REPUBLIC FIRST BANCORP, INC. PHILADELPHIA, Jan. 25, 2016 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2015.
http://photos.prnewswire.com/prnvar/20100707/PH31611LOGO
Three Months Ended
------------------
($ in millions, except
per share data) 12/31/15 12/31/14 % Change
-------- -------- --------
Assets $1,439.4 $1,214.6 19%
Loans 874.8 781.9 12%
Deposits 1,249.3 1,072.2 17%
Total Revenue $15.7 $12.0 31%
Net Income 0.8 0.9 (7%)
Net Income per Share $0.02 $0.02 0%
-------------------- ----- ----- ---
"The fourth quarter brings a close to a very successful year for Republic Bank," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer. "The new stores we've opened in Glassboro, Marlton and Berlin during 2015 have performed exceptionally well. We ended the year with stores under construction in Washington Township, NJ and Wynnewood, PA and several more in various stages of development for future openings."
"We continue to expand our presence in the Philadelphia region through an aggressive growth strategy which we refer to as 'The Power of Red is Back'," added Madonna. "Each day we welcome new fans into our stores and win them over with exceptional customer service. The growth in both loan and deposit balances clearly demonstrates our ongoing success with this strategy. While we continue to make significant investments to build a new bank, we are very pleased with our ability to maintain consistent, profitable results from an income statement perspective."
The Company is in the midst of an aggressive expansion plan 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 December 31, 2015
-- During the fourth quarter of 2015 the Company recognized income of $2.6
million related to an insurance settlement on an outstanding claim
against a corporate policy. During the quarter the Company also
recorded a write-down of approximately $2.2 million against its largest
OREO asset as a result of a decision to aggressively pursue a sale of
this property below its appraised value.
-- Republic opened three new stores during 2015 and currently has two sites
under construction scheduled to be completed in early 2016. There are
also several additional sites in various stages of development for
future store locations.
-- New stores opened within the last 2 years are currently growing deposits
at an average rate of $34 million per year, while the average deposit
growth for all stores over the last twelve months was approximately $12
million per store.
-- Total deposits increased by $177 million, or 17%, to $1.2 billion as of
December 31, 2015 compared to $1.1 billion as of December 31, 2014.
-- Non-interest bearing demand deposits increased by 9% to $244 million as
of December 31, 2015 compared to $224 million as of December 31, 2014.
-- Total assets increased by $225 million, or 19%, to $1.4 billion as of
December 31, 2015 compared to $1.2 billion as of December 31, 2014.
-- Total loans grew $93 million, or 12%, to $875 million as of December 31,
2015 compared to $782 million at December 31, 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 December 31, 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.
-- The Company's Total Risk-Based Capital ratio was 13.19% and Tier I
Leverage Ratio was 9.65% at December 31, 2015.
-- Tangible book value per share was $3.00 as of December 31, 2015. This
amount excludes approximately $0.37 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 Twelve Months Ended
------------------ -------------------
12/31/15 12/31/14 % Change 12/31/15 12/31/14 % Change
-------- -------- -------- -------- -------- --------
Total Revenue $15,727 $11,967 31% $49,998 $43,846 14%
Provision for Loan Losses 500 300 67% 500 900 (44%)
Non-interest Expenses 14,446 10,792 34% 47,091 40,550 16%
Net Income 790 853 (7%) 2,433 2,442 0%
Net Income per Share $0.02 $0.02 0% $0.06 $0.07 (14%)
-------------------- ----- ----- --- ----- ----- ----
The Company reported net income of $790 thousand, or $0.02 per share, for the three month period ended December 31, 2015, compared to net income of $853 thousand, or $0.02 per share, for the three month period ended December 31, 2014.
Net interest income increased by $1.4 million, or 15%, to $11.0 million for the three month period ended December 31, 2015 compared to $9.5 million for the three month period ended December 31, 2014. This increase was driven by strong growth in interest-earning assets over the last twelve months.
Non-interest income increased to $4.7 million for the three month period ended December 31, 2015 compared to $2.4 million for the three month period ended December 31, 2014. This increase was primarily driven by a $2.6 million insurance settlement recorded in the fourth quarter of 2015. This settlement is related to a bond claim against a corporate insurance policy originally submitted in 2010.
Non-interest expenses increased by $3.7 million to $14.4 million during the three month period ended December 31, 2015 compared to $10.8 million during the three months ended December 31, 2014. This increase was primarily driven by an increase in writedowns of OREO assets. During the fourth quarter of 2015 the Company made a decision to aggressively pursue a potential sale of its largest OREO asset resulting in a write-down of approximately $2.2 million. 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 also contributed to the increase in non-interest expenses.
Net income for the twelve month period ended December 31, 2015 was $2.4 million, or $0.06 per share, compared to net income of $2.4 million, or $0.07 per share, for the twelve months ended December 31, 2014.
Total revenue increased by 14% to $50.0 million for the twelve month period ended December 31, 2015 compared to $43.8 million for the twelve month period ended December 31, 2014 as a result of strong growth in interest-earning assets over the last twelve months along with the insurance settlement described above. Non-interest expenses grew $6.5 million year over year due to the increase in OREO writedowns combined with higher salaries, employee benefits, and occupancy and equipment expenses associated with the addition of new stores during 2015.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
% Change % Change
Description 12/31/15 12/31/14 09/30/15
----------- -------- -------- --------
Total assets $1,439,443 $1,214,598 19% $1,380,814 4%
Total loans (net) 866,066 770,404 12% 837,037 3%
Total deposits 1,249,298 1,072,230 17% 1,237,496 1%
Total core deposits 1,239,422 1,061,994 17% 1,227,506 1%
------------------- --------- --------- --- --------- ---
Total assets increased by $224.8 million, or 19%, as of December 31, 2015 when compared to December 31, 2014. Deposits grew by $177.1 million to $1.2 billion as of December 31, 2015 compared to $1.1 billion as of December 31, 2014. The number of deposit accounts has grown by 44% 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):
4th Qtr
2015
% % Cost of
Change Change Funds
Description 12/31/15 12/31/14 09/30/15
----------- -------- -------- --------
Demand noninterest-bearing $243,696 $224,245 9% $243,836 0% 0.00%
Demand interest-bearing 381,499 283,768 34% 391,230 (2%) 0.40%
Money market and savings 556,525 488,848 14% 527,360 6% 0.41%
Certificates of deposit 57,702 65,133 (11%) 65,080 (11%) 0.78%
------ ------ ---- ------ ---- ----
Total core deposits $1,239,422 $1,061,994 17% $1,227,506 1% 0.34%
========== ========== === ========== === ====
Core deposits increased to $1.2 billion at December 31, 2015 compared to $1.1 billion at December 31, 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):
% of % of % of
Total Total
Description 12/31/15 12/31/14 09/30/15 Total
----------- -------- -------- -------- -----
Commercial real estate $349,726 40% $379,259 48% $377,307 45%
Construction and land development 46,547 5% 29,861 4% 41,418 5%
Commercial and industrial 181,850 21% 145,113 19% 174,631 21%
Owner occupied real estate 246,398 28% 188,025 24% 203,735 24%
Consumer and other 48,126 6% 39,713 5% 46,136 5%
Residential mortgage 2,380 0% 408 0% 2,395 0%
Deferred fees (258) (439) (262)
---- ---- ----
Gross loans $874,769 100% $781,940 100% $845,360 100%
======== === ======== === ======== ===
Gross loans increased by $92.8 million, or 12%, to $874.8 million at December 31, 2015 compared to $781.9 million at December 31, 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
------------------
12/31/15 09/30/15 12/31/14
-------- -------- --------
Non-performing assets /
total assets 1.66% 2.10% 2.07%
Quarterly net loan charge-
offs /average loans 0.06% 0.04% 0.51%
Allowance for loan losses /
gross loans 0.99% 0.98% 1.48%
Allowance for loan losses /
non-performing loans 69% 55% 54%
Non-performing assets /
capital and reserves 20% 24% 20%
----------------------- --- --- ---
The percentage of non-performing assets to total assets decreased to 1.66% at December 31, 2015, compared to 2.07% as of December 31, 2014. Non-performing loans to total loans decreased significantly to 1.44% at December 31, 2015 compared to 2.74% at December 31, 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 December 31, 2015 were as follows:
Actual Regulatory Guidelines
December 31, 2015 "Well Capitalized"
----------------- ------------------
Leverage
Ratio 9.65% 5.00%
Common
Equity
Ratio 10.42% 6.50%
Tier 1
Risk
Based
Capital 12.40% 8.00%
Total
Risk
Based
Capital 13.19% 10.00%
Tangible
Common
Equity 7.88% n/a
-------- ---- ---
Total shareholders' equity increased to $113.4 million at December 31, 2015 compared to $112.8 million at December 31, 2014. Tangible book value per share increased to $3.00 at December 31, 2015 compared to $2.98 per share at December 31, 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.
Republic First Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
December 31, September 30, December 31,
(dollars in thousands, except per share amounts) 2015 2015 2014
---- ---- ----
ASSETS
Cash and due from banks $13,777 $14,212 $14,822
Interest-bearing deposits and federal
funds sold 13,362 96,307 114,004
--------------
Total cash and cash equivalents 27,139 110,519 128,826
Securities - Available for sale 284,795 209,119 185,379
Securities - Held to maturity 172,277 140,116 67,866
Restricted stock 3,059 1,179 1,157
Total investment securities 460,131 350,414 254,402
Loans held for sale 3,653 489 1,676
Loans receivable 874,769 845,360 781,940
Allowance for loan losses (8,703) (8,323) (11,536)
Net loans 866,066 837,037 770,404
Premises and equipment 46,164 45,094 35,030
Other real estate owned 11,313 13,773 3,715
Other assets 24,977 23,488 20,545
Total Assets $1,439,443 $1,380,814 $1,214,598
LIABILITIES
Non-interest bearing deposits $243,695 $243,836 $224,245
Interest bearing deposits 1,005,603 993,660 847,985
Total deposits 1,249,298 1,237,496 1,072,230
Short-term borrowings 47,000 - -
Subordinated debt 22,476 22,476 22,476
Other liabilities 7,294 6,369 7,081
Total Liabilities 1,326,068 1,266,341 1,101,787
SHAREHOLDERS' EQUITY
Common stock - $0.01 par value 384 383 383
Additional paid-in capital 152,897 152,676 152,234
Accumulated deficit (32,833) (33,623) (35,266)
Treasury stock at cost (3,725) (3,725) (3,725)
Stock held by deferred compensation plan (183) (183) (183)
Accumulated other comprehensive income
(loss) (3,165) (1,055) (632)
Total Shareholders' Equity 113,375 114,473 112,811
Total Liabilities and Shareholders' Equity $1,439,443 $1,380,814 $1,214,598
====================================
Republic First Bancorp, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, September 30, December 31, December 31, December 31,
(in thousands, except per share amounts) 2015 2015 2014 2015 2014
---- ---- ---- ---- ----
INTEREST INCOME
Interest and fees on loans $9,786 $9,648 $9,236 $37,781 $34,869
Interest and dividends on investment
securities 2,565 1,662 1,470 7,377 5,417
Interest on other interest earning assets 55 60 80 278 187
-------------
Total interest
income 12,406 11,370 10,786 45,436 40,473
INTEREST EXPENSE
Interest on deposits 1,137 1,099 968 4,266 3,536
Interest on borrowed funds 282 279 278 1,115 1,108
Total interest expense 1,419 1,378 1,246 5,381 4,644
Net interest income 10,987 9,992 9,540 40,055 35,829
Provision for loan losses 500 - 300 500 900
Net interest income after provision for
loan losses 10,487 9,992 9,240 39,555 34,929
NON-INTEREST INCOME
Service fees on deposit accounts 506 452 328 1,719 1,224
Gain on sale of SBA loans 455 884 1,903 3,139 4,717
Gain on sale of investment securities 35 64 - 108 458
Other non-interest income 3,744 204 196 4,977 1,618
Total non-interest income 4,740 1,604 2,427 9,943 8,017
NON-INTEREST EXPENSE
Salaries and employee benefits 5,821 5,730 5,147 22,488 20,089
Occupancy and equipment 2,259 1,911 1,746 8,009 6,629
Legal and professional fees 584 345 615 2,183 2,758
Foreclosed real estate 3,066 425 732 4,239 1,794
Regulatory assessments and related fees 337 318 274 1,248 1,065
Other operating expenses 2,379 2,295 2,278 8,924 8,215
Total non-interest expense 14,446 11,024 10,792 47,091 40,550
Income before benefit for income taxes 781 572 875 2,407 2,396
Benefit for income taxes (9) (10) 22 (26) (46)
--- --- --- --- ---
Net income $790 $582 $853 $2,433 $2,442
==== ==== ==== ====== ======
Net Income per Common Share
Basic $0.02 $0.02 $0.02 $0.06 $0.07
Diluted $0.02 $0.02 $0.02 $0.06 $0.07
Average Common Shares Outstanding
Basic 37,826 37,816 37,815 37,818 34,232
Diluted 38,246 38,064 38,121 38,094 34,591
Republic First Bancorp, Inc.
Average Balances and Net Interest Income
(unaudited)
For the three months ended For the three months ended For the three months ended
(dollars in thousands) December 31, 2015 September 30, 2015 December 31, 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 $65,611 $55 0.33% $106,357 $60 0.22% $122,787 $80 0.26%
Securities 409,141 2,656 2.60% 305,266 1,745 2.29% 234,479 1,527 2.60%
Loans receivable 855,124 9,870 4.58% 831,712 9,718 4.64% 757,953 9,283 4.86%
------- ----- ---- ------- ----- ---- ------- ----- ----
Total interest-earning assets 1,329,876 12,581 3.75% 1,243,335 11,523 3.68% 1,115,219 10,890 3.87%
Other assets 85,340 82,638 55,997
------ ------ ------
Total assets $1,415,216 $1,325,973 $1,171,216
========== ========== ==========
Interest-bearing liabilities:
Demand non interest-bearing $252,514 $234,285 $214,872
Demand interest-bearing 393,384 392 0.40% 372,795 378 0.40% 258,443 252 0.39%
Money market & savings 552,673 578 0.41% 500,687 538 0.43% 478,651 537 0.45%
Time deposits 71,463 167 0.93% 74,863 183 0.97% 76,756 179 0.93%
------ --- ---- ------ --- ---- ------ --- ----
Total deposits 1,270,034 1,137 0.36% 1,182,630 1,099 0.37% 1,028,722 968 0.37%
Total interest-bearing deposits 1,017,520 1,137 0.44% 948,345 1,099 0.46% 813,850 968 0.47%
--------- ----- ---- ------- ----- ---- ------- --- ----
Other borrowings 23,087 282 4.85% 22,476 279 4.92% 22,689 278 4.86%
------ --- ---- ------ --- ---- ------ --- ----
Total interest-bearing liabilities 1,040,607 1,419 0.54% 970,821 1,378 0.56% 836,539 1,246 0.59%
--------- ----- ---- ------- ----- ---- ------- ----- ----
Total deposits and
other borrowings 1,293,121 1,419 0.44% 1,205,106 1,378 0.45% 1,051,411 1,246 0.47%
----- ---- ----- ---- ----- ----
Non interest-bearing liabilities 7,901 7,034 7,427
Shareholders' equity 114,194 113,833 112,378
------- ------- -------
Total liabilities and
shareholders' equity $1,415,216 $1,325,973 $1,171,216
========== ========== ==========
Net interest income $11,162 $10,145 $9,644
======= ======= ======
Net interest spread 3.21% 3.12% 3.28%
==== ==== ====
Net interest margin 3.33% 3.24% 3.43%
==== ==== ====
Note: The above tables are presented on a tax equivalent basis.
Republic First Bancorp, Inc.
Average Balances and Net Interest Income
(unaudited)
For the twelve months ended For the twelve months ended
(dollars in thousands) December 31, 2015 December 31, 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 $106,876 $278 0.26% $75,593 $187 0.25%
Securities 309,018 7,692 2.49% 217,939 5,613 2.58%
Loans receivable 820,820 38,072 4.64% 724,231 35,052 4.84%
------- ------ ---- ------- ------ ----
Total interest-earning assets 1,236,714 46,042 3.72% 1,017,763 40,852 4.01%
Other assets 74,505 50,302
------ ------
Total assets $1,311,219 $1,068,065
========== ==========
Interest-bearing liabilities:
Demand non interest-bearing $235,810 $189,810
Demand interest-bearing 349,055 1,401 0.40% 233,693 888 0.38%
Money market & savings 508,846 2,170 0.43% 439,484 1,929 0.44%
Time deposits 73,819 695 0.94% 78,073 719 0.92%
------ --- ---- ------ --- ----
Total deposits 1,167,530 4,266 0.37% 941,060 3,536 0.38%
Total interest-bearing deposits 931,720 4,266 0.46% 751,250 3,536 0.47%
------- ----- ---- ------- ----- ----
Other borrowings 22,640 1,115 4.92% 22,530 1,108 4.92%
------ ----- ---- ------ ----- ----
Total interest-bearing liabilities 954,360 5,381 0.56% 773,780 4,644 0.60%
------- ----- ---- ------- ----- ----
Total deposits and
other borrowings 1,190,170 5,381 0.45% 963,590 4,644 0.48%
----- ---- ----- ----
Non interest-bearing liabilities 7,340 7,084
Shareholders' equity 113,709 97,391
------- ------
Total liabilities and
shareholders' equity $1,311,219 $1,068,065
========== ==========
Net interest income $40,661 $36,208
======= =======
Net interest spread 3.16% 3.41%
==== ====
Net interest margin 3.29% 3.56%
==== ====
Note: The above tables are presented on a tax equivalent basis.
Republic First Bancorp, Inc.
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)
Three months ended
Twelve months ended
-------------------
December 31, September 30, December 31, December 31, December 31,
(dollars in thousands) 2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Balance at beginning of period $8,323 $8,398 $12,216 $11,536 $12,263
Provision charged to operating expense 500 - 300 500 900
--- --- --- --- ---
8,823 8,398 12,516 12,036 13,163
Recoveries on loans charged-off:
Commercial 1 2 120 58 385
Consumer 1 1 - 34 -
--- --- --- --- ---
Total recoveries 2 3 120 92 385
Loans charged-off:
Commercial (122) (78) (1,100) (3,425) (2,002)
Consumer - - - - (10)
--- --- --- --- ---
Total charged-off (122) (78) (1,100) (3,425) (2,012)
---- --- ------ ------ ------
Net charge-offs (120) (75) (980) (3,333) (1,627)
---- --- ---- ------ ------
Balance at end of period $8,703 $8,323 $11,536 $8,703 $11,536
====== ====== ======= ====== =======
Net charge-offs as a percentage of
average loans outstanding 0.06% 0.04% 0.51% 0.41% 0.22%
Allowance for loan losses as a percentage
of period-end loans 0.99% 0.98% 1.48% 0.99% 1.48%
Republic First Bancorp, Inc.
Summary of Non-Performing Loans and Assets
(unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollars in thousands) 2015 2015 2015 2015 2014
---- ---- ---- ---- ----
Non-accrual loans:
Commercial real estate $12,080 $13,825 $15,559 $19,530 $21,011
Consumer and other 542 547 418 426 429
--- --- --- --- ---
Total non-accrual loans 12,622 14,372 15,977 19,956 21,440
Loans past due 90 days or more
and still accruing - 844 256 5,013 -
--- --- --- ----- ---
Total non-performing loans 12,622 15,216 16,233 24,969 21,440
Other real estate owned 11,313 13,773 13,162 3,827 3,715
------ ------ ------ ----- -----
Total non-performing assets $23,935 $28,989 $29,395 $28,796 $25,155
======= ======= ======= ======= =======
Non-performing loans to total loans 1.44% 1.80% 1.97% 3.17% 2.74%
Non-performing assets to total assets 1.66% 2.10% 2.31% 2.28% 2.07%
Non-performing loan coverage 68.95% 54.70% 51.73% 43.83% 53.81%
Allowance for loan losses as a percentage
of total period-end loans 0.99% 0.98% 1.02% 1.39% 1.48%
Non-performing assets / capital plus
allowance for loan losses 19.61% 23.61% 24.13% 23.07% 20.23%
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SOURCE Republic First Bancorp, Inc.
