Republic First Bancorp (FRBK) has reported 89.49 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.50 million, or $0.03 a share in the quarter, compared with $0.79 million, or $0.02 a share for the same period last year.
Revenue during the quarter grew 11.34 percent to $16.95 million from $15.23 million in the previous year period. Net interest income for the quarter rose 15.50 percent over the prior year period to $12.69 million. Non-interest income for the quarter fell 10.04 percent over the last year period to $4.26 million.
Net interest margin contracted 40 basis points to 2.93 percent in the quarter from 3.33 percent in the last year period.
Harry D. Madonna, president and chief executive officer of Republic First Bancorp said: "The fourth quarter brings to a close a tremendously successful year for our organization. Our expansion strategy continued to build momentum with the opening of three new stores during 2016. The completion of our common stock offering during the fourth quarter, combined with our proven model and the announcement of Vernon Hill as Chairman of the Board of Directors sets us up for an incredibly bright future."
Assets outpace liabilities growthTotal assets stood at $1,924.53 million as on Dec. 31, 2016, up 33.70 percent compared with $1,439.44 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,709.47 million as on Dec. 31, 2016, up 28.91 percent from $1,326.07 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $955.82 million as on Dec. 31, 2016, up 10.36 percent compared with $866.07 million on Dec. 31, 2015. Deposits stood at $1,677.67 million as on Dec. 31, 2016, up 34.29 percent compared with $1,249.30 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $324.91 million or 19.37 percent of total deposits on Dec. 31, 2016, compared with $243.70 million or 19.51 percent of total deposits on Dec. 31, 2015.
Investments stood at $803.60 million as on Dec. 31, 2016, up 74.65 percent or $343.47 million from year-ago. Shareholders equity stood at $215.05 million as on Dec. 31, 2016, up 89.68 percent or $101.68 million from year-ago.
Nonperforming assets moved up 21.45 percent or $5.14 million to $29.07 million on Dec. 31, 2016 from $23.94 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.51 percent in the quarter, down from 1.66 percent in the last year period.
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