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Republic First Bancorp Inc (FRBK) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Republic First Bancorp Inc

CIK: 834285 Ticker: FRBK

Exhibit 99.1

 

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News Release

Republic First Bancorp, Inc.

  October 29, 2020

 

 

REPUBLIC FIRST BANCORP, INC. REPORTS THIRD QUARTER FINANCIAL RESULTS

MOMENTUM CONTINUES FOR AMERICA’S #1 BANK FOR SERVICE

 

Philadelphia, PA, October 29, 2020 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2020.

 

 

Q3-2020 Financial Highlights

 

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Republic Bank was named as America’s # 1 Bank for Service in a recent national Forbes survey.

 

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Total deposits increased by $1.2 billion, or 43%, to $3.9 billion as of September 30, 2020 compared to $2.7 billion as of September 30, 2019. Excluding the impact of the PPP loan program deposits grew $1.0 billion, or 38%, year over year.

 

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Total loans grew $1.1 billion, or 68%, to $2.6 billion as of September 30, 2020 compared to $1.6 billion at September 30, 2019. Excluding the impact of the PPP loan program loans grew $393 million, or 25%, year over year.

 

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Earnings were impacted by a goodwill impairment charge of $5.0 million resulting in a net loss of $1.0 million, or $(0.02) per share, during the third quarter of 2020. This impairment charge is a non-cash accounting transaction which had no impact on liquidity and minimally increased regulatory capital ratios as of September 30, 2020. This is a complete write-off of all goodwill on the balance sheet.

 

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The non-recurring goodwill impairment charge overshadows the improvement in operating results despite the effect that the COVID-19 pandemic has had on the economy. Excluding the goodwill impairment, earnings for the nine month period ended September 30, 2020 were $4.7 million, or $0.08 per share, compared to a net loss of $1.0 million, or $(0.02) per share, during the nine month period ended September 30, 2019.

 

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The improvement in operating results was driven by the Company’s focus on cost control initiatives while driving revenue growth. During the third quarter of 2020 total revenue increased 27% and non-interest expense, excluding goodwill impairment, increased 3% compared to the third quarter of 2019. During the nine month period ended September 20, 2020 total revenue increased 19% and non-interest expense, excluding goodwill impairment, increased by 7% compared to the nine month period ended September 30, 2019.

 

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Asset quality continues to improve as the ratio of non-performing assets to total assets declined to 0.27% as of September 30, 2020. Only 2% of our loan customers were deferring loan payments at the end of the third quarter. These deferrals relate to approximately 6% of outstanding loan balances excluding PPP loans.

 

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We originated $684 million in loans under the Paycheck Protection Program (PPP) providing crucial funding for small businesses throughout our footprint. Origination fees were earned through this program which will be recognized as interest income over the life of the loans. Approximately $16 million in origination fees will be recognized in the future as the PPP loans are repaid or forgiven. During the third quarter we began processing forgiveness applications for our customers which will be submitted to the SBA for approval.

 

 

The following information was filed by Republic First Bancorp Inc (FRBK) on Friday, October 30, 2020 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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Republic First Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1)
Note 10 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables)
Note 10 - Changes In Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details)
Note 11 - Goodwill And Other Intangibles
Note 11 - Goodwill And Other Intangibles (Tables)
Note 11 - Goodwill And Other Intangibles - Summary Of Goodwill And Other Intangibles (Details)
Note 12 - Derivatives And Risk Management Activities
Note 12 - Derivatives And Risk Management Activities (Details Textual)
Note 12 - Derivatives And Risk Management Activities (Tables)
Note 12 - Derivatives And Risk Management Activities - Amounts Recorded In Statement Of Financial Condition (Details)
Note 12 - Derivatives And Risk Management Activities - Derivative Instrument Gain (Loss) Recorded In Statement Of Income (Details)
Note 13 - Revenue Recognition
Note 13 - Revenue Recognition (Details Textual)
Note 13 - Revenue Recognition (Tables)
Note 13 - Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (Details)
Note 14 - Leases
Note 14 - Leases (Details Textual)
Note 14 - Leases (Tables)
Note 14 - Leases - Maturity Analysis Of Operating Lease Liability Obligations (Details)
Note 14 - 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 5 - Investment Securities
Note 5 - Investment Securities (Details Textual)
Note 5 - Investment Securities (Tables)
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 - 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 6 - Loans Receivable And Allowance For Loan Losses - Troubled Debt Restructurings (Details)
Note 7 - Short-Term Borrowings
Note 7 - Short-Term Borrowings (Details Textual)
Note 7 - Short-Term Borrowings (Tables)
Note 7 - Short-Term Borrowings - Short-Term Borrowings (Details)
Note 8 - Fair Value Of Financial Instruments
Note 8 - Fair Value Of Financial Instruments (Details Textual)
Note 8 - Fair Value Of Financial Instruments (Tables)
Note 8 - Fair Value Of Financial Instruments - Assets Measured On A Nonrecurring Basis (Details)
Note 8 - Fair Value Of Financial Instruments - Assets Measured On A Recurring Basis Using Significant Unobservable Inputs (Details)
Note 8 - Fair Value Of Financial Instruments - Fair Values Of Financial Instruments (Details)
Note 8 - Fair Value Of Financial Instruments - Financial Assets Measured On A Recurring Basis (Details)
Note 8 - Fair Value Of Financial Instruments - Mortgage Loans Held For Sale (Details)
Note 8 - Fair Value Of Financial Instruments - Quantitative Information About Level 3 Assets (Details)
Note 8 - Fair Value Of Financial Instruments - Sba Servicing Assets Activity (Details)
Note 8 - Fair Value Of Financial Instruments - Sba Servicing Assets Sensitivity Analysis (Details)
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity (Details Textual)
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: 0001437749-20-023151
Submitted to the SEC: Mon Nov 09 2020 11:36:55 AM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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