PHOENIX, Sept. 8, 2014 (GLOBE NEWSWIRE) -- RepublicBankAz, N.A. (OTCBB:RBAZ) ("RBAz") announced net income of $133,000, or $.10 per diluted share, for the quarter ended June 30, 2014 as compared to net of income of $92,000 or $.07 per diluted share, for the same period in 2013. For the six months ended June 30, 2014 RBAz reported net income of $319,000, or $.23 per diluted share as compared to a net income of $102,000, or $.08 per diluted share for the same period of 2013.
First half of 2014 highlights include:
- 67% growth in the Bank's Investment portfolio improving on hand liquidity.
- Tactically flat growth in the balance sheet and loan portfolio through the first six months of the year in order to bring our Loan to deposit ratio more in line with peer institutions.
- Annualized return on average assets (ROAA) for the first half of the year is .71% as compared to .24% for the same period of 2013.
- Scarlett Spring joins the Bank's Board of Directors.
- Ralph Tapscott Joins the Bank as President and CEO.
| Actual Ratio |
Ratio to be well capitalized |
||
| Leverage Ratio | 11.57% | 5% | |
| Tier 1 Capital to Risk-Weighted Assets | 13.18% | 6% | |
| Total Capital to Risk-Weighted Assets | 14.46% | 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.
| Unaudited Summary Financial Information | |||||
| 2014 Q2 | 2014 Q1 | 2013 YE | 2013 Q2 | 2013 Q1 | |
| Total Securities ($000) | 4,805 | 3,510 | 2,885 | -- | -- |
| Net Loans & Leases (Excl HFS) ($000) | 75,015 | 75,873 | 77,648 | 80,320 | 76,009 |
| Total Assets ($000) | 90,244 | 90,782 | 89,131 | 86,944 | 83,049 |
| Total Deposits (Incl Dom & For) ($000) | 71,282 | 72,050 | 69,966 | 72,079 | 67,981 |
| Tot Liabilities (Excl Min Int) ($000) | 79,509 | 80,218 | 78,786 | 76,086 | 72,293 |
| GRB: Total Equity Capital ($000) | 10,735 | 10,563 | 10,345 | 10,858 | 10,756 |
| Total Liab, Min Int & Equity ($000) | 90,244 | 90,781 | 89,131 | 86,944 | 83,049 |
| Net Interest Income ($000) | 1,141 | 1,090 | 4,500 | 1,122 | 1,015 |
| Provision for Loan & Lease Losses ($000) | 615 | 686 | 1,019 | 212 | 192 |
| Total Noninterest Income ($000) | 99 | 32 | 567 | 203 | 142 |
| Total Noninterest Expense ($000) | 399 | 168 | 4,702 | 864 | 849 |
| Net Income ($000) | 133 | 186 | (392) | 92 | 10 |
| ROAA (%) | 0.60 | 0.82 | -0.45 | 0.43 | 0.05 |
| ROAE (%) | 5.00 | 7.12 | -3.61 | 3.41 | 0.37 |
| Net Interest Margin (%) | 5.14 | 5.04 | 5.29 | 5.19 | 5.19 |
| Cost of Funds (%) | 0.98 | 0.96 | 1.27 | 1.28 | 1.61 |
| Yield on Loans (%) | 6.32 | 6.16 | 6.62 | 6.43 | 6.78 |
| Efficiency Ratio (FTE) (%) | 32.18 | 14.97 | 92.80 | 65.21 | 73.38 |
| Per Share Data | |||||
| Net Income (Loss), Basic | $ 0.10 | $ 0.14 | $ (0.30) | $ 0.07 | $ 0.01 |
| Net Income (Loss), Diluted | $ 0.10 | $ 0.13 | $ (0.28) | $ 0.07 | $ 0.01 |
| Cash Dividends Declared | $ -- | $ -- | $ -- | $ -- | $ -- |
| Book Value | $ 8.20 | $ 8.07 | $ 7.90 | $ 8.29 | $ 8.22 |
| Tangible Book Value | $ 8.09 | $ 7.95 | $ 7.77 | $ 8.07 | $ 7.97 |