REPUBLIC FIRST BANCORP, INC. PHILADELPHIA, Jan. 23, 2017 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2016.
Twelve Months Ended
-------------------
($ in millions, except
per share data) 12/31/16 12/31/15 % Change
-------- -------- --------
Assets $1,924.5 $1,439.4 34%
Loans 965.0 874.8 10%
Deposits 1,677.7 1,249.3 34%
Total Revenue $62.5 $50.0 25%
Net Income 4.9 2.4 103%
Diluted Net Income per
Share $0.12 $0.06 100%
---------------------- ----- ----- ---
Vernon W. Hill, II, Chairman of Republic First Bancorp said:
"Our unique, customer-oriented model has again proven to be successful. Our relentless commitment to world class customer service and convenience will continue to attract and convert Customers into Fans. Our fourth quarter results are in line with the Five Year Strategic Goals announced last year. I look forward to continued success as we push forward with the "Power of Red is Back" expansion campaign into 2017."
Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp said:
"The fourth quarter brings to a close a tremendously successful year for our organization. Our expansion strategy continued to build momentum with the opening of three new stores during 2016. The completion of our common stock offering during the fourth quarter, combined with our proven model and the announcement of Vernon Hill as Chairman of the Board of Directors sets us up for an incredibly bright future."
Highlights for the Period Ended December 31, 2016
-- The Company completed a $100 million common stock offering during the
fourth quarter of 2016. As a result, Shareholders' Equity increased to
$215.1 million as of December 31, 2016 compared to $113.4 million as of
December 31, 2015. This capital raise will allow the Company to execute
its aggressive expansion plan over the next several years.
-- New stores opened since the beginning of the "Power of Red is Back"
expansion campaign in 2014 are currently growing deposits at an average
rate of $34 million per year, while the average deposit growth for all
stores over the last twelve months was approximately $23 million per
store.
-- Total revenue grew by 25% during 2016, while non-interest expenses grew
at a rate of 19%.
-- Net income increased by 103% to $4.9 million, or $0.12 per diluted
share, for the twelve months ended December 31, 2016 compared to $2.4
million, or $0.06 per diluted share, for the twelve months ended
December 31, 2015. The Company continues to open new stores and increase
net income despite the additional costs associated with the expansion
strategy. The acquisition of Oak Mortgage has also contributed to
improved earnings.
-- A new store was opened in Moorestown, NJ during the third quarter
bringing the total store count to nineteen. Another location now under
construction in Cherry Hill, NJ is scheduled to be completed in early
2017 and ground will soon be broken on sites in Medford, Sicklerville
and Fairless Hills. There are also several additional sites in various
stages of development for future store locations.
-- Total assets increased by $485 million, or 34%, to $1.9 billion as of
December 31, 2016 compared to $1.4 billion as of December 31, 2015.
-- Total deposits increased by $428 million, or 34%, to $1.7 billion as of
December 31, 2016 compared to $1.2 billion as of December 31, 2015.
-- Total loans grew $90 million, or 10%, to $965 million as of December 31,
2016 compared to $875 million at December 31, 2015.
-- SBA lending continued to be an important part of the Company's lending
strategy. More than $14 million in new SBA loans were originated during
the three month period ended December 31, 2016. Our team is currently
ranked as the #1 SBA lender 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 18.99% and Tier I
Leverage Ratio was 12.74% at December 31, 2016.
-- Book value per common share increased to $3.79 as of December 31, 2016
compared to $3.00 as of December 31, 2015.
Income Statement
The major components of the income statement are as follows (dollars in thousands, except per share data):
Three Months Ended Twelve Months Ended
------------------ -------------------
12/31/16 12/31/15 % Change 12/31/16 12/31/15 % Change
-------- -------- -------- -------- -------- --------
Total Revenue $16,954 $15,727 8% $62,482 $49,998 25%
Provision for Loan Losses - 500 (100%) 1,557 500 211%
Non-interest Expenses 15,507 14,446 7% 56,099 47,091 19%
Net Income 1,497 790 89% 4,945 2,433 103%
Diluted Net Income per Share $0.03 $0.02 50% $0.12 $0.06 100%
---------------------------- ----- ----- --- ----- ----- ---
The Company reported net income of $1.5 million, or $0.03 per diluted share, for the three month period ended December 31, 2016, compared to net income of $790 thousand, or $0.02 per diluted share, for the three month period ended December 31, 2015. Net income for the twelve month period ended December 31, 2016 was $4.9 million, or $0.12 per diluted share, compared to net income of $2.4 million, or $0.06 per diluted share, for the twelve months ended December 31, 2015.
Total revenue increased by $1.2 million, or 8%, to $17.0 million for the three month period ended December 31, 2016, compared to $15.7 million for the three month period ended December 31, 2015. This increase is primarily attributable to higher net 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 decreased to $4.3 million for the three month period ended December 31, 2016 compared to $4.7 million for the three month period ended December 31, 2015. This decrease was primarily driven by a one-time insurance settlement in the amount of $2.6 million received in the fourth quarter of 2015 which did not recur in 2016. This decrease was partially offset by the addition of a residential mortgage origination team during 2016 which drove an increase in the gain on the sale of loans.
Non-interest expenses increased by $1.1 million, or 7%, to $15.5 million during the three month period ended December 31, 2016 compared to $14.4 million during the three months ended December 31, 2015. This increase was mainly caused by the addition of expenses related to the residential mortgage division which was acquired in July 2016. 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):
% %
Change Change
Description 12/31/16 12/31/15 09/30/16
----------- -------- -------- --------
Total assets $1,924,526 $1,439,443 34% $1,734,462 11%
Total loans (net) 955,817 866,066 10% 936,088 2%
Total deposits 1,677,670 1,249,298 34% 1,582,232 6%
Total core deposits 1,677,403 1,239,422 35% 1,581,967 6%
------------------- --------- --------- --- --------- ---
Total assets increased by $485.1 million, or 34%, as of December 31, 2016 when compared to December 31, 2015. Deposits grew by $428.4 million to $1.7 billion as of December 31, 2016 compared to $1.2 billion as of December 31, 2015. The number of deposit accounts has grown by 41% 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):
4th Qtr
2016
% % Cost of
Change Change Funds
Description 12/31/16 12/31/15 09/30/16
----------- -------- -------- --------
Demand noninterest-bearing $324,912 $243,696 33% $302,372 7% 0.00%
Demand interest-bearing 605,950 381,499 59% 587,197 3% 0.40%
Money market and savings 635,644 556,525 14% 583,536 9% 0.45%
Certificates of deposit 110,897 57,702 92% 108,862 2% 1.14%
------- ------ --- ------- --- ----
Total core deposits $1,677,403 $1,239,422 35% $1,581,967 6% 0.39%
========== ========== === ========== === ====
Core deposits increased to $1.7 billion at December 31, 2016 compared to $1.2 billion at December 31, 2015 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 strong growth in all deposit account categories 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 12/31/16 % of 12/31/15 % of 09/30/16 % of
Total Total
Total
--- -----
Commercial real estate $378,519 39% $349,726 40% $376,466 40%
Construction and land development 61,453 6% 46,547 5% 48,983 5%
Commercial and industrial 174,744 18% 181,850 21% 186,126 20%
Owner occupied real estate 276,986 29% 246,398 28% 268,435 28%
Consumer and other 63,588 7% 47,868 6% 58,622 6%
Residential mortgage 9,682 1% 2,380 0% 6,909 1%
Gross loans $964,972 100% $874,769 100% $945,541 100%
======== === ======== === ======== ===
Gross loans increased by $90.2 million, or 10%, to $965.0 million at December 31, 2016 compared to $874.8 million at December 31, 2015 as a result of the steady flow in quality loan demand over the last twelve months and continued success with the relationship banking model. The Company experienced strongest growth in the commercial real estate and owner occupied real estate categories.
Asset Quality
The Company's non-performing asset balances and asset quality ratios are highlighted below:
Three Months Ended
------------------
12/31/16 09/30/16 12/31/15
-------- -------- --------
Non-performing assets /
capital and reserves 13% 23% 20%
Non-performing assets /
total assets 1.51% 1.72% 1.66%
Quarterly net loan charge-
offs /average loans 0.12% (0.04%) 0.06%
Allowance for loan losses /
gross loans 0.95% 1.00% 0.99%
Allowance for loan losses /
non-performing loans 48% 49% 69%
--------------------------- --- --- ---
The percentage of non-performing assets to total assets decreased to 1.51% at December 31, 2016, compared to 1.66% at December 31, 2015. The ratio of non-performing assets to capital and reserves decreased to 13% at December 31, 2016 compared to 20% at December 31, 2015 as a result of the completion of the common stock offering during the fourth quarter of 2016.
Capital
The Company's capital ratios at December 31, 2016 were as follows:
Actual Regulatory Guidelines
12/31/16 "Well Capitalized"
-------- ------------------
Leverage Ratio 12.74% 5.00%
Common Equity Ratio 16.59% 6.50%
Tier 1 Risk Based Capital 18.28% 8.00%
Total Risk Based Capital 18.99% 10.00%
Tangible Common Equity 10.91% n/a
---------------------- ----- ---
Total shareholders' equity increased to $215.1 million at December 31, 2016 compared to $113.4 million at December 31, 2015. Tangible book value per share increased to $3.70 at December 31, 2016 compared to $3.00 per share at December 31, 2015. 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 nineteen stores 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 also 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. 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, 2015 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.
Republic First Bancorp, Inc
Consolidated Balance Sheets
(Unaudited)
December 31, September 30, December 31,
(dollars in thousands, except per share amounts) 2016 2016 2015
---- ---- ----
ASSETS
Cash and due from
banks $19,830 $23,061 $13,777
Interest-bearing
deposits and federal
funds sold 14,724 126,980 13,362
-----------
Total cash and
cash
equivalents 34,554 150,041 27,139
Securities -
Available for
sale 369,739 299,385 284,795
Securities -Held
to maturity 432,499 220,470 172,277
Restricted
stock 1,366 1,366 3,059
Total
investment
securities 803,604 521,221 460,131
Loans held for
sale 28,065 29,715 3,653
Loans
receivable 964,972 945,541 874,769
Allowance for loan
losses (9,155) (9,453) (8,703)
Net loans 955,817 936,088 866,066
Premises and
equipment 57,040 55,573 46,164
Other real
estate owned 10,174 10,271 11,313
Other
assets 35,272 31,553 24,977
Total
Assets $1,924,526 $1,734,462 $1,439,443
LIABILITIES
Non-interest
bearing deposits $324,912 $302,372 $243,695
Interest
bearing
deposits 1,352,758 1,279,860 1,005,603
Total
deposits 1,677,670 1,582,232 1,249,298
Subordinated
debt 22,476 22,476 22,476
Other
liabilities 9,327 10,102 7,294
Total
Liabilities 1,709,473 1,614,810 1,326,068
SHAREHOLDERS' EQUITY
Common stock -
$0.01 par value 573 384 384
Additional
paid-in
capital 253,570 153,887 152,897
Accumulated
deficit (27,888) (29,385) (32,833)
Treasury stock
at cost (3,725) (3,725) (3,725)
Stock held by
deferred
compensation plan (183) (183) (183)
Accumulated other
comprehensive loss (7,294) (1,326) (3,165)
Total
Shareholders'
Equity 215,053 119,652 113,375
Total Liabilities and
Shareholders' Equity $1,924,526 $1,734,462 $1,439,443
=====================
Republic First Bancorp, Inc
Consolidated Statements of Income
(Unaudited)
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, September 30, December 31, December 31, December 31,
(in thousands, except per share amounts) 2016 2016 2015 2016 2015
---- ---- ---- ---- ----
INTEREST INCOME
Interest and fees on loans $10,826 $10,707 $9,786 $41,787 $37,781
Interest and dividends on investment
securities 3,636 2,764 2,565 11,967 7,377
Interest on other interest earning assets 174 149 55 473 278
-------------
Total interest
income 14,636 13,620 12,406 54,227 45,436
INTEREST EXPENSE
Interest on deposits 1,650 1,531 1,137 5,669 4,266
Interest on borrowed funds 296 303 282 1,194 1,115
Total interest expense 1,946 1,834 1,419 6,863 5,381
Net interest income 12,690 11,786 10,987 47,364 40,055
Provision for loan losses - 607 500 1,557 500
Net interest income after provision for
loan losses 12,690 11,179 10,487 45,807 39,555
NON-INTEREST INCOME
Service fees on deposit accounts 748 686 506 2,658 1,719
Gain on sale of loans 2,723 4,413 455 9,718 3,139
Gain on sale of investment securities - 2 35 656 108
Other non-interest income 793 310 3,744 2,086 4,977
Total non-interest income 4,264 5,411 4,740 15,118 9,943
NON-INTEREST EXPENSE
Salaries and employee benefits 8,268 7,731 5,821 28,602 22,488
Occupancy and equipment 2,424 2,586 2,259 9,627 8,009
Legal and professional fees 560 511 584 2,039 2,183
Foreclosed real estate 572 702 3,066 2,182 4,239
Regulatory assessments and related fees 402 296 337 1,413 1,248
Other operating expenses 3,281 3,456 2,379 12,236 8,924
Total non-interest expense 15,507 15,282 14,446 56,099 47,091
Income before benefit for income taxes 1,447 1,308 781 4,826 2,407
Benefit for income taxes (50) (32) (9) (119) (26)
--- --- --- ---- ---
Net income $1,497 $1,340 $790 $4,945 $2,433
====== ====== ==== ====== ======
Net Income per Common Share
Basic $0.03 $0.04 $0.02 $0.13 $0.06
Diluted $0.03 $0.03 $0.02 $0.12 $0.06
Average Common Shares Outstanding
Basic 43,456 37,916 37,826 39,281 37,818
Diluted 44,317 38,375 38,246 39,865 38,094
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) December 31, 2016 September 30, 2016 December 31, 2015
----------------- ------------------ -----------------
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 $135,214 $174 0.51% $114,260 $149 0.52% $65,611 $55 0.33%
Securities 649,649 3,731 2.30% 477,601 2,858 2.39% 409,141 2,656 2.60%
Loans receivable 970,391 10,965 4.50% 966,106 10,848 4.47% 855,124 9,870 4.58%
------- ------ ---- ------- ------ ---- ------- ----- ----
Total interest-earning assets 1,755,254 14,870 3.37% 1,557,967 13,855 3.54% 1,329,876 12,581 3.75%
Other assets 104,825 103,826 85,340
------- ------- ------
Total assets $1,860,079 $1,661,793 $1,415,216
========== ========== ==========
Interest-bearing liabilities:
Demand non interest-bearing $325,495 $282,571 $252,514
Demand interest-bearing 613,828 617 0.40% 533,222 553 0.41% 393,384 392 0.40%
Money market & savings 629,646 716 0.45% 583,256 677 0.46% 552,673 578 0.41%
Time deposits 110,488 317 1.14% 104,701 301 1.14% 71,463 167 0.93%
------- --- ---- ------- --- ---- ------ --- ----
Total deposits 1,679,457 1,650 0.39% 1,503,750 1,531 0.41% 1,270,034 1,137 0.36%
Total interest-bearing deposits 1,353,962 1,650 0.48% 1,221,179 1,531 0.50% 1,017,520 1,137 0.44%
--------- ----- ---- --------- ----- ---- --------- ----- ----
Other borrowings 22,513 296 5.23% 29,938 303 4.03% 23,087 282 4.85%
------ --- ---- ------ --- ---- ------ --- ----
Total interest-bearing liabilities 1,376,475 1,946 0.56% 1,251,117 1,834 0.58% 1,040,607 1,419 0.54%
--------- ----- ---- --------- ----- ---- --------- ----- ----
Total deposits and
other borrowings 1,701,970 1,946 0.45% 1,533,688 1,834 0.48% 1,293,121 1,419 0.44%
----- ---- ----- ---- ----- ----
Non interest-bearing liabilities 10,965 9,247 7,901
Shareholders' equity 147,144 118,858 114,194
------- ------- -------
Total liabilities and
shareholders' equity $1,860,079 $1,661,793 $1,415,216
========== ========== ==========
Net interest income $12,924 $12,021 $11,162
======= ======= =======
Net interest spread 2.81% 2.96% 3.21%
==== ==== ====
Net interest margin 2.93% 3.07% 3.33%
==== ==== ====
Note: The above tables are presented on a tax equivalent basis
Republic First Bancorp, Inc
Average Balances and Net Interest Income
(unaudited)
For the twelve months ended For the twelve months ended
(dollars in thousands) December 31, 2016 December 31, 2015
----------------- -----------------
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 $92,452 $473 0.51% $106,876 $278 0.26%
Securities 506,545 12,346 2.44% 309,018 7,692 2.49%
Loans receivable 936,492 42,304 4.52% 820,820 38,072 4.64%
------- ------ ---- ------- ------ ----
Total interest-earning assets 1,535,489 55,123 3.59% 1,236,714 46,042 3.72%
Other assets 97,510 74,505
------ ------
Total assets $1,632,999 $1,311,219
========== ==========
Interest-bearing liabilities:
Demand non interest-bearing $284,326 $235,810
Demand interest-bearing 510,745 2,088 0.41% 349,055 1,401 0.40%
Money market & savings 586,750 2,639 0.45% 508,846 2,170 0.43%
Time deposits 89,713 942 1.05% 73,819 695 0.94%
------ --- ---- ------ --- ----
Total deposits 1,471,534 5,669 0.39% 1,167,530 4,266 0.37%
Total interest-bearing deposits 1,187,208 5,669 0.48% 931,720 4,266 0.46%
--------- ----- ---- ------- ----- ----
Other borrowings 28,079 1,194 4.25% 22,640 1,115 4.92%
------ ----- ---- ------ ----- ----
Total interest-bearing liabilities 1,215,287 6,863 0.56% 954,360 5,381 0.56%
--------- ----- ---- ------- ----- ----
Total deposits and
other borrowings 1,499,613 6,863 0.46% 1,190,170 5,381 0.45%
----- ---- ----- ----
Non interest-bearing liabilities 8,867 7,340
Shareholders' equity 124,519 113,709
------- -------
Total liabilities and
shareholders' equity $1,632,999 $1,311,219
========== ==========
Net interest income $48,260 $40,661
======= =======
Net interest spread 3.03% 3.16%
==== ====
Net interest margin 3.14% 3.29%
==== ====
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)
Three months ended Twelve months ended
------------------ -------------------
December 31, September 30, December 31, December 31, December 31,
(dollars in thousands) 2016 2016 2015 2016 2015
---- ---- ---- ---- ----
Balance at beginning of period $9,453 $8,761 $8,323 $8,703 $11,536
Provision charged to operating expense - 607 500 1,557 500
--- --- --- ----- ---
9,453 9,368 8,823 10,260 12,036
Recoveries on loans charged-off:
Commercial 1 88 1 169 58
Consumer 2 - 1 2 34
--- --- --- --- ---
Total recoveries 3 88 2 171 92
Loans charged-off:
Commercial (290) (3) (122) (1,265) (3,425)
Consumer (11) - - (11) -
--- --- --- --- ---
Total charged-off (301) (3) (122) (1,276) (3,425)
---- --- ---- ------ ------
Net (charge-offs)/recoveries (298) 85 (120) (1,105) (3,333)
---- --- ---- ------ ------
Balance at end of period $9,155 $9,453 $8,703 $9,155 $8,703
====== ====== ====== ====== ======
Net charge-offs as a percentage of
average loans outstanding 0.12% (0.04%) 0.06% 0.12% 0.41%
Allowance for loan losses as a percentage
of period-end loans 0.95% 1.00% 0.99% 0.95% 0.99%
Republic First Bancorp, Inc.
Summary of Non-Performing Loans and Assets
(unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollars in thousands) 2016 2016 2016 2016 2015
---- ---- ---- ---- ----
Non-accrual loans:
Commercial real estate $17,758 $18,331 $18,070 $11,057 $12,080
Consumer and other 836 1,007 772 762 542
--- ----- --- --- ---
Total non-accrual loans 18,594 19,338 18,842 11,819 12,622
Loans past due 90 days or more
and still accruing 302 153 - 8,037 -
--- --- --- ----- ---
Total non-performing loans 18,896 19,491 18,842 19,856 12,622
Other real estate owned 10,174 10,271 11,974 11,393 11,313
------ ------ ------ ------ ------
Total non-performing assets $29,070 $29,762 $30,816 $31,249 $23,935
======= ======= ======= ======= =======
Non-performing loans to total loans 1.96% 2.06% 2.03% 2.21% 1.44%
Non-performing assets to total assets 1.51% 1.72% 1.95% 2.11% 1.66%
Non-performing loan coverage 48.45% 48.50% 46.50% 45.47% 68.95%
Allowance for loan losses as a percentage
of total period-end loans 0.95% 1.00% 0.94% 1.00% 0.99%
Non-performing assets / capital plus
allowance for loan losses 12.97% 23.05% 24.20% 24.87% 19.61%
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SOURCE Republic Bank
