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Donnerstag, 20.07.2017 23:30 von PR Newswire | Aufrufe: 118

Republic First Bancorp, Inc. Reports Second Quarter Financial Results

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

PHILADELPHIA, July 20, 2017

PHILADELPHIA, July 20, 2017 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended June 30, 2017.

Republic Bank Logo. (PRNewsFoto/Republic Bank)

Three Months Ended

($ in millions, except per share data)

06/30/17

06/30/16

ARIVA.DE Börsen-Geflüster

Kurse

Republic First Bancorp

0,03 $

+476,9%

% Change

Assets

$ 2,043.5

$ 1,581.6

29%

Loans

1,066.5

929.8

15%

Deposits

1,732.4

1,434.3

21%

Total Revenue

$ 22.3

$ 16.2

37%

Net Income

2.1

1.0

101%

Net Income per Share

$ 0.04

$ 0.03

33%

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

"The Power of Red is Back expansion campaign continues to deliver strong results. Our ability to offer an exceptional in-store experience combined with terrific on-line and mobile banking options is creating new fans throughout our footprint, driving strong growth in assets, loans and deposits. In addition, we continue to improve profitability on a consistent basis despite the significant investments required to proceed with our growth strategy."

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

"Our growth and expansion plan continues to produce tremendous results. The recent grand openings in Cherry Hill and Sicklerville were met with overwhelming acceptance from new FANS in those communities. With additional sites in Medford, NJ and Fairless Hills, PA scheduled to open in the coming weeks the momentum behind our strategy continues to build. The results are a testament to the strength of our model and the unmatched commitment to customer service by every member of the Republic Bank Team."

Highlights for the Period Ended June 30, 2017

Total assets increased by $462 million, or 29%, to $2.0 billion as of June 30, 2017 compared to $1.6 billion as of June 30, 2016.
Total deposits increased by $298 million, or 21%, to $1.7 billion as of June 30, 2017 compared to $1.4 billion as of June 30, 2016.
Net income increased by 101% to $2.1 million, or $0.04 per share, for the three months ended June 30, 2017 compared to $1.0 million, or $0.03 per share, for the three months ended June 30, 2016. The Company continues to open new stores and increase net income despite the additional costs associated with the expansion strategy.
New stores were recently opened in Cherry Hill and Sicklerville, NJ bringing the total store count to twenty-one. Stores in Medford, NJ and Fairless Hills, PA are currently under construction and scheduled to open during the third quarter. There are also several additional sites in various stages of development for future store locations.
Total loans grew $137 million, or 15%, to $1.1 billion as of June 30, 2017 compared to $930 million at June 30, 2016.
The Company's residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Oak originated over $100 million in loans during the second quarter of 2016.
SBA lending continued to be an important part of the Company's lending strategy. More than $11 million in new SBA loans were originated during the three month period ended June 30, 2017. Our team is ranked among the Top 5 SBA Lenders in the New Jersey and southeastern Pennsylvania market based on the dollar volume of loan originations.
The Company's Total Risk-Based Capital ratio was 17.94% and Tier I Leverage Ratio was 12.09% at June 30, 2017.
Book value per common share increased to $3.90 as of June 30, 2017 compared to $3.13 as of June 30, 2016.

Income Statement

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

	Three Months Ended			Six Months Ended
	06/30/17	06/30/16	% Change	06/30/17	06/30/16	% Change

Total Revenue	$ 22,300	$ 16,240	37%	$ 42,825	$ 31,414	36%
Provision for Loan Losses	500	650	(23%)	500	950	(47%)
Non-interest Expenses	17,685	12,967	36%	34,489	25,310	36%
Net Income	2,059	1,023	101%	3,846	2,108	82%
Net Income per Share	$ 0.04	$ 0.03	33%	$ 0.07	$ 0.05	40%

The Company reported net income of $2.1 million, or $0.04 per share, for the three month period ended June 30, 2017, compared to net income of $1.0 million, or $0.03 per share, for the three month period ended June 30, 2016. Net income for the six month period ended June 30, 2017 was $3.8 million, or $0.07 per share, compared to net income of $2.1 million, or $0.05 per share, for the six months ended June 30, 2016.

Total revenue increased by $6.1 million, or 37%, to $22.3 million for the three month period ended June 30, 2017, compared to $16.2 million for the three month period ended June 30, 2016. This increase is primarily attributable to revenue from the residential mortgage division which was acquired in July 2016. Revenue also increased due 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.

Non-interest income increased to $5.0 million for the three month period ended June 30, 2017 compared to $3.0 million for the three month period ended June 30, 2016. This increase was due to $3.0 million in mortgage banking income, driven primarily by loan sales.

Non-interest expenses increased by $4.7 million, or 36%, to $17.7 million during the three month period ended June 30, 2017 compared to $13.0 million during the three months ended June 30, 2016. This increase was mainly caused by the addition of expenses related to the residential mortgage division. Salaries and employee benefits were also higher at the Bank as a result of annual merit increases along with increased staffing levels related to our growth strategy of adding and relocating stores. Occupancy and equipment expenses associated with the growth and relocation 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

06/30/17

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