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 21, 2004 - Republic First Bancorp, Inc.
(NASDAQ:FRBK), the holding company for Republic First Bank (PA) and First Bank
of Delaware (DE), today reported first quarter 2004 earnings of $1.5 million or
$0.22 per diluted share compared to $1.3 million or $0.20 per diluted share for
the prior year period. The improvement in 2004 earnings reflected commercial
loan and core deposit growth, increases in non-interest income and lower loan
loss provisions. Average commercial and construction loans grew 15% in first
quarter 2004 compared to the comparable prior year period. Average core deposits
in those periods grew by approximately 10%.
The Company remains well capitalized, as Tier 1 leverage and total
risk-based capital at March 31, 2004 stood at 9.13% and 13.65%, respectively.
Total shareholders' equity stood at $57.9 million with a book value per share of
$8.87 at March 31, 2004, based on outstanding common shares of approximately 6.5
million.
Republic First Bank (PA) and First Bank of Delaware (DE) are
full-service, state-chartered commercial banks, 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
Mar. 31,
2004 2003
-------------------------------------------
Net Interest Income $ 5,324 $ 9,099
Provision for Loan Losses 811 3,412
Other Income 2,747 895
Other Expenses 4,985 4,605
Income Taxes 764 684
------------------ ------------------
Net Income $ 1,511 $ 1,293
================== ==================
Basic EPS $ 0.23 $ 0.21
------------------ ------------------
Diluted EPS $ 0.22 $ 0.20
------------------ ------------------
Republic First Bancorp, Inc.
Condensed Balance Sheet
(Dollar amounts in thousands)
Assets Mar. 31 December 31 Mar. 31
2004 2003 2003
------------------ ------------------ ---------------------
Federal Funds Sold and Other Interest Bearing Cash $ 69,535 $ 45,982 $ 125,028
Investment Securities 68,449 69,946 74,911
Commercial and Other Loans 507,406 488,219 465,083
Allowance for Loan Losses (8,745) (8,696) (7,538)
Other Assets 54,609 59,341 35,850
------------------ ------------------ ---------------------
Total Assets $ 691,254 $ 654,792 $ 693,334
================== ================== =====================
Liabilities and Shareholders' Equity:
Transaction Accounts $ 286,959 $ 266,015 $ 275,962
Time Deposit Accounts 203,617 187,590 224,550
FHLB Advances and Trust Preferred Securities 131,186 133,852 131,000
Other Liabilities 11,573 10,959 8,974
Shareholders' Equity 57,919 56,376 52,848
------------------ ------------------ ---------------------
Total Liabilities and Shareholders' Equity $ 691,254 $ 654,792 $ 693,334
================== ================== =====================
Republic First Bancorp, Inc.
March 31, 2004
At or For the
Three Months Ended
------------------------------
Mar. 31, Mar. 31,
Financial Data: 2004 2003
------------------------------
Return on average assets 0.87% 0.76%
Return on average equity 10.66% 9.94%
Share information:
Book value per share $ 8.87 $ 8.20
Shares o/s at period end 6,533,000 6,445,000
Average diluted shares o/s 6,842,000 6,475,000
Leverage capital ratio 9.13% 8.46%
Total risk based capital ratio 13.65% 14.46%
Republic First Bancorp, Inc.
Press release 3/31/04
(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
2004 2003 2003
------------------------------------------------------
Non-accrual and loans accruing,
but past due 90 days or more $ 9,137 $ 8,611 $ 7,214
Restructured loans -- -- --
--------- --------- ---------
Total non-performing loans 9,137 8,611 7,214
OREO 207 207 1,015
--------- --------- ---------
Total non-performing assets $ 9,344 $ 8,818 $ 8,229
========= ========= =========
Non-performing loans as
a percentage of total loans 1.80% 1.76% 1.55%
Nonperforming assets as
a percentage of total assets 1.35% 1.35% 1.19%
Allowance for loan losses
to total loans 1.72% 1.78% 1.62%
Allowance for loan losses
to total non-performing loans 95.71% 101.00% 104.49%
Republic First Bancorp, Inc.
Press release 3/31/04
(Dollars in thousands )
Quarter-to-Date
Average Balance Sheet
----------------------------------------------------------
Three months ended Three months ended
March 31, 2004 March 31, 2003
-------------------------------------------- -----------------------------------------------
Average Average
Interest-Earning Assets: verage Yield/ Average Yield/
alance Interest Cost Balance Interest Cost
----------- ------------- ------------ ------------- ------------- --------------
Commercial and other loans $ 499,070 $ 8,482 6.82 % $ 484,907 $12,333 10.31 %
Investment securities 69,570 600 3.45 85,091 998 4.69
Federal funds sold 76,302 215 1.13 74,879 228 1.24
----------- ------------- ------------ ------------- ------------- --------------
Total interest-earning assets 644,942 9,297 5.78 644,877 13,559 8.51
Other assets 50,034 33,829
Total assets $ 694,976 $ 9,297 $ 678,706 $13,559
=========== ============= ============= =============
Interest-bearing liabilities:
Interest-bearing deposits $ 397,095 $ 1,933 1.95 % $ 406,264 $ 2,419 2.42 %
Borrowed funds 133,462 2,040 6.13 134,850 2,041 6.14
----------- ------------- ------------ ------------- ------------- --------------
Other liabilities 530,557 3,973 3.00 541,114 4,460 3.34
----------- ------------- ------------ ------------- ------------- --------------
Non-interest and
interest-bearing funding 628,713 3,973 2.53 617,765 4,460 2.93
Other liabilities: 9,388 8,895
----------- -------------
Total liabilities 638,101 626,660
----------- -------------
Shareholder's equity 56,875 52,046
Total liabilities &
shareholder's equity $ 694,976 $ 678,706
=========== =============
Net interest income $ 5,324 $ 9,099
============= =============
Interest rate spread 3.25 % 5.58 %
============ ==============
Net interest margin 3.31 % 5.71 %
============ ==============
Net interest margin excluding
short term and tax refund
loan interest income 2.58% 2.64%