Republic First Bancorp, Inc. Reports First Quarter Financial Results Loans Grow 27% and Deposits Increase by 19%
Republic First Bancorp, Inc. (FRBK)
Last republic first bancorp, inc. earnings: 4/29 08:00 am
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US:NASDAQ Investor Relations:
investors.myrepublicbank.com
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Source: GlobeNewswire
PHILADELPHIA, April 29, 2020 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended March 31, 2020. Q1-2020 Financial Highlights Total loans grew $405 million, or 27%, to $1.9 billion as of March 31, 2020 compared to $1.5 billion at March 31, 2019. Total deposits increased by $466 million, or 19%, to $2.9 billion as of March 31, 2020 compared to $2.5 billion as of March 31, 2019. New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $24 million per year, while the average deposit growth for all stores over the last twelve months was approximately $16 million per store. Profitability improved compared to the previous quarter as the reported net loss declined to $0.6 million, or ($0.01) per share, for the three months ended March 31, 2020 compared to a net loss of $2.5 million, or ($0.04) per
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