PHILADELPHIA, May 01, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company” or “Republic”), the holding company for Republic First Bank d/b/a Republic Bank (the “Bank”), today reported financial results for the first quarter ended March 31, 2023.
“Our strong community banking brand, ingrained commitment to customers and focus on relationship banking have allowed us to largely maintain steady deposit levels amid a period of uncertainty and volatility in the banking sector,” said President and Chief Executive Officer Thomas X. Geisel. “We are highly focused on executing our strategy to restore profitability, improve capital levels and enhance shareholder value – and are seeing signs of progress as we move through the Company’s legacy headwinds. The results aren’t where we want them to be yet, but I am proud of our colleagues’ commitment to Republic’s customers and their ongoing efforts to weather the current environment and lay the foundation for a successful future.”
Key First Quarter 2023 Results
“Today’s announcement is a critical milestone in our ongoing efforts to bring Republic current on its quarterly and annual filings with the Securities and Exchange Commission,” said Chief Financial Officer Michael W. Harrington. “We are pleased to provide shareholders with the Company’s results for the first three months of 2023, as well as comparisons to the fourth and first quarters of 2022, on a consolidated, unaudited basis. We’ve assembled a group of experienced financial institution professionals who are working diligently to complete our efforts to bring our financial reporting current as we work to improve profitability and enhance Republic’s liquidity and capital position.”
Additional Business Updates
Results of Operations, Sequential Comparison
Results of Operations, Year-over-Year Comparison
Financial Condition, March 31, 2023
About Republic First Bancorp, Inc.
Republic First Bancorp, Inc. is the holding company for Republic First Bank, which does business under the name Republic Bank. Republic Bank is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation. The Bank offers a variety of banking services to individuals and businesses throughout the Greater Philadelphia, Southern New Jersey, and New York City markets through its offices and branch locations in Philadelphia, Montgomery, Delaware and Bucks in Pennsylvania, Camden, Burlington, Atlantic and Gloucester, New Jersey and New York County. The Bank also offers a wide range of residential mortgage products through its mortgage division, which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.
Forward Looking Statements
This press release may contain “forward-looking statements,” which 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 impact of the COVID-19 pandemic on our business and results of operation; geopolitical conflict and inflationary pressures including Federal Reserve interest rate hikes; the effect of potential recessionary conditions; the adequacy of our allowance for credit 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; inflation; changes to our primary service area; changes in interest rates; our ability to identify, negotiate, secure and develop new branch locations and renew, modify, or terminate leases or dispose of properties for existing branch locations effectively; 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; our securities portfolio and the valuation of our securities; change in accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; our ability to regain compliance with Nasdaq Listing Rules 5250(c)(1) and 5620(a); the failure to maintain current technologies; failure to attract or retain key employees; our ability to access cost-effective funding; fluctuations in real estate values; 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 Annual Report on Form 10-K for the year ended December 31, 2021, and other documents we file 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 us pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. We do 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 us, except as may be required by applicable law or regulations.
Contact:Longacre Square PartnersJoe Germani / David Reingoldfrbk@longacresquare.com
Republic First Bancorp, Inc. | |||||||||||||||||||
Summary Financial Information (UNAUDITED) | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
As of or for the Three Months Ended | |||||||||||||||||||
Consolidated Balance Sheet (selected items) | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||
Cash and cash equivalents | $ | 153,234 | $ | 49,167 | $ | 52,452 | $ | 86,156 | $ | 101,457 | |||||||||
Investment securities | 2,529,469 | 2,527,335 | 2,561,897 | 2,711,757 | 2,765,965 | ||||||||||||||
Equity securities | 13 | 6,019 | 6,627 | 6,793 | 7,888 | ||||||||||||||
Restricted stock | 34,327 | 34,245 | 21,907 | 15,528 | 3,135 | ||||||||||||||
Loans receivable | 3,139,418 | 3,132,967 | 3,060,852 | 2,750,683 | 2,557,167 | ||||||||||||||
Allowance for credit losses | (26,520 | ) | (26,072 | ) | (25,255 | ) | (20,997 | ) | (23,156 | ) | |||||||||
Premises and equipment, net | 134,553 | 134,747 | 130,902 | 130,498 | 129,607 | ||||||||||||||
Other assets | 192,306 | 189,911 | 189,872 | 175,187 | 158,402 | ||||||||||||||
Total assets | $ | 6,156,800 | $ | 6,048,319 | $ | 5,999,254 | $ | 5,855,605 | $ | 5,700,465 | |||||||||
Deposits - interest-bearing | $ | 3,667,977 | $ | 3,723,543 | $ | 3,833,524 | $ | 3,787,367 | $ | 3,905,782 | |||||||||
Deposits - non-interest-bearing | 1,210,262 | 1,289,420 | 1,418,060 | 1,425,659 | 1,404,454 | ||||||||||||||
Other borrowings | 970,000 | 727,200 | 442,500 | 292,500 | - | ||||||||||||||
Subordinated debt | 11,286 | 11,284 | 11,282 | 11,281 | 11,279 | ||||||||||||||
Other liabilities | 100,480 | 104,123 | 104,430 | 105,657 | 103,214 | ||||||||||||||
Total liabilities | 5,960,005 | 5,855,570 | 5,809,796 | 5,622,464 | 5,424,729 | ||||||||||||||
Total shareholders' equity | 196,795 | 192,749 | 189,458 | 233,141 | 275,736 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 6,156,800 | $ | 6,048,319 | $ | 5,999,254 | $ | 5,855,605 | $ | 5,700,465 | |||||||||
Average Balance Sheet (selected items) | |||||||||||||||||||
Federal funds sold and other interest earning assets | $ | 84,228 | $ | 45,580 | $ | 46,073 | $ | 96,632 | $ | 137,533 | |||||||||
Investment securities and restricted stock | 2,763,904 | 2,779,268 | 2,837,891 | 2,899,551 | 2,816,956 | ||||||||||||||
Loans receivable | 3,138,633 | 3,086,339 | 2,894,473 | 2,625,902 | 2,516,719 | ||||||||||||||
Total interest-earning assets | 5,986,765 | 5,911,187 | 5,778,437 | 5,622,085 | 5,471,208 | ||||||||||||||
Other assets | 102,259 | 92,565 | 142,619 | 162,382 | 221,835 | ||||||||||||||
Total assets | $ | 6,089,024 | $ | 6,003,752 | $ | 5,921,056 | $ | 5,784,467 | $ | 5,693,043 | |||||||||
Total interest-bearing deposits | $ | 3,768,095 | $ | 3,853,821 | $ | 3,830,688 | $ | 2,419,113 | $ | 3,888,181 | |||||||||
Other borrowings | 771,076 | 478,730 | 345,758 | 69,224 | 11,938 | ||||||||||||||
Total interest-bearing liabilities | 4,539,171 | 4,332,551 | 4,176,446 | 4,026,262 | 3,900,119 | ||||||||||||||
Total non-interest bearing deposits | 1,248,426 | 1,380,744 | 1,398,086 | 1,400,644 | 1,378,400 | ||||||||||||||
Non-interest bearing other liabilities | 106,506 | 106,010 | 119,131 | 105,816 | 110,416 | ||||||||||||||
Shareholders' equity | 194,921 | 184,447 | 227,393 | 251,745 | 304,108 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 6,089,024 | $ | 6,003,752 | $ | 5,921,056 | $ | 5,784,467 | $ | 5,693,043 | |||||||||
Consolidated Income Statement (selected items) | |||||||||||||||||||
Net interest income | $ | 23,993 | $ | 32,935 | $ | 37,999 | $ | 38,400 | $ | 36,140 | |||||||||
Provision for credit losses | 443 | 764 | 3,998 | 830 | (72 | ) | |||||||||||||
Noninterest income | 1,269 | 4,892 | 5,742 | 4,873 | 4,347 | ||||||||||||||
Noninterest expense | 37,215 | 36,433 | 37,714 | 37,250 | 32,195 | ||||||||||||||
Net income before tax | (12,396 | ) | 630 | 2,029 | 5,193 | 8,364 | |||||||||||||
Provision for income taxes | (3,320 | ) | 384 | 476 | 1,200 | 2,129 | |||||||||||||
Net (loss) income | $ | (9,076 | ) | $ | 246 | $ | 1,553 | $ | 3,993 | $ | 6,235 | ||||||||
Preferred stock dividends | 644 | 644 | 644 | 644 | 866 | ||||||||||||||
Net (loss) income attributable to common shareholders | $ | (9,720 | ) | $ | (398 | ) | $ | 909 | $ | 3,349 | $ | 5,369 | |||||||
Basic earnings per common share | $ | (0.15 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.09 | |||||||
Diluted earnings per common share | $ | (0.15 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.08 | |||||||
Profitability Indicators | |||||||||||||||||||
Return on average assets (annualized) | -0.64 | % | -0.03 | % | 0.06 | % | 0.23 | % | 0.38 | % | |||||||||
Return on average equity (annualized) | -19.95 | % | -0.86 | % | 1.60 | % | 5.32 | % | 7.06 | % | |||||||||
Tax-equivalent net interest margin | 1.62 | % | 2.25 | % | 2.63 | % | 2.76 | % | 2.69 | % | |||||||||
Efficiency ratio | 147.32 | % | 96.31 | % | 86.22 | % | 86.08 | % | 79.52 | % | |||||||||
Share Data | |||||||||||||||||||
Closing share price | $ | 1.36 | $ | 2.15 | $ | 2.83 | $ | 3.81 | $ | 5.16 | |||||||||
Book value per common share | $ | 2.53 | $ | 2.47 | $ | 2.42 | $ | 3.11 | $ | 3.78 | |||||||||
Price / book value | 54.0 | % | 87.0 | % | 117.0 | % | 123.0 | % | 137.0 | % | |||||||||
Weighted average diluted shares outstanding | 76,126,478 | 76,106,537 | 76,109,691 | 76,545,952 | 75,180,067 | ||||||||||||||
Shares outstanding, end of period | 63,867,092 | 63,814,001 | 63,787,064 | 63,755,960 | 63,739,566 | ||||||||||||||
Capital Ratios | |||||||||||||||||||
Republic First Bancorp, Inc ("Company") | |||||||||||||||||||
Total risk based capital | 10.42 | % | 10.62 | % | |||||||||||||||
Tier one risk based capital | 9.67 | % | 9.89 | % | |||||||||||||||
CET 1 risk based capital | 8.36 | % | 8.59 | % | |||||||||||||||
Tier one leveraged capital | 5.45 | % | 5.64 | % | |||||||||||||||
Republic First Bank ("Republic") | |||||||||||||||||||
Total risk based capital | 10.19 | % | 10.34 | % | |||||||||||||||
Tier one risk based capital | 9.43 | % | 9.61 | % | |||||||||||||||
CET 1 risk based capital | 9.43 | % | 9.61 | % | |||||||||||||||
Tier one leveraged capital | 5.30 | % | 5.47 | % | |||||||||||||||
Asset Quality Indicators | |||||||||||||||||||
Net loan charge-offs (recoveries) ("NCO"s) | $ | (8 | ) | $ | (37 | ) | $ | (359 | ) | $ | 3,007 | $ | 50 | ||||||
Loans risk-rated special mention | 877 | 881 | 887 | 232 | 234 | ||||||||||||||
Total risk-rated substandard | 21,269 | 22,059 | 19,347 | 20,274 | 18,292 | ||||||||||||||
Total criticized loans | $ | 22,146 | $ | 22,940 | $ | 20,234 | $ | 20,506 | $ | 18,526 | |||||||||
Nonperforming loans ("NPL"s) | $ | 18,592 | $ | 17,191 | $ | 15,450 | $ | 14,540 | $ | 12,426 | |||||||||
Other real estate owned ("OREO") | 554 | 875 | 876 | 230 | 360 | ||||||||||||||
Total nonperforming assets ("NPA"s) | $ | 19,146 | $ | 18,066 | $ | 16,326 | $ | 14,770 | $ | 12,786 | |||||||||
Loans 30 to 59 days past due | $ | 6,160 | $ | 6,354 | $ | 11,795 | $ | 13,602 | $ | 7,588 | |||||||||
Loans 60 to 89 days past due | 123 | 1,178 | 3,307 | 2 | 2,825 | ||||||||||||||
Loans 90 or more days past due | 18,592 | 17,191 | 15,450 | 14,540 | 12,424 | ||||||||||||||
Total delinquent loans | $ | 24,875 | $ | 24,723 | $ | 30,552 | $ | 28,144 | $ | 22,837 | |||||||||
Delinquent loans to total loans | 0.79 | % | 0.79 | % | 1.00 | % | 1.02 | % | 0.89 | % | |||||||||
NCOs to average loans (annualized) | 0.00 | % | 0.00 | % | -0.05 | % | 0.46 | % | 0.01 | % | |||||||||
NPLs to total loans | 0.59 | % | 0.55 | % | 0.50 | % | 0.53 | % | 0.49 | % | |||||||||
NPAs to total loans | 0.61 | % | 0.58 | % | 0.53 | % | 0.54 | % | 0.50 | % | |||||||||
NPAs to total assets | 0.31 | % | 0.30 | % | 0.27 | % | 0.25 | % | 0.22 | % | |||||||||
ACL to NPLs | 143 | % | 152 | % | 163 | % | 144 | % | 186 | % | |||||||||
ACL to classified loans | 125 | % | 118 | % | 131 | % | 104 | % | 127 | % | |||||||||
ACL to total loans | 0.84 | % | 0.83 | % | 0.83 | % | 0.76 | % | 0.91 | % | |||||||||
Republic First Bancorp, Inc. | |||||||||||||||||||
Consolidating Balance Sheet (UNAUDITED) | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
ASSETS: | |||||||||||||||||||
Cash and Due From Banks | $ | 11,778 | $ | 13,736 | $ | 15,670 | $ | 16,423 | $ | 15,231 | |||||||||
Interest bearing deposits with banks | 141,456 | 35,431 | 36,782 | 69,733 | 86,226 | ||||||||||||||
Cash and cash equivalents | 153,234 | 49,167 | 52,452 | 86,156 | 101,457 | ||||||||||||||
Investment securities AFS, at fair value | 899,225 | 897,980 | 999,521 | 1,111,672 | 1,116,109 | ||||||||||||||
Investment securities HTM, at amortized cost | 1,630,244 | 1,629,355 | 1,562,376 | 1,600,085 | 1,649,856 | ||||||||||||||
Equity securities | 13 | 6,019 | 6,627 | 6,793 | 7,888 | ||||||||||||||
Restricted Stock, at cost | 34,327 | 34,245 | 21,907 | 15,528 | 3,135 | ||||||||||||||
Mortgage loans held for sale, at fair value | 2,294 | 3,590 | 6,038 | 5,670 | 4,653 | ||||||||||||||
Other loans held for sale | 9,412 | 4,249 | 4,785 | 4,759 | 4,488 | ||||||||||||||
Loans receivable (net of ACL) | 3,112,898 | 3,106,895 | 3,035,597 | 2,729,686 | 2,534,011 | ||||||||||||||
Premises and equipment, net | 134,553 | 134,747 | 130,902 | 130,498 | 129,607 | ||||||||||||||
Other real estate owned, net | 554 | 875 | 876 | 230 | 360 | ||||||||||||||
Accrued interest receivable | 21,275 | 19,748 | 18,783 | 16,381 | 16,014 | ||||||||||||||
Operating lease right-of-use asset | 70,099 | 71,453 | 73,135 | 75,271 | 76,454 | ||||||||||||||
Other assets | 88,672 | 89,996 | 86,255 | 72,876 | 56,433 | ||||||||||||||
TOTAL ASSETS | $ | 6,156,800 | $ | 6,048,319 | $ | 5,999,254 | $ | 5,855,605 | $ | 5,700,465 | |||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Deposits | |||||||||||||||||||
Demand (Non-interest Bearing) | $ | 1,210,262 | $ | 1,289,420 | $ | 1,418,060 | $ | 1,425,659 | $ | 1,404,454 | |||||||||
Demand (Interest Bearing) | 2,344,256 | 2,469,761 | 2,497,761 | 2,294,931 | 2,352,205 | ||||||||||||||
Money market and savings | 1,066,786 | 1,149,995 | 1,217,580 | 1,342,883 | 1,363,484 | ||||||||||||||
Time deposits | 256,935 | 103,787 | 118,183 | 149,553 | 190,093 | ||||||||||||||
Total deposits | 4,878,239 | 5,012,963 | 5,251,584 | 5,213,026 | 5,310,236 | ||||||||||||||
Other borrowings | 970,000 | 727,200 | 442,500 | 292,500 | - | ||||||||||||||
Subordinated debt | 11,286 | 11,284 | 11,282 | 11,281 | 11,279 | ||||||||||||||
Accrued interest payable | 1,405 | 650 | 401 | 498 | 563 | ||||||||||||||
Operating lease liability | 76,071 | 77,031 | 79,620 | 81,700 | 82,824 | ||||||||||||||
Other liabilities | 23,004 | 26,442 | 24,409 | 23,459 | 19,827 | ||||||||||||||
TOTAL LIABILITIES: | 5,960,005 | 5,855,570 | 5,809,796 | 5,622,464 | 5,424,729 | ||||||||||||||
Preferred Stock | 15 | 15 | 15 | 15 | 15 | ||||||||||||||
Common Stock | 645 | 643 | 643 | 643 | 643 | ||||||||||||||
Additional paid in capital | 326,955 | 326,931 | 326,549 | 326,031 | 325,479 | ||||||||||||||
Retained earnings | 9,484 | 19,203 | 19,601 | 18,692 | 15,343 | ||||||||||||||
Treasury Stock at cost | (3,725 | ) | (3,725 | ) | (3,725 | ) | (3,725 | ) | (3,725 | ) | |||||||||
Stock held by deferred compensation plan | - | - | (183 | ) | (183 | ) | (183 | ) | |||||||||||
Accumulated other comprehensive loss | (136,579 | ) | (150,318 | ) | (153,442 | ) | (108,332 | ) | (61,836 | ) | |||||||||
Total Shareholders' Equity | 196,795 | 192,749 | 189,458 | 233,141 | 275,736 | ||||||||||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY: | $ | 6,156,800 | $ | 6,048,319 | $ | 5,999,254 | $ | 5,855,605 | $ | 5,700,465 | |||||||||
Republic First Bancorp, Inc. | |||||||||||||||||||
Supplemental Balance Sheet Information (UNAUDITED) | |||||||||||||||||||
(dollars in thousands, except for share data) | |||||||||||||||||||
As of or For the Three Months Ended | |||||||||||||||||||
Total loans: | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||
Commercial real estate | $ | 895,403 | $ | 918,545 | $ | 915,494 | $ | 827,720 | $ | 771,549 | |||||||||
Construction and land development | 303,549 | 256,528 | 226,627 | 212,436 | 234,217 | ||||||||||||||
Commercial and industrial | 288,920 | 301,410 | 303,518 | 310,783 | 289,547 | ||||||||||||||
Owner occupied real estate | 569,706 | 565,327 | 557,496 | 552,723 | 534,710 | ||||||||||||||
Consumer and other | 86,972 | 91,186 | 95,618 | 81,140 | 78,374 | ||||||||||||||
Residential mortgage | 992,113 | 996,707 | 954,679 | 739,768 | 590,337 | ||||||||||||||
Paycheck protection program | 5,628 | 6,412 | 10,787 | 29,824 | 63,334 | ||||||||||||||
Total loans receivable | 3,142,291 | 3,136,115 | 3,064,219 | 2,754,394 | 2,562,068 | ||||||||||||||
Deferred costs (fees) | (2,873 | ) | (3,148 | ) | (3,367 | ) | (3,711 | ) | (4,901 | ) | |||||||||
Allowance for credit losses | (26,520 | ) | (26,072 | ) | (25,255 | ) | (20,997 | ) | (23,156 | ) | |||||||||
Net loans receivable | $ | 3,112,898 | $ | 3,106,895 | $ | 3,035,597 | $ | 2,729,686 | $ | 2,534,011 | |||||||||
Non-Performing Loans: | |||||||||||||||||||
Commercial real estate | $ | 1,304 | $ | 1,334 | $ | 600 | $ | 825 | $ | 4,493 | |||||||||
Construction and land development | 8,961 | 8,997 | 9,052 | 9,128 | - | ||||||||||||||
Commercial and industrial | 2,129 | 1,293 | 304 | 305 | 2,468 | ||||||||||||||
Owner occupied real estate | 3,114 | 2,746 | 2,759 | 3,225 | 3,710 | ||||||||||||||
Consumer and other | 1,373 | 1,383 | 815 | 1,044 | 1,052 | ||||||||||||||
Residential mortgage | 287 | - | - | - | 701 | ||||||||||||||
Paycheck protection program | 1,424 | 1,438 | 1,920 | 13 | - | ||||||||||||||
Total non-performing loans | $ | 18,592 | $ | 17,191 | $ | 15,450 | $ | 14,540 | $ | 12,424 | |||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | (215 | ) | $ | 621 | $ | - | ||||||||
Construction and land development | - | - | - | - | - | ||||||||||||||
Commercial and industrial | - | (29 | ) | (149 | ) | 2,154 | (10 | ) | |||||||||||
Owner occupied real estate | - | - | - | 197 | (7 | ) | |||||||||||||
Consumer and other | (8 | ) | (8 | ) | 5 | 35 | 67 | ||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||
Paycheck protection program | - | - | - | - | - | ||||||||||||||
Total net loan charge-offs (recoveries) | $ | (8 | ) | $ | (37 | ) | $ | (359 | ) | $ | 3,007 | $ | 50 | ||||||
Investment securities available for sale at fair value | |||||||||||||||||||
U.S. Government agencies | $ | 16,213 | $ | 17,021 | $ | 18,395 | $ | 20,051 | $ | 21,536 | |||||||||
Collateralized mortgage obligations | 316,538 | 312,988 | 321,015 | 350,776 | 354,341 | ||||||||||||||
Agency mortgage-backed securities | 414,332 | 413,706 | 416,022 | 484,760 | 495,122 | ||||||||||||||
Municipal securities | 48,973 | 47,523 | 45,773 | 48,618 | 21,837 | ||||||||||||||
Corporate bonds | 103,169 | 106,742 | 198,316 | 207,467 | 223,273 | ||||||||||||||
Total investment securities available for sale, at fair value | $ | 899,225 | $ | 897,980 | $ | 999,521 | $ | 1,111,672 | $ | 1,116,109 | |||||||||
Unrealized gain (loss) on investment securities available for sale | |||||||||||||||||||
U.S. Government agencies | $ | (1,045 | ) | $ | (1,467 | ) | $ | (1,411 | ) | $ | (939 | ) | $ | (1,483 | ) | ||||
Collateralized mortgage obligations | (59,918 | ) | (68,291 | ) | (67,004 | ) | (45,387 | ) | (26,475 | ) | |||||||||
Agency mortgage-backed securities | (82,924 | ) | (89,973 | ) | (94,247 | ) | (67,559 | ) | (36,899 | ) | |||||||||
Municipal securities | (2,934 | ) | (4,498 | ) | (6,355 | ) | (3,673 | ) | (1,417 | ) | |||||||||
Corporate bonds | (7,481 | ) | (7,911 | ) | (34,526 | ) | (25,366 | ) | (14,138 | ) | |||||||||
Total unrealized gain (loss) on investment securities available for sale | $ | (154,302 | ) | $ | (172,140 | ) | $ | (203,543 | ) | $ | (142,924 | ) | $ | (80,412 | ) | ||||
Investment securities held to maturity, at amortized cost | |||||||||||||||||||
U.S. Government agencies | $ | 47,975 | $ | 50,408 | $ | 52,788 | $ | 56,226 | $ | 61,072 | |||||||||
Collateralized mortgage obligations | 363,389 | 363,733 | 374,421 | 385,744 | 402,478 | ||||||||||||||
Agency mortgage-backed securities | 1,122,559 | 1,126,111 | 1,135,167 | 1,158,115 | 1,186,306 | ||||||||||||||
Municipal securities | 6,551 | - | - | - | - | ||||||||||||||
Corporate bonds | 89,770 | 89,103 | |||||||||||||||||
Total investment securities held to maturity, at amortized cost | $ | 1,630,244 | $ | 1,629,355 | $ | 1,562,376 | $ | 1,600,085 | $ | 1,649,856 | |||||||||
Unrealized gain (loss) on investment securities held to maturity | |||||||||||||||||||
U.S. Government agencies | $ | (3,608 | ) | $ | (4,417 | ) | $ | (4,764 | ) | $ | (3,012 | ) | $ | (1,631 | ) | ||||
Collateralized mortgage obligations | (58,181 | ) | (66,232 | ) | (67,557 | ) | (36,989 | ) | (23,898 | ) | |||||||||
Agency mortgage-backed securities | (196,310 | ) | (209,762 | ) | (222,509 | ) | (160,039 | ) | (92,916 | ) | |||||||||
Municipal securities | (16 | ) | - | - | - | - | |||||||||||||
Corporate bonds | 4,357 | 551 | - | - | - | ||||||||||||||
Total unrealized gain (loss) on investment securities held to maturity | $ | (253,758 | ) | $ | (279,860 | ) | $ | (294,830 | ) | $ | (200,040 | ) | $ | (118,445 | ) | ||||
Deposits | |||||||||||||||||||
Demand – non-interest bearing | $ | 1,210,262 | $ | 1,289,420 | $ | 1,418,060 | $ | 1,425,659 | $ | 1,404,454 | |||||||||
Demand – interest bearing | 2,344,256 | 2,469,761 | 2,497,761 | 2,294,931 | 2,352,205 | ||||||||||||||
Money market and savings | 1,066,786 | 1,149,995 | 1,217,580 | 1,342,883 | 1,363,484 | ||||||||||||||
Time Deposits | 256,935 | 103,787 | 118,183 | 149,553 | 190,093 | ||||||||||||||
Total deposits | $ | 4,878,239 | $ | 5,012,963 | $ | 5,251,584 | $ | 5,213,026 | $ | 5,310,236 | |||||||||
Republic First Bancorp, Inc. | |||||||||||||||||||
Consolidating Income Statement (UNAUDITED) | |||||||||||||||||||
(dollars in thousands, except for share data) | |||||||||||||||||||
For the three months ended | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on taxable loans | $ | 35,557 | $ | 34,060 | $ | 30,653 | $ | 26,994 | $ | 25,657 | |||||||||
Interest and fees on tax-exempt loans | 612 | 615 | 605 | 557 | 411 | ||||||||||||||
Interest and dividends on taxable investment securities | 14,990 | 14,730 | 14,304 | 14,248 | 13,197 | ||||||||||||||
Interest and dividends on tax-exempt investment securities | 424 | 392 | 392 | 340 | 143 | ||||||||||||||
Interest on federal funds sold and other interest-earning assets | 581 | 143 | 54 | 85 | 40 | ||||||||||||||
Total interest income | 52,164 | 49,940 | 46,008 | 42,224 | 39,448 | ||||||||||||||
Interest expense | |||||||||||||||||||
Demand- interest bearing | 13,912 | 9,831 | 4,798 | 2,528 | 2,210 | ||||||||||||||
Money market and savings | 3,643 | 2,234 | 845 | 779 | 795 | ||||||||||||||
Time deposits | 1,023 | 119 | 139 | 222 | 246 | ||||||||||||||
Other borrowings | 9,593 | 4,821 | 2,227 | 295 | 57 | ||||||||||||||
Total interest expense | 28,171 | 17,005 | 8,009 | 3,824 | 3,308 | ||||||||||||||
Net interest income | 23,993 | 32,935 | 37,999 | 38,400 | 36,140 | ||||||||||||||
Provision for credit losses | 443 | 764 | 3,998 | 830 | (72 | ) | |||||||||||||
Net interest income after provision for credit losses | 23,550 | 32,171 | 34,001 | 37,570 | 36,212 | ||||||||||||||
Non-interest income | |||||||||||||||||||
Loan and servicing fees | 176 | 771 | 311 | 694 | 495 | ||||||||||||||
Mortgage banking income | 211 | 486 | 844 | 888 | 1,115 | ||||||||||||||
Gain on sales of SBA loans | 190 | 354 | 502 | 684 | 527 | ||||||||||||||
Service fees on deposit accounts | 3,268 | 3,473 | 3,668 | 3,108 | 3,467 | ||||||||||||||
Net (loss) gain on sale or call of investment securities | - | - | (46 | ) | - | - | |||||||||||||
Other non-interest (loss) income | (2,576 | ) | (192 | ) | 463 | (501 | ) | (1,257 | ) | ||||||||||
Total non-interest income | 1,269 | 4,892 | 5,742 | 4,873 | 4,347 | ||||||||||||||
Non-interest expenses: | |||||||||||||||||||
Salaries and employee benefits | 14,973 | 14,527 | 16,276 | 16,349 | 14,532 | ||||||||||||||
Occupancy | 3,886 | 3,990 | 3,982 | 3,468 | 3,932 | ||||||||||||||
Depreciation and amortization | 2,524 | 2,349 | 2,193 | 2,149 | 2,113 | ||||||||||||||
Legal | 3,483 | 4,672 | 3,617 | 6,322 | 1,004 | ||||||||||||||
Other real estate owned | 450 | 241 | 317 | (111 | ) | 203 | |||||||||||||
Appraisal and other loan expenses | 719 | 693 | 428 | 54 | 333 | ||||||||||||||
Advertising | 202 | 326 | 231 | 233 | 211 | ||||||||||||||
Data processing | 1,323 | 2,284 | 1,574 | 1,136 | 2,899 | ||||||||||||||
Insurance | 517 | 542 | 179 | 169 | 312 | ||||||||||||||
Professional fees | 3,694 | 1,313 | 1,875 | 1,055 | 965 | ||||||||||||||
Debit card processing | 929 | 905 | 991 | 906 | 826 | ||||||||||||||
Regulatory assessments and costs | 1,299 | 1,390 | 1,101 | 1,077 | 1,112 | ||||||||||||||
Taxes, other | 523 | (964 | ) | 757 | 790 | 524 | |||||||||||||
Other operating expenses | 2,693 | 4,165 | 4,193 | 3,653 | 3,229 | ||||||||||||||
Total non-interest expense | 37,215 | 36,433 | 37,714 | 37,250 | 32,195 | ||||||||||||||
Income (loss) before provision (benefit) for income taxes | (12,396 | ) | 630 | 2,029 | 5,193 | 8,364 | |||||||||||||
Provision (benefit) for income taxes | (3,320 | ) | 384 | 476 | 1,200 | 2,129 | |||||||||||||
Net (loss) income | $ | (9,076 | ) | $ | 246 | $ | 1,553 | $ | 3,993 | $ | 6,235 | ||||||||
Preferred stock dividends | 644 | 644 | 644 | 644 | 866 | ||||||||||||||
Net (loss) income available to common shareholders | $ | (9,720 | ) | $ | (398 | ) | $ | 909 | $ | 3,349 | $ | 5,369 | |||||||
Net (loss) income per share | |||||||||||||||||||
Basic earnings per common share | $ | (0.15 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.09 | |||||||
Diluted earnings per common share | $ | (0.15 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.08 | |||||||
Republic First Bancorp, Inc. | ||||||||||||||||||||||||||
Average Balance Sheet (UNAUDITED) | ||||||||||||||||||||||||||
(dollars in thousands, except for share data) | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid (a) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid (a) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid (a) | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||
Federal funds sold and other interest-earning assets | $ | 84,228 | $ | 581 | 2.80 | % | $ | 45,580 | $ | 143 | 1.26 | % | $ | 137,533 | $ | 40 | 0.12 | % | ||||||||
Investment securities and restricted stock | 2,763,904 | 15,503 | 2.27 | % | 2,779,268 | 15,204 | 2.19 | % | 2,816,956 | 13,378 | 1.93 | % | ||||||||||||||
Loans receivable | 3,138,633 | 36,296 | 4.69 | % | 3,086,339 | 34,804 | 4.52 | % | 2,516,719 | 26,177 | 4.22 | % | ||||||||||||||
Total interest-earning assets | 5,986,765 | 52,380 | 3.55 | % | 5,911,187 | 50,151 | 3.40 | % | 5,471,208 | 39,595 | 2.93 | % | ||||||||||||||
Other assets | 102,259 | 92,565 | 221,835 | |||||||||||||||||||||||
Total assets | $ | 6,089,024 | $ | 6,003,752 | $ | 5,693,043 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Demand deposits - interest bearing | $ | 2,486,972 | $ | 13,912 | 2.27 | % | $ | 2,531,899 | $ | 9,831 | 1.56 | % | $ | 2,326,808 | $ | 2,210 | 0.39 | % | ||||||||
Money market & savings deposits | 1,105,981 | 3,643 | 1.34 | % | 1,212,798 | 2,234 | 0.74 | % | 1,365,857 | 795 | 0.24 | % | ||||||||||||||
Time deposits | 175,142 | 1,023 | 2.37 | % | 109,124 | 119 | 0.44 | % | 195,516 | 246 | 0.51 | % | ||||||||||||||
Total interest-bearing deposits | 3,768,095 | 18,578 | 2.00 | % | 3,853,821 | 12,184 | 1.27 | % | 3,888,181 | 3,251 | 0.34 | % | ||||||||||||||
Other borrowings | 771,076 | 9,593 | 5.05 | % | 478,730 | 4,821 | 4.04 | % | 11,938 | 57 | 1.94 | % | ||||||||||||||
Total interest-bearing liabilities | $ | 4,539,171 | $ | 28,171 | 2.52 | % | $ | 4,332,551 | $ | 17,005 | 1.57 | % | $ | 3,900,119 | $ | 3,308 | 0.34 | % | ||||||||
Demand deposits - non-interest bearing | $ | 1,248,426 | $ | 1,380,744 | $ | 1,378,400 | ||||||||||||||||||||
Non interest-bearing other liabilities | 106,506 | 106,010 | 110,416 | |||||||||||||||||||||||
Shareholders' equity | 194,921 | 184,447 | 304,108 | |||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,089,024 | $ | 6,003,752 | $ | 5,693,043 | ||||||||||||||||||||
Net interest income | $ | 24,209 | $ | 33,146 | $ | 36,287 | ||||||||||||||||||||
Net interest spread | 1.03 | % | 1.83 | % | 2.59 | % | ||||||||||||||||||||
Net interest margin | 1.62 | % | 2.25 | % | 2.69 | % | ||||||||||||||||||||
(a) Computed on a fully tax-equivalent basis using a federal tax rate of 21%. | ||||||||||||||||||||||||||