EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit 99.1
 
NEWS RELEASE
 
FOR RELEASE IMMEDIATELY
 
Contact: Paul Frenkiel, CFO
 
(215) 735-4422 ext. 5255

REPUBLIC FIRST BANCORP, INC.
REPORTS 26% INCREASE IN FIRST QUARTER EARNINGS

Philadelphia, PA, April 17, 2006 - Republic First Bancorp, Inc. (NASDAQ:FRBK), (the “Company”) the holding company for Republic First Bank (PA), today reported first quarter 2006 earnings of $2.7 million, a 26% increase over the same quarter in 2005. Total first quarter 2006 diluted earnings per share amounted to $.30 compared to $.25* per share for the prior year first quarter, a 20% increase. Average loans grew in excess of 23% and core deposits grew in excess of 14% in first quarter 2006 compared to the first quarter of 2005.

President Harry Madonna stated, “We are very pleased with the improved earnings of the Company and look forward to continued growth. Earnings growth was due to the significant increase in commercial loans outstanding, and the increase in the spread between the interest income and the cost of funds. We anticipate continued improvement in all areas of the Company. We look forward to making continued earnings progress, and further increasing shareholder value.”

Total shareholders’ equity stood at $66.9 million with a book value per share of $7.76 at March 31, 2006, based on outstanding common shares of approximately 8.6 million. As of that date, the Company continued to be well capitalized.

Republic First Bank (PA) is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its nine offices located in Abington, Ardmore, Bala Cynwyd, East Norriton, Media and Philadelphia, Pennsylvania.

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. 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.
 
# # #

* Prior year earnings per share amounts were restated to reflect the 12% stock dividend paid June 7, 2005.
 
 


Republic First Bancorp, Inc.
         
Condensed Income Statement
         
(Dollar amounts in thousands
         
except per share data)
         
(unaudited)
         
   
 Three Months Ended
 
   
 March 31,
 
   
2006
  
2005
  
           
Net Interest Income
 
$
9,309
  
$
7,198
  
Provision for Loan Losses
   
1,313
   
703
 
Non-interest Income
   
1,115
   
1,143
 
Non-interest Expenses
   
5,041
   
4,471
 
Provision for income taxes
   
1,399
   
1,045
 
Net Income
 
$
2,671
  
$
2,122
  
               
Diluted EPS
 
$
0.30
  
$
0.25
 (1) 
               
Republic First Bancorp, Inc.
             
Condensed Balance Sheet
             
(Dollar amounts in thousands)
             
(unaudited)
             
               
Assets
   
March 31,
 
 
March 31,
 
 
 
 
2006
 
 
2005
 
               
Federal Funds Sold and Other Interest Bearing Cash
 
$
79,612
  
$
68,697
  
Investment Securities
   
42,076
   
46,593
 
Commercial and Other Loans
   
701,910
   
563,563
 
Allowance for Loan Losses
   
(7,803
)
  
(6,713
)
Other Assets
   
48,374
   
54,330
 
 
              
Total Assets
 
$
864,169
  
$
726,470
  
 
              
Liabilities and Shareholders' Equity:
             
Transaction Accounts
 
$
384,103
  
$
396,966
  
Time Deposit Accounts
   
290,761
   
225,777
 
FHLB Advances and Trust Preferred Securities
   
111,186
   
39,241
 
Other Liabilities
   
11,191
   
8,647
 
Shareholders' Equity
   
66,928
   
55,839
 
Total Liabilities and Shareholders' Equity
 
$
864,169
  
$
726,470
  
               
(1) Prior year earnings per share has been restated for the 12% stock dividend paid June 7, 2005.
              
 
 

Republic First Bancorp, Inc.
          
March 31, 2006
          
(unaudited)
          
           
   
At or For the
  
   
Three Months Ended
  
   
March 31,
  
March 31,
  
Financial Data:
  
2006
  
2005
  
 
          
Return on average assets
    
1.33
%
  
1.15
%
 
              
Return on average equity
    
16.63
%
  
15.48
%
 
              
Share information:
              
 
              
Book value per share
  
$
7.76
  
$
6.89
 (1) 
 
              
Actual shares outstanding at period end, net of
              
treasury shares (227,778)
    
8,628,000
   
8,104,000
(1) 
 
              
Average diluted shares outstanding
    
8,764,000
   
8,644,000
(1) 
               
               
(1) Prior year share information has been restated for the 12% stock dividend paid June 7, 2005.
              
 
 

Republic First Bancorp, Inc.
          
March 31, 2006
          
(Dollars in thousands)
          
(unaudited)
          
           
Credit Quality Ratios:
          
   
March 31,
 
March 31,
 
 
 
2006
 
2005
  
           
Non-accrual and loans accruing,
              
but past due 90 days or more
  
$
3,556
  
$
3,212
  
               
Restructured loans
    
-
   
-
 
               
Total non-performing loans
    
3,556
   
3,212
 
               
Other real estate owned
    
137
   
137
 
               
Total non-performing assets
  
$
3,693
  
$
3,349
  
               
Non-performing loans as
              
a percentage of total loans
    
0.51
%
  
0.57
%
               
Nonperforming assets as
              
a percentage of total assets
    
0.43
%
  
0.46
%
               
Allowance for loan losses
              
to total loans
    
1.11
%
  
1.18
%
               
Allowance for loan losses
              
to total non-performing loans
    
219.43
%
  
209.00
%
 
 

Republic First Bancorp, Inc.
                          
March 31, 2006
                          
(Dollars in thousands )
                          
(unaudited)
                          
       
Quarter-to-Date
          
       
Average Balance Sheet
          
                           
   
Three months ended
  
Three months ended
  
   
March 31, 2006
  
March 31, 2005
  
                           
           
Average
          
Average
  
Interest-earning Assets:
  
Average
      
Yield/
  
Average
      
Yield/
  
   
Balance
  
Interest
  
Cost
  
Balance
  
Interest
  
Cost
  
                           
                           
Commercial and other loans
 
$
700,896
  
$
14,154
    
8.19
%
$
567,247
  
$
9,912
    
7.09
%
                                       
Investment securities
    
41,663
   
509
   
4.89
    
48,779
   
444
   
3.64
  
                                       
Federal funds sold
    
36,130
   
400
   
4.49
    
77,425
   
476
   
2.50
  
                                       
Total interest-earning assets
    
778,689
   
15,063
   
7.85
    
693,451
   
10,832
   
6.33
  
                                       
Other assets
    
37,689
               
43,694
             
                                       
Total assets
  
$
816,378
  
$
15,063
        
$
737,145
  
$
10,832
        
                                       
Interest-bearing liabilities:
                                      
                                       
                                       
Interest-bearing deposits
  
$
618,525
  
$
5,264
    
3.45
%
$
512,341
  
$
2,996
    
2.37
%
                                       
Borrowed funds
    
36,932
   
490
   
5.38
    
68,336
   
638
   
3.79
  
                                       
                                       
Interest-bearing liabilities
    
655,457
   
5,754
   
3.56
    
580,677
   
3,634
   
2.54
  
                                       
Non-interest and
                                     
interest-bearing funding
    
741,533
   
5,754
   
3.15
    
674,235
   
3,634
   
2.19
  
                                       
                                       
Other liabilities:
    
9,701
               
8,077
             
                                       
Total liabilities
    
751,234
               
682,312
             
                                       
Shareholders' equity
    
65,144
               
54,833
             
                                       
Total liabilities &
                                     
shareholders' equity
  
$
816,378
              
$
737,145
              
                                       
Net interest income
        
$
9,309
              
$
7,198
        
                                       
Net interest margin
                
4.85
%
              
4.20
%