NEWS RELEASE
FOR RELEASE IMMEDIATELY
Contact: Paul Frenkiel, CFO
(215) 735-4422 ext. 255
REPUBLIC FIRST BANCORP, INC.
REPORTS FIRST QUARTER EARNINGS
------------------------------
Philadelphia, PA, April 17, 2003 - Republic First Bancorp, Inc.
(NASDAQ:FRBK), the holding company for Republic First Bank, (PA) and First Bank
of Delaware (DE) today reported first quarter 2003 earnings of $1.3 million or
$0.20 earnings per diluted share compared to $888,000 or $0.14 per diluted share
for the comparable prior year period. Average core deposits in those two
quarters also grew by approximately 18%, consistent with a multi-year history of
double digit growth. Due to the historically low interest rate environment, the
Company has experienced record levels of commercial loan pay-offs, but has
maintained its pricing and underwriting disciplines. Notwithstanding those
multiple factors, it recorded 5% average commercial loan growth from first
quarter 2002.
The Company remains well capitalized, as Tier 1 leverage capital and
total risk-based capital at December 31, 2003 stood at 8.44% and 14.05%,
respectively. Total shareholders' equity stood at $52.9 million with a book
value per share of $8.20 at March 31, 2003, based on outstanding common shares
of approximately 6.4 million.
Republic First Bank (PA) and First Bank of Delaware (DE) are
full-service, state-chartered commercial banks, that are members of the Federal
Reserve System and whose deposits are insured by the Federal Deposit Insurance
Corporation (FDIC). The Banks provide diversified financial products through
their twelve offices located in Abington, Ardmore, Bala Cynwyd, East Norriton,
and Philadelphia, Pennsylvania and Wilmington, Delaware.
The Company may from time to time make written or oral "forward-looking
statements", including statements contained in the Company's filings with the
Securities and Exchange Commission. These forward-looking statements include
statements with respect to the Company's beliefs, plans, objectives, goals,
expectations, anticipations, estimates, and intentions that are subject to
significant risks and uncertainties and are subject to change based on various
factors, many of which are beyond the Company's control. The words "may",
"could", "should", "would", "believe", "anticipate", "estimate", "expect",
"intend", "plan", and similar 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 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.
# # #
Republic First Bancorp, Inc.
Condensed Income Statement
(Dollar amounts in thousands
except per share data)
Three Months Ended
March 31,
2003 2002
-----------------------------------------------------
Net Interest Income $ 9,099 $ 5,999
Provision for Loan Losses 3,411 1,280
Other Income 895 934
Other Expenses 4,606 4,304
Income Taxes 684 461
----------------------- ---------------------
Net Income $ 1,293 $ 888
======================= =====================
Basic EPS $ 0.21 $ 0.14
----------------------- ---------------------
Diluted EPS $ 0.20 $ 0.14
----------------------- ---------------------
Republic First Bancorp, Inc.
Condensed Balance Sheet
(Dollar amounts in thousands)
Assets March 31 December 31 March 31
2003 2002 2002
----------------------- --------------------- ---------------------
Federal Funds Sold and Other Interest Bearing Cash $ 125,028 $ 58,924 65,772
Investment Securities 74,911 91,519
Commercial and Other Loans 465,083 463,689 465,716
Allowance for Loan Losses (7,538) (6,642) (6,149)
Other Assets 35,850 40,202 42,537
----------------------- --------------------- ---------------------
Total Assets $ 693,334 $ 647,692 $ 680,847
======================= ===================== =====================
Liabilities and Shareholders' Equity:
Transaction Accounts $ 275,962 $ 233,060 $ 216,639
Time Deposit Accounts 224,550 223,242 271,237
FHLB Advances and Trust Preferred Securities 131,000 131,000 136,000
Other Liabilities 8,974 9,114 9,752
Shareholders' Equity 52,848 51,276 47,219
----------------------- --------------------- ---------------------
Total Liabilities and Shareholders' Equity $ 693,334 $ 647,692 $ 680,847
======================= ===================== =====================
Republic First Bancorp, Inc.
March 31, 2003
At or For the
Three Months Ended
---------------------------------------------------
March 31, March 31,
Financial Data: 2003 2002
--------------------- ----------------------
Return on average assets 0.76 % 0.54 %
Return on average equity 9.94 % 7.49 %
Share information:
Book value per share $8.20 $7.64
Shares o/s at period end 6,445,000 6,183,000
Average diluted shares o/s 6,475,000 6,425,000
Leverage capital ratio 8.44 % 8.14 %
Total risk based capital ratio 14.05 % 14.03 %
Republic First Bancorp, Inc.
Press release 3/31/03
(Dollars in thousands except per share data)
Credit Quality Ratios:
At or for the
Three months Twelve mos. Three months
ended ended ended
Mar. 31 Dec 31, Mar. 31
2003 2002 2002
------------------ ---------------------- -----------------
Non-accrual and loans accruing,
but past due 90 days or more $ 7,214 $ 7,023 $ 5,194
Restructured loans - - -
------------------ ---------------------- -----------------
Total non-performing loans 7,214 7,023 5,194
OREO 1,015 1,015 1,858
------------------ ---------------------- -----------------
Total non-performing assets $ 8,229 $ 8,038 $ 7,052
================== ====================== =================
Non-performing loans as
a percentage of total loans 1.55% 1.51% 1.12%
Nonperforming assets as
a percentage of total assets 1.19% 1.24% 1.04%
Allowance for loan losses
to total loans 1.63% 1.42% 1.32%
Allowance for loan losses
to total non-performing loans 105.18% 94.57% 118.37%
Republic First Bancorp, Inc.
Press release 3/31/03
(Dollars in thousands )
Quarter-to-Date
Average Balance Sheet
------------------------------------------------------
Three months ended Three months ended
March 31, 2003 March 31, 2002
----------------------------------------------- ---------------------------------------------
Average Average
Interest-Earning Assets: Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
---------------- ----------- ----------- ------------ ------------ -------------
Commercial and other loans $ 484,907 $12,333 10.31 % $ 466,892 $ 9,533 8.27 %
Investment securities 85,091 998 4.69 120,358 1,746 5.80
Federal funds sold 74,879 228 1.24 38,755 169 1.77
---------------- ----------- ----------- ------------ ------------ -------------
Total interest-earning assets 644,877 13,559 8.51 626,005 11,448 7.39
Other assets 33,829 35,815
Total assets $ 678,706 $13,559 $ 661,820 $11,448
================ =========== ============ ============
Interest-bearing liabilities:
Interest-bearing deposits $ 406,264 $ 2,419 2.42 % $ 396,638 $ 3,229 3.30 %
Borrowed funds 134,850 2,041 6.14 146,326 2,220 6.15
---------------- ----------- ----------- ------------ ------------ -------------
Other liabilities 541,114 4,460 3.34 542,964 5,449 4.07
---------------- ----------- ----------- ------------ ------------ -------------
Non-interest and
interest-bearing funding 617,765 4,460 2.93 604,088 5,449 3.66
Other liabilities: 8,895 10,294
---------------- ------------
Total liabilities 626,660 614,382
---------------- ------------
Shareholder's equity 52,046 47,438
Total liabilities &
shareholder's equity $ 678,706 $ 661,820
================ ============
Net interest income $ 9,099 $ 5,999
=========== ============
Interest rate spread 5.58 % 3.73 %
=========== =============
Net interest margin 5.71 % 3.86 %
=========== =============