REPUBLIC FIRST BANCORP, INC. 2021 ANNUAL REPORT
REPUBLIC FIRST BANCORP, INC. FINANCIAL HIGHLIGHTS
($ in millions, except per share data)
2021 % Change | 3-YEAR | 2020 | 2019 | 2018 | 2017 |
vs 2020 | AVERAGE | ||||
GROWTH RATE |
ASSETS | $5,627 | +11% | +28% | |
LOANS* | 2,393 | +18% | +19% | |
DEPOSITS | 5,191 | +29% | +30% | |
NET INCOME | 25.2 | +398% | +167% | |
NET INCOME | $ 0.33 | +371% | +149% | |
PER SHARE | ||||
$5,066 | $3,341 | $2,753 | $2,322 |
2,021 | 1,748 | 1,437 | 1,162 |
4,014 | 2,999 | 2,393 | 2,063 |
5.1 | (3.5) | 8.6 | 8.9 |
$ 0.07 | $ (0.06) | $ 0.15 | $ 0.15 |
*Loan balances exclude short-term impact of PPP Loan Program
TOTAL DEPOSITS
$5,500 | Average Annual Growth = | 25% | ||||
$5,000 | $5,191 | |||||
$4,500 | ||||||
$4,000 | $4,014 | |||||
$3,500 | ||||||
millions | ||||||
$3,000 | ||||||
$2,500 | $2,999 | |||||
$ in | ||||||
$2,000 | $2,063 | $2,393 | ||||
$1,500 | ||||||
$1,000 | ||||||
$500 | ||||||
$0 | ||||||
2017 | 2018 | 2019 | 2020 | 2021 |
TOTAL LOANS*
$3,000 | Average Annual Growth = | 20% | ||||
$2,500 | $2,393 | |||||
$2,000 | $2,021 | |||||
millions | $1,748 | |||||
$1,500 | ||||||
$1,437 | ||||||
$ in | ||||||
$1,000 | $1,162 | |||||
$500 | ||||||
$0 | ||||||
2017 | 2018 | 2019 | 2020 | 2021 |
*Loan balances exclude short-term impact of PPP Loan Program
01
A LETTER FROM THE EXECUTIVE CHAIRMAN, INTERIM CEO
Dear Shareholders, Customers, Team Members, and Friends,
I am pleased to present the 2021 Annual Report of Republic First Bancorp,Inc. (NASDAQ: FRBK). 2021 marked another exceptional year in balance sheet growth: Net Income increased by 398% to $25M, Deposits grew by 29% to $5.2BN, and Loans grew by 18% to $2.4BN.
Throughout this year of change, we have remained steadfast in our focus to deliver unmatched service to our loyal customers. We prioritize technological capabilities and in doing so, upgraded our entire banking system, offering more robust security, new services, and a better overall user experience.
We continue to offer free services such as coin counting, instant-issue ATM/Debit cards, access to over 55,000 fee-free ATMs worldwide, and free personal and business checking accounts with no minimum balance. We are committed to providing the best customer experience across all channels - in-store, online, and mobile.
From New York City, through Southern New Jersey, and across Greater Philadelphia, we support our communities and form impactful partnerships that help boost our local economies. It's through these grassroots, community efforts that Republic Bank truly thrives.
With the addition of Peter B. Bartholow and Benjamin C. Duster, IV to the Board of Directors, and Lisa R. Jacobs' appointment as Corporate Secretary of the Company, we believe we have put in place a team that understands our fiduciary duties to our shareholders obligation to all constituents and will focus on both the short and long- term future of the Company and the Bank. Additionally, to increase the Board's oversight, we have reconstituted the
composition of the Audit, Nominating and Compensation Committees of the Company, and the Asset Liability, and Compliance and Risk Management Committees
of the Bank. To enhance the Board's alignment with management and our shareholders, and put the Company in a stronger position to maximize shareholder value.
On behalf of the Board of Directors and our Executive Team, thank you for your unwavering support during an essential transition year. I am honored to be entrusted with the task of moving us forward in this new and changing environment; we are entering a critical phase in the evolution of the institution. The Board and I
are eager to return to our primary tasks of optimizing the performance of the Company and the Bank while providing stability and value to all our stakeholders.
Harry D. Madonna
Executive Chairman, Interim CEO
2021 ANNUAL REPORT | REPUBLIC BANK | 02
Republic Bank remains steadfast in our focus: | IN-STORE |
delivering unmatched Customer Service. |
We offer "Big Bank" benefits with a small-town feel through our friendly colleagues, state-of-the-art technology, and our bright, welcoming (dog friendly!) stores. Our celebrated services and convenience includes extended hours, and free services like coin counting and instant-issue ATM/Debit cards. We are one of the largest Philadelphia-based banks, yet we make decisions locally, and we make them quickly. We prioritize getting to know YOU as more than just a customer, so we can anticipate and meet all of your banking needs.
By delivering a superior banking experience across all channels, we continue to create fans throughout the region. It's our personalized commitment to the communities we serve - New York City, Southern New Jersey and the Metro Philadelphia area.
ONLINE
MOBILE
Ocean City, NJ
03
STORE LOCATIONS
STORE LOCATIONS
NEW YORK CITY 14th & 5th
51st & 3rd
PENNSYLVANIA 1601 Market St 1601 Walnut St 1818 Market St
833 Chestnut St Abington Bensalem Broomall Fairless Hills Feasterville Mayfair Media Plymouth Meeting Torresdale Wayne Wynnewood
NEW JERSEY
Berlin
Cherry Hill
Cherry Hill Mall
Deptford
Evesboro
Gloucester
Haddonfield
Glassboro
Lumberton
Marlton
Medford
Moorestown
Northfield
Ocean City
Sicklerville
Somers Point
Voorhees
Washington Township
STORE OPENINGS
In June of 2021, we continued our strategic growth plan with the opening of a new store in Deptford, NJ featuring our signature all-glass design. We welcomed fans to our fifth store in the Gloucester-Atlantic region of South Jersey (a continued area of focus) and celebrated a sixth store, in Ocean City, in early 2022.
2021 ANNUAL REPORT | REPUBLIC BANK | 04
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Republic First Bancorp Inc. published this content on 05 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2023 17:17:07 UTC.
