REPUBLIC FIRST BANCORP INC
investors.myrepublicbank.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Mar 15, 2023. Its latest SEC filing is a 8-K from Sep 5, 2024.
10-Q for Q3 FY2022, filed Mar 15, 2023
The sections below describe the company as of the FY2021 annual report.
What Did They Do?
Provides banking services, including deposit accounts and commercial and residential loans, to individuals and businesses in the Philadelphia, southern New Jersey, and New York City areas.
10-K for FY2021, filed Oct 26, 2022
How Did They Make Money?
The bank earns interest from loans and collects fees, including deposit-account service charges. Fee income is largely transaction-based, and customers usually pay immediately or shortly after a service.
10-K for FY2021, filed Oct 26, 2022We offer a range of competitively priced banking products and services, including consumer and commercial deposit accounts, which include…View ↗
Twelve Months Ended December 31, (dollars in thousands) 2021 2020 2019 Non-interest income In-scope of Topic 606 Service charges on deposit…View ↗
A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a…View ↗
$14.6M
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10-K for FY2021, filed Oct 25, 2022
$14.6M ↗
Who Were Their Customers?
Individuals and businesses use Republic's deposit and lending services through its branches and stores. Commercial lending focuses on small and medium-sized businesses, while residential mortgage lending also serves customers outside its main service area.
10-K for FY2021, filed Oct 26, 2022Republic First Bancorp, Inc. was organized and incorporated under the laws of the Commonwealth of Pennsylvania in 1987 and is the holding…View ↗
Our primary service area currently consists of Greater Philadelphia, Southern New Jersey, and New York City. We presently conduct our…View ↗
We believe that an attractive niche exists serving small- to medium-sized business customers not adequately served by our larger…View ↗
As a result of the addition of Oak Mortgage Company in 2016, we are able to offer residential mortgage loan products to customers…View ↗
Did Revenues Turn Into Profits?
Yes. Its net income in FY2021 was larger than its revenue and turned 480 cents into free cash flow.
How Were They Changing?
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Sep 5, 2024
Republic First files for Chapter 11; CEO and CFO resign
The filing followed the bank's closure and appointment of the FDIC as receiver.
Sources
8-K, filed Sep 5, 2024
On August 27, 2024, the Company filed a voluntary petition in the United States Bankruptcy Court for the Eastern District of Pennsylvania…View ↗
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Apr 29, 2024
Bank is closed and placed in FDIC receivership
Republic Bank is no longer a subsidiary of Republic First Bancorp.
Sources
8-K, filed Apr 29, 2024
On April 26, 2024, Republic First Bank, d/b/a Republic Bank (the “Bank”) was closed by the Pennsylvania Department of Banking and…View ↗
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Feb 27, 2024
Company dismisses Crowe as its independent auditor
Crowe had not issued its 2022 audit report and was not hired to audit the 2023 statements.
Sources
8-K, filed Feb 27, 2024
The audit report of Crowe on the consolidated financial statements of the Company for the fiscal year ended December 31, 2021 (the only…View ↗
Grew. Revenue grew 3.6x in 4 years, from $4.1M in FY2017 to $14.6M in FY2021, about 37% a year.
Who Did They Compete With?
Competes with Wells Fargo, Capital One, Citizens, PNC, Santander, TD Bank, and Bank of America
10-K for FY2021, filed Oct 26, 2022We face substantial competition from other financial institutions in our service area. Competitors include Wells Fargo, Capital One…View ↗
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