Republic First Bancorp dives to lowest since 1994 after Q1 loss

Republic First Bancorp

01/05/2023 18:29

** Republic First Bancorp Inc's  FRBK.O  shares plunge 20.3%
to $0.98 on Mon, lowest levels since Dec 1994, after regional
bank's Q1 results
    ** Philadelphia-headquartered Republic First reported $9.7
mln loss, including pre-tax $3.1 mln write-down of an investment
in the failed Signature Bank's preferred securities, and
elevated legal and audit fees
    ** More than 76% of total deposits on Mar 31 were
FDIC-insured or fully collateralized, while deposits declined
2.7% during the qtr, Republic First said
    ** The bank said board on Apr 25 suspended dividend payments
on convertible preferred stock and deferred interest payments on
two issuances of floating rate debt due 2037
    ** FRBK shares last down 10.6% at $1.10, extending YTD loss
to ~50%
    ** Republic First has roughly $68 mln current market value,
down from about $170 mln a yr ago, per Refinitiv
    ** The banking sector has been rocked this year as First
Republic Bank  FRC.N  became the third failure of a major U.S.
bank in two months after being seized by California regulators
and put into FDIC receivership
    ** Republic First, in attempt to avoid any potential
investor confusion with the troubled San Francisco-based First
Republic, penned a letter on its website in Mar noting the
differences between the two lenders

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))