Market Overview

Republic First Bancorp, Inc. Reports Third Quarter Financial Results - Net Income Increases 73% - Assets Grow 24%

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PHILADELPHIA, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ:FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2017.

      Three Months Ended
($ in millions, except per share data)     09/30/17
      09/30/16
  % Change
           
Assets     $ 2,141.6   $ 1,733.9     24 %
Loans                             1,095.4     945.5       16 %
Deposits       1,885.4     1,582.2     19 %
Total Revenue     $ 23.7   $ 18.8   26 %
Net Income       2.3     1.3      73 %
Net Income per Diluted Share     $ 0.04   $ 0.03   33 %

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

"I am pleased to report another quarter of strong financial results for Republic Bank. Our FANS continue to spread the word to family, friends and business partners which contributes to the growing momentum of ‘The Power of Red is Back' growth campaign. As we watch our competition shutter the doors on their branch network, we see endless opportunities to welcome new FANS into our stores. We are building something very special here and I am extremely excited about the future of our organization."

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

"Our FAN base continues to rapidly expand with each new store opening. During the third quarter we opened new locations in Sicklerville and Medford, NJ. Both openings were met with overwhelming acceptance in those communities. In the fourth quarter we are set to begin our expansion in Bucks County, PA with the completion of our store in Fairless Hills. Our commitment to convenience and extraordinary customer service through all delivery channels is creating new FANS throughout our footprint."

Highlights for the Period Ended September 30, 2017

  • Net income increased by 73% to $2.3 million, or $0.04 per diluted share, for the three months ended September 30, 2017 compared to $1.3 million, or $0.03 per diluted share, for the three months ended September 30, 2016. The Company continues to open new stores and increase net income despite the additional costs associated with the expansion strategy.
     
  • Total assets increased by $408 million, or 24%, to $2.1 billion as of September 30, 2017 compared to $1.7 billion as of September 30, 2016.
     
  • Total deposits increased by $303 million, or 19%, to $1.9 billion as of September 30, 2017 compared to $1.6 billion as of September 30, 2016.
     
  • New stores opened since the beginning of the "Power of Red is Back" expansion campaign are currently growing deposits at an average rate of $24 million per year. The average deposit growth for all stores over the last twelve months was approximately $17 million per store.
     
  • New stores were recently opened in Sicklerville and Medford, NJ bringing the total store count to twenty-two. Another store in Fairless Hills, PA is currently under construction and scheduled to open during the fourth quarter. There are also several additional sites in various stages of development for future store locations.
     
  • Total loans grew $150 million, or 16%, to $1.1 billion as of September 30, 2017 compared to $946 million at September 30, 2016.
     
  • Asset quality continues to improve on a consistent basis. The ratio of non-performing assets to total assets declined to 1.07% as of September 30, 2017 compared to 1.72% as of September 30, 2016.
     
  • The Company's residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Oak originated over $109 million in loans during the third quarter of 2017.
     
  • SBA lending continued to be an important part of the Company's lending strategy. More than $7 million in new SBA loans were originated during the three month period ended September 30, 2017.
     
  • The Company's Total Risk-Based Capital ratio was 17.64% and Tier I Leverage Ratio was 11.80% at September 30, 2017.
     
  • Book value per common share increased to $3.95 as of September 30, 2017 compared to $3.16 as of September 30, 2016.

             

Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

    Three Months Ended   Nine Months Ended
    09/30/17 09/30/16 % Change   09/30/17 09/30/16 % Change
                 
Total Revenue     $   23,700   $   18,762   26 %   $   66,525   $   50,176   33 %
Provision for Loan Losses        -     607    (100 %)       500     1,557    (68 %)
Non-interest Expense       19,165     15,013    28  %           53,654     40,323   33  %
Net Income       2,321     1,340    73 %       6,167     3,448    79 %
Net Income per Diluted Share   $   0.04 $   0.03    33 %   $   0.11 $   0.09    22 %

The Company reported net income of $2.3 million, or $0.04 per diluted share, for the three month period ended September 30, 2017, compared to net income of $1.3 million, or $0.03 per diluted share, for the three month period ended September 30, 2016. Net income for the nine month period ended September 30, 2017 was $6.2 million, or $0.11 per diluted share, compared to net income of $3.4 million, or $0.09 per diluted share, for the nine months ended September 30, 2016.

Total revenue increased by $4.9 million, or 26%, to $23.7 million for the three month period ended September 30, 2017, compared to $18.8 million for the three month period ended September 30, 2016. This increase is primarily attributable to higher interest income as a result of the strong growth in interest-earning assets over the last twelve months driven by the Company's "Power of Red is Back" expansion program. Revenue also increased due to mortgage banking income from the residential mortgage division which was acquired in July 2016.

Non-interest income increased to $5.8 million for the three month period ended September 30, 2017 compared to $5.1 million for the three month period ended September 30, 2016.  This increase was due to $3.2 million in mortgage banking income, driven primarily by loan sales. 

Non-interest expenses increased by $4.2 million, or 28%, to $19.2 million during the three month period ended September 30, 2017 compared to $15.0 million during the three months ended September 30, 2016. This increase was primarily driven by the addition of expenses related to the residential mortgage division. Salary and employee benefit costs were also higher at the Bank as a result of annual merit increases along with increased staffing levels related to our growth strategy. Two new stores were opened during the third quarter of 2017. The Company now has twenty-two stores store locations. Occupancy and equipment expenses associated with the growth strategy also contributed to the increase in non-interest expenses.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

 

Description
       

09/30/17
 

09/30/16
 % Change   

06/30/17
 % Change 
             
Total assets   $ 2,141,563   $ 1,733,860 24 %   $ 2,043,487 5 %
Total loans (net)     1,087,147   936,088 16 %   1,057,056 3 %
Total deposits     1,885,405   1,582,232 19 %   1,732,431 9 %
Total core deposits     1,879,840   1,581,967 19 %   1,731,866 9 %

Total assets increased by $407.7 million, or 24%, as of September 30, 2017 when compared to September 30, 2016.  Deposits grew by $303.2 million to $1.9 billion as of September 30, 2017 compared to $1.6 billion as of September 30, 2016. The number of deposit accounts has grown by 35% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the addition of new stores and the successful execution of the Company's 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):

 

 

Description
   

 

09/30/17
 

 

09/30/16
 

 % Change 
 

 

06/30/17
 

 % Change 
  3rd Qtr 2017
   Cost of Funds   
                   
Demand noninterest-bearing   $ 398,794    $ 302,372    32  %   $ 370,270   8 % 0.00 %
Demand interest-bearing     745,878   587,197  32 %   647,501   15 % 0.44 %
Money market and savings     619,265   583,536   6 %   607,859    2 % 0.51 %
Certificates of deposit     115,903   108,862   6 %   106,236    9 %  1.13  %
Total core deposits   $ 1,879,840 $ 1,581,967 19 % $ 1,731,866    9 % 0.41 %
               

Core deposits increased to $1.9 billion at September 30, 2017 compared to $1.6 billion at September 30, 2016 as the Company moves forward with its growth strategy to increase the number of stores and expand its customer-centric banking model which drives the gathering of low-cost, core deposits. The Company recognized strongest growth in demand deposit accounts on a year to year basis as a result of the successful execution of its strategy.

Lending

Loans by type are as follows (dollars in thousands):

 

Description
   

09/30/17
  % of Total  09/30/16      % of Total   

06/30/17
% of
  Total 
               
Commercial real estate   $ 415,532 38 % $ 376,466 40 % $ 412,695    39 %
Construction and land development     93,657 8 %   48,983 5 %   83,571   8 %
Commercial and industrial     163,085 15 %   186,126 20 %   176,949   16 %
Owner occupied real estate     297,880 27 %   268,435 28 %   285,479   27 %
Consumer and other     71,867 7 %   58,622 6 %   68,530   6 %
Residential mortgage     53,384 5 %   6,909 1 %   39,286   4 %
Gross loans   $ 1,095,405 100 % $ 945,541 100 % $ 1,066,510   100 %
               

Gross loans increased by $149.9 million, or 16%, to $1.1 billion at September 30, 2017 compared to $945.5 million at September 30, 2016 as a result of the steady growth in quality loan demand over the last twelve months and continued success with the relationship banking model. The Company experienced strong growth across almost every loan category.

Asset Quality

The Company's non-performing asset balances and asset quality ratios are highlighted below:

    Three Months Ended
       09/30/17       06/30/17        09/30/16   
         
Non-performing assets / capital and reserves   10 % 12 % 23 %
Non-performing assets / total assets     1.07 % 1.41 % 1.72 %
Quarterly net loan charge-offs / average loans   0.43 % 0.09 % (0.04 %)
Allowance for loan losses / gross loans   0.75 % 0.89 % 1.00 %
Allowance for loan losses / non-performing loans   60 % 50 % 49 %

The percentage of non-performing assets to total assets decreased to 1.07% at September 30, 2017, compared to 1.72% at September 30, 2016.  One of the Company's largest non-performing loan relationships has been restructured and returned to performing status during 2017. The ratio of non-performing assets to capital and reserves decreased to 10% at September 30, 2017 compared to 23% at September 30, 2016 primarily as a result of the completion of the common stock offering during the fourth quarter of 2016.

Capital

The Company's capital ratios at September 30, 2017 were as follows:

      Actual
   09/30/17   
   Regulatory Guidelines   
"Well Capitalized"
       
Leverage Ratio     11.80 % 5.00 %
Common Equity Ratio     15.55 % 6.50 %
Tier 1 Risk Based Capital     17.06 % 8.00 %
Total Risk Based Capital     17.64 % 10.00 %
Tangible Common Equity    10.31 % n/a  

Total shareholders' equity increased to $225.2 million at September 30, 2017 compared to $119.7 million at September 30, 2016. Book value per common share increased to $3.95 at September 30, 2017 compared to $3.16 per share at September 30, 2016.  The Company completed a common stock offering in the amount of $100 million during the fourth quarter of 2016.

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 twenty two store locations located in the Greater Philadelphia and Southern New Jersey market place.  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 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. The Bank also offers a wide range of residential mortgage products through its wholly owned subsidiary, Oak Mortgage Company. 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, including those related to our Five Year Strategic Goals, 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, 2016 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.

Source:  Republic First Bancorp, Inc.

Contact:  Frank A. Cavallaro, CFO
(215) 735-4422


Republic First Bancorp, Inc. 
Consolidated Balance Sheets 
(Unaudited) 
                           
              September 30,   June 30,   September 30,
(dollars in thousands, except per share amounts)             2017   2017   2016
                       
ASSETS                      
Cash and due from banks             $ 27,181     $ 28,247     $ 23,061  
Interest-bearing deposits and federal funds sold               71,601       59,750       126,980  
Total cash and cash equivalents               98,782       87,997       150,041  
                       
Securities - Available for sale               377,757       345,182       299,385  
Securities - Held to maturity               416,987       409,373       220,470  
Restricted stock               1,678       3,878       1,366  
Total investment securities               796,422       758,433       521,221  
                       
Loans held for sale               41,711       29,547       29,715  
                       
Loans receivable               1,095,405       1,066,510       945,541  
Allowance for loan losses               (8,258 )     (9,454 )     (9,453 )
Net loans               1,087,147       1,057,056       936,088  
                       
Premises and equipment               71,715       65,471       55,573  
Other real estate owned               9,169       9,909       10,271  
Other assets               36,617       35,074       30,951  
                       
Total Assets             $ 2,141,563     $ 2,043,487     $ 1,733,860  
                       
                       
                       
LIABILITIES                      
Non-interest bearing deposits             $ 398,794     $ 370,270     $ 302,372  
Interest bearing deposits               1,486,611       1,362,161       1,279,860  
Total deposits               1,885,405       1,732,431       1,582,232  
                       
Short-term borrowings               -       55,000       -  
Subordinated debt               21,663       21,656       21,874  
Other liabilities               9,293       12,079       10,102  
                       
Total Liabilities               1,916,361       1,821,166       1,614,208  
                       
SHAREHOLDERS' EQUITY                      
Common stock - $0.01 par value               575       575       384  
Additional paid-in capital               255,752       255,215       153,887  
Accumulated deficit               (21,721 )     (24,042 )     (29,385 )
Treasury stock at cost               (3,725 )     (3,725 )     (3,725 )
Stock held by deferred compensation plan               (183 )     (183 )     (183 )
Accumulated other comprehensive loss               (5,496 )     (5,519 )     (1,326 )
                       
Total Shareholders' Equity               225,202       222,321       119,652  
                       
                       
Total Liabilities and Shareholders' Equity             $ 2,141,563         $ 2,043,487         $ 1,733,860  
                                   

 

Republic First Bancorp, Inc.      
Consolidated Statements of Operations 
(Unaudited)               
                     
    Three Months Ended   Nine Months Ended
    September 30,   June 30,   September 30,   September 30,   September 30,
(in thousands, except per share amounts)   2017   2017    2016    2017    2016 
                     
INTEREST INCOME                    
Interest and fees on loans   $ 12,989   $ 12,330     $ 10,707     $ 36,518     $ 30,961  
Interest and dividends on investment securities     4,752     4,931       2,764       14,610       8,331  
Interest on other interest earning assets     181     70       149       312       299  
Total interest income     17,922     17,331       13,620       51,440       39,591  
                     
INTEREST EXPENSE                    
Interest on deposits     1,872     1,722       1,531       5,196       4,019  
Interest on borrowed funds     338     342       303       1,046       898  
Total interest expense     2,210     2,064       1,834       6,242       4,917  
                     
Net interest income     15,712     15,267       11,786       45,198       34,674  
Provision for loan losses     -     500       607       500       1,557  
                     
Net interest income after provision for loan losses     15,712     14,767       11,179       44,698       33,117  
                     
NON-INTEREST INCOME                    
Service fees on deposit accounts     1,067     907       686       2,820       1,910  
Mortgage banking income     3,159     2,971       2,405       8,551       2,405  
Gain on sale of SBA loans     831     796       1,630       2,315       4,212  
Gain (loss) on sale of investment securities     -     (61 )     2       (61 )     656  
Other non-interest income     721     356       419       1,460       1,402  
Total non-interest income     5,778     4,969       5,142       15,085       10,585  
                     
NON-INTEREST EXPENSE                    
Salaries and employee benefits     9,829     9,389       7,731       27,800       20,334  
Occupancy and equipment     3,064     2,873       2,586       8,827       7,203  
Legal and professional fees     610     633       510       1,924       1,479  
Foreclosed real estate     746     612       702       1,704       1,610  
Regulatory assessments and related fees     355     324       296       1,008       1,011  
Other operating expenses     4,561     3,854       3,188       12,391       8,686  
Total non-interest expense     19,165     17,685       15,013       53,654       40,323  
                     
Income before benefit for income taxes     2,325     2,051       1,308       6,129       3,379  
                     
Provision (benefit) for income taxes     4     (8 )     (32 )     (38 )     (69 )
                     
Net income   $ 2,321   $ 2,059     $ 1,340     $ 6,167     $ 3,448  
                     
                     
Net Income per Common Share                    
Basic   $ 0.04   $ 0.04     $ 0.04     $ 0.11     $ 0.09  
Diluted   $ 0.04   $ 0.04     $ 0.03     $ 0.11     $ 0.09  
                     
Average Common Shares Outstanding                    
Basic     56,974     56,945       37,916       56,915       37,879  
Diluted     58,314     58,301       38,375       58,213       38,355  
                     

 

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, 2017   June 30, 2017   September 30, 2016
                                                     
        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   $ 56,316   $ 181   1.28 %   $ 28,691   $ 70   0.98 %   $ 114,260   $ 149   0.52 %
Securities     765,678     4,805   2.51 %     782,121     5,013   2.56 %     477,601     2,858   2.39 %
Loans receivable     1,115,920     13,136   4.67 %     1,065,313     12,470   4.70 %     966,106     10,848   4.47 %
Total interest-earning assets     1,937,914     18,122   3.71 %     1,876,125     17,553   3.75 %     1,557,967     13,855   3.54 %
                                     
Other assets     122,513             111,493             103,826        
                                     
Total assets   $ 2,060,427           $ 1,987,618           $ 1,661,793        
                                     
Interest-bearing liabilities:                                    
                                     
Demand non interest-bearing   $ 381,380           $ 355,325           $ 282,571        
Demand interest-bearing     692,423     772   0.44 %     659,859     695   0.42 %     533,222     553   0.41 %
Money market & savings     613,506     788   0.51 %     602,710     732   0.49 %     583,256     677   0.46 %
Time deposits     109,878     312   1.13 %     105,820     295   1.12 %     104,701     301   1.14 %
Total deposits     1,797,187     1,872   0.41 %     1,723,714     1,722   0.40 %     1,503,750     1,531   0.41 %
                                     
Total interest-bearing deposits     1,415,807     1,872   0.52 %     1,368,389     1,722   0.50 %     1,221,179     1,531   0.50 %
                                     
Other borrowings     30,220     338   4.44 %     35,119     342   3.91 %     29,938     303   4.03 %
                                     
                                     
Total interest-bearing liabilities     1,446,027     2,210   0.61 %     1,403,508     2,064   0.59 %     1,251,117     1,834   0.58 %
Total deposits and                                    
  other borrowings     1,827,407     2,210   0.48 %     1,758,833     2,064   0.47 %     1,533,688     1,834   0.48 %
                                     
                                     
Non interest-bearing liabilities     9,179             8,345             9,247        
Shareholders' equity     223,841             220,440             118,858        
Total liabilities and                                    
  shareholders' equity   $ 2,060,427           $ 1,987,618           $ 1,661,793        
                                     
Net interest income       $ 15,912           $ 15,489           $ 12,021    
Net interest spread           3.10 %           3.16 %           2.96 %
                                     
Net interest margin           3.26 %           3.31 %           3.07 %
                                     
Note: The above tables are presented on a tax equivalent basis.                           

 

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, 2017   September 30, 2016
                           
          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     $ 36,431   $ 312   1.15 %   $ 78,094   $ 299   0.51 %
Securities       785,121     14,850   2.52 %     458,496     8,615   2.51 %
Loans receivable       1,063,581     36,944   4.64 %     925,110     31,339   4.53 %
Total interest-earning assets       1,885,133     52,106   3.70 %     1,461,700     40,253   3.68 %
                           
Other assets       112,018             95,054        
                           
Total assets     $ 1,997,151           $ 1,556,754        
                           
Interest-bearing liabilities:                          
                           
Demand non interest-bearing     $ 355,432           $ 270,503        
Demand interest-bearing       657,722     2,075   0.42 %     476,134     1,471   0.41 %
Money market & savings       607,822     2,218   0.49 %     572,347     1,923   0.45 %
Time deposits       107,881     903   1.12 %     82,738     625   1.01 %
Total deposits       1,728,857     5,196   0.40 %     1,401,722     4,019   0.38 %
                           
Total interest-bearing deposits                            1,373,425     5,196   0.51 %     1,131,219     4,019   0.47 %
                           
Other borrowings       39,408     1,046   3.55 %     29,947     898   4.01 %
                           
                           
Total interest-bearing liabilities       1,412,833     6,242   0.59 %     1,161,166     4,917   0.57 %
Total deposits and                          
  other borrowings       1,768,265     6,242   0.47 %     1,431,669     4,917   0.46 %
                           
                           
Non interest-bearing liabilities       8,628             7,957        
Shareholders' equity       220,258             117,128        
Total liabilities and                          
  shareholders' equity     $ 1,997,151           $ 1,556,754        
                           
Net interest income             $ 45,864           $ 35,336    
Net interest spread             3.11 %           3.11 %
                           
Net interest margin             3.25 %           3.23 %
                           
                           
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) 
                       
              Year        
      Three months ended       ended   Nine months ended
  September 30,   June 30,   September 30,   Dec 31,   September 30,   September 30,
(dollars in thousands) 2017   2017   2016   2016   2017   2016
                       
                       
Balance at beginning of period $ 9,454     $ 9,181     $ 8,761     $ 8,703     $ 9,155     $ 8,703  
                       
Provision charged to operating expense   -       500       607       1,557       500       1,557  
    9,454       9,681       9,368       10,260       9,655       10,260  
                       
Recoveries on loans charged-off:                      
Commercial   52       30       88       169       118       168  
Consumer   -       1       -       2       1       -  
Total recoveries   52       31       88       171       119       168  
                       
Loans charged-off:                      
Commercial   (1,243 )     (253 )     (3 )     (1,265 )     (1,504 )     (975 )
Consumer   (5 )     (5 )     -       (11 )     (12 )     -  
                       
Total charged-off   (1,248 )     (258 )     (3 )     (1,276 )     (1,516 )     (975 )
                       
Net charge-offs   (1,196 )     (227 )     85       (1,105 )     (1,397 )     (807 )
                       
Balance at end of period $ 8,258     $ 9,454     $ 9,453     $ 9,155     $ 8,258     $ 9,453  
                       
                       
Net charge-offs as a percentage of                      
average loans outstanding   0.43 %     0.09 %     (0.04 %)     0.12 %     0.18 %     0.12 %
                       
Allowance for loan losses as a percentage                      
of period-end loans   0.75 %     0.89 %     1.00 %     0.95 %     0.75 %     1.00 %

 

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)           2017   2017   2017   2016   2016
                             
Non-accrual loans:                            
Commercial real estate           $ 10,140     $ 17,703     $ 17,695     $ 17,758     $ 18,331  
Consumer and other             880       817       834       836       1,007  
Total non-accrual loans             11,020       18,520       18,529       18,594       19,338  
                             
Loans past due 90 days or more                            
and still accruing             2,730       293       -       302       153  
                             
Total non-performing loans             13,750       18,813       18,529       18,896       19,491  
                             
Other real estate owned             9,169       9,909       9,944       10,174       10,271  
                             
Total non-performing assets           $ 22,919     $ 28,722     $ 28,473     $ 29,070     $ 29,762  
                             
                             
Non-performing loans to total loans             1.26 %     1.76 %     1.81 %     1.96 %     2.06 %
                             
Non-performing assets to total assets             1.07 %     1.41 %     1.45 %     1.51 %     1.72 %
                             
Non-performing loan coverage             60.06 %     50.25 %     49.55 %     48.45 %     48.50 %
                             
Allowance for loan losses as a percentage                            
of total period-end loans             0.75 %     0.89 %     0.89 %     0.95 %     1.00 %
                             
Non-performing assets / capital plus                            
allowance for loan losses             9.82 %     12.39 %     12.52 %     12.97 %     23.05

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