Republic First Bancorp Swings To Q4 Loss

(RTTNews) - Republic First Bancorp, Inc. (FRBK), the holding company for Republic Bank, reported a net loss for the fourth quarter of $3.3 million or $0.13 per share, compared to net income of $0.9 million or $0.03 per share for the year-ago quarter.

Earnings in the fourth quarter of 2013 were impacted by a provision for loan losses in the amount of $3.6 million related to a single loan relationship. The loan was determined to be impaired during the fourth quarter and the provision was the result of a significant reduction in the collateral value supporting the loan based upon a current appraisal.

Net interest income for the fourth quarter rose to $8.4 million from $8.0 million a year ago. Provision for loan losses for the fourth quarter was $3.8 million, up from $750,000 last year.

Total non-interest income for the fourth quarter fell to $2.2 million from $2.9 million in the fourth quarter of last year.