Republic First Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 22, 2015 at 10:39 pm
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Republic First Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $10,786,000 against $9,544,000 a year ago. Net interest income was $9,540,000 against $8,438,000 a year ago. Income before provision for income taxes was $875,000 against loss before benefit for income taxes of $3,228,000 a year ago. Net income was $853,000 or $0.02 per basic and diluted share compared to net loss of $3,261,000 or $0.13 per basic and diluted share a year ago.
For the year, the company reported total interest income of $40,473,000 against $37,205,000 a year ago. Net interest income was $35,829,000 against $32,615,000 a year ago. Income before provision for income taxes was $2,396,000 against loss before benefit for income taxes of $3,515,000 a year ago. Net income was $2,442,000 or $0.07 per basic and diluted share net loss of $3,480,000 or $0.13 per basic and diluted share a year ago. Tangible book value per share increased to $2.98 at December 31, 2014 compared to $2.42 per share at December 31, 2013.
For the quarter, the company reported net charge-offs of $980,000 against $201,000 a year ago.
Republic First Bancorp, Inc. is a one-bank holding company. It offers a variety of credit and depository banking services to individuals and businesses. The Company's wholly owned subsidiary, Republic First Bank (The Bank), does business under the name of Republic Bank (Republic). The Bank is a full-service, state-chartered commercial bank. The Bank offers free checking, coin counting for customers, ATM/debit cards. It operates through community banking segment. The Bank provides diversified financial products through its 33 offices located in Atlantic, Burlington, Camden, and Gloucester Counties in New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania and New York County in New York. Its loan portfolio consists of secured and unsecured commercial loans, commercial real estate loans, construction loans, residential mortgages, home improvement loans, home equity loans and lines of credit, overdraft lines of credit, and others.
Republic First Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014