REPUBLIC FIRST BANCORP INC FRBK Income Statement

Republic first bancorp inc (FRBK)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on taxable loans
19,623	18,981	18,298	18,149	17,380	-	16,353	15,082	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and fees on tax-exempt loans
550	440	409	420	420	-	411	375	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and fees on taxable loans
-	-	-	-	-	-	-	-	13,907	-	12,717	12,069	10,941	10,568	10,446	10,096	9,717	9,630	9,518	9,142	8,951	9,149	8,914	8,226	8,241	8,098	8,060	7,991	7,837	8,061	8,131	8,114	8,020	8,097	8,408	8,306	8,143	8,766	8,675
Interest and fees on tax-exempt loans
-	-	-	-	-	-	-	-	362	-	272	261	258	258	261	227	214	156	130	128	126	87	86	84	82	83	86	89	91	67	63	65	70	74	78	81	68	-	0
Interest and dividends on taxable investment securities
6,801	6,503	6,652	7,059	7,245	7,141	6,511	6,676	6,349	5,480	4,653	4,777	4,733	3,459	2,591	2,620	2,594	2,396	1,509	1,405	1,482	1,364	1,260	1,188	1,241	1,248	1,097	1,043	1,047	1,115	1,246	1,269	1,269	1,206	1,092	1,122	996	1,390	1,435
Interest and dividends on tax-exempt investment securities
20	28	72	99	138	138	130	128	109	88	99	154	194	177	173	179	174	169	153	138	125	106	96	83	79	73	56	48	73	119	118	117	116	116	114	114	113	111	108
Interest on federal funds sold and other interest-earning assets
289	940	777	518	336	459	153	63	172	265	181	70	61	174	149	87	63	55	60	86	77	80	45	50	12	42	40	44	59	61	54	84	101	63	34	34	14	4	16
Total interest income
27,283	26,892	26,208	26,245	25,519	25,293	23,558	22,324	20,899	19,409	17,922	17,331	16,187	14,636	13,620	13,209	12,762	12,406	11,370	10,899	10,761	10,786	10,401	9,631	9,655	9,544	9,339	9,215	9,107	9,423	9,612	9,649	9,576	9,556	9,726	9,657	9,334	10,271	10,234
Interest expense:
Demand-interest bearing
3,421	3,724	3,753	4,206	3,938	3,192	1,948	1,549	1,257	945	772	695	608	617	553	503	415	392	378	341	290	252	220	225	191	210	213	207	195	229	211	185	171	165	159	168	98	119	125
Money market and savings
1,783	1,903	1,813	1,628	1,452	1,444	1,308	1,174	972	942	788	732	698	716	677	637	609	578	538	501	553	537	509	467	416	431	425	428	502	561	572	722	863	930	868	860	799	839	912
Time deposits
1,221	1,242	1,123	861	624	467	386	366	369	335	312	295	296	317	301	183	141	167	183	170	175	179	189	178	173	187	197	204	279	334	370	433	581	690	781	825	721	1,099	1,239
Other borrowings
104	109	137	179	365	210	770	573	185	320	338	342	366	296	303	289	306	282	279	278	276	278	277	277	276	278	278	278	278	282	283	284	285	282	279	278	296	293	447
Total interest expense
6,529	6,978	6,826	6,874	6,379	5,313	4,412	3,662	2,783	2,542	2,210	2,064	1,968	1,946	1,834	1,612	1,471	1,419	1,378	1,290	1,294	1,246	1,195	1,147	1,056	1,106	1,113	1,117	1,254	1,406	1,436	1,624	1,900	2,067	2,087	2,131	1,914	2,350	2,723
Net interest income
20,754	19,914	19,382	19,371	19,140	19,980	19,146	18,662	18,116	16,867	15,712	15,267	14,219	12,690	11,786	11,597	11,291	10,987	9,992	9,609	9,467	9,540	9,206	8,484	8,599	8,438	8,226	8,098	7,853	8,017	8,176	8,025	7,676	7,489	7,639	7,526	7,420	7,921	7,511
Provision for loan losses
950	1,155	450	0	300	600	500	800	400	400	0	500	0	0	607	650	300	500	0	0	0	300	300	300	0	3,760	250	925	0	750	850	500	-750	10,300	616	1,500	3,550	700	10,750
Net interest income after provision for loan losses
19,804	18,759	18,932	19,371	18,840	19,380	18,646	17,862	17,716	16,467	15,712	14,767	14,219	12,690	11,179	10,947	10,991	10,487	9,992	9,609	9,467	9,240	8,906	8,184	8,599	4,678	7,976	7,173	7,853	7,267	7,326	7,525	8,426	-	-	-	-	-	-
Non-interest income:
Non-interest income
2,126	2,130	2,036	1,898	1,691	1,656	1,415	1,369	1,210	1,131	1,111	947	892	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net interest income after provision for loan losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,023	6,026	3,870	7,221	-3,239
Loan and servicing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	328	197	603	1,139	163	325	599	161	388	466	437	395	446	436	338	378	333	329	211	187	137	119	37	146	96
Mortgage banking income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,405	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of SBA loans
649	594	944	1,147	502	451	816	846	992	1,063	831	796	688	769	1,630	1,749	833	455	884	1,222	578	1,903	614	1,046	1,154	1,475	1,106	2,107	650	2,194	1,141	1,110	1,086	926	1,983	1,657	697	-	0
Service fees on deposit accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	686	654	570	507	452	398	363	328	316	287	293	277	270	265	234	252	234	226	210	182	216	201	169	296	251
Legal settlements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	238	-	50	-	-	-	-	-	-	-	-
Gain on sale of investment securities
841	0	520	261	322	-	-	-1	-	-	0	-61	-	0	2	358	296	-	64	9	-	-	0	458	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	703	-	0	-	-	-	-	-	-	-	-
Legal settlements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	105	-	750	-	-	-	-
Gain on sale of investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	774	-	-	-	-	-	-	-
Gain on sale of investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	640	-	-	-	-
Other-than-temporary impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	13	-	0	-21	0	-	0	0	-	2	0	16	17	-	45	4	-	-155	-355
Portion recognized in other comprehensive income (before taxes)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-10	-	0	28	0	-	0	0	-	1	0	-2	0	-	-5	-2	-	155	578
Net securities impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	0	2	4	1	0	0	0	3	0	0	7	0	-	0	0	-	3	0	14	17	-	40	2	-	-	223
Gain on sale of other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10	-	-	-	-	-	-
Gain on sale of other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46
Bank owned life insurance income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	13	18	20	16	19	30	40	36	31	44	51
Other non-interest income
62	39	46	50	79	67	29	43	35	47	44	40	46	54	93	77	111	54	41	68	40	35	53	39	46	64	70	62	67	50	53	58	32	68	229	65	193	35	33
Total non-interest income
6,545	5,213	6,554	7,026	4,945	4,888	5,131	5,768	4,535	5,012	5,778	4,969	4,338	4,727	5,142	3,031	2,412	4,740	1,604	2,022	1,577	2,427	1,371	2,289	1,930	2,211	1,892	2,870	2,243	2,852	1,831	2,499	1,646	3,423	3,955	2,076	1,127	521	254
Non-interest expenses:
Salaries and employee benefits
13,381	13,510	14,314	13,705	12,359	11,351	11,203	10,883	10,645	10,159	9,829	9,389	8,582	8,268	7,731	6,551	6,052	5,821	5,730	5,715	5,222	5,147	5,074	4,828	5,040	3,788	4,486	4,503	4,287	4,407	4,008	3,963	4,134	3,917	4,135	3,807	3,338	3,192	2,988
Occupancy
3,422	3,295	2,994	2,682	2,594	2,070	1,975	1,888	2,113	1,917	1,772	1,752	1,715	1,722	1,535	1,447	1,405	1,305	1,240	1,219	1,165	1,143	1,039	1,027	1,038	974	941	876	844	863	875	872	844	842	850	789	855	751	975
Depreciation and amortization
1,875	1,782	1,740	1,539	1,421	1,340	1,285	1,465	1,357	1,030	1,292	1,121	1,175	702	1,051	796	969	954	671	732	723	603	710	571	498	479	671	472	483	490	492	506	518	519	527	533	528	529	486
Legal
296	311	462	333	229	69	276	349	291	449	156	127	252	147	158	66	88	284	52	340	239	308	283	444	255	467	544	503	364	632	547	898	889	674	400	579	295	476	418
Other real estate owned
282	456	799	517	337	707	378	192	311	2,388	746	612	346	572	702	323	585	3,066	425	371	377	732	376	340	346	1,408	745	109	917	274	287	104	98	5,562	315	65	1,359	165	412
Appraisal and other loan expenses
422	502	476	390	461	524	583	455	278	457	598	381	442	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Advertising
381	463	698	454	315	295	290	297	329	418	394	222	245	274	218	190	129	152	233	91	151	144	91	214	148	126	103	117	101	100	57	100	50	74	70	85	105	104	30
Data processing
1,574	1,440	1,434	1,184	1,162	1,082	1,009	940	824	799	785	765	785	697	669	575	467	460	408	373	352	355	336	354	300	286	299	307	108	324	288	311	264	298	347	271	247	196	235
Insurance
276	318	301	216	235	306	181	217	292	232	277	200	273	306	262	188	206	188	162	190	180	159	148	122	157	159	155	153	158	161	183	176	134	192	200	220	217	209	373
Professional fees
634	725	661	725	478	572	498	510	468	504	454	507	428	413	352	455	360	300	293	350	325	308	330	428	402	380	358	359	323	189	326	298	293	329	383	454	434	477	379
Debit card processing
825	-	-	-	556	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Automated teller machine expenses
-	-	526	607	-	-	498	442	387	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Regulatory assessments and costs
630	324	62	421	421	417	396	395	467	359	355	324	329	402	296	373	342	337	318	301	292	274	258	196	337	345	327	241	344	335	343	351	338	363	507	560	483	530	562
Taxes, other
203	55	288	207	287	63	243	245	245	101	242	238	236	-129	243	228	24	95	169	204	221	-4	171	234	215	-9	63	253	250	-124	181	277	260	156	261	232	213	238	217
Legal settlements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,875	-	-	-	0	-	-	-	-	-	-	-	-
Other operating expenses
3,071	3,529	3,069	2,931	2,412	2,720	2,018	2,451	2,095	1,545	2,265	2,047	1,996	916	1,796	1,775	1,716	1,204	1,323	1,217	1,271	1,623	1,170	1,199	1,079	1,714	1,541	1,163	951	1,618	1,200	1,154	1,014	1,166	1,110	1,416	918	851	878
Total non-interest expense
27,272	27,488	27,824	25,911	23,267	22,057	20,833	20,729	20,102	21,622	19,165	17,685	16,804	15,970	15,013	12,967	12,343	14,446	11,024	11,103	10,518	10,792	9,986	9,957	9,815	10,117	12,108	9,056	9,130	9,269	8,787	9,010	8,836	14,092	9,105	9,011	8,992	7,718	7,953
Income (loss) before provision for income taxes
-923	-3,516	-2,338	486	518	2,211	2,944	2,901	2,149	-143	2,325	2,051	1,753	1,447	1,308	1,011	1,060	781	572	528	526	875	291	516	714	-3,228	-2,240	987	966	850	370	1,014	1,236	-	-	-	-	-	-
Income (loss) before provision (benefit) for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,873	-909	-3,995	24	-10,938
Provision (benefit) for income taxes
-330	-1,031	-516	105	92	54	622	530	372	-2,881	4	-8	-34	-50	-32	-12	-25	-9	-10	-5	-2	22	-6	-21	-41	33	-18	-24	-26	-54	-28	7	-69	9,598	509	-429	-1,487	-44	-3,883
Net income (loss)
-593	-2,485	-1,822	381	426	2,157	2,322	2,371	1,777	2,738	2,321	2,059	1,787	1,497	1,340	1,023	1,085	790	582	533	528	853	297	537	755	-3,261	-2,222	1,011	992	904	398	1,007	1,305	-23,078	1,364	-480	-2,508	68	-7,055
Net income (loss) per share
Basic (in dollars per share)
-0.01	-0.05	-0.03	0.01	0.01	0.04	0.04	0.04	0.03	0.05	0.04	0.04	0.03	0.03	0.04	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.02	0.03	-0.12	-0.09	0.04	0.04	0.03	0.02	0.04	0.05	-0.88	0.05	-0.02	-0.10	0.00	-0.60
Diluted (in dollars per share)
-0.01	-0.05	-0.03	0.01	0.01	0.04	0.04	0.04	0.03	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.02	0.03	-0.12	-0.09	0.04	0.04	0.03	0.02	0.04	0.05	-0.88	0.05	-0.02	-0.10	0.00	-0.60
Loan and Servicing Fees [Member]
Non-interest income
471	412	257	689	210	562	320	372	147	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage Banking [Member]
Non-interest income
2,458	2,077	2,797	3,031	2,220	2,285	2,580	3,182	2,186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit Account [Member]
Non-interest income
2,064	2,091	1,990	1,848	1,612	1,589	1,386	1,326	1,175	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-