PHOENIX, Nov. 3, 2014 (GLOBE NEWSWIRE) -- RepublicBankAz, N.A. (OTCBB:RBAZ) ("RBAz") announced net income of $219,000, or $.16 per diluted share, for the quarter ended September 30, 2014 as compared to net income $397,000 or $.29 per diluted share, for the same period in 2013. For the nine months ended September 30, 2014 RBAz reported net income of $538,000, or $.39 per diluted share as compared to a net income of $499,000, or $.36 per diluted share for the same period of 2013. Ralph Tapscott, President and CEO, states "We are pleased with the consistent run rate in core earnings we have seen throughout the year. Our focus on safety and soundness dominates our growth objectives, and we feel we are making significant strides."
Year to date 2014 highlights include:
- Annualized return on average assets (ROAA) for the first nine months of the year is .80% as compared to .77% for the same period of 2013.
- A tactical reduction in the loan portfolio through the first nine months of the year in order to bring our loan to deposit ratio more in line with peer institutions resulting in a reduction from 107.28% as of September 30, 2013 to 97.71% as of September 30, 2014.
- 10% annualized growth in total deposits and 11.2% annualized growth in core customer deposits.
- The Bank's liquidity ratio has improved to 13.05% as of September 30, 2014 from 9.58% as of September 30, 2013.
- Scarlett Spring joins the Bank's Board of Directors.
- Ralph Tapscott Joins the Bank as President and CEO.
- The Bank remains "well capitalized" as follows:
| Ratio to be | ||
| well | ||
| Actual Ratio | capitalized | |
| Leverage Ratio | 11.81% | 5% |
| Tier 1 Capital to Risk-Weighted Assets | 13.75% | 6% |
| Total Capital to Risk-Weighted Assets | 15.03% | 10% |
About the Company
RepublicBankAz, N.A. is a locally owned, community bank in Phoenix, Arizona. RBAz is a full service community bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in April 2007 and operates out of a single location at 909 E. Missouri Avenue. The Bank is traded over-the-counter as RBAZ. For further information, please visit our web site: www.republicbankaz.com.
Forward-looking Statements
This press release may include forward-looking statements about RBAz, for which the Bank claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Bank conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Bank assumes no obligation to update any forward-looking statement.
| For the nine months | For the Quarter | For the Year | |||
| ended September 30, | ended September 30, | ended | |||
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| (dollars in thousands, except share data) | |||||
| Summary Income Data | |||||
| Net interest income | $3,358 | $3,365 | $1,127 | $1,228 | $4,500 |
| Provision for loan losses | 1,332 | 404 | 31 | -- | 1,019 |
| Non-interest income | 212 | 467 | 81 | 122 | 567 |
| Non-interest expense | 1,394 | 2,535 | 827 | 822 | 4,702 |
| Net income (loss) | $538 | $499 | $219 | $397 | $ (392) |
| Per Share Data: | |||||
| Net Income (Loss) Basic | 0.41 | 0.38 | 0.17 | 0.30 | (0.30) |
| Net Income (Loss), Diluted | 0.39 | 0.36 | 0.16 | 0.29 | (0.28) |
| Book value per share | 8.35 | 8.60 | 7.90 | ||
| Tangible Book value per share | 8.25 | 8.46 | 7.77 | ||
| Selected Balance Sheet Data: | |||||
| Total assets | $90,164 | $89,978 | $89,131 | ||
| Securities available-for-sale | 4,667 | 1,957 | 2,885 | ||
| Net loans | 73,475 | 77,602 | 77,648 | ||
| Deposits | 75,229 | 74,741 | 69,966 | ||
| Total Liabilities (Excl Min Int) | 79,233 | 78,726 | 78,786 | ||
| Total Equity Capital | 10,931 | 11,252 | 10,345 | ||
| Total Liab, Min Int & Equity | 90,164 | 89,978 | 89,131 | ||
| Performance Ratios: | |||||
| Return on average shareholders' equity | 6.74% | 6.12% | 8.09% | 14.36% | (3.61%) |
| Net interest margin | 5.13% | 5.34% | 5.20% | 5.63% | 5.29% |
| Return on average assets | 0.80% | 0.77% | 0.98% | 1.76% | (0.45%) |
| Cost of Funds | 0.98% | 1.35% | 0.99% | 1.17% | 1.27% |
| Yield on Loans | 6.34% | 6.73% | 6.54% | 6.98% | 6.62% |
| Asset Quality Data: | |||||
| Nonperforming loans | 2,128 | 1,178 | 2,042 | ||
| Other real estate and repos | 433 | 1,040 | 1,048 | ||
| Nonperforming assets to total assets | 3.14% | 3.12% | 4.11% | ||
| Reserve for loan losses to total loans | 3.80% | 2.89% | 3.61% | ||
| Reserve for loan losses to nonperforming loans | 102.33% | 82.45% | 79.43% | ||