Exhibit 99.1
News Release Republic First Bancorp, Inc. October 21, 2010 |
REPUBLIC FIRST BANCORP, INC. REPORTS PROFIT FOR THIRD QUARTER 2010
Philadelphia, PA, October 21, 2010 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2010.
During the third quarter of 2010, the Company recorded net income of $68,000, or $0.00 per share, compared to a net loss of $7.1 million, or $0.60 per share, for the second quarter of 2010 and net income of $ 185,000, or $0.02 per share, for the third quarter of 2009.
“We are encouraged by the signs of stabilization in asset quality within our loan portfolio,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “Non-performing loans decreased by 7% during the current quarter and we believe that our strategy to reduce non-performing assets will continue to demonstrate progress in the near term.”
During the third quarter of 2010, the Company completed the process of rebranding to the name Republic Bank. “We are very pleased with the progress we’ve made with the deployment of our new retail focused strategy,” said Madonna. “Every day we are turning Customers into Fans and continuing to prove that the Power of Red is back.”
Highlights
Ø | Non-performing loans decreased by $3.5 million, or 7%, to $48.3 million at September 30, 2010 compared to $51.8 million at June 30, 2010. |
Ø | Successfully opened a new store in Haddonfield, New Jersey during the third quarter of 2010 which is already exceeding deposit growth expectations. |
Ø | The Company continues to strengthen its balance sheet and focus on low cost core deposit growth. |
Ø | Core deposits increased by $54.8 million, or 8%, during the twelve month period ended September 30, 2010. |
Ø | The net interest margin increased to 3.75% for the third quarter of 2010 compared to 3.42% for the second quarter of 2010 and 3.13% for the third quarter of 2009. The cost of funds decreased to 1.13% for the third quarter of 2010 compared to 1.24% for the second quarter of 2010 and 1.83% for the third quarter of 2009. |
Ø | Capital levels remain strong with a Total Risk-Based Capital ratio of 14.58% and a Tier I Leverage Ratio of 10.96% at September 30, 2010. |
Ø | With the addition of new talent, products, and services the Company continues to strengthen itself for competitive growth and performance. |
Income Statement
The Company reported net income of $68,000, or $0.00 per share, for the three months ended September 30, 2010, compared to a net loss of $7.1 million, or $0.60 per share, for the three months ended June 30, 2010 and net income of $185,000, or $0.02 per share, for the three months ended September 30, 2009.
Net interest income increased to $7.9 million for the third quarter of 2010 compared to $7.5 million for the second quarter of 2010 and $6.8 million for the third quarter of 2009 primarily due to a reduction in the cost of funds. The net interest margin increased to 3.75% for the third quarter of 2010 compared to 3.42% for the second quarter of 2010 and 3.13% for the third quarter of 2009. The Company continues to make progress in the growth of low cost core deposits.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
Description | September 30, 2010 | September 30, 2009 | % Change | June 30, 2010 | % Change | |||||||||||||||
Total assets | $ | 946,657 | $ | 952,451 | (1 | %) | $ | 934,303 | 1 | % | ||||||||||
Total loans (net) | 625,071 | 697,073 | (10 | %) | 658,812 | (5 | %) | |||||||||||||
Total deposits | 825,134 | 823,638 | 0 | % | 805,211 | 2 | % | |||||||||||||
Total core deposits * | 705,659 | 650,823 | 8 | % | 681,765 | 4 | % | |||||||||||||
* Core deposits represent total deposits less public and brokered certificates of deposit
Net loans decreased to $625.1 million as of September 30, 2010, as the Company continues to reduce exposure in the commercial real estate loan portfolio. Core deposits grew by 8% to $705.7 million as of September 30, 2010 compared to $650.8 million at September 30, 2009 primarily as a result of the retail-focused model that the Company has initiated.
Liquidity remained strong as the Company continues to decrease its dependence on outside borrowings, while increasing cash and investment securities balances by $56.2 million as of September 30, 2010 when compared to September 30, 2009. These changes are attributable to the strong growth in core deposits over that period of time.
2
Core Deposits
Core deposits by type of account are as follows (dollars in thousands):
Description | September 30, 2010 | September 30, 2009 | % Change | June 30, 2010 | % Change | 3rd Qtr 2010 Cost of Funds | ||||||||||||||||||
Demand noninterest-bearing | $ | 111,908 | $ | 92,017 | 22 | % | $ | 117,169 | (4 | %) | 0.00 | % | ||||||||||||
Demand interest-bearing | 62,536 | 47,418 | 32 | % | 64,636 | (3 | %) | 0.79 | % | |||||||||||||||
Money market and savings | 335,046 | 303,111 | 11 | % | 311,790 | 7 | % | 1.06 | % | |||||||||||||||
Certificates of deposit | 196,169 | 208,277 | (6 | %) | 188,170 | 4 | % | 1.86 | % | |||||||||||||||
�� | ||||||||||||||||||||||||
Total core deposits | $ | 705,659 | $ | 650,823 | 8 | % | $ | 681,765 | 4 | % | 1.09 | % | ||||||||||||
Core deposits, which exclude all public and brokered certificates of deposit, increased to $705.7 million at September 30, 2010, an increase of $54.8 million, or 8%, from September 30, 2009. We believe core deposits are the appropriate measure of deposits gathered through our store network.
Lending
Loans by type of customer are as follows (dollars in thousands):
Description | September 30, 2010 | % of Total | September 30, 2009 | % of Total | June 30, 2010 | % of Total | ||||||||||||||||||
Commercial | $ | 79,118 | 13 | % | $ | 85,881 | 12 | % | $ | 92,500 | 14 | % | ||||||||||||
Owner-occupied | 72,723 | 11 | % | 78,527 | 11 | % | 84,507 | 13 | % | |||||||||||||||
Total commercial | 151,841 | 24 | % | 164,408 | 23 | % | 177,007 | 27 | % | |||||||||||||||
Consumer & residential | 22,070 | 3 | % | 20,586 | 3 | % | 21,756 | 3 | % | |||||||||||||||
Commercial real estate | 462,049 | 73 | % | 524,723 | 74 | % | 470,325 | 70 | % | |||||||||||||||
Total loans | $ | 635,960 | 100 | % | $ | 709,717 | 100 | % | $ | 669,088 | 100 | % | ||||||||||||
We continue to thoroughly review the underlying collateral values and guarantees behind the loan portfolio and assess the adequacy of the loan loss reserve as a result of such reviews.
3
Asset Quality
The Company’s asset quality ratios are highlighted below:
Ratio | September 30, 2010 | September 30, 2009 | June 30, 2010 | |||||||||
Nonperforming assets/total assets | 6.23 | % | 3.09 | % | 6.69 | % | ||||||
Net loan charge-offs/average total loans | 0.05 | % | 1.92 | % | 8.38 | % | ||||||
Allowance for loan losses/gross loans | 1.71 | % | 1.78 | % | 1.54 | % | ||||||
Allowance for loan losses/non-performing loans | 23 | % | 68 | % | 20 | % | ||||||
Nonperforming assets/capital and reserves | 58 | % | 34 | % | 63 | % | ||||||
Non-performing assets were $59.0 million, or 6.23% of total assets, as of September 30, 2010 compared to $62.5 million, or 6.69%, of total assets at June 30, 2010 and $29.4 million, or 3.09%, of total assets at September 30, 2009. The Company recorded a provision for loan losses of $700,000 during the three months ended September 30, 2010, compared to a provision of $10.8 million for the three months ended June 30, 2010 and $150,000 for the three months ended September 30, 2009. The allowance for loan losses as a percentage of total loans was 1.71% as of September 30, 2010, compared to 1.54% as of June 30, 2010 and 1.78% as of September 30, 2009.
Capital
The Company’s capital regulatory ratios at September 30, 2010 were as follows:
Republic First Bancorp, Inc. | Regulatory Guidelines “Well Capitalized” | |||||||
Leverage Ratio | 10.96 | % | 5.00 | % | ||||
Tier 1 Risk Based Capital | 13.33 | % | 6.00 | % | ||||
Total Risk Based Capital | 14.58 | % | 10.00 | % | ||||
Total shareholders’ equity was $90.2 million at September 30, 2010 which represented a book value per share of $3.47, based on common shares outstanding of approximately 26.0 million.
The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as required by federal banking agencies.
4
About 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 (FDIC). The Bank provides diversified financial products through its thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey.
Forward Looking Statements
The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. 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 their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-Q for the quarter ended March 31, 2010 and other documents the Company files from time to ti me with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” 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
5
Republic First Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Selected Consolidated Financial Data | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
% | % | % | ||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | 9/30/10 | 6/30/10 | Change | 9/30/09 | Change | 9/30/10 | 9/30/09 | Change | ||||||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||||||||||
Net interest income | $ | 7,921 | $ | 7,511 | 5 | % | $ | 6,805 | 16 | % | $ | 22,841 | $ | 20,455 | 12 | % | ||||||||||||||||
Provision for loan losses | 700 | 10,750 | (93 | %) | 150 | 367 | % | 16,950 | 13,200 | 28 | % | |||||||||||||||||||||
Non-interest income | 521 | 254 | 105 | % | 250 | (108 | %) | 1,250 | 1,284 | (3 | %) | |||||||||||||||||||||
Total revenues | 8,442 | 7,765 | 9 | % | 7,055 | 20 | % | 24,091 | 21,739 | 11 | % | |||||||||||||||||||||
Non-interest expenses | 7,718 | 7,953 | (3 | %) | 6,700 | 15 | % | 24,076 | 22,404 | 7 | % | |||||||||||||||||||||
Provision (benefit) for income taxes | (44 | ) | (3,883 | ) | (99 | %) | 20 | 320 | % | (6,086 | ) | (4,855 | ) | (25 | %) | |||||||||||||||||
Net income (loss) | 68 | (7,055 | ) | (101 | %) | 185 | 63 | % | (10,849 | ) | (9,010 | ) | (20 | %) | ||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||||||||
Net income (loss): Basic | $ | - | $ | (0.60 | ) | (100 | %) | $ | 0.02 | 100 | % | $ | (0.67 | ) | $ | (0.85 | ) | 21 | % | |||||||||||||
Net income (loss): Diluted | - | (0.60 | ) | (100 | %) | 0.02 | 100 | % | (0.67 | ) | (0.85 | ) | 21 | % | ||||||||||||||||||
Book Value | $ | 3.47 | $ | 3.47 | $ | 6.82 | $ | 3.47 | $ | 6.82 | ||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 25,871 | 11,707 | 10,666 | 16,109 | 10,651 | |||||||||||||||||||||||||||
Diluted | 25,871 | 11,707 | 10,666 | 16,109 | 10,651 | |||||||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||||||
Total assets | $ | 946,657 | $ | 934,303 | 1 | % | $ | 946,657 | $ | 952,451 | (1 | %) | ||||||||||||||||||||
Loans (net) | 625,071 | 658,812 | (5 | %) | 625,071 | 697,073 | (10 | %) | ||||||||||||||||||||||||
Allowance for loan losses | 10,889 | 10,276 | 6 | % | 10,889 | 12,644 | (14 | %) | ||||||||||||||||||||||||
Investment securities | 156,544 | 180,489 | (13 | %) | 156,544 | 109,104 | 43 | % | ||||||||||||||||||||||||
Total deposits | 825,134 | 805,211 | 2 | % | 825,134 | 823,638 | 0 | % | ||||||||||||||||||||||||
Core deposits* | 705,659 | 681,765 | 4 | % | 705,659 | 650,823 | 8 | % | ||||||||||||||||||||||||
Public and brokered certificates of deposit | 119,475 | 123,446 | (3 | %) | 119,475 | 172,815 | (31 | %) | ||||||||||||||||||||||||
Other borrowed money | - | 9,149 | (100 | %) | - | 25,000 | (100 | %) | ||||||||||||||||||||||||
Subordinated debt | 22,476 | 22,476 | - | 22,476 | 22,476 | - | ||||||||||||||||||||||||||
Stockholders' equity | 90,161 | 88,761 | 2 | % | 90,161 | 72,783 | 24 | % | ||||||||||||||||||||||||
Capital: | ||||||||||||||||||||||||||||||||
Stockholders' equity to total assets | 9.52 | % | 9.50 | % | 9.52 | % | 7.64 | % | ||||||||||||||||||||||||
Leverage ratio | 10.96 | % | 10.59 | % | 10.96 | % | 9.72 | % | ||||||||||||||||||||||||
Risk based capital ratios: | ||||||||||||||||||||||||||||||||
Tier 1 | 13.33 | % | 12.82 | % | 13.33 | % | 11.20 | % | ||||||||||||||||||||||||
Total Capital | 14.58 | % | 14.07 | % | 14.58 | % | 12.45 | % | ||||||||||||||||||||||||
Performance Ratios: | ||||||||||||||||||||||||||||||||
Cost of funds | 1.13 | % | 1.24 | % | 1.83 | % | 1.25 | % | 1.96 | % | ||||||||||||||||||||||
Deposit cost of funds | 1.02 | % | 1.10 | % | 1.69 | % | 1.11 | % | 1.84 | % | ||||||||||||||||||||||
Net interest margin | 3.75 | % | 3.42 | % | 3.13 | % | 3.51 | % | 3.18 | % | ||||||||||||||||||||||
Return on average assets | 0.03 | % | (2.96 | %) | 0.08 | % | (1.53 | %) | (1.31 | %) | ||||||||||||||||||||||
Return on average total stockholders' equity | 0.30 | % | (39.55 | %) | 1.02 | % | (18.89 | %) | (15.95 | %) | ||||||||||||||||||||||
Asset Quality | ||||||||||||||||||||||||||||||||
Net charge-offs to average loans outstanding | 0.05 | % | 8.38 | % | 3.76 | % | 1.60 | % | ||||||||||||||||||||||||
Nonperforming assets to total period-end assets | 6.23 | % | 6.69 | % | 6.23 | % | 3.09 | % | ||||||||||||||||||||||||
Allowance for loan losses to total period-end loans | 1.71 | % | 1.54 | % | 1.71 | % | 1.78 | % | ||||||||||||||||||||||||
Allowance for loan losses to nonperforming loans | 22.53 | % | 19.83 | % | 22.53 | % | 68.03 | % | ||||||||||||||||||||||||
Nonperforming assets to capital and reserves | 58.36 | % | 63.07 | % | 58.36 | % | 34.45 | % | ||||||||||||||||||||||||
* Core deposits equal total deposits less public and brokered certificates of deposit | ||||||||||||||||||||||||||||||||
6
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) | September 30, 2010 | June 30, 2010 | September 30, 2009 | |||||||||||||||||||||||||||||||||
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 | $ | 15,888 | $ | 4 | 0.10 | % | $ | 23,751 | $ | 16 | 0.27 | % | $ | 55,008 | $ | 28 | 0.20 | % | ||||||||||||||||||
Securities | 174,059 | 1,562 | 3.59 | % | 183,421 | 1,602 | 3.49 | % | 82,039 | 1,036 | 5.05 | % | ||||||||||||||||||||||||
Loans receivable | 653,618 | 8,766 | 5.32 | % | 679,889 | 8,675 | 5.12 | % | 733,767 | 9,705 | 5.25 | % | ||||||||||||||||||||||||
Total interest-earning assets | 843,565 | 10,332 | 4.86 | % | 887,061 | 10,293 | 4.65 | % | 870,814 | 10,769 | 4.91 | % | ||||||||||||||||||||||||
Other assets | 78,405 | 69,564 | 58,123 | |||||||||||||||||||||||||||||||||
Total assets | $ | 921,970 | $ | 956,625 | $ | 928,937 | ||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand non interest-bearing | $ | 109,617 | $ | 118,223 | $ | 86,206 | ||||||||||||||||||||||||||||||
Demand interest-bearing | 59,934 | $ | 119 | 0.79 | % | 63,277 | $ | 125 | 0.79 | % | 48,148 | $ | 78 | 0.64 | % | |||||||||||||||||||||
Money market & savings | 314,626 | 839 | 1.06 | % | 321,689 | 912 | 1.14 | % | 296,642 | 1,366 | 1.83 | % | ||||||||||||||||||||||||
Time deposits | 312,364 | 1,093 | 1.39 | % | 329,699 | 1,239 | 1.51 | % | 369,863 | 1,963 | 2.11 | % | ||||||||||||||||||||||||
Total deposits | 796,541 | 2,051 | 1.02 | % | 832,888 | 2,276 | 1.10 | % | 800,859 | 3,407 | 1.69 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | 686,924 | 2,051 | 1.18 | % | 714,665 | 2,276 | 1.28 | % | 714,653 | 3,407 | 1.90 | % | ||||||||||||||||||||||||
Other borrowings | 26,511 | 299 | 4.47 | % | 46,507 | 447 | 3.86 | % | 47,476 | 501 | 4.19 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | 713,435 | 2,350 | 1.31 | % | 761,172 | 2,723 | 1.43 | % | 762,129 | 3,908 | 2.03 | % | ||||||||||||||||||||||||
Total deposits and | ||||||||||||||||||||||||||||||||||||
other borrowings | 823,052 | 2,350 | 1.13 | % | 879,395 | 2,723 | 1.24 | % | 848,335 | 3,908 | 1.83 | % | ||||||||||||||||||||||||
Non interest-bearing liabilities | 9,068 | 5,681 | 8,897 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 89,850 | 71,549 | 71,705 | |||||||||||||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||||||||||||||
shareholders' equity | $ | 921,970 | $ | 956,625 | $ | 928,937 | ||||||||||||||||||||||||||||||
Net interest income | $ | 7,982 | $ | 7,570 | $ | 6,861 | ||||||||||||||||||||||||||||||
Net interest spread | 3.55 | % | 3.22 | % | 2.88 | % | ||||||||||||||||||||||||||||||
Net interest margin | 3.75 | % | 3.42 | % | 3.13 | % | ||||||||||||||||||||||||||||||
The above tables are presented on a tax equivalent basis. | ||||||||||||||||||||||||||||||||||||
7
Republic First Bancorp, Inc. Average Balances and Net Interest Income | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
For the nine months ended | For the nine months ended | |||||||||||||||||||||||
(dollars in thousands) | September 30, 2010 | September 30, 2009 | ||||||||||||||||||||||
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 | $ | 20,800 | $ | 40 | 0.26 | % | $ | 30,646 | $ | 50 | 0.22 | % | ||||||||||||
Securities | 183,015 | 4,880 | 3.56 | % | 86,379 | 3,335 | 5.15 | % | ||||||||||||||||
Loans receivable | 672,341 | 26,200 | 5.21 | % | 750,550 | 29,558 | 5.27 | % | ||||||||||||||||
Total interest-earning assets | 876,156 | 31,120 | 4.75 | % | 867,575 | 32,943 | 5.08 | % | ||||||||||||||||
Other assets | 73,509 | 55,398 | ||||||||||||||||||||||
Total assets | $ | 949,665 | $ | 922,973 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand non interest-bearing | $ | 117,689 | $ | 81,625 | ||||||||||||||||||||
Demand interest-bearing | 57,610 | $ | 326 | 0.76 | % | 44,930 | $ | 218 | 0.65 | % | ||||||||||||||
Money market & savings | 314,751 | 2,801 | 1.19 | % | 268,481 | 3,841 | 1.91 | % | ||||||||||||||||
Time deposits | 334,109 | 3,743 | 1.50 | % | 382,497 | 6,644 | 2.32 | % | ||||||||||||||||
Total deposits | 824,159 | 6,870 | 1.11 | % | 777,533 | 10,703 | 1.84 | % | ||||||||||||||||
Total interest-bearing deposits | 706,470 | 6,870 | 1.30 | % | 695,908 | 10,703 | 2.06 | % | ||||||||||||||||
Other borrowings | 40,453 | 1,229 | 4.06 | % | 60,816 | 1,618 | 3.56 | % | ||||||||||||||||
Total interest-bearing liabilities | 746,923 | 8,099 | 1.45 | % | 756,724 | 12,321 | 2.18 | % | ||||||||||||||||
Total deposits and | ||||||||||||||||||||||||
other borrowings | 864,612 | 8,099 | 1.25 | % | 838,349 | 12,321 | 1.96 | % | ||||||||||||||||
Non interest-bearing liabilities | 8,258 | 9,106 | ||||||||||||||||||||||
Shareholders' equity | 76,795 | 75,518 | ||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||
shareholders' equity | $ | 949,665 | $ | 922,973 | ||||||||||||||||||||
Net interest income | $ | 23,021 | $ | 20,622 | ||||||||||||||||||||
Net interest spread | 3.30 | % | 2.90 | % | ||||||||||||||||||||
Net interest margin | 3.51 | % | 3.18 | % | ||||||||||||||||||||
The above tables are presented on a tax equivalent basis. |
8
Republic First Bancorp, Inc. | ||||||||||||||||||||||||
Summary of Allowance for Loan Losses and Other Related Data | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Year | ||||||||||||||||||||||||
Three months ended | ended | Nine months ended | ||||||||||||||||||||||
(dollars in thousands) | 9/30/10 | 6/30/10 | 9/30/09 | 12/31/09 | 9/30/10 | 9/30/09 | ||||||||||||||||||
Balance at beginning of period | $ | 10,276 | $ | 13,725 | $ | 16,037 | $ | 8,409 | $ | 12,841 | $ | 8,409 | ||||||||||||
Provisions charged to operating expense | 700 | 10,750 | 150 | 14,200 | 16,950 | 13,200 | ||||||||||||||||||
10,976 | 24,475 | 16,187 | 22,609 | 29,791 | 21,609 | |||||||||||||||||||
Recoveries on loans charged-off: | ||||||||||||||||||||||||
Commercial | - | 113 | - | - | 263 | - | ||||||||||||||||||
Consumer | 3 | - | 1 | 2 | 3 | 2 | ||||||||||||||||||
Total recoveries | 3 | 113 | 1 | 2 | 266 | 2 | ||||||||||||||||||
Loans charged-off: | ||||||||||||||||||||||||
Commercial | (90 | ) | (14,270 | ) | (3,544 | ) | (9,764 | ) | (19,126 | ) | (8,961 | ) | ||||||||||||
Consumer | - | (42 | ) | - | (6 | ) | (42 | ) | (6 | ) | ||||||||||||||
Total charged-off | (90 | ) | (14,312 | ) | (3,544 | ) | (9,770 | ) | (19,168 | ) | (8,967 | ) | ||||||||||||
Net charge-offs | (87 | ) | (14,199 | ) | (3,543 | ) | (9,768 | ) | (18,902 | ) | (8,965 | ) | ||||||||||||
Balance at end of period | $ | 10,889 | $ | 10,276 | $ | 12,644 | $ | 12,841 | $ | 10,889 | $ | 12,644 | ||||||||||||
Net charge-offs as a percentage of | ||||||||||||||||||||||||
average loans outstanding | 0.05 | % | 8.38 | % | 1.92 | % | 1.33 | % | 3.76 | % | 1.60 | % | ||||||||||||
Allowance for loan losses as a percentage of | ||||||||||||||||||||||||
period-end loans | 1.71 | % | 1.54 | % | 1.78 | % | 1.85 | % | 1.71 | % | 1.78 | % | ||||||||||||
9
Republic First Bancorp, Inc. | ||||||||||||||||||||
Summary of Non-Performing Loans and Assets | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
(dollars in thousands) | 2010 | 2010 | 2010 | 2009 | 2009 | |||||||||||||||
Non-accrual loans: | ||||||||||||||||||||
Commercial real estate | $ | 45,958 | $ | 51,213 | $ | 36,144 | $ | 25,449 | $ | 17,997 | ||||||||||
Consumer and other | 574 | 599 | 582 | 585 | 588 | |||||||||||||||
Total non-accrual loans | 46,532 | 51,812 | 36,726 | 26,034 | 18,585 | |||||||||||||||
Loans past due 90 days or more | ||||||||||||||||||||
and still accruing | 1,795 | - | - | - | - | |||||||||||||||
Renegotiated loans | - | - | - | - | - | |||||||||||||||
Total non-performing loans | 48,327 | 51,812 | 36,726 | 26,034 | 18,585 | |||||||||||||||
Other real estate owned | 10,647 | 10,647 | 11,044 | 13,611 | 10,847 | |||||||||||||||
Total non-performing assets | $ | 58,974 | $ | 62,459 | $ | 47,770 | $ | 39,645 | $ | 29,432 | ||||||||||
Non-performing loans to total loans | 7.60 | % | 7.74 | % | 5.41 | % | 3.75 | % | 2.62 | % | ||||||||||
Non-performing assets to total assets | 6.23 | % | 6.69 | % | 4.94 | % | 3.93 | % | 3.09 | % | ||||||||||
Non-performing loan coverage | 22.53 | % | 19.83 | % | 37.37 | % | 49.32 | % | 68.03 | % | ||||||||||
Allowance for loan losses as a percentage | ||||||||||||||||||||
of total period-end loans | 1.71 | % | 1.54 | % | 2.02 | % | 1.85 | % | 1.78 | % | ||||||||||
Non-performing assets/capital plus | ||||||||||||||||||||
allowance for loan losses | 58.36 | % | 63.07 | % | 60.54 | % | 47.70 | % | 34.45 | % | ||||||||||
10