Republic First Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 28, 2013 at 02:40 pm
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Republic First Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $9,423,000 against $9,556,000 for the same period last year. Net interest income was $8,017,000 against $7,489,000 for the same period last year. Income before income taxes was $850,000 against loss before income taxes of $13,480,000 for the same period last year. Net income was $904,000 or $0.03 per diluted share against net loss of $23,078,000 or $0.89 per diluted share for the same period last year.
For the year, the company reported total interest income of $38,260,000 against $38,273,000 for the same period last year. Net interest income was $31,894,000 against $30,074,000 for the same period last year. Income before income taxes was $3,470,000 against loss before income taxes of $16,511,000 for the same period last year. Net income was $3,614,000 or $0.14 per diluted share against net loss of $24,702,000 or $0.95 per diluted share for the same period last year. Tangible book value per share as of December 31, 2012 was $2.69. Earnings improved substantially on a year to year basis as the loan loss provision and other credit costs decreased due to the significant improvement in asset quality.
The company reported net charge-offs of $1,006,000 for the fourth quarter of 2012 against $10,630,000 for the same period last year.
Republic First Bancorp, Inc. is a one-bank holding company. It offers a variety of credit and depository banking services to individuals and businesses. The Company's wholly owned subsidiary, Republic First Bank (The Bank), does business under the name of Republic Bank (Republic). The Bank is a full-service, state-chartered commercial bank. The Bank offers free checking, coin counting for customers, ATM/debit cards. It operates through community banking segment. The Bank provides diversified financial products through its 33 offices located in Atlantic, Burlington, Camden, and Gloucester Counties in New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania and New York County in New York. Its loan portfolio consists of secured and unsecured commercial loans, commercial real estate loans, construction loans, residential mortgages, home improvement loans, home equity loans and lines of credit, overdraft lines of credit, and others.
Republic First Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012