PHILADELPHIA, Oct. 19, 2011 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the three month period ended September 30, 2011. The Company recorded net income of $1.4 million, or $0.05 per share, for the third quarter of 2011 compared to net income of $68,000, or $0.00 per share, for the third quarter of 2010. The Company also reported continued improvement in asset quality.
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"We are very pleased with our financial performance during the third quarter," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer. "This quarter's earnings represent our strongest results since the beginning of the economic turmoil in 2008. We continue to make progress in the reduction of asset quality concerns on our balance sheet today. Non-performing assets are lower for a fifth consecutive quarter and other credit quality indicators continue to steadily improve."
Highlights for the Period Ending September 30, 2011
- The Company recorded net income of $1.4 million, or $0.05 per share, for the quarter ended September 30, 2011 compared to a net loss of $0.5 million, or $0.02 per share for the quarter ended June 30, 2011 and $68,000, or $0.00 per share, for the quarter ended September 30, 2010.
- Total assets increased by $51.9 million, or 6%, on a linked quarter basis as of September 30, 2011.
- Total deposits increased by $50.2 million, or 6%, on a linked quarter basis as of September 30, 2011. This increase was driven by growth in core deposits of $44.2 million during the quarter.
- Capital levels remain strong with a Total Risk-Based Capital ratio of 13.97% and a Tier I Leverage Ratio of 10.66% at September 30, 2011.
- Tangible book value per share as of September 30, 2011 was $3.40.
- The SBA Lending Team continued to established itself as a strong component of the Company's operating results through the origination of $20 million in new loans during the third quarter 2011. This team is now ranked as the #1 SBA lender in New Jersey and the #28 lender in the nation based on the dollar volume of loan originations.
- Asset quality trends improved for a fifth consecutive quarter. Non-performing assets decreased by $13.0 million, or 22%, as of September 30, 2011 when compared to September 30, 2010.
- The provision for loan losses decreased by 67% to $5.7 million for the nine month period ending September compared to $17.0 million recorded during the nine month period ended September 30, 2010.
Income Statement
The Company reported net income of $1.4 million or $0.05 per share, for the three months ended September 30, 2011, compared to a net loss of $0.5 million, or $0.02 per share, for the three months ended June 30, 2011 and net income of $68,000, or $0.00 per share, for the three months ended September 30, 2010.
The loan loss provision decreased to $0.6 million for the quarter ended September 30, 2011 compared to $1.5 million for the quarter ended June 30, 2011 as credit quality indicators continue to stabilize. On a year to date basis the loan loss provision decreased by $11.3 million, or 67%, to $5.7 million for the nine month period ended September 30, 2011 compared to $17.0 million for the nine month period ended September 30, 2010. The loan loss provision recorded during 2011 primarily relates to updated appraisals of collateral associated with troubled loans originated prior to 2008.
The Company continues to lower its cost of funds as evidenced by a decrease of 14 basis points to 0.99% for the three months ended September 30, 2011, compared to 1.13% for the three months ended September 30, 2010. The net interest margin increased to 3.67% for the nine month period ended September 30, 2011 compared to 3.51% for the nine months ended September 30, 2010.
Non-interest income increased to $4.0 million for the three months ended September 30, 2011 compared to $0.5 million for the three months ended September 30, 2010, as the Company continued to recognize gains on the sale of SBA loans during the third quarter 2011.
Net income during the third quarter of 2011 was impacted by a number of one-time revenue and expense items. Non-recurring revenue items including a $0.6 million gain on the sale of investment securities and a settlement of $0.8 million related to the resolution of a legal dispute were offset by non-recurring expenses of $0.6 million during the period. The cumulative effect of these non-recurring items to net income was an increase of approximately $0.6 million after tax for the three month period ended September 30, 2011.
Balance Sheet
The major components of the balance sheet are as follows (dollars in thousands):
Description | September 30, 2011 | June 30, 2011 | % Change | September 30, 2010 | % Change | |
Total assets | $ 952,801 | $ 900,892 | 6% | $ 946,657 | 1% | |
Total loans (net) | 621,256 | 624,280 | 0% | 625,071 | (1%) | |
Total deposits | 833,289 | 783,102 | 6% | 825,134 | 1% | |
Total core deposits | 762,275 | 718,053 | 6% | 705,659 | 8% | |
Total assets grew by $51.9 million, or 6%, on a linked quarter basis as of September 30, 2011. Total deposits increased to $833.3 million as of September 30, 2011 compared to $783.1 million as of June 30, 2011. Core deposits increased by $44.2 million, or 6%, as of September 30, 2011 compared to June 30, 2011 and increased $56.6 million, or 8%, when compared to September 30, 2010 as a result of the Company's retail strategy which focuses on relationship banking.
Core Deposits
Core deposits by type of account are as follows (dollars in thousands):
Description | September 30, 2011 | June 30, 2011 | % Change | September 30, 2010 | % Change | 3rd Qtr 2011 Cost of Funds | |
Demand noninterest-bearing | $ 126,310 | $ 113,641 | 11% | $ 111,908 | 13% | 0.00% | |
Demand interest-bearing | 98,293 | 97,149 | 1% | 62,536 | 57% | 0.63% | |
Money market and savings | 371,293 | 321,971 | 15% | 335,046 | 11% | 0.99% | |
Sub-total | 595,896 | 532,761 | 12% | 509,490 | 17% | 0.72% | |
Certificates of deposit | 166,379 | 185,292 | (10%) | 196,169 | (15%) | 1.33% | |
Total core deposits | $ 762,275 | $ 718,053 | 6% | $ 705,659 | 8% | 0.86% | |
Core deposits increased to $762.3 million at September 30, 2011 compared to $705.7 million at September 30, 2010 as the Company continues to focus its effort on the gathering of low-cost core deposits. At the same time, the Company reduced the overall deposit cost of funds to 0.88% for the three month period ending September 30, 2011 compared to 1.02% for the three month period ending September 30, 2010. Core deposits, excluding certificates of deposit, grew by $63.1 million, or 12%, on a linked quarter basis as of September 30, 2011.
The retail banking strategy has enabled the company to significantly reduce its dependence on wholesale funding sources in the brokered and public fund certificate of deposit market. Liquidity remains strong as the Company has also currently eliminated the need for outside borrowings.
Lending
Loans by type of customer are as follows (dollars in thousands):
Description | Sept 30, 2011 | % of Total | June 30, 2011 | % of Total | Sept 30, 2010 | % of Total | |
Commercial real estate | $ 393,652 | 62% | $ 388,081 | 61% | $364,954 | 57% | |
Construction and land development | 52,681 | 8% | 67,576 | 10% | 97,095 | 15% | |
Commercial and industrial | 79,162 | 12% | 81,783 | 13% | 79,118 | 13% | |
Owner occupied real estate | 88,677 | 14% | 81,799 | 13% | 72,723 | 11% | |
Consumer and other | 16,636 | 3% | 16,358 | 2% | 17,419 | 3% | |
Residential mortgage | 3,175 | 1% | 4,221 | 1% | 5,072 | 1% | |
Deferred costs (fees) | (347) | (430) | (421) | ||||
Gross loans | $633,636 | 100% | $639,388 | 100% | $635,960 | 100% | |
Asset Quality
The Company's asset quality ratios are highlighted below:
Quarter Ended | ||||
Ratio | September 30, 2011 | June 30, 2011 | September 30, 2010 | |
Non-performing assets/total assets | 4.83% | 5.78% | 6.23% | |
Quarterly net loan charge-offs (recoveries)/average loans | 2.08% | 0.53% | 0.05% | |
Allowance for loan losses/gross loans | 1.95% | 2.36% | 1.71% | |
Allowance for loan losses/non-performing loans | 39% | 39% | 23% | |
Non-performing assets/capital and reserves | 46% | 51% | 58% | |
Non-performing assets trended lower for a fifth consecutive quarter. Non-performing assets decreased by $13.0 million to $46.0 million, or 4.83% of total assets, at September 30, 2011, compared to $59.0 million, or 6.23% of total assets, as of September 30, 2010. Non-performing assets decreased by $6.0 million on a linked quarter basis as well. The allowance for loan losses as a percentage of total loans increased to 1.95% as of September 30, 2011, compared to 1.71% as of September 30, 2010.
Every non-performing asset currently on the books was originated under the old bank model prior to December 31, 2007. The Company will continue to aggressively pursue resolutions for each non-performing asset.
Capital
The Company's capital regulatory ratios at September 30, 2011 were as follows:
Republic First Bancorp, Inc. | Regulatory Guidelines "Well Capitalized" | ||
Leverage Ratio | 10.66% | 5.00% | |
Tier 1 Risk Based Capital | 12.72% | 6.00% | |
Total Risk Based Capital | 13.97% | 10.00% | |
Total shareholders' equity was $88.3 million at September 30, 2011 which represented a book value per share of $3.40, based on common shares outstanding of approximately 26.0 million.
The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., 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 thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit 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 their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words "may", "believes," "expect," "estimate," "project," "anticipate," "should," "intend," "probability," "risk," "target," "objective," 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.
Republic First Bancorp, Inc. | ||||||||||||||||||
Selected Consolidated Financial Data | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
(dollars in thousands, except per share amounts) | 9/30/11 | 6/30/11 | % | 9/30/10 | % | 9/30/11 | 9/30/10 | % | ||||||||||
Income Statement Data: | ||||||||||||||||||
Net interest income | $ 7,639 | $ 7,526 | 2% | $ 7,921 | (4%) | $ 22,585 | $ 22,841 | (1%) | ||||||||||
Provision for loan losses | 616 | 1,500 | (59%) | 700 | (12%) | 5,666 | 16,950 | (67%) | ||||||||||
Non-interest income | 3,955 | 2,076 | 91% | 521 | 659% | 7,158 | 1,250 | 473% | ||||||||||
Total revenues | 11,594 | 9,602 | 21% | 8,442 | 37% | 29,743 | 24,091 | 23% | ||||||||||
Non-interest expenses | 9,105 | 9,011 | 1% | 7,718 | 18% | 27,108 | 24,076 | 13% | ||||||||||
Provision (benefit) for income taxes | 509 | (429) | 219% | (44) | 1,257% | (1,407) | (6,086) | 77% | ||||||||||
Net income (loss) | 1,364 | (480) | 384% | 68 | 1,906% | (1,624) | (10,849) | 85% | ||||||||||
Per Common Share Data: | ||||||||||||||||||
Net income (loss): Basic | $ 0.05 | $ (0.02) | 350% | $ - | - | $ (0.06) | $ (0.67) | 91% | ||||||||||
Net income (loss): Diluted | 0.05 | (0.02) | 350% | - | - | (0.06) | (0.67) | 91% | ||||||||||
Book Value | $ 3.40 | $ 3.36 | $ 3.53 | $ 3.40 | $ 3.53 | |||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||
Basic | 25,973 | 25,973 | 25,871 | 25,973 | 16,109 | |||||||||||||
Diluted | 25,973 | 25,973 | 25,871 | 25,973 | 16,109 | |||||||||||||
Balance Sheet Data: | ||||||||||||||||||
Total assets | $ 952,801 | $ 900,892 | 6% | $ 946,657 | 1% | $ 952,801 | $ 946,657 | 1% | ||||||||||
Loans (net) | 621,256 | 624,280 | (0%) | 625,071 | (1%) | 621,256 | 625,071 | (1%) | ||||||||||
Allowance for loan losses | 12,380 | 15,108 | (18%) | 10,889 | 14% | 12,380 | 10,889 | 14% | ||||||||||
Investment securities | 159,992 | 168,242 | (5%) | 156,544 | 2% | 159,992 | 156,544 | 2% | ||||||||||
Total deposits | 833,289 | 783,102 | 6% | 825,134 | 1% | 833,289 | 825,134 | 1% | ||||||||||
Core deposits* | 762,275 | 718,053 | 6% | 705,659 | 8% | 762,275 | 705,659 | 8% | ||||||||||
Public and brokered certificates of deposit | 71,014 | 65,049 | 9% | 119,475 | (41%) | 71,014 | 119,475 | (41%) | ||||||||||
Other borrowed money | - | - | - | - | - | - | - | - | ||||||||||
Subordinated debt | 22,476 | 22,476 | - | 22,476 | - | 22,476 | 22,476 | - | ||||||||||
Stockholders' equity | 88,304 | 87,165 | 1% | 90,161 | (2%) | 88,304 | 90,161 | (2%) | ||||||||||
Capital: | ||||||||||||||||||
Stockholders' equity to total assets | 9.27% | 9.68% | 9.52% | 9.27% | 9.52% | |||||||||||||
Leverage ratio | 10.66% | 10.67% | 10.96% | 10.66% | 10.96% | |||||||||||||
Risk based capital ratios: | ||||||||||||||||||
Tier 1 | 12.72% | 12.83% | 13.33% | 12.72% | 13.33% | |||||||||||||
Total Capital | 13.97% | 14.07% | 14.58% | 13.97% | 14.58% | |||||||||||||
Performance Ratios: | ||||||||||||||||||
Cost of funds | 0.99% | 1.03% | 1.13% | 1.01% | 1.25% | |||||||||||||
Deposit cost of funds | 0.88% | 0.92% | 1.02% | 0.90% | 1.11% | |||||||||||||
Net interest margin | 3.57% | 3.61% | 3.75% | 3.67% | 3.51% | |||||||||||||
Return on average assets | 0.58% | (0.21%) | 0.03% | (0.24%) | (1.53%) | |||||||||||||
Return on average total stockholders' equity | 6.17% | (2.21%) | 0.30% | (2.48%) | (18.89%) | |||||||||||||
Asset Quality | ||||||||||||||||||
Net charge-offs to average loans outstanding | 2.08% | 0.53% | 0.05% | 1.00% | 3.76% | |||||||||||||
Nonperforming assets to total period-end assets | 4.83% | 5.78% | 6.23% | 4.83% | 6.23% | |||||||||||||
Allowance for loan losses to total period-end loans | 1.95% | 2.36% | 1.71% | 1.95% | 1.71% | |||||||||||||
Allowance for loan losses to nonperforming loans | 38.68% | 38.81% | 22.53% | 38.68% | 22.53% | |||||||||||||
Nonperforming assets to capital and reserves | 45.68% | 50.88% | 58.36% | 45.68% | 58.36% | |||||||||||||
* Core deposits equal total deposits less public and brokered certificates of deposit | ||||||||||||||||||
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) | September 30, 2011 | June 30, 2011 | September 30, 2010 | |||||||||||||||
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 | $ 72,214 | $ 34 | 0.19% | $ 51,808 | $ 34 | 0.26% | $ 15,888 | $ 4 | 0.10% | |||||||||
Securities | 151,120 | 1,268 | 3.36% | 160,764 | 1,297 | 3.23% | 174,059 | 1,562 | 3.59% | |||||||||
Loans receivable | 637,477 | 8,528 | 5.31% | 636,128 | 8,430 | 5.32% | 653,618 | 8,766 | 5.32% | |||||||||
Total interest-earning assets | 860,811 | 9,830 | 4.53% | 848,700 | 9,761 | 4.61% | 843,565 | 10,332 | 4.86% | |||||||||
Other assets | 71,649 | 71,967 | 78,405 | |||||||||||||||
Total assets | $ 932,460 | $ 920,667 | $ 921,970 | |||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Demand non interest-bearing | $ 120,443 | $ 101,395 | $ 109,617 | |||||||||||||||
Demand interest-bearing | 100,516 | $ 159 | 0.63% | 98,435 | $ 168 | 0.68% | 59,934 | $ 119 | 0.79% | |||||||||
Money market & savings | 347,727 | 868 | 0.99% | 339,603 | 860 | 1.02% | 314,626 | 839 | 1.06% | |||||||||
Time deposits | 245,083 | 781 | 1.26% | 264,070 | 825 | 1.25% | 312,364 | 1,099 | 1.40% | |||||||||
Total deposits | 813,769 | 1,808 | 0.88% | 803,503 | 1,853 | 0.92% | 796,541 | 2,057 | 1.02% | |||||||||
Total interest-bearing deposits | 693,326 | 1,808 | 1.03% | 702,108 | 1,853 | 1.06% | 686,924 | 2,057 | 1.19% | |||||||||
Other borrowings | 22,552 | 279 | 4.91% | 22,478 | 278 | 4.96% | 26,511 | 293 | 4.38% | |||||||||
Total interest-bearing liabilities | $ 715,878 | $ 2,087 | 1.16% | $ 724,586 | $ 2,131 | 1.18% | $ 713,435 | $ 2,350 | 1.31% | |||||||||
Total deposits and | ||||||||||||||||||
other borrowings | 836,321 | 2,087 | 0.99% | 825,981 | 2,131 | 1.03% | 823,052 | 2,350 | 1.13% | |||||||||
Non interest-bearing liabilities | 8,468 | 7,683 | 9,068 | |||||||||||||||
Shareholders' equity | 87,671 | 87,003 | 89,850 | |||||||||||||||
Total liabilities and | ||||||||||||||||||
shareholders' equity | $ 932,460 | $ 920,667 | $ 921,970 | |||||||||||||||
Net interest income | $ 7,743 | $ 7,630 | $ 7,982 | |||||||||||||||
Net interest spread | 3.37% | 3.43% | 3.55% | |||||||||||||||
Net interest margin | 3.57% | 3.61% | 3.75% | |||||||||||||||
The above tables are presented on a tax equivalent basis. | ||||||||||||||||||
Republic First Bancorp, Inc. Average Balances and Net Interest Income | ||||||||||||
(unaudited) | ||||||||||||
For the nine months ended | For the nine months ended | |||||||||||
(dollars in thousands) | September 30, 2011 | September 30, 2010 | ||||||||||
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 | $ 46,443 | $ 82 | 0.24% | $ 20,800 | $ 40 | 0.26% | ||||||
Securities | 153,795 | 3,735 | 3.24% | 183,015 | 4,880 | 3.56% | ||||||
Loans receivable | 634,505 | 25,206 | 5.31% | 672,341 | 26,200 | 5.21% | ||||||
Total interest-earning assets | 834,743 | 29,023 | 4.65% | 876,156 | 31,120 | 4.75% | ||||||
Other assets | 73,339 | 73,509 | ||||||||||
Total assets | $ 908,082 | $ 949,665 | ||||||||||
Interest-bearing liabilities: | ||||||||||||
Demand non interest-bearing | $ 116,274 | $ 117,689 | ||||||||||
Demand interest-bearing | 87,741 | $ 425 | 0.65% | 57,610 | $ 326 | 0.76% | ||||||
Money market & savings | 332,517 | 2,527 | 1.02% | 314,751 | 2,801 | 1.19% | ||||||
Time deposits | 250,129 | 2,327 | 1.24% | 334,109 | 3,743 | 1.50% | ||||||
Total deposits | 786,661 | 5,279 | 0.90% | 824,159 | 6,870 | 1.11% | ||||||
Total interest-bearing deposits | 670,387 | 5,279 | 1.05% | 706,470 | 6,870 | 1.30% | ||||||
Other borrowings | 25,624 | 853 | 4.45% | 40,453 | 1,229 | 4.06% | ||||||
Total interest-bearing liabilities | 696,011 | 6,132 | 1.18% | 746,923 | 8,099 | 1.45% | ||||||
Total deposits and | ||||||||||||
other borrowings | 812,285 | 6,132 | 1.01% | 864,612 | 8,099 | 1.25% | ||||||
Non interest-bearing liabilities | 8,166 | 8,258 | ||||||||||
Shareholders' equity | 87,631 | 76,795 | ||||||||||
Total liabilities and | ||||||||||||
shareholders' equity | $ 908,082 | $ 949,665 | ||||||||||
Net interest income | $ 22,891 | $ 23,021 | ||||||||||
Net interest spread | 3.47% | 3.30% | ||||||||||
Net interest margin | 3.67% | 3.51% | ||||||||||
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) | ||||||||||||
Year | ||||||||||||
Three months ended | ended | Nine months ended | ||||||||||
(dollars in thousands) | 9/30/11 | 6/30/11 | 9/30/10 | 12/31/10 | 9/30/11 | 9/30/10 | ||||||
Balance at beginning of period | $ 15,108 | $ 14,450 | $ 10,276 | $ 12,841 | $ 11,444 | $ 12,841 | ||||||
Provisions charged to operating | ||||||||||||
expense | 616 | 1,500 | 700 | 16,600 | 5,666 | 16,950 | ||||||
15,724 | 15,950 | 10,976 | 29,441 | 17,110 | 29,791 | |||||||
Recoveries on loans charged-off: | ||||||||||||
Commercial | - | 2 | - | 1,168 | 11 | 263 | ||||||
Consumer | 1 | 38 | 3 | 3 | 39 | 3 | ||||||
Total recoveries | 1 | 40 | 3 | 1,171 | 50 | 266 | ||||||
Loans charged-off: | ||||||||||||
Commercial | (3,342) | (882) | (90) | (19,126) | (4,746) | (19,126) | ||||||
Consumer | (3) | - | - | (42) | (34) | (42) | ||||||
Total charged-off | (3,345) | (882) | (90) | (19,168) | (4,780) | (19,168) | ||||||
Net charge-offs | (3,344) | (842) | (87) | (17,997) | (4,730) | (18,902) | ||||||
Balance at end of period | $ 12,380 | $ 15,108 | $ 10,889 | $ 11,444 | $ 12,380 | $ 10,889 | ||||||
Net charge-offs as a percentage of | ||||||||||||
average loans outstanding | 2.08% | 0.53% | 0.05% | 2.73% | 1.00% | 3.76% | ||||||
Allowance for loan losses as a percentage of | ||||||||||||
period-end loans | 1.95% | 2.36% | 1.71% | 1.84% | 1.95% | 1.71% | ||||||
Republic First Bancorp, Inc. | ||||||||||
Summary of Non-Performing Loans and Assets | ||||||||||
(unaudited) | ||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
(dollars in thousands) | 2011 | 2011 | 2011 | 2010 | 2010 | |||||
Non-accrual loans: | ||||||||||
Commercial real estate | $ 31,096 | $ 36,642 | $ 38,187 | $ 39,302 | $ 45,958 | |||||
Consumer and other | 910 | 949 | 974 | 690 | 574 | |||||
Total non-accrual loans | 32,006 | 37,591 | 39,161 | 39,992 | 46,532 | |||||
Loans past due 90 days or more | ||||||||||
and still accruing | - | 1,338 | - | - | 1,795 | |||||
Renegotiated loans | - | - | - | - | - | |||||
Total non-performing loans | 32,006 | 38,929 | 39,161 | 39,992 | 48,327 | |||||
Other real estate owned | 13,988 | 13,109 | 14,077 | 15,237 | 10,647 | |||||
Total non-performing assets | $ 45,994 | $ 52,038 | $ 53,238 | $ 55,229 | $ 58,974 | |||||
Non-performing loans to total loans | 5.05% | 6.09% | 6.21% | 6.45% | 7.60% | |||||
Non-performing assets to total assets | 4.83% | 5.78% | 6.07% | 6.30% | 6.23% | |||||
Non-performing loan coverage | 38.68% | 38.81% | 36.90% | 28.62% | 22.53% | |||||
Allowance for loan losses as a percentage | ||||||||||
of total period-end loans | 1.95% | 2.36% | 2.29% | 1.84% | 1.71% | |||||
Non-performing assets/capital plus | ||||||||||
allowance for loan losses | 45.68% | 50.88% | 52.80% | 55.46% | 58.36% | |||||
SOURCE Republic First Bancorp, Inc.
