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Republic First Bancorp Inc (FRBK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Republic First Bancorp Inc

CIK: 834285 Ticker: FRBK

Exhibit 99.1

 

News Release

Republic First Bancorp, Inc.

October 28, 2019   

 
                           

REPUBLIC FIRST BANCORP, INC. REPORTS THIRD QUARTER FINANCIAL RESULTS

DEPOSITS INCREASE BY 14% AND LOANS GROW 14%

 

Philadelphia, PA, October 28, 2019 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2019.

 

Q3-2019 Highlights
   

Total deposits increased by $340 million, or 14%, to $2.7 billion as of September 30, 2019 compared to $2.4 billion as of September 30, 2018.

   

New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $24 million per year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per store.

   

Expansion into New York City began with the opening of our first store located on the corner of 14th Street and 5th Avenue during the third quarter.

   

Total loans grew $191 million, or 14%, to $1.6 billion as of September 30, 2019 compared to $1.4 billion at September 30, 2018.

   

Profitability declined as the Company reported a net loss of $1.8 million, or ($0.03) per share, during the third quarter of 2019 compared to net income of $2.3 million, or $0.04 per share during the third quarter of 2018.

   

 

 

“The Power of Red is Back” in New York City. During the third quarter we launched our expansion into New York City with the opening of our newest store on the corner of 14th Street and 5th Avenue. We immediately began converting customers into FANS by treating them with the legendary customer service and convenience that Republic Bank is known for. We anxiously await the opening of our second New York store at 51st Street and 3rd Avenue, which we expect to complete in early November, to share our FANatical approach to banking with an ever growing FAN base.

 

Third quarter results were negatively impacted by continued compression of our net interest margin caused by a flat and, at times, an inverted yield curve. The shape of the yield curve is driving lower yields on interest earning assets and higher rates on interest bearing liabilities. In the midst of this challenging interest rate environment we have also incurred costs required to expand into New York City. In addition to new hires, training, advertising, and occupancy expenses for the opening of our first two stores in New York this year, we have also established a management and lending team for this new market.

 

 

The following information was filed by Republic First Bancorp Inc (FRBK) on Monday, October 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Republic First Bancorp Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parentheticals)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (Parentheticals)
Consolidated Statements Of Operations (Unaudited)
Note 1 - Basis Of Presentation
Note 1 - Basis Of Presentation (Details Textual)
Note 10 - Derivatives And Risk Management Activities
Note 10 - Derivatives And Risk Management Activities (Details Textual)
Note 10 - Derivatives And Risk Management Activities (Tables)
Note 10 - Derivatives And Risk Management Activities - Amounts Recorded In Statement Of Financial Condition (Details)
Note 10 - Derivatives And Risk Management Activities - Derivative Instrument Gain (Loss) Recorded In Statement Of Income (Details)
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition (Details Textual)
Note 11 - Revenue Recognition (Tables)
Note 11 - Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (Details)
Note 12 - Leases
Note 12 - Leases (Details Textual)
Note 12 - Leases (Tables)
Note 12 - Leases - Maturity Analysis Of Operating Lease Liability Obligations (Details)
Note 12 - Leases - Operating Lease Costs (Details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Anti-Dilutive Securities (Details)
Note 2 - Summary Of Significant Accounting Policies - Calculation Of Eps (Details)
Note 2 - Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Note 2 - Summary Of Significant Accounting Policies - Valuation Assumptions (Details)
Note 3 - Legal Proceedings
Note 4 - Segment Reporting
Note 4 - Segment Reporting (Details Textual)
Note 5 - Investment Securities
Note 5 - Investment Securities (Details Textual)
Note 5 - Investment Securities (Tables)
Note 5 - Investment Securities - Credit-Related Impairment Losses On Securities (Details)
Note 5 - Investment Securities - Investment Securities By Contractual Maturity (Details)
Note 5 - Investment Securities - Securities In A Continuous Unrealized Loss Position (Details)
Note 5 - Investment Securities - Unrealized Gain (Loss) On Investments (Details)
Note 6 - Loan Receivables And Allowance For Loan Losses - Troubled Debt Restructurings (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses
Note 6 - Loans Receivable And Allowance For Loan Losses (Details Textual)
Note 6 - Loans Receivable And Allowance For Loan Losses (Tables)
Note 6 - Loans Receivable And Allowance For Loan Losses - Activity In Allowance For Loan Losses (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Gross Loans By Major Category (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Impaired Loans (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Impaired Loans, Additional Information (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Loans By Internal Risk Rating (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Non-Accrual Loans (Details)
Note 6 - Loans Receivable And Allowance For Loan Losses - Past Due Loans (Details)
Note 7 - Fair Value Of Financial Instruments
Note 7 - Fair Value Of Financial Instruments (Details Textual)
Note 7 - Fair Value Of Financial Instruments (Tables)
Note 7 - Fair Value Of Financial Instruments - Assets Measured On A Nonrecurring Basis (Details)
Note 7 - Fair Value Of Financial Instruments - Assets Measured On A Recurring Basis Using Significant Unobservable Inputs (Details)
Note 7 - Fair Value Of Financial Instruments - Fair Values Of Financial Instruments (Details)
Note 7 - Fair Value Of Financial Instruments - Financial Assets Measured At On A Recurring Basis (Details)
Note 7 - Fair Value Of Financial Instruments - Mortgage Loans Held For Sale (Details)
Note 7 - Fair Value Of Financial Instruments - Quantitative Information About Level 3 Assets (Details)
Note 7 - Fair Value Of Financial Instruments - Sba Servicing Assets Activity (Details)
Note 7 - Fair Value Of Financial Instruments - Sba Servicing Assets Sensitivity Analysis (Details)
Note 8 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1)
Note 8 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables)
Note 8 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details)
Note 9 - Goodwill And Other Intangibles
Note 9 - Goodwill And Other Intangibles (Details Textual)
Note 9 - Goodwill And Other Intangibles (Tables)
Note 9 - Goodwill And Other Intangibles - Summary Of Goodwill And Other Intangibles (Details)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Republic First Bancorp Inc provided additional information to their SEC Filing as exhibits

Ticker: FRBK
CIK: 834285
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-19-022386
Submitted to the SEC: Tue Nov 12 2019 6:47:33 AM EST
Accepted by the SEC: Tue Nov 12 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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