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Section 1: 8-K (REPUBLIC FIRST BANCORP, INC. FORM 8-K)

 


 
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): April 23, 2018
 
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 April 23, 2018, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the period ended March 31, 2018.  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.
 
99.1
 


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: April 23, 2018
By:
/s/ Frank A. Cavallaro
   
Frank A. Cavallaro
   
Executive Vice President and Chief Financial Officer
     


EXHIBIT INDEX

Exhibit No.          Description

99.1



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

 
Exhibit 99.1
 

 

   
 
News Release
 
Republic First Bancorp, Inc.
 
April 23, 2018

REPUBLIC FIRST BANCORP, INC. REPORTS FIRST QUARTER FINANCIAL RESULTS
ASSETS INCREASE 26% AND DEPOSITS GROW 23%

Philadelphia, PA, April 23, 2018 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended March 31, 2018.

   
Three Months Ended 
($ in millions, except per share data)
 
03/31/18
03/31/17
% Change 
               
Assets
 
$ 2,471.5
 
$    1,968.6
 
          26%
 
Loans
 
    1,250.9
 
       1,026.1
 
          22%
 
Deposits
 
    2,123.5
 
      1,720.5
 
          23%
 
Total Revenue
 
$      25.4
 
$         20.5
 
            24%
 
Income Before Tax
 
         2.1
 
            1.8
 
            23%
 
Net Income *
 
         1.8
 
            1.8
 
            (1%)
 
Net Income per Share
 
$      0.03
 
$         0.03
 
              -%
 

* Note:  Net income for the period ended 3/31/18 reflects a normalized provision for federal and state income taxes which was excluded from 2017 results due to an adjustment to the DTA valuation allowance recorded by the Company.

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

"2018 is off to a tremendous start which can be seen in our first quarter financial results.  Assets, loans and deposits have all grown in excess of 20% year over year. And our revenue growth (24%) outpaced non-interest expense growth (20%) despite the ongoing investment required to execute our growth and expansion strategy. Our relentless commitment to extraordinary customer service and convenience through all delivery channels continues to deliver positive results throughout our footprint."

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp said:

"Momentum continues to build as the 'Power of Red is Back' expansion campaign rolls into 2018.  We are thrilled to begin our expansion into Bucks County with the opening of our newest store in Fairless Hills, PA during the first quarter. We are very excited to introduce our unmatched commitment to customer service and convenience to the Fairless Hills community and look forward to the opportunity to win over new FANS throughout this new market. We've also broken ground on future store locations in Gloucester Township and Lumberton, NJ which are expected to open by mid-year."
 


 
Highlights for the Period Ended March 31, 2018

·
Total deposits increased by $403 million, or 23%, to $2.1 billion as of March 31, 2018 compared to $1.7 billion as of March 31, 2017. On a linked quarter basis deposits grew $60 million, or 3%, when compared to December 31, 2017.

·
Non-interest bearing demand deposits grew by $100 million, or 27%, to $464 million over the last 12 months.

·
New stores opened since the beginning of the "Power of Red is Back" expansion campaign are currently growing deposits at an average rate of $27 million per year, while the average deposit growth for all stores over the last twelve months was approximately $19 million per store.

·
Income before tax increased by 23% to $2.1 million for the three months ended March 31, 2018 compared to $1.8 million for the three months ended March 31, 2017. Total revenue grew by 24% while non-interest expense increased by 20%. The Company continues to open new stores and increase profitability despite the additional costs associated with the expansion strategy.

·
Net income after tax was $1.8 million, or $0.03 per share, for the three month periods ending March 31, 2018 and March 31, 2017. The Company began recognizing a normalized provision for federal and state income taxes during the first quarter of 2018 after reversing its deferred tax asset valuation allowance during the fourth quarter of 2017. Prior year results were not impacted by an income tax provision.

·
The Company converted $10.6 million of outstanding trust preferred securities to 1.6 million shares of common stock during the first quarter of 2018. This conversion will result in a reduction of interest expense of approximately $0.9 million on an annual basis going forward.

·
There are twenty-three convenient store locations open today. The Company began its expansion into Bucks County, PA by opening its newest store in Fairless Hills during the first quarter. Ground has been broken on sites in Gloucester Township and Lumberton, NJ and are expected to be completed by mid-year. There are also several additional sites in various stages of development for future store locations.

·
Total assets increased by $503 million, or 26%, to $2.5 billion as of March 31, 2018 compared to $2.0 billion as of March 31, 2017.

·
Total loans grew $225 million, or 22%, to $1.3 billion as of March 31, 2018 compared to $1.0 billion at March 31, 2017.

·
Asset quality continues to improve. The ratio of non-performing assets to total assets declined to 0.85% as of March 31, 2018 compared to 1.45% as of March 31, 2017.

·
The net interest margin increased to 3.23% for the three months ended March 31, 2018 compared to 3.19% for the three months ended March 31, 2017.
 
 
2

 
 
·
The Company's residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Oak originated over $79 million in loans during the three month period ended March 31, 2018.

·
Meeting the needs of small business customers continued to be an important part of the Company's lending strategy.  More than $21 million in new SBA loans were originated during the three month period ended March 31, 2018.

·
The Company's Total Risk-Based Capital ratio was 16.00% and Tier I Leverage Ratio was 10.09% at March 31, 2018.

·
Book value per common share increased to $3.99 as of March 31, 2018 compared to $3.84 as of March 31, 2017.

Income Statement

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

 
Three Months Ended
 
03/31/18
 
03/31/17
 
% Change 
                 
Total Revenue
 $  25,434
   
$   20,525
   
         24%
 
Provision for Loan Losses
          400
   
             -
   
   100%
 
Non-interest Expense
     20,102
   
     16,804
   
     20%
 
Income Before Taxes
2,149
   
1,753
   
23%
 
Provision (Benefit) for Taxes
372
   
(34)
   
n/m
 
Net Income
       1,777
   
       1,787
   
     (1%)
 
Net Income per Share
$       0.03
   
$       0.03
   
      -%
 

The Company reported net income of $1.8 million, or $0.03 per share, for the three month periods ended March 31, 2018 and March 31, 2017.

Total revenue increased by $4.9 million, or 24%, to $25.4 million for the three month period ended March 31, 2018, compared to $20.5 million for the three month period ended March 31, 2017.  This increase is primarily attributable to higher interest income as a result of the strong growth in interest-earning assets over the last twelve months driven by the Company's "Power of Red is Back" expansion program.

Non-interest income increased to $4.5 million for the three month period ended March 31, 2018 compared to $4.3 million for the three month period ended March 31, 2017.

Non-interest expenses increased by $3.3 million, or 20%, to $20.1 million during the three month period ended March 31, 2018 compared to $16.8 million during the three months ended March 31, 2017. This increase was mainly caused by the increase in salaries and employee benefits as a result of annual merit increases along with increased staffing levels related to our growth strategy of adding and relocating stores. Occupancy and equipment expenses associated with the growth and relocation strategy also contributed to the increase in non-interest expenses.
 
 
3


 
The Company recorded a provision for income taxes in the amount of $372 thousand for the three month period ended March 31, 2018 compared to a benefit for income taxes in the amount of $34 thousand for the three month period ended March 31, 2017. The amount recorded during the first quarter of 2018 is a normalized provision reflective of the new corporate tax rate included in the Tax Cuts and Jobs Act of 2017. The benefit for income taxes recognized during the first quarter of 2017 was driven by an adjustment to the deferred tax asset valuation allowance that had been recorded by Company in previous years.  This valuation allowance was reversed during the fourth quarter of 2017.

Balance Sheet

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

 
Description
 
03/31/18
 
03/31/17
%
Change 
 
12/31/17
%
Change 
                     
Total assets
$ 2,471,464
 
$ 1,968,588
 
26%
 
$ 2,322,347
 
6%
 
Total loans (net)
1,244,262
 
1,016,962
 
22%
 
1,153,679
 
8%
 
Total deposits
2,123,451
 
1,720,512
 
23%
 
2,063,295
 
3%
 

Total assets increased by $502.9 million, or 26%, as of March 31, 2018 when compared to March 31, 2017.  Deposits grew by $402.9 million to $2.1 billion as of March 31, 2018 compared to $1.7 billion as of March 31, 2017. The number of deposit accounts has grown by 36% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the addition of new stores and the successful execution of the Company's aggressive growth strategy referred to as "The Power of Red is Back."


4

 

Deposits

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

 
 
Description
 
 
03/31/18
 
 
03/31/17
 
%
Change
 
 
12/31/17
 
%
Change
1st Qtr 2018 Cost of Funds
                   
Demand noninterest-bearing
$ 464,383
 
$ 364,278
 
  27%
$ 438,500
 
     6%
0.00%
Demand interest-bearing
826,726
 
629,583
 
 31%
807,736
 
     2%
0.57%
Money market and savings
703,263
 
620,218
 
  13%
700,321
 
     -%
0.57%
Certificates of deposit
129,079
 
106,433
 
  21%
116,738
 
     11%
1.15%
Total deposits
$ 2,123,451
 
$1,720,512
 
23%
$ 2,063,295
 
    3%
0.49%
                   

Deposits increased to $2.1 billion at March 31, 2018 compared to $1.7 billion at March 31, 2017 as the Company moves forward with its growth strategy to increase the number of stores and expand its banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, deposits. The Company recognized strongest growth in demand deposit balances, on a year to year basis as a result of the successful execution of its strategy.

Lending

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

 
Description
 
03/31/18
% of
Total
 
03/31/17
% of
Total
 
12/31/17
% of
Total
                         
Commercial real estate
$   467,585
 
37%
 
$   394,840
 
39%
 
$   433,304
 
37%
 
Construction and land development
118,607
 
10%
 
78,636
 
7%
 
104,617
 
9%
 
Commercial and industrial
189,420
 
15%
 
188,873
 
18%
 
173,343
 
15%
 
Owner occupied real estate
315,418
 
25%
 
273,996
 
27%
 
309,838
 
27%
 
Consumer and other
78,834
 
6%
 
67,146
 
7%
 
76,412
 
7%
 
Residential mortgage
81,048
 
7%
 
22,652
 
2%
 
64,764
 
5%
 
Gross loans
$1,250,912
 
100%
 
$1,026,143
 
100%
 
$1,162,278
 
100%
 
                         

Gross loans increased by $224.8 million, or 22%, to $1.3 billion at March 31, 2018 compared to $1.0 billion at March 31, 2017 as a result of the steady flow in quality loan demand over the last twelve months and continued success with the relationship banking model. The Company experienced strong growth across all loan categories.
 
 
5


Asset Quality

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

 
Three Months Ended
 
 
03/31/18
12/31/17
03/31/17
             
Non-performing assets / capital and reserves
9%
 
9%
 
13%
 
Non-performing assets / total assets
0.85%
 
0.94%
 
1.45%
 
Quarterly net loan charge-offs / average loans
0.77%
 
0.02%
 
(0.01%)
 
Allowance for loan losses / gross loans
0.53%
 
0.74%
 
0.89%
 
Allowance for loan losses / non-performing loans
47%
 
58%
 
50%
 

The percentage of non-performing assets to total assets decreased to 0.85% at March 31, 2018, compared to 1.45% at March 31, 2017.  The ratio of non-performing assets to capital and reserves decreased to 9% at March 31, 2018 compared to 13% at March 31, 2017 primarily as a result of decreases in non-performing assets over the last 12 months.

Capital

The Company's capital ratios at March 31, 2018 were as follows:

 
Actual
03/31/18
Regulatory Guidelines
"Well Capitalized"
     
Leverage Ratio
  10.09%
5.00%
Common Equity Ratio
  14.87%
6.50%
Tier 1 Risk Based Capital
  15.58%
8.00%
Total Risk Based Capital
  16.00%
10.00%
Tangible Common Equity
    9.29%
n/a

Total shareholders' equity increased to $234.1 million at March 31, 2018 compared to $218.3 million at March 31, 2017. Book value per common share increased to $3.99 at March 31, 2018 compared to $3.84 per share at March 31, 2017.
 

 
6


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 twenty-three stores located in the Greater Philadelphia and Southern New Jersey market place.  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 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. The Bank also offers a wide range of residential mortgage products through its wholly owned subsidiary, Oak Mortgage Company. 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, including those related to our Five Year Strategic Goals, 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, 2017 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
 
 
 
 
 
7

 
Republic First Bancorp, Inc.
                 
Consolidated Balance Sheets
                 
(Unaudited)
                 
                   
   
March 31,
   
December 31,
   
March 31,
 
(dollars in thousands, except per share amounts)
 
2018
   
2017
   
2017
 
                   
ASSETS
                 
Cash and due from banks
 
$
21,927
   
$
36,073
   
$
25,119
 
Interest-bearing deposits and federal funds sold
   
9,142
     
25,869
     
11,472
 
Total cash and cash equivalents
   
31,069
     
61,942
     
36,591
 
                         
Securities - Available for sale
   
519,692
     
464,430
     
362,328
 
Securities - Held to maturity
   
519,295
     
472,213
     
421,850
 
Restricted stock
   
5,435
     
1,918
     
1,366
 
Total investment securities
   
1,044,422
     
938,561
     
785,544
 
                         
Loans held for sale
   
25,653
     
45,700
     
25,098
 
                         
Loans receivable
   
1,250,912
     
1,162,278
     
1,026,143
 
Allowance for loan losses
   
(6,650
)
   
(8,599
)
   
(9,181
)
Net loans
   
1,244,262
     
1,153,679
     
1,016,962
 
                         
Premises and equipment
   
77,153
     
74,947
     
58,926
 
Other real estate owned
   
6,966
     
6,966
     
9,944
 
Other assets
   
41,939
     
40,552
     
35,523
 
                         
Total Assets
 
$
2,471,464
   
$
2,322,347
   
$
1,968,588
 
                         
                         
                         
LIABILITIES
                       
Non-interest bearing deposits
 
$
464,383
   
$
438,500
   
$
364,278
 
Interest bearing deposits
   
1,659,068
     
1,624,795
     
1,356,234
 
Total deposits
   
2,123,451
     
2,063,295
     
1,720,512
 
                         
Short-term borrowings
   
93,915
     
-
     
-
 
Subordinated debt
   
11,254
     
21,681
     
21,648
 
Other liabilities
   
8,770
     
10,911
     
8,104
 
                         
Total Liabilities
   
2,237,390
     
2,095,887
     
1,750,264
 
                         
SHAREHOLDERS' EQUITY
                       
Common stock - $0.01 par value
   
592
     
575
     
574
 
Additional paid-in capital
   
267,313
     
256,285
     
254,403
 
Accumulated deficit
   
(15,566
)
   
(18,983
)
   
(26,101
)
Treasury stock at cost
   
(3,725
)
   
(3,725
)
   
(3,725
)
Stock held by deferred compensation plan
   
(183
)
   
(183
)
   
(183
)
Accumulated other comprehensive loss
   
(14,357
)
   
(7,509
)
   
(6,644
)
                         
Total Shareholders' Equity
   
234,074
     
226,460
     
218,324
 
                         
                         
Total Liabilities and Shareholders' Equity
 
$
2,471,464
   
$
2,322,347
   
$
1,968,588
 
 
 
 

 
Republic First Bancorp, Inc.
                 
Consolidated Statements of Income
                 
(Unaudited)
                 
                   
   
Three Months Ended  
 
   
March 31,
   
December 31,
   
March 31,
 
(in thousands, except per share amounts)
 
2018
   
2017
   
2017
 
                   
INTEREST INCOME
                 
Interest and fees on loans
 
$
14,269
   
$
13,576
   
$
11,199
 
Interest and dividends on investment securities
   
6,458
     
5,568
     
4,927
 
Interest on other interest earning assets
   
172
     
265
     
61
 
Total interest income
   
20,899
     
19,409
     
16,187
 
                         
INTEREST EXPENSE
                       
Interest on deposits
   
2,598
     
2,222
     
1,602
 
Interest on borrowed funds
   
185
     
320
     
366
 
Total interest expense
   
2,783
     
2,542
     
1,968
 
                         
Net interest income
   
18,116
     
16,867
     
14,219
 
Provision for loan losses
   
400
     
400
     
-
 
                         
Net interest income after provision for loan losses
   
17,716
     
16,467
     
14,219
 
                         
NON-INTEREST INCOME
                       
Service fees on deposit accounts
   
1,175
     
1,084
     
846
 
Mortgage banking income
   
2,186
     
2,619
     
2,421
 
Gain on sales of SBA loans
   
992
     
1,063
     
688
 
Loss on sale of investment securities
   
-
     
(85
)
   
-
 
Other non-interest income
   
182
     
331
     
383
 
Total non-interest income
   
4,535
     
5,012
     
4,338
 
                         
NON-INTEREST EXPENSE
                       
Salaries and employee benefits
   
10,645
     
10,159
     
8,582
 
Occupancy and equipment
   
3,470
     
2,947
     
2,890
 
Legal and professional fees
   
759
     
953
     
681
 
Foreclosed real estate
   
311
     
2,388
     
346
 
Regulatory assessments and related fees
   
467
     
359
     
329
 
Other operating expenses
   
4,450
     
4,816
     
3,976
 
Total non-interest expense
   
20,102
     
21,622
     
16,804
 
                         
Income (loss) before provision (benefit) for income taxes
   
2,149
     
(143
)
   
1,753
 
                         
Provision (benefit) for income taxes
   
372
     
(2,881
)
   
(34
)
                         
Net income
 
$
1,777
   
$
2,738
   
$
1,787
 
                         
                         
Net Income per Common Share
                       
Basic
 
$
0.03
   
$
0.05
   
$
0.03
 
Diluted
 
$
0.03
   
$
0.05
   
$
0.03
 
                         
Average Common Shares Outstanding
                       
Basic
   
57,100
     
56,988
     
56,824
 
Diluted
   
58,370
     
58,360
     
58,049
 
 
 
 

 
Republic First Bancorp, Inc.             
Average Balances and Net Interest Income           
(unaudited)               
 
                                     
   
For the three months ended
 
For the three months ended
 
For the three months ended
(dollars in thousands)
 
March 31, 2018  
 
December 31, 2017 
 
March 31, 2017 
                                     
       
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
 
 $     40,425
 
 $     172
 
1.73%
 
 $     82,918
 
 $     265
 
1.27%
 
 $     23,929
 
 $      61
 
1.03%
Securities
 
   1,015,605
 
     6,487
 
2.55%
 
      888,862
 
     5,616
 
2.53%
 
      808,029
 
     5,032
 
2.49%
Loans receivable
 
   1,235,124
 
   14,365
 
4.72%
 
   1,171,771
 
   13,743
 
4.65%
 
   1,008,329
 
   11,338
 
4.56%
Total interest-earning assets
   2,291,154
 
   21,024
 
3.72%
 
   2,143,551
 
   19,624
 
3.63%
 
   1,840,287
 
   16,431
 
3.62%
                                     
Other assets
 
      127,001
         
      126,904
         
      101,820
       
                                     
Total assets
 
 $2,418,155
         
 $2,270,455
         
 $1,942,107
       
                                     
Interest-bearing liabilities:
                                 
                                     
Demand non interest-bearing
 $   431,234
         
 $   421,841
         
 $   329,015
       
Demand interest-bearing
 
      893,530
 
     1,257
 
0.57%
 
      776,203
 
       945
 
0.48%
 
      620,090
 
       608
 
0.40%
Money market & savings
 
      687,818
 
       972
 
0.57%
 
      693,684
 
       942
 
0.54%
 
      607,181
 
       698
 
0.47%
Time deposits
 
      129,897
 
       369
 
1.15%
 
      120,067
 
       335
 
1.11%
 
      107,923
 
       296
 
1.11%
Total deposits
 
   2,142,479
 
     2,598
 
0.49%
 
   2,011,795
 
     2,222
 
0.44%
 
   1,664,209
 
     1,602
 
0.39%
                                     
Total interest-bearing deposits
   1,711,245
 
     2,598
 
0.62%
 
   1,589,954
 
     2,222
 
0.55%
 
   1,335,194
 
     1,602
 
0.49%
                                     
Other borrowings
 
        40,552
 
       185
 
1.85%
 
        23,621
 
       320
 
5.37%
 
        53,138
 
       366
 
2.79%
                                     
                                     
Total interest-bearing liabilities
   1,751,797
 
     2,783
 
0.64%
 
   1,613,575
 
     2,542
 
0.63%
 
   1,388,332
 
     1,968
 
0.57%
Total deposits and other borrowings
 
   2,183,031
 
     2,783
 
0.52%
 
   2,035,416
 
     2,542
 
0.50%
 
   1,717,347
 
     1,968
 
0.46%
                                     
                                     
Non interest-bearing liabilities
         9,540
         
         9,560
         
         8,295
       
Shareholders' equity
 
      225,584
         
      225,479
         
      216,465
       
Total liabilities and shareholders' equity
 
 $2,418,155
         
 $2,270,455
         
 $1,942,107
       
                                     
Net interest income
     
 $18,241
         
 $17,082
         
 $14,463
   
Net interest spread
         
3.08%
         
3.00%
         
3.05%
                                     
Net interest margin
         
3.23%
         
3.16%
         
3.19%
                                     
Note: The above tables are presented on a tax equivalent basis.
                   
 
 

 
Republic First Bancorp, Inc.
Summary of Allowance for Loan Losses and Other Related Data 
(unaudited)   
           
           
  Three months ended
 
March 31,
 
December 31,
 
March 31,
(dollars in thousands)
2018
 
2017
 
2017
           
           
Balance at beginning of period
 $         8,599
 
 $         8,258
 
 $         9,155
           
Provision charged to operating expense
               400
 
               400
 
                 -
 
            8,999
 
            8,658
 
            9,155
           
Recoveries on loans charged-off:
         
  Commercial
                 -
 
                  1
 
                36
  Consumer
                 -
 
                 -
 
                 -
Total recoveries
                 -
 
                  1
 
                36
           
Loans charged-off:
         
  Commercial
          (2,151)
 
               (19)
 
                 (8)
  Consumer
             (198)
 
               (41)
 
                 (2)
           
Total charged-off
          (2,349)
 
               (60)
 
               (10)
           
Net (charge-offs)/recoveries
          (2,349)
 
               (59)
 
                26
           
Balance at end of period
 $         6,650
 
 $         8,599
 
 $         9,181
           
Net charge-offs as a percentage of average loans outstanding
0.77%
 
0.02%
 
(0.01%)
           
Allowance for loan losses as a percentage of period-end loans
0.53%
 
0.74%
 
0.89%
 
 

Republic First Bancorp, Inc.      
Summary of Non-Performing Loans and Assets      
(unaudited)       
 
                   
 
March 31,
 
December 31,
 
September 30,
 
June 30,
 
March 31,
(dollars in thousands)
2018
 
2017
 
2017
 
2017
 
2017
                   
Non-accrual loans:
                 
  Commercial real estate
 $        13,322
 
 $        13,973
 
 $        10,140
 
 $        17,703
 
 $        17,695
  Consumer and other
                810
 
                872
 
                880
 
                817
 
                834
Total non-accrual loans
           14,132
 
           14,845
 
           11,020
 
           18,520
 
           18,529
                   
Loans past due 90 days or more and still accruing
                  -
 
                  -
 
             2,730
 
                293
 
                  -
                   
Total non-performing loans
           14,132
 
           14,845
 
           13,750
 
           18,813
 
           18,529
                   
Other real estate owned
             6,966
 
             6,966
 
             9,169
 
             9,909
 
             9,944
                   
Total non-performing assets
 $        21,098
 
 $        21,811
 
 $        22,919
 
 $        28,722
 
 $        28,473
                   
                   
Non-performing loans to total loans
1.13%
 
1.28%
 
1.26%
 
1.76%
 
1.81%
                   
Non-performing assets to total assets
0.85%
 
0.94%
 
1.07%
 
1.41%
 
1.45%
                   
Non-performing loan coverage
47.06%
 
57.93%
 
60.06%
 
50.25%
 
49.55%
                   
Allowance for loan losses as a percentage of total period-end loans
0.53%
 
0.74%
 
0.75%
 
0.89%
 
0.89%
                   
Non-performing assets / capital plus allowance for loan losses
8.76%
 
9.28%
 
9.82%
 
12.39%
 
12.52%
 
 
 
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