frbk20210125

0001437749-21-001192.txt : 20210125 0001437749-21-001192.hdr.sgml : 20210125 20210125160502 ACCESSION NUMBER: 0001437749-21-001192 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210125 DATE AS OF CHANGE: 20210125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPUBLIC FIRST BANCORP INC CENTRAL INDEX KEY: 0000834285 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232486815 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17007 FILM NUMBER: 21549681 BUSINESS ADDRESS: STREET 1: TWO LIBERTY PLACE STREET 2: 50 S. 16TH STREET SUITE 2400 CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 215-735-4422 MAIL ADDRESS: STREET 1: TWO LIBERTY PLACE STREET 2: 50 S. 16TH STREET SUITE 2400 CITY: PHILADELPHIA STATE: PA ZIP: 19102 FORMER COMPANY: FORMER CONFORMED NAME: FIRST REPUBLIC BANCORP INC /DE/ DATE OF NAME CHANGE: 19960617 FORMER COMPANY: FORMER CONFORMED NAME: EXECUFIRST BANCORP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST EXECUTIVE BANCORP INC DATE OF NAME CHANGE: 19881113 8-K 1 frbk20210125_8k.htm FORM 8-K frbk20210125_8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): January 25, 2021

REPUBLIC FIRST BANCORP, INC.
(Exact name of registrant as specified in its charter)

Pennsylvania	000-17007	23-2486815
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

50 South 16th Street, Suite 2400, Philadelphia, PA 19102

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (215) 735-4422

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FRBK	Nasdaq Global Market

N/A
Former name, former address, and former fiscal year, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On January 25, 2021, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition at and for the period ended December 31, 2020. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this report, including the exhibit attached hereto, is furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

	99.1	Press Release issued on January 25, 2021 regarding financial results for the period ended December 31, 2020.
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	REPUBLIC FIRST BANCORP, INC.


Date: January 25, 2021	By:	/s/ Frank A. Cavallaro
		Frank A. Cavallaro Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description

99.1	Press Release issued on January 25, 2021 regarding financial results for the period ended December 31, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1 2 ex_222310.htm EXHIBIT 99.1 ex_222310.htm

Exhibit 99.1

News Release

Republic First Bancorp, Inc.

January 25, 2021

REPUBLIC FIRST BANCORP, INC. REPORTS FOURTH QUARTER FINANCIAL RESULTS

DEPOSITS GROW 34% AND EARNINGS CONTINUE TO IMPROVE AS MOMENTUM BUILDS

Philadelphia, PA, January 25, 2021 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2020.

Q4-2020 Financial Highlights

	Net income was $4.1 million, or $0.05 per share, during the fourth quarter of 2020 compared to a net loss of $2.5 million, or ($0.04) per share, during the fourth quarter of 2019. This represents an increase of 265% when comparing the two quarters. Core earnings improved for the fourth consecutive quarter as positive momentum continues to build.

	Net income for the year ended December 31, 2020 was $5.1 million, or $0.07 per share, compared to a net loss of $3.5 million, or $(0.06) per share, for the year ended December 31, 2019 representing improvement of 244% year over year.

	Results for the twelve month period ended December 31, 2020 were impacted by a one-time goodwill impairment charge of $5.0 million. Excluding this charge, core earnings before tax were $11.5 million during the year ended December 31, 2020 compared to a net loss before tax of $4.9 million during the year ended December 31, 2019.

	The improvement in earnings was driven by the Company’s focus on cost control initiatives while driving revenue growth. During the fourth quarter of 2020 total revenue increased 48% and non-interest expense increased 10% compared to the fourth quarter of 2019. During the twelve month period ended December 31, 2020 total revenue increased 26% and non-interest expense, excluding goodwill impairment, increased by 8% compared to the twelve month period ended December 31, 2019.

	Total deposits increased by $1.0 billion, or 34%, to $4.0 billion as of December 31, 2020 compared to $3.0 billion as of December 31, 2019.

	Total loans grew $897 million, or 51%, to $2.6 billion as of December 31, 2020 compared to $1.7 billion at December 31, 2019. This growth includes more that $600 million in PPP loans. Excluding the impact of the PPP loan program loans grew $273 million, or 16%, year over year.

	Asset quality remains strong as the ratio of non-performing assets to total assets declined to 0.28% as of December 31, 2020. Only twenty-one loan customers were deferring loan payments at the end of the year. These deferrals relate to approximately $16 million of outstanding loan balances which is less than 1% of total loans.

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

“The fourth quarter of 2020 marks the end of a year filled with unprecedented challenges and economic uncertainty. During this time the Republic Bank Team maintained its commitment to outstanding customer service and satisfaction while driving positive momentum. We are extremely proud of our performance and participation in the PPP loan program which provided crucial funding to businesses throughout our footprint during a time of extreme economic distress. In recognition of our commitment to FANatical customer service we were named America’s #1 Bank for Service as a result of a survey conducted by Forbes during 2020. As we put an incredibly challenging year behind us we look forward to growing our rapidly expanding network of FANS in the future. We clearly believe the best is yet to come.”

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

“During 2020 we continued to demonstrate our ability to produce strong organic growth in asset, loan and deposit balances even in a challenging economic environment inhibited by governmental restrictions and the ongoing effects of the COVID-19 pandemic. We were also able to drive significant improvement in earnings despite the challenges faced in the current year. Our focus on cost control measures continues to drive positive operating leverage. We have consistently stated that it is our goal to deliver best in class service across all delivery channels…..in-store, by phone, online and mobile options....as we strive to create new FANS each and every day. We are focused on meeting that goal in the most efficient manner possible.”

Financial Summary for the Period Ended December 31, 2020

The changes in the balance sheet as of December 31, 2020 were significantly impacted by the effect of the PPP loan program. A portion of the increase in cash balances, outstanding loans, and outside borrowings will be short-term in nature and will change as the borrowers that received PPP loans submit applications for forgiveness to the SBA in the coming months. A summary of the balance sheet presented with and without the impact of the PPP loan program for the period ended December 31, 2020 can be found in the following table:

			Excluding
			PPP				YOY Growth					YOY Growth
	Actual		Program		Actual		(Including PPP)					(Excluding PPP)
($ in millions)	12/31/20		12/31/20		12/31/19		($)		(%)			($)		(%)
Assets	$	5,066	$	4,432	$	3,341	$	1,725		52	%	$	1,091		33	%
Loans		2,645		2,021		1,748		897		51	%		273		16	%
Deposits		4,014		4,014		2,999		1,015		34	%		1,015		34	%
PPPLF Borrowings		634		-		-		634		100	%		-		-	%

A summary of the income statement for the period ended December 31, 2020 can be found in the following table:

($ in millions, except per share data)	Three Months Ended								Twelve Months Ended
	12/31/20		12/31/19			Change			12/31/20		12/31/19			Change
Total Revenue	$	37.3	$	25.1			48	%	$	128.4	$	101.5			26	%
Non-Interest Expense		30.2		27.5			10	%		112.7		104.5			8	%
Goodwill Impairment		-		-			-			5.0		-			100	%
Income (Loss) Before Tax		5.7		(3.5	)		261	%		6.4		(4.9	)		233	%
Net Income (Loss)		4.1		(2.5	)		265	%		5.1		(3.5	)		244	%
Earnings per share (diluted)	$	0.05	$	(0.04	)		225	%	$	0.07	$	(0.06	)		217	%

Earnings in the current year were impacted by a one-time goodwill impairment charge which was recorded in the third quarter of 2020. A summary of core earnings on a quarterly basis during 2020 excluding the goodwill impairment charge can be found in the following table:

($ in millions)	1Q20			2Q20		3Q20		4Q20		YTD 2020
Total Revenue	$	27.3		$	30.9	$	33.0	$	37.3	$	128.4
Provision for Loan Losses		0.9			1.0		0.9		1.4		4.2
Non-Interest Expense*		27.3			26.7		28.6		30.2		112.7
Core Earnings Before Tax*		(0.9	)		3.2		3.5		5.7		11.5
Core Earnings After Tax*		(0.6	)		2.5		2.8		4.1		8.8

*Note: Results for 2020 exclude a one-time goodwill impairment charge recorded in Q3-2020. See disclosure related to non-GAAP financial measures at the end of this release.

Core earnings improved for the fourth consecutive quarter as positive momentum continues to build. Excluding the impact of goodwill impairment, profitability improved quarter to quarter as core earnings before tax increased to $5.7 million in the fourth quarter of 2020 compared to $3.5 million in the third quarter of 2020 and a net loss before tax of $3.5 million in the fourth quarter of 2019.

Profitability also improved year over year. Excluding the impact of goodwill impairment, core earnings before tax for the twelve month period ended December 31, 2020 were $11.5 million compared to a net loss before tax of $4.9 million for the twelve months ended December 31, 2019. This represents an increase of $16.3 million, or 336%, year over year.

The goodwill impairment charged recorded during 2020 represents a complete write-off of all goodwill on the balance sheet at the present time.

PPP Loan Program

The Paycheck Protection Program (“PPP”) included in the CARES Act authorized financial institutions to make loans to companies that have been impacted by the devastating economic effects of the coronavirus (COVID-19) pandemic. We responded by quickly developing a process to accept applications for the program not only from our valued small business customers, but from non-customers throughout our community as well.

During 2020 we originated more than $680 million in the first round of the PPP loan program related to nearly 5,000 small businesses.

More than 50% of the applications received were from businesses that were not existing customers of Republic Bank, many of which have switched their primary banking relationship to Republic.

Gross origination fees of $22 million were received by Republic which is being recognized as income over the life of the loans. Approximately $13 million in fees have been deferred and are expected to be recognized during 2021.

As a percentage of existing loan balances as of March 31, 2020, the $680 million in PPP loans originated amounted to 36% making Republic one of the top PPP lenders in the entire country.

We are now assisting all of our PPP loan customers with the application process for forgiveness through the SBA.

The Economic Aid Act approved by Congress in December 2020 provided funding for a second round of the PPP program. We are actively preparing to assist not only our existing business customers with the application process for this next round, but will again welcome non-customers to apply through Republic Bank as well. We began processing applications for the second round in January 2021.

Loss Mitigation and Loan Portfolio Analysis

Our emphasis on asset quality with every loan that we underwrite has demonsrated positive results in this challenging economic environment. Our commercial lending team has maintained regular contact with many of our loan customers to discuss the impact that the pandemic has had on their businesses to date and the expected ramifications that may be felt in the future. During 2020 we granted payment deferrals for customers that made a request and had an immediate need for assistance.

Management believes exposure in the loan portfolio to the high risk industries most impacted by the current economic conditions is limited. Loans to customers in the accommodations and food services industry (i.e. hotels and restaurants) amount to 7% of the total loans outstanding as of December 31, 2020.

We believe the combination of ongoing communication with our customers, loan payment deferrals, increased focus on risk management practices, and access to government programs such as the PPP Loan Program should help mitigate potential future period losses.

The following table summarizes the number of loan customers that have been granted payment deferrals along with the related loan outstanding balances through the period ended December 31, 2020:

	12/31/20				05/31/20
($ in millions)	Deferred Balances		% of Total Loans*		Deferred Balances		% of Total Loans*

Deferral of Principal Only	$	4		-%	$	176		9%
Deferral of Principal and Interest		12		-%		268		14%

Total Deferral Balances	$	16	<1%		$	444		24%

# of Loan Accounts on Deferral		21	<1%			491		9%

*Note: PPP loans excluded from total loans when calculating % of total loan balances.

Loan balances with deferred payments have declined to $16 million, which is less than 1% of total loans, as of December 31, 2020. Loan deferrals peaked at $444 million, or 24% of total loans as of May 31, 2020. Only twenty-one loan customers were deferring loan payments as of December 31, 2020.

Total Banking Experience

The goal of the Republic Bank model is to deliver a unified customer experience not only through our physical store locations, but to include convenient on-line and mobile options as well.

As a result of our commitment to FANatical service across all delivery channels Republic Bank was named as America’s # 1 Bank for Service in a national Forbes survey during 2020. This survey measured overall customer satisfaction with their financial institution in the following categories: branch services, digital services, financial advice, trust and terms/conditions.

We have thirty-one convenient store locations open today. In 2020 we opened new stores in Northfield, NJ and Bensalem, PA. We have also broken ground on future store locations in Deptford and Ocean City, NJ which we expect to open during 2021.

As we proceed forward we will continue to enhance and upgrade our technology platforms to ensure that we deliver the best-in-class resources to our FANS for a safe, secure and convenient banking experience.

Additional Financial Highlights

Total assets increased by $1.7 billion, or 52%, to $5.1 billion as of December 31, 2020 compared to $3.3 billion as of December 31, 2019. Excluding the impact of the PPP loan program total assets increased by $1.1 billion, or 33%, year over year.

New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $38 million per year, while the average deposit growth for all stores over the last twelve months was approximately $33 million per store.

The net interest margin increased by 8 basis points to 2.43% for the three months ended December 31, 2020 compared to 2.35% for the three months ended September 30, 2020. This increase was primarily driven by a decline in the cost funds to 0.54% during the fourth quarter of 2020 compared to 0.59% during the third quarter of 2020.

Our residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. Loan production during 2020 was strong despite the impact of the COVID-19 pandemic. The Oak Mortgage team originated more than $700 million in mortgage loans over the last twelve months which was a record high for this division.

A $50 million capital raise was completed during the third quarter of 2020 through a registered direct offering of convertible preferred stock providing the capital resources necessary to continue with our growth and expansion strategy.

Total Risk-Based Capital ratio was 13.50% and Tier I Leverage Ratio was 8.17% at December 31, 2020.

Book value per common share increased to $4.41 as of December 31, 2020 compared to $4.23 as of December 31, 2019.

Income Statement

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

	Three Months Ended
	12/31/20		09/30/20			% Change			12/31/19			% Change
Net Interest Income	$	25,722	$	22,930			12	%	$	19,914			29	%
Non-interest Income		11,568		10,031			15	%		5,213			122	%
Total Revenue		37,290		32,961			13	%		25,127			48	%
Provision for Loan Losses		1,400		850			65	%		1,155			21	%
Non-interest Expense		30,239		28,569			6	%		27,488			10	%
Goodwill Impairment Charge		-		5,011			(100	%)		-			-	%
Income (Loss) Before Taxes		5,651		(1,469	)		485	%		(3,516	)		261	%
Provision (Benefit) for Taxes		1,548		(503	)		408	%		(1,031	)		250	%
Net Income (Loss)		4,103		(966	)		525	%		(2,485	)		265	%
Preferred Dividends		924		-			100	%		-			100	%
Net Income (Loss) Attributable to Common Shareholders		3,179		(966	)		429	%		(2,485	)		228	%
Earnings per share (diluted)	$	0.05	$	(0.02	)		439	%	$	(0.04	)		229	%

Net income was $4.1 million, or $0.05 per diluted share, for the three month period ended December 31, 2020, compared to a net loss of $1.0 million, or $(0.02) per share, for the three month period ended September 30, 2020 and a net loss of $2.5 million, or $(0.04) per share, for the three month period ended December 31, 2019.

We continue to demonstrate progress with operating leverage which drives improved earnings. Total revenue increased by 48% while non-interest expense increased by 10%, during the fourth quarter of 2020 compared to the fourth quarter of 2019.

Interest income increased by $4.4 million, or 16%, to $31.2 million for the quarter ended December 31, 2020 compared to $26.9 million for the quarter ended December 31, 2019. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the “Power of Red is Back” expansion strategy. We also continue to amortize the fees associated with the origination of PPP loans earlier this year which is reported as interest income. $3.0 million in PPP fees were recorded as income during the quarter ended December 31, 2020 with the remaining balance to be recognized over the life of the loans.

Interest expense decreased by $1.5 million, or 21%, to $5.5 million for the quarter ended December 31, 2020 compared to $7.0 million for the quarter ended December 31, 2019. The decrease in interest expense was primarily driven by a reduction in the cost of deposits as a result of the decrease in the Fed Funds rate during the first quarter of 2020.

The net interest margin for the three month period ended December 31, 2020 decreased by 24 basis points to 2.43% compared to 2.67% for the three month period ended December 31, 2019. The interest rate on the loans originated under the PPP loan program is 1.00% which caused a decline in the yield on interest earning assets in the fourth quarter of 2020. In addition, the rate cuts enacted by the Federal Reserve Bank during the first quarter of 2020 has created a lower interest rate environment.

Non-interest income increased by $6.4 million, or 122%, to $11.6 million for the three month period ended December 31, 2020, compared to $5.2 million for the three month period ended December 31, 2019. The increase is attributable to higher mortgage banking income driven by mortgage loan originations, and higher service fees on deposit accounts which is driven by growth in deposit balances and an increase in the number of deposit accounts in addition to the impact of the new branding and processing agreements with VISA.

Non-interest expense increased by 10%, to $30.2 million during the quarter ended December 31, 2020, compared to $27.5 million during the quarter ended December 31, 2019. The growth in expenses were mainly caused by an increase in salaries and benefit costs. This increase is mostly attributable to higher commissions paid as a result of an increase in residential mortgage loan originations. Occupancy and equipment expenses have also grown as a result of our growth strategy.

	Twelve Months Ended
	12/31/20		12/31/19			% Change
Net Interest Income	$	91,832	$	77,807			18	%
Non-Interest Income		36,567		23,738			54	%
Total Revenue		128,399		101,545			26	%
Provision for Loan Losses		4,200		1,905			120	%
Non-interest Expense		112,744		104,490			8	%
Goodwill Impairment Charge		5,011		-			100	%
Income (Loss) Before Taxes		6,444		(4,850	)		233	%
Provision (Benefit) for Taxes		1,390		(1,350	)		203	%
Net Income (Loss)		5,054		(3,500	)		244	%
Preferred Dividends		924		-			100	%
Net Income (Loss) Attributable to Common Shareholders		4,130		(3,500	)		218	%
Earnings per Share (diluted)	$	0.07	$	(0.06	)		218	%

We reported net income of $5.1 million, or $0.07 per share, for the twelve month period ended December 31, 2020, compared to a net loss of $3.5 million, or $(0.06) per share for the twelve month period ended December 31, 2019.

Core earnings improved significantly year over year. Pre-tax income excluding the goodwill impairment charge was $11.5 million during the twelve month period ended December 31, 2020 compared to a net loss of $4.9 million for the twelve month period ended December 31, 2019. The improvement in earnings comes as we continue to demonstrate progress with operating leverage. Total revenue increased by 26% while non-interest expense increased by 8%, excluding goodwill impairment, during the twelve month period ended December 31, 2020 compared to the twelve month period ended December 31, 2019.

The goodwill impairment charge of $5.0 million recorded in 2020 represents a one-time, non-cash accounting transaction which had no impact on liquidity and minimally increased regulatory capital ratios. A prolonged decline in the Company’s stock price, exacerbated by the COVID-19 pandemic and related economic impact led to recognition of the impairment pursuant to management’s completion of a goodwill impairment analysis as of September 30, 2020. This was a complete write-off of all goodwill on the balance sheet.

Net interest income increased by $14.0 million, or 18%, despite compression of our net interest margin during 2020. The net interest margin for the twelve month period ended December 31, 2020 decreased by 34 basis points to 2.51% compared to 2.85% for the twelve month period ended December 31, 2019. Strong growth in interest-earning assets drove the increase in net interest income. Revenue growth in 2020 was also a result of higher mortgage banking income which increased to $17.9 million in 2020 compared to $10.1 million in 2019. Oak Mortgage, the Bank’s residential mortgage lending division, originated more that $700 million in mortgage loans during 2020.

The first dividend on the outstanding shares of preferred stock was declared and paid during the fourth quarter of 2020. The preferred stock was issued in August 2020 and pays a dividend at an annual rate of 7.00%.

Deposits

Deposits by type of account are as follows (dollars in thousands):

Description	12/31/20		12/31/19		% Change			09/30/20		% Change

Demand noninterest-bearing	$	1,006,876	$	661,431		52	%	$	1,049,169		(4	%)
Demand interest-bearing		1,776,995		1,352,360		31	%		1,618,342		10	%
Money market and savings		1,043,519		761,793		37	%		1,034,799		1	%
Certificates of deposit		186,361		223,579		(17	%)		203,296		(8	%)
Total deposits	$	4,013,751	$	2,999,163		34	%	$	3,905,606		3	%

Deposits increased to $4.0 billion at December 31, 2020 compared to $3.0 billion at December 30, 2019. This increase can be attributed to our strategy to expand the reach of our banking model which focuses on enhancing the total customer experience including in-store, on-line and mobile banking options. High levels of customer service and convenience across all delivery channels drives the gathering of low-cost, core deposits. We recognized strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 52%, year over year as a result of the successful execution of our strategy. The increase in demand deposits during 2020 is also a result of our participation in the PPP loan program. Many of the PPP loans originated were for small businesses that were previously not customers of Republic Bank. Many of these small businesses have chosen to move their primary banking relationship to Republic as a result of the outstanding level of service and cooperation they experienced during the PPP loan process. Commercial deposits were 45% of total deposits as of December 31, 2020.

Lending

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

Description	12/31/20		% of Total			12/31/19		% of Total			09/30/20		% of Total

Commercial and industrial	$	200,188		8	%	$	223,906		13	%	$	228,145		9	%
Owner occupied real estate		478,190		18	%		424,400		24	%		427,026		16	%
Commercial real estate		702,765		27	%		613,631		35	%		676,460		26	%
Construction and land development		142,821		5	%		121,395		7	%		164,671		6	%
Residential mortgage		395,174		15	%		263,444		15	%		365,279		14	%
Paycheck protection program (net)		624,120		24	%		-		-	%		667,842		25	%
Consumer and other		102,085		4	%		101,419		6	%		99,975		4	%
Gross loans	$	2,645,342		100	%	$	1,748,195		100	%	$	2,629,398		100	%

Gross loans increased by $897 million, or 51%, to $2.6 billion at December 31, 2020 compared to $1.7 billion at December 31, 2019. A significant portion of the increase was driven by the loans originated through the PPP loan program during the second quarter of 2020. In addition, we continue to see results from the continued success with the relationship banking model which has driven a steady flow in quality loan demand. Excluding the addition of the PPP loans in 2020, loans still grew $273 million, or 16%, when compared to the balance as of December 31, 2019. We experienced strongest growth in the owner occupied real estate, commercial real estate and residential mortgage categories during 2020.

Asset Quality

The Company’s asset quality ratios are highlighted below:

	Three Months Ended
	12/31/20			09/30/20			12/31/19

Non-performing assets / capital and reserves		4	%		4	%		5	%
Non-performing assets / total assets		0.28	%		0.27	%		0.42	%
Quarterly net loan charge-offs / average loans*		0.05	%		0.01	%		0.09	%
Allowance for loan losses / gross loans*		0.64	%		0.60	%		0.53	%
Allowance for loan losses / non-performing loans		101	%		95	%		75	%

*Note: PPP loans excluded when calculating % of total loan balances.

The percentage of non-performing assets to total assets decreased to 0.28% at December 31, 2020, compared to 0.42% at December 31, 2019. Tha allowance for loan losses as a percentage of total loans excluding PPP loans increased to 0.64% as of December 31, 2020 compared to 0.53% as of December 31, 2019. The ratio of non-performing assets to capital and reserves decreased to 4% at December 31, 2020 compared to 5% at December 31, 2019 primarily as a result of decreases in non-performing assets and increases in capital and reserves over the last 12 months.

Capital

The Company’s capital ratios at December 31, 2020 were as follows:

	Actual 12/31/20 Bancorp			Actual 12/31/20 Bank			Regulatory Guidelines “Well Capitalized”

Leverage Ratio		8.17	%		7.44	%		5.00	%
Common Equity Ratio		10.51	%		11.82	%		6.50	%
Tier 1 Risk Based Capital		12.96	%		11.82	%		8.00	%
Total Risk Based Capital		13.50	%		12.36	%		10.00	%
Tangible Common Equity		5.13	%		5.68	%		n/a

Total shareholders’ equity increased to $308 million at December 31, 2020 compared to $249 million at December 31, 2019. The increase was primarily driven by a capital raise during the third quarter of 2020. We issued $50 million of noncumulative perpetual preferred stock in August 2020. The preferred stock has an annual dividend of 7.00% payable on a quarterly basis and is convertible into shares of common stock at a price of $3.00 per share. Book value per common share increased to $4.41 at December 31, 2020 compared to $4.23 per share at December 31, 2019.

Non-GAAP Financial Measures

In addition to evaluating the Company’s financial results of operations in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management periodically supplements its evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial conditions, and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

The Company believes that disclosing non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to better understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in a table following the financial schedules included with this press release.

Analyst and Investor Call

An analyst and investor call will be held on the following date and time:


Date:	January 25, 2021
Time:	11:00am (EST)
From the U.S. dial:	(888) 517-2513 [US Toll Free] or
	(847) 619-6533 [US Toll]
Participant Pin:	8721 352#

An operator will assist you in joining the call.

About Republic First Bancorp, Inc.

Republic First Bancorp, Inc. is the holding company for Republic First Bank which does business under the name Republic Bank. Republic Bank 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 thirty-one stores located in Greater Philadelphia, Southern New Jersey and New York City. Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with some of 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 mortgage division which does business under the name of 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, 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; the effects of health emergencies, including the spread of infectious diseases and pandemics; 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, 2019, the Form 10-Q for the quarter ended June 30, 2020 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)

	December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)	2020			2020			2019

ASSETS
Cash and due from banks	$	29,746		$	43,689		$	41,928
Interest-bearing deposits and federal funds sold		745,554			874,472			126,391
Total cash and cash equivalents		775,300			918,161			168,319

Securities - Available for sale		537,547			440,655			539,042
Securities - Held to maturity		814,936			688,939			644,842
Restricted stock		3,039			3,789			2,746
Total investment securities		1,355,522			1,133,383			1,186,630

Loans held for sale		53,370			42,549			13,349

Loans receivable		2,645,342			2,629,398			1,748,195
Allowance for loan losses		(12,975	)		(11,851	)		(9,266	)
Net loans		2,632,367			2,617,547			1,738,929

Premises and equipment		123,170			124,034			116,956
Other real estate owned		1,188			1,113			1,730
Other assets		124,818			121,969			115,377

Total Assets	$	5,065,735		$	4,958,756		$	3,341,290



LIABILITIES
Non-interest bearing deposits	$	1,006,876		$	1,049,169		$	661,431
Interest bearing deposits		3,006,875			2,856,437			2,337,732
Total deposits		4,013,751			3,905,606			2,999,163

Short-term borrowings		633,866			646,267			-
Subordinated debt		11,271			11,270			11,265
Other liabilities		98,734			92,675			81,694

Total Liabilities		4,757,622			4,655,818			3,092,122

SHAREHOLDERS' EQUITY
Preferred stock		20			20			-
Common stock		594			594			594
Additional paid-in capital		322,321			321,915			272,039
Accumulated deficit		(8,084	)		(11,263	)		(12,216	)
Treasury stock at cost		(3,726	)		(3,725	)		(3,725	)
Stock held by deferred compensation plan		(183	)		(183	)		(183	)
Accumulated other comprehensive loss		(2,829	)		(4,420	)		(7,341	)

Total Shareholders' Equity		308,113			302,938			249,168


Total Liabilities and Shareholders' Equity	$	5,065,735		$	4,958,756		$	3,341,290

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)	2020		2020			2019			2020		2019

INTEREST INCOME
Interest and fees on loans	$	25,698	$	24,683		$	19,421		$	93,292	$	74,497
Interest and dividends on investment securities		5,473		3,778			6,531			21,144		27,796
Interest on other interest earning assets		76		99			940			514		2,571
Total interest income		31,247		28,560			26,892			114,950		104,864

INTEREST EXPENSE
Interest on deposits		5,453		5,553			6,869			22,751		26,267
Interest on borrowed funds		74		77			109			367		790
Total interest expense		5,527		5,630			6,978			23,118		27,057

Net interest income		25,720		22,930			19,914			91,832		77,807
Provision for loan losses		1,400		850			1,155			4,200		1,905

Net interest income after provision for loan losses		24,320		22,080			18,759			87,632		75,902

NON-INTEREST INCOME
Service fees on deposit accounts		2,336		2,134			2,091			8,118		7,541
Mortgage banking income		7,113		4,962			2,077			17,923		10,125
Gain on sale of SBA loans		174		649			594			1,741		3,187
Gain on sale of investment securities		-		279			-			2,760		1,103
Other non-interest income		1,945		2,007			451			6,025		1,782
Total non-interest income		11,568		10,031			5,213			36,567		23,738

NON-INTEREST EXPENSE
Salaries and employee benefits		15,123		14,596			13,510			56,276		53,888
Occupancy and equipment		5,834		5,524			5,077			22,210		18,047
Legal and professional fees		1,344		940			1,036			4,222		3,924
Foreclosed real estate		21		80			456			459		2,109
Regulatory assessments and related fees		618		625			324			2,546		1,228
Goodwill impairment		-		5,011			-			5,011		-
Other operating expenses		7,299		6,804			7,085			27,031		25,294
Total non-interest expense		30,239		33,580			27,488			117,755		104,490

Income (loss) before provision (benefit) for income taxes		5,649		(1,469	)		(3,516	)		6,444		(4,850	)

Provision (benefit) for income taxes		1,548		(503	)		(1,031	)		1,390		(1,350	)

Net income (loss)		4,101		(966	)		(2,485	)		5,054		(3,500	)

Preferred stock dividends		924		-			-			924		-

Net income (loss) attributable to common shareholders	$	3,177	$	(966	)	$	(2,485	)	$	4,130	$	(3,500	)


Net Income (Loss) per Common Share
Basic	$	0.05	$	(0.02	)	$	(0.04	)	$	0.07	$	(0.06	)
Diluted	$	0.05	$	(0.02	)	$	(0.04	)	$	0.07	$	(0.06	)

Average Common Shares Outstanding
Basic		58,859		58,853			58,843			58,853		58,833
Diluted		58,917		64,432			58,843			58,904		58,833

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, 2020							September 30, 2020							December 31, 2019

			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	$	302,990	$	76		0.10	%	$	383,632	$	99		0.10	%	$	228,292	$	940		1.63	%
Investment securities		1,247,502		5,481		1.76	%		908,166		3,784		1.67	%		1,090,736		6,539		2.40	%
Loans receivable		2,668,570		25,821		3.84	%		2,617,981		24,829		3.77	%		1,658,917		19,538		4.67	%
Total interest-earning assets		4,219,062		31,378		2.95	%		3,909,779		28,712		2.92	%		2,977,945		27,017		3.60	%

Other assets		267,110							269,071							261,875

Total assets	$	4,486,172						$	4,178,850						$	3,239,820

Interest-bearing liabilities:

Demand non interest-bearing	$	1,031,846						$	1,043,116						$	619,075
Demand interest-bearing		1,758,942		3,312		0.75	%		1,541,837		3,056		0.79	%		1,309,205		3,725		1.13	%
Money market & savings		1,071,747		1,420		0.53	%		980,979		1,613		0.65	%		745,707		1,902		1.01	%
Time deposits		194,096		721		1.47	%		217,554		884		1.62	%		222,116		1,242		2.22	%
Total deposits		4,056,631		5,453		0.53	%		3,783,486		5,553		0.58	%		2,896,103		6,869		0.94	%

Total interest-bearing deposits		3,024,785		5,453		0.72	%		2,740,370		5,553		0.81	%		2,277,028		6,869		1.20	%

Other borrowings		31,847		74		0.92	%		32,343		77		0.95	%		11,264		109		3.84	%


Total interest-bearing liabilities		3,056,632		5,527		0.72	%		2,772,713		5,630		0.81	%		2,288,292		6,978		1.21	%
Total deposits and other borrowings		4,088,478		5,527		0.54	%		3,815,829		5,630		0.59	%		2,907,367		6,978		0.95	%


Non interest-bearing liabilities		91,873							88,773							82,515
Shareholders' equity		305,821							274,248							249,938
Total liabilities and shareholders' equity	$	4,486,172						$	4,178,850						$	3,239,820

Net interest income			$	25,851						$	23,082						$	20,039
Net interest spread						2.23	%						2.11	%						2.39	%

Net interest margin						2.43	%						2.35	%						2.67	%

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, 2020							December 31, 2019

			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	$	242,132	$	513		0.21	%	$	129,528	$	2,571		1.98	%
Investment securities		1,086,386		21,167		1.95	%		1,074,706		27,886		2.59	%
Loans receivable		2,359,169		93,854		3.98	%		1,544,904		74,946		4.85	%
Total interest-earning assets		3,687,687		115,534		3.13	%		2,749,138		105,403		3.83	%

Other assets		265,893							229,767

Total assets	$	3,953,580						$	2,978,905

Interest-bearing liabilities:

Demand non interest-bearing	$	926,692						$	555,385
Demand interest-bearing		1,509,826		12,645		0.84	%		1,184,530		15,621		1.32	%
Money market & savings		916,607		6,247		0.68	%		705,445		6,796		0.96	%
Time deposits		211,636		3,859		1.82	%		190,567		3,850		2.02	%
Total deposits		3,564,761		22,751		0.64	%		2,635,927		26,267		1.00	%

Total interest-bearing deposits		2,638,069		22,751		0.86	%		2,080,542		26,267		1.26	%

Other borrowings		30,413		367		1.21	%		22,911		790		3.45	%


Total interest-bearing liabilities		2,668,482		23,118		0.87	%		2,103,453		27,057		1.29	%
Total deposits and other borrowings		3,595,174		23,118		0.64	%		2,658,838		27,057		1.02	%


Non interest-bearing liabilities		87,200							71,131
Shareholders' equity		271,206							248,936
Total liabilities and shareholders' equity	$	3,953,580						$	2,978,905

Net interest income			$	92,416						$	78,346
Net interest spread						2.26	%						2.54	%

Net interest margin						2.51	%						2.85	%

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)	2020			2020			2019			2020			2019

Balance at beginning of period	$	11,851		$	11,040		$	8,467		$	9,266		$	8,615

Provision charged to operating expense		1,400			850			1,155			4,200			1,905
		13,251			11,890			9,622			13,466			10,520

Recoveries on loans charged-off:
Commercial		10			10			5			51			219
Consumer		3			3			2			13			9
Total recoveries		13			13			7			64			228

Loans charged-off:
Commercial		(249	)		(50	)		(354	)		(448	)		(1,356	)
Consumer		(40	)		(2	)		(9	)		(107	)		(126	)

Total charged-off		(289	)		(52	)		(363	)		(555	)		(1,482	)

Net (charge-offs) recoveries		(276	)		(39	)		(356	)		(491	)		(1,254	)

Balance at end of period	$	12,975		$	11,851		$	9,266		$	12,975		$	9,266


Net (charge-offs) recoveries as a percentage of average loans outstanding		0.04	%		0.01	%		0.09	%		0.02	%		0.08	%

Allowance for loan losses as a percentage of period-end loans		0.49	%		0.45	%		0.53	%		0.49	%		0.53	%

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)	2020			2020			2020			2020			2019

Non-accrual loans:
Commercial real estate	$	10,232		$	10,641		$	10,747		$	12,060		$	10,569
Consumer and other		2,014			1,808			1,970			2,125			1,844
Total non-accrual loans		12,246			12,449			12,717			14,185			12,413

Loans past due 90 days or more and still accruing		612			-			-			-			-

Total non-performing loans		12,858			12,449			12,717			14,185			12,413

Other real estate owned		1,188			1,113			1,144			1,144			1,730

Total non-performing assets	$	14,046		$	13,562		$	13,861		$	15,329		$	14,143


Non-performing loans to total loans		0.49	%		0.47	%		0.50	%		0.75	%		0.71	%

Non-performing assets to total assets		0.28	%		0.27	%		0.31	%		0.46	%		0.42	%

Non-performing loan coverage		100.91	%		95.20	%		86.81	%		72.03	%		74.65	%

Allowance for loan losses as a percentage of total period-end loans		0.49	%		0.45	%		0.43	%		0.54	%		0.53	%

Non-performing assets / capital plus allowance for loan losses		4.37	%		4.31	%		5.21	%		5.84	%		5.47	%

Republic First Bancorp, Inc.

Non-GAAP to GAAP Reconciliation and Calculation of Non-GAAP Performance Measures

	Three Months Ended								Twelve Months Ended
	December 31,		September 30,			December 31,			December 31,			December 31,
(in thousands, except per share amounts)	2020		2020			2019			2020			2019

Non-interest Expense	$	30,239	$	33,580		$	27,824		$	117,755		$	104,490
Less: Goodwill Impairment		-		(5,011	)		-			(5,011	)		-
Adjusted Non-interest Expense		30,239		28,569			27,824			112,744			104,490


Income (Loss) Before Provision (Benefit) for Income Taxes	$	5,651	$	(1,469	)	$	(3,516	)	$	6,444		$	(4,850	)
Plus: Goodwill Impairment		-		5,011			-			5,011			-
Core Earnings Before Tax		5,651		3,542			(3,516	)		11,455			(4,850	)


Net Income		3,982		(966	)		(1,822	)		5,054			(3,500	)
Plus: Goodwill Impairment		-		5,011			-			5,011			-
Less: Tax Effect of Goodwill Impairment		-		(1,271	)		-			(1,271	)		-
Adjusted Net Income		3,982		2,774			(1,822	)		8,794			(3,500	)

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Document And Entity Information

Jan. 25, 2021

Document Information [Line Items]

Entity, Registrant Name REPUBLIC FIRST BANCORP, INC.

Document, Type 8-K

Document, Period End Date Jan. 25, 2021

Entity, Incorporation, State or Country Code PA

Entity, File Number 000-17007

Entity, Tax Identification Number 23-2486815

Entity, Address, Address Line One 50 South 16th Street, Suite 2400

Entity, Address, City or Town Philadelphia

Entity, Address, State or Province PA

Entity, Address, Postal Zip Code 19102

City Area Code 215

Local Phone Number 735-4422

Title of 12(b) Security Common Stock

Trading Symbol FRBK

Security Exchange Name NASDAQ

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Entity, Emerging Growth Company false

Amendment Flag false

Entity, Central Index Key 0000834285

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Document And Entity Information	Jan. 25, 2021
Document Information [Line Items]
Entity, Registrant Name	REPUBLIC FIRST BANCORP, INC.
Document, Type	8-K
Document, Period End Date	Jan. 25, 2021
Entity, Incorporation, State or Country Code	PA
Entity, File Number	000-17007
Entity, Tax Identification Number	23-2486815
Entity, Address, Address Line One	50 South 16th Street, Suite 2400
Entity, Address, City or Town	Philadelphia
Entity, Address, State or Province	PA
Entity, Address, Postal Zip Code	19102
City Area Code	215
Local Phone Number	735-4422
Title of 12(b) Security	Common Stock
Trading Symbol	FRBK
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000834285