PHILADELPHIA (AFX) - Republic First Bancorp Inc., the holding company for greater Philadelphia and southern New Jersey banker Republic First Bank, on Monday said profits rose 24 percent in the second quarter on stronger loan volumes and growth in deposits.
The company said it earned $2.5 million, or 26 cents per share, in the quarter compared to $2 million, or 21 cents per share, in the same period in 2005.
Net interest income, or cash from interest-bearing accounts like loans and deposits, rose 18 percent to $8.2 million from $6.9 million in the same period a year ago.
Non-interest income, or the cash banks make from mortgage loan service fees and other fees and charges, rose to $844,000 from $759,000 a year ago.
Shares of Republic First Bancorp fell 9 cents to close at $13.51 on the Nasdaq.
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