- Prospectus filed pursuant to Rule 424(b)(3) (424B3)
2009年3月13日 - 5:20AM
Edgar (US Regulatory)
Filed
Pursuant to Rule 424(b)(3)
Registration
No. 333-156238
PROPOSED
MERGER—YOUR VOTE IS VERY IMPORTANT
Dear
Shareholders:
You
recently received a joint proxy statement/prospectus dated February 4, 2009
relating to the special meetings of the shareholders of Republic First Bancorp,
Inc. and Pennsylvania Commerce Bancorp, Inc. to consider and vote upon the
proposed merger of Republic First with and into Pennsylvania
Commerce. The joint proxy statement/prospectus contained, among other
important information regarding the companies, the meetings and the proposed
merger, unaudited financial results for the quarter and year ended December 31,
2008. This letter supplements the joint proxy statement/prospectus
solely to reflect revised unaudited financial results for the quarter and year
ended December 31, 2008 as reported by Republic First in a March 4, 2009 press
release. In the aggregate, the revisions reduce net income (loss) by
$921,000.
These
revisions have no impact on the merger agreement, any of its terms or the
consideration to be received by Republic First shareholders as a result of the
merger. We continue to believe that the proposed merger of
Pennsylvania Commerce and Republic First will create significant opportunities
and value for our shareholders, customers, employees and communities, and is in
the best interest of both of our companies.
This
letter, together with the enclosed press release, constitute a supplement to the
joint proxy statement/ prospectus. The information set forth in the
press release corrects and supersedes the information contained in the joint
proxy statement/prospectus at page 12, under the caption “Recent
Developments—Republic First,” and at pages 81 to 84, under the caption
“—Republic First Earnings Release.”
You
should rely only on the information contained in this supplement and, as
corrected and superseded, in the joint proxy statement/prospectus. If
you have any questions about the shareholders’ meetings or the merger, or if you
need additional copies of this supplement, the joint proxy statement/prospectus,
or the proxy card, you should contact one of the following.
Pennsylvania Commerce
shareholders
:
Pennsylvania
Commerce Bancorp, Inc.
3801
Paxton Street
Harrisburg,
Pennsylvania 17111
Attention: Sherry
Richart
Telephone: (800)
653-6104
|
Republic First shareholders
:
Republic
First Bancorp, Inc.
50
South 16th Street, Suite 2400
Philadelphia,
Pennsylvania 19102
Attention:
Linda Lewis
Telephone:
(215) 735-4422, ext. 5332
|
Your vote is very
important
. We continue to expect to complete the merger during
the second quarter of 2009. Whether or not you plan to attend
your shareholders’ meeting, please take the time to vote by completing and
mailing your proxy card in accordance with the instructions on the
card. You may also vote over the Internet or by telephone in
accordance with the instructions on your proxy card. If you hold your
shares in “street name,” you should vote in accordance with the instructions
provided by your broker.
March 5,
2009
Gary
L. Nalbandian
Chairman,
President and CEO
Pennsylvania
Commerce Bancorp, Inc.
|
Harry
D. Madonna
Chairman,
President and CEO
Republic
First Bancorp, Inc.
|
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|
NEWS
RELEASE
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|
FOR
RELEASE IMMEDIATELY
|
|
|
Contact:
Harry D. Madonna, CEO
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|
|
(215)
735-9938
|
REPUBLIC
FIRST BANCORP, INC.
REPORTS REVISED FOURTH
QUARTER EARNINGS
Philadelphia,
PA, March 4, 2009 – Republic First Bancorp, Inc. (NASDAQ:FRBK), (the “Company”)
the holding company for Republic First Bank (PA), today reported revised fourth
quarter earnings. Due primarily to a net impairment charge of
approximately $.09 per diluted share on a bank pooled trust preferred security,
the Company reported a fourth quarter 2008 net loss of $416,000 or $.04 per
diluted share, compared to previously reported fourth quarter 2008 net income of
$505,000 or $.05 per diluted share. The Company reported a net loss
of $472,000 or $.04 per diluted share for 2008 compared to net income of
$449,000 or $.04 per diluted share as previously reported.
Republic
First Bank (PA) is a full-service, state-chartered commercial bank, whose
deposits are insured by the Federal Deposit Insurance Corporation
(FDIC). The Bank provides diversified financial products through its
twelve offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting,
Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.
The
Company may from time to time make written or oral “forward-looking statements”,
including statements contained in this release and in the Company's filings with
the Securities and Exchange Commission. These forward-looking
statements include statements with respect to the Company's beliefs, plans,
objectives, goals, expectations, anticipations, estimates, and intentions that
are subject to significant risks and uncertainties and are subject to change
based on various factors, many of which are beyond the Company's control. The
words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”,
“expect”, “intend”, “plan”, and similar expressions are intended to identify
forward-looking statements. All such statements are made in good
faith by the Company pursuant to the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. The Company does not undertake to
update any forward-looking statement, whether written or oral, that may be made
from time to time by or on behalf of the Company.
# #
#
Republic
First Bancorp, Inc.
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Selected
Consolidated Financial Data
|
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|
(Unaudited)
|
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|
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At
or for the
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At
or for the
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|
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|
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|
Three
months ended
|
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|
|
|
|
Twelve
months ended
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
%
|
|
(in
thousands, except per share amounts)
|
|
12/31/08
|
|
|
9/30/08
|
|
|
Change
|
|
|
12/31/07
|
|
|
Change
|
|
|
12/31/08
|
|
|
12/31/07
|
|
|
Change
|
|
Income
Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
7,051
|
|
|
$
|
7,618
|
|
|
|
-7
|
%
|
|
$
|
7,160
|
|
|
|
-2
|
%
|
|
$
|
28,895
|
|
|
$
|
30,039
|
|
|
|
-4
|
%
|
Provision
for loan losses
|
|
|
1,601
|
|
|
|
43
|
|
|
|
3623
|
%
|
|
|
165
|
|
|
|
870
|
%
|
|
|
7,499
|
|
|
|
1,590
|
|
|
|
372
|
%
|
Noninterest
income (loss)
|
|
|
(931
|
)
|
|
|
672
|
|
|
|
-239
|
%
|
|
|
918
|
|
|
|
-201
|
%
|
|
|
1,242
|
|
|
|
3,073
|
|
|
|
-60
|
%
|
Total
revenues
|
|
|
6,120
|
|
|
|
8,290
|
|
|
|
-26
|
%
|
|
|
8,078
|
|
|
|
-24
|
%
|
|
|
30,137
|
|
|
|
33,112
|
|
|
|
-9
|
%
|
Noninterest
operating expenses
|
|
|
5,370
|
|
|
|
6,008
|
|
|
|
-11
|
%
|
|
|
5,598
|
|
|
|
-4
|
%
|
|
|
23,887
|
|
|
|
21,364
|
|
|
|
12
|
%
|
Provision
(benefit) for income taxes
|
|
|
(435
|
)
|
|
|
706
|
|
|
|
-162
|
%
|
|
|
738
|
|
|
|
-159
|
%
|
|
|
(777
|
)
|
|
|
3,273
|
|
|
|
-124
|
%
|
Net
income (loss)
|
|
|
(416
|
)
|
|
|
1,533
|
|
|
|
-127
|
%
|
|
|
1,577
|
|
|
|
-126
|
%
|
|
|
(472
|
)
|
|
|
6,885
|
|
|
|
-107
|
%
|
Per
Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss): Basic
|
|
$
|
(0.04
|
)
|
|
$
|
0.14
|
|
|
|
-129
|
%
|
|
$
|
0.15
|
|
|
|
-127
|
%
|
|
$
|
(0.04
|
)
|
|
$
|
0.66
|
|
|
|
-106
|
%
|
Net
income (loss): Diluted
|
|
|
(0.04
|
)
|
|
|
0.14
|
|
|
|
-129
|
%
|
|
|
0.15
|
|
|
|
-127
|
%
|
|
|
(0.04
|
)
|
|
|
0.65
|
|
|
|
-106
|
%
|
Book
Value
|
|
$
|
7.46
|
|
|
$
|
7.47
|
|
|
|
|
|
|
$
|
7.80
|
|
|
|
|
|
|
$
|
7.46
|
|
|
$
|
7.80
|
|
|
|
|
|
Weighted
average shares outstanding:
|
|
|
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|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
10,623
|
|
|
|
10,581
|
|
|
|
|
|
|
|
10,320
|
|
|
|
|
|
|
|
10,503
|
|
|
|
10,390
|
|
|
|
|
|
Diluted
|
|
|
10,623
|
|
|
|
12,310
|
|
|
|
|
|
|
|
10,556
|
|
|
|
|
|
|
|
10,503
|
|
|
|
10,662
|
|
|
|
|
|
Balance
Sheet Data:
|
|
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|
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|
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|
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|
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|
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|
|
|
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|
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|
Total
assets
|
|
$
|
951,980
|
|
|
$
|
964,732
|
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
$
|
951,980
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|
|
$
|
1,016,308
|
|
|
|
-6
|
%
|
Loans
(net)
|
|
|
774,673
|
|
|
|
764,245
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
774,673
|
|
|
|
813,041
|
|
|
|
-5
|
%
|
Allowance
for loan losses
|
|
|
8,409
|
|
|
|
6,807
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
8,409
|
|
|
|
8,508
|
|
|
|
-1
|
%
|
Investment
securities - AFS
|
|
|
83,032
|
|
|
|
86,345
|
|
|
|
-4
|
%
|
|
|
|
|
|
|
|
|
|
|
83,032
|
|
|
|
83,659
|
|
|
|
-1
|
%
|
Investment
securities - HTM
|
|
|
198
|
|
|
|
203
|
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
198
|
|
|
|
282
|
|
|
|
-30
|
%
|
Restricted
stock
|
|
|
6,836
|
|
|
|
6,401
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
6,836
|
|
|
|
6,358
|
|
|
|
8
|
%
|
Federal
funds sold
|
|
|
21,159
|
|
|
|
38,382
|
|
|
|
-45
|
%
|
|
|
|
|
|
|
|
|
|
|
21,159
|
|
|
|
61,909
|
|
|
|
-66
|
%
|
Total
deposits
|
|
|
739,167
|
|
|
|
729,487
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
739,167
|
|
|
|
780,855
|
|
|
|
-5
|
%
|
Core
deposits*
|
|
|
345,501
|
|
|
|
350,215
|
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
|
345,501
|
|
|
|
357,920
|
|
|
|
-3
|
%
|
FHLB
and overnight advances
|
|
|
102,309
|
|
|
|
125,682
|
|
|
|
-19
|
%
|
|
|
|
|
|
|
|
|
|
|
102,309
|
|
|
|
133,433
|
|
|
|
-23
|
%
|
Trust
preferred
|
|
|
22,476
|
|
|
|
22,476
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
22,476
|
|
|
|
11,341
|
|
|
|
98
|
%
|
Stockholders'
equity
|
|
|
79,327
|
|
|
|
79,257
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
79,327
|
|
|
|
80,467
|
|
|
|
-1
|
%
|
Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
8.33
|
%
|
|
|
8.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.33
|
%
|
|
|
7.92
|
%
|
|
|
|
|
Leverage
ratio
|
|
|
11.14
|
%
|
|
|
11.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.14
|
%
|
|
|
9.44
|
%
|
|
|
|
|
Risk
based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1
|
|
|
12.26
|
%
|
|
|
12.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.26
|
%
|
|
|
10.07
|
%
|
|
|
|
|
Total
Capital
|
|
|
13.26
|
%
|
|
|
13.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.26
|
%
|
|
|
11.01
|
%
|
|
|
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of funds
|
|
|
2.51
|
%
|
|
|
2.77
|
%
|
|
|
|
|
|
|
4.20
|
%
|
|
|
|
|
|
|
2.94
|
%
|
|
|
4.36
|
%
|
|
|
|
|
Deposit
cost of funds
|
|
|
2.50
|
%
|
|
|
2.69
|
%
|
|
|
|
|
|
|
4.09
|
%
|
|
|
|
|
|
|
2.92
|
%
|
|
|
4.18
|
%
|
|
|
|
|
Net
interest margin
|
|
|
3.25
|
%
|
|
|
3.48
|
%
|
|
|
|
|
|
|
3.11
|
%
|
|
|
|
|
|
|
3.28
|
%
|
|
|
3.26
|
%
|
|
|
|
|
Return
on average assets
|
|
|
-0.18
|
%
|
|
|
0.65
|
%
|
|
|
|
|
|
|
0.65
|
%
|
|
|
|
|
|
|
-0.05
|
%
|
|
|
0.71
|
%
|
|
|
|
|
Return
on average total stockholders' equity
|
|
|
-2.08
|
%
|
|
|
7.76
|
%
|
|
|
|
|
|
|
7.88
|
%
|
|
|
|
|
|
|
-0.60
|
%
|
|
|
8.86
|
%
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs to average loans outstanding
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.96
|
%
|
|
|
0.14
|
%
|
|
|
|
|
Nonperforming
assets to total period-end assets
|
|
|
2.72
|
%
|
|
|
1.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.72
|
%
|
|
|
2.55
|
%
|
|
|
|
|
Allowance
for loan losses to total period-end loans
|
|
|
1.07
|
%
|
|
|
0.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.07
|
%
|
|
|
1.04
|
%
|
|
|
|
|
Allowance
for loan losses to nonperforming loans
|
|
|
49
|
%
|
|
|
93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
%
|
|
|
38
|
%
|
|
|
|
|
Nonperforming
assets to capital and reserves
|
|
|
30
|
%
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30
|
%
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Core deposits exclude certificates of deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic
First Bancorp, Inc. Average Balances and Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the three months
ended
|
|
|
For
the three months
ended
|
|
|
For
the three months
ended
|
|
|
For
the twelve months
ended
|
|
|
For
the twelve months
ended
|
|
|
|
December
31, 2008
|
|
|
September
30, 2008
|
|
|
December
31, 2007
|
|
|
December
31, 2008
|
|
|
December
31, 2007
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
(Dollars
in thousands)
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
Federal
funds sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
other interest-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earning
assets
|
|
$
|
7,863
|
|
|
$
|
19
|
|
|
|
0.96
|
%
|
|
$
|
8,568
|
|
|
$
|
45
|
|
|
|
2.09
|
%
|
|
$
|
12,439
|
|
|
$
|
139
|
|
|
|
4.56
|
%
|
|
$
|
9,821
|
|
|
$
|
218
|
|
|
|
2.22
|
%
|
|
$
|
13,923
|
|
|
$
|
686
|
|
|
|
4.93
|
%
|
Securities
|
|
|
94,903
|
|
|
|
1,321
|
|
|
|
5.57
|
%
|
|
|
92,525
|
|
|
|
1,334
|
|
|
|
5.77
|
%
|
|
|
87,240
|
|
|
|
1,316
|
|
|
|
5.98
|
%
|
|
|
89,365
|
|
|
|
5,135
|
|
|
|
5.75
|
%
|
|
|
95,715
|
|
|
|
5,752
|
|
|
|
6.01
|
%
|
Loans
receivable
|
|
|
767,597
|
|
|
|
11,025
|
|
|
|
5.71
|
%
|
|
|
775,642
|
|
|
|
12,208
|
|
|
|
6.26
|
%
|
|
|
823,751
|
|
|
|
15,018
|
|
|
|
7.23
|
%
|
|
|
789,446
|
|
|
|
48,846
|
|
|
|
6.19
|
%
|
|
|
820,380
|
|
|
|
62,184
|
|
|
|
7.58
|
%
|
Total
interest-earning assets
|
|
|
870,363
|
|
|
|
12,365
|
|
|
|
5.65
|
%
|
|
|
876,735
|
|
|
|
13,587
|
|
|
|
6.17
|
%
|
|
|
923,430
|
|
|
|
16,473
|
|
|
|
7.08
|
%
|
|
|
888,632
|
|
|
|
54,199
|
|
|
|
6.10
|
%
|
|
|
930,018
|
|
|
|
68,622
|
|
|
|
7.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
49,664
|
|
|
|
|
|
|
|
|
|
|
|
57,371
|
|
|
|
|
|
|
|
|
|
|
|
42,437
|
|
|
|
|
|
|
|
|
|
|
|
51,349
|
|
|
|
|
|
|
|
|
|
|
|
39,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
920,027
|
|
|
|
|
|
|
|
|
|
|
$
|
934,106
|
|
|
|
|
|
|
|
|
|
|
$
|
965,867
|
|
|
|
|
|
|
|
|
|
|
$
|
939,981
|
|
|
|
|
|
|
|
|
|
|
$
|
969,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand-non
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bearing
|
|
$
|
77,221
|
|
|
|
|
|
|
|
|
|
|
$
|
71,990
|
|
|
|
|
|
|
|
|
|
|
$
|
79,052
|
|
|
|
|
|
|
|
|
|
|
$
|
76,671
|
|
|
|
|
|
|
|
|
|
|
$
|
78,641
|
|
|
|
|
|
|
|
|
|
Demand
interest-bearing
|
|
|
31,644
|
|
|
$
|
44
|
|
|
|
0.55
|
%
|
|
|
31,090
|
|
|
$
|
68
|
|
|
|
0.87
|
%
|
|
|
36,132
|
|
|
$
|
101
|
|
|
|
1.11
|
%
|
|
|
33,976
|
|
|
$
|
327
|
|
|
|
0.96
|
%
|
|
|
38,850
|
|
|
$
|
428
|
|
|
|
1.10
|
%
|
Money
market & savings
|
|
|
230,668
|
|
|
|
1,487
|
|
|
|
2.56
|
%
|
|
|
240,554
|
|
|
|
1,625
|
|
|
|
2.69
|
%
|
|
|
241,357
|
|
|
|
2,566
|
|
|
|
4.22
|
%
|
|
|
222,590
|
|
|
|
6,150
|
|
|
|
2.76
|
%
|
|
|
266,706
|
|
|
|
11,936
|
|
|
|
4.48
|
%
|
Time
deposits
|
|
|
384,352
|
|
|
|
3,019
|
|
|
|
3.12
|
%
|
|
|
381,820
|
|
|
|
3,216
|
|
|
|
3.35
|
%
|
|
|
402,151
|
|
|
|
5,151
|
|
|
|
5.08
|
%
|
|
|
397,740
|
|
|
|
14,844
|
|
|
|
3.73
|
%
|
|
|
361,120
|
|
|
|
18,822
|
|
|
|
5.21
|
%
|
Total
deposits
|
|
|
723,885
|
|
|
|
4,550
|
|
|
|
2.50
|
%
|
|
|
725,454
|
|
|
|
4,909
|
|
|
|
2.69
|
%
|
|
|
758,692
|
|
|
|
7,818
|
|
|
|
4.09
|
%
|
|
|
730,977
|
|
|
|
21,321
|
|
|
|
2.92
|
%
|
|
|
745,317
|
|
|
|
31,186
|
|
|
|
4.18
|
%
|
Total
interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits
|
|
|
646,664
|
|
|
|
4,550
|
|
|
|
2.80
|
%
|
|
|
653,464
|
|
|
|
4,909
|
|
|
|
2.99
|
%
|
|
|
679,640
|
|
|
|
7,818
|
|
|
|
4.56
|
%
|
|
|
654,306
|
|
|
|
21,321
|
|
|
|
3.26
|
%
|
|
|
666,676
|
|
|
|
31,186
|
|
|
|
4.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
borrowings
|
|
|
109,608
|
|
|
|
714
|
|
|
|
2.59
|
%
|
|
|
122,709
|
|
|
|
1,005
|
|
|
|
3.26
|
%
|
|
|
115,121
|
|
|
|
1,427
|
|
|
|
4.92
|
%
|
|
|
121,236
|
|
|
|
3,760
|
|
|
|
3.10
|
%
|
|
|
133,122
|
|
|
|
7,121
|
|
|
|
5.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
liabilities
|
|
$
|
756,272
|
|
|
$
|
5,264
|
|
|
|
2.77
|
%
|
|
$
|
776,173
|
|
|
$
|
5,914
|
|
|
|
3.03
|
%
|
|
$
|
794,761
|
|
|
$
|
9,245
|
|
|
|
4.62
|
%
|
|
$
|
775,542
|
|
|
$
|
25,081
|
|
|
|
3.23
|
%
|
|
$
|
799,798
|
|
|
$
|
38,307
|
|
|
|
4.79
|
%
|
Total
deposits and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
borrowings
|
|
|
833,493
|
|
|
|
5,264
|
|
|
|
2.51
|
%
|
|
|
848,163
|
|
|
|
5,914
|
|
|
|
2.77
|
%
|
|
|
873,813
|
|
|
|
9,245
|
|
|
|
4.20
|
%
|
|
|
852,213
|
|
|
|
25,081
|
|
|
|
2.94
|
%
|
|
|
878,439
|
|
|
|
38,307
|
|
|
|
4.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
liabilities
|
|
|
7,034
|
|
|
|
|
|
|
|
|
|
|
|
7,393
|
|
|
|
|
|
|
|
|
|
|
|
12,628
|
|
|
|
|
|
|
|
|
|
|
|
8,459
|
|
|
|
|
|
|
|
|
|
|
|
13,734
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
79,500
|
|
|
|
|
|
|
|
|
|
|
|
78,550
|
|
|
|
|
|
|
|
|
|
|
|
79,426
|
|
|
|
|
|
|
|
|
|
|
|
79,309
|
|
|
|
|
|
|
|
|
|
|
|
77,734
|
|
|
|
|
|
|
|
|
|
Total
liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$
|
920,027
|
|
|
|
|
|
|
|
|
|
|
$
|
934,106
|
|
|
|
|
|
|
|
|
|
|
$
|
965,867
|
|
|
|
|
|
|
|
|
|
|
$
|
939,981
|
|
|
|
|
|
|
|
|
|
|
$
|
969,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
|
|
|
$
|
7,101
|
|
|
|
|
|
|
|
|
|
|
$
|
7,673
|
|
|
|
|
|
|
|
|
|
|
$
|
7,228
|
|
|
|
|
|
|
|
|
|
|
$
|
29,118
|
|
|
|
|
|
|
|
|
|
|
$
|
30,315
|
|
|
|
|
|
Net
interest spread
|
|
|
|
|
|
|
|
|
|
|
2.88
|
%
|
|
|
|
|
|
|
|
|
|
|
3.14
|
%
|
|
|
|
|
|
|
|
|
|
|
2.46
|
%
|
|
|
|
|
|
|
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
|
|
|
|
2.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
|
|
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
|
|
|
|
|
3.11
|
%
|
|
|
|
|
|
|
|
|
|
|
3.28
|
%
|
|
|
|
|
|
|
|
|
|
|
3.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
above tables are presented on a tax equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic
First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary
of Allowance for Loan Losses and Other Related Data
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
|
Twelve
months ended
|
|
(dollar
amounts in thousands)
|
|
12/31/08
|
|
|
9/30/08
|
|
|
12/31/07
|
|
|
12/31/08
|
|
|
12/31/07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
|
$
|
6,807
|
|
|
$
|
6,760
|
|
|
$
|
8,791
|
|
|
$
|
8,508
|
|
|
$
|
8,058
|
|
Provisions
charged to operating expense
|
|
|
1,601
|
|
|
|
43
|
|
|
|
165
|
|
|
|
7,499
|
|
|
|
1,590
|
|
|
|
|
8,408
|
|
|
|
6,803
|
|
|
|
8,956
|
|
|
|
16,007
|
|
|
|
9,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
on loans charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
119
|
|
|
|
81
|
|
Tax
refund loans
|
|
|
-
|
|
|
|
8
|
|
|
|
27
|
|
|
|
77
|
|
|
|
283
|
|
Consumer
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
2
|
|
Total
recoveries
|
|
|
1
|
|
|
|
10
|
|
|
|
28
|
|
|
|
199
|
|
|
|
366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
-
|
|
|
|
-
|
|
|
|
(475
|
)
|
|
|
(7,778
|
)
|
|
|
(1,503
|
)
|
Tax
refund loans
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Consumer
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
(1
|
)
|
|
|
(19
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
charged-off
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
(476
|
)
|
|
|
(7,797
|
)
|
|
|
(1,506
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
|
|
1
|
|
|
|
4
|
|
|
|
(448
|
)
|
|
|
(7,598
|
)
|
|
|
(1,140
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at end of period
|
|
$
|
8,409
|
|
|
$
|
6,807
|
|
|
$
|
8,508
|
|
|
$
|
8,409
|
|
|
$
|
8,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs as a percentage of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
loans outstanding
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.22
|
%
|
|
|
0.96
|
%
|
|
|
0.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end
loans
|
|
|
1.07
|
%
|
|
|
0.88
|
%
|
|
|
1.04
|
%
|
|
|
1.07
|
%
|
|
|
1.04
|
%
|
Republic
First Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary
of Non-Performing Loans and Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2008
|
|
|
2008
|
|
|
2008
|
|
|
2008
|
|
|
2007
|
|
Nonaccrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
|
$
|
16,424
|
|
|
$
|
6,369
|
|
|
$
|
2,366
|
|
|
$
|
2,427
|
|
|
$
|
14,757
|
|
Construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,747
|
|
Consumer
and other
|
|
|
909
|
|
|
|
918
|
|
|
|
780
|
|
|
|
640
|
|
|
|
776
|
|
Total
nonaccrual loans
|
|
|
17,333
|
|
|
|
7,287
|
|
|
|
3,146
|
|
|
|
3,067
|
|
|
|
22,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
past due 90 days or more
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
still accruing
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Renegotiated
loans
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming loans
|
|
|
17,333
|
|
|
|
7,287
|
|
|
|
3,146
|
|
|
|
3,067
|
|
|
|
22,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
real estate owned
|
|
|
8,580
|
|
|
|
8,580
|
|
|
|
14,245
|
|
|
|
16,378
|
|
|
|
3,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming assets
|
|
$
|
25,913
|
|
|
$
|
15,867
|
|
|
$
|
17,391
|
|
|
$
|
19,445
|
|
|
$
|
25,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans to total loans
|
|
|
2.21
|
%
|
|
|
0.95
|
%
|
|
|
0.40
|
%
|
|
|
0.38
|
%
|
|
|
2.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to total assets
|
|
|
2.72
|
%
|
|
|
1.64
|
%
|
|
|
1.84
|
%
|
|
|
1.95
|
%
|
|
|
2.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loan coverage
|
|
|
49
|
%
|
|
|
93
|
%
|
|
|
215
|
%
|
|
|
331
|
%
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
total period-end loans
|
|
|
1.07
|
%
|
|
|
0.88
|
%
|
|
|
0.85
|
%
|
|
|
1.27
|
%
|
|
|
1.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets/capital plus allowance for loan losses
|
|
|
30
|
%
|
|
|
18
|
%
|
|
|
20
|
%
|
|
|
22
|
%
|
|
|
29
|
%
|
5
Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
過去 株価チャート
から 5 2024 まで 6 2024
Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
過去 株価チャート
から 6 2023 まで 6 2024