph Tapscott, President and Chief Executive OfficerPhone: 602.280.9403Email: firstname.lastname@example.org