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Republic First Bancorp Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 6, 2010 04:09PM

Republic First Bancorp Inc. (FRBK) filed Quarterly Report for the period ended 2010-06-30. Republic First Bancorp Inc. has a market cap of $21.6 million; its shares were traded at around $2.05 with and P/S ratio of 0.5.



Highlight of Business Operations:

Total assets decreased by $74.3 million to $934.3 million at June 30, 2010, compared to $1.0 billion at December 31, 2009. This decrease was driven by a $40.2 million decrease in cash and cash equivalents, $22.2 million decrease in net loans receivable, and an $11.9 million decrease in investment securities.

The loan portfolio represents the Company s largest asset category and is its most significant source of interest income. The Company s lending strategy is focused on small and medium size businesses and professionals that seek highly personalized banking services. The loan portfolio consists of secured and unsecured commercial loans including commercial real estate, construction loans, residential mortgages, automobile loans, home improvement loans, home equity loans and lines of credit, overdraft lines of credit and others. Gross loans decreased $24.7 million, to $669.1 million at June 30, 2010, compared to $693.8 million at December 31, 2009. This decrease is reflective of the Company s continuing effort to reduce exposure to commercial real estate and strengthen the credit quality of the loan portfolio. Commercial loans typically range between $250,000 and $5,000,000 but customers may borrow significantly larger amounts up to Republic s legal lending limit, which was approximately $13.8 million at June 30, 2010. Loans made to one individual customer even if secured by different collateral, are aggregated for purposes of the lending limit.

Investment securities available-for-sale are investments which may be sold in response to changing market and interest rate conditions, and for liquidity and other purposes. The Company s investment securities available-for-sale consist primarily of U.S. Government Agency issued mortgage backed securities which include collateralized mortgage obligations (CMOs), municipal securities and debt securities, which include corporate bonds and trust preferred securities. Available-for-sale securities totaled $173.5 million at June 30, 2010, compared to $185.4 million at year-end 2009. The decrease of $11.9 million was attributable to principal and interest paydowns on mortgage-backed securities held in the investment portfolio. At June 30, 2010, the portfolio had a net unrealized gain of $967,000 compared to a net unrealized loss of $1.1 million at December 31, 2009.

Total shareholders equity increased $18.5 million to $88.8 million at June 30, 2010, compared to $70.3 million at December 31, 2009, primarily due to $28.1 million of net proceeds from the June 2010 common stock offering and a $1.3 million other comprehensive gain related to the Company s investment securities portfolio, partially offset by a $10.9 million net loss recorded during the six months ended June 30, 2010.

Non-interest income decreased $128,000 to $254,000 during the three months ended June 30, 2010 as compared to $382,000 during the three months ended June 30, 2009. Non-interest expenses increased $734,000 to $8.0 million during the three months ended June 30, 2010 as compared to $7.2 million during the three months ended June 30, 2009. Return on average assets and average equity from continuing operations were (2.96)% and (39.55)% respectively, during the three months ended June 30, 2010 compared to (2.36)% and (28.88)% respectively for the same period in 2009.

Non-interest income decreased $305,000 to $729,000 during the six months ended June 30, 2010 as compared to $1.0 million during the six months ended June 30, 2009. Non-interest expenses increased $654,000 to $16.4 million during the six months ended June 30, 2010 as compared to $15.7 million during the six months ended June 30, 2009. Return on average assets and average equity from continuing operations were (2.28)% and (30.99)% respectively, during the six months ended June 30, 2010 compared to (2.02)% and (24.05)% respectively for the same period in 2009.

Read the The complete Report



Stocks Discussed: FRBK,
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