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RepublicBankAz Announces Unaudited Financial Results For the Quarter Ending June 30, 2016

Continued Asset Growth

/EIN News/ -- PHOENIX, Aug. 02, 2016 (GLOBE NEWSWIRE) -- RepublicBankAz,N.A. (OTCBB:RBAZ) (“RBAz”) announced a net income of $56,000, or $.03 per share, for the quarter ended June 30, 2016 as compared to a net income of $95,000 or $.07 per share for the same period in 2015.

President and CEO Ralph Tapscott stated, “Our quarter ended June 30, 2016 earnings of $56,000 and resulting ROA of 0.24% are not indicative of the strides we have made during 2016. We are, however, pleased that our year to date results of $206,000 in income and the resultant ROA of 0.46% are trending toward the results we saw for the year ended December 31, 2015. I’m confident, however, that our efforts will result in future earnings results that are more positive than we saw this quarter. Significant strides continue to be made to guide RepublicBankAz to safe and sound operations.”

Second Quarter Highlights Include:

  • Total Assets have grown $6.0 million and total deposits have grown $5.5 million since December 31, 2015 which represents annualized growth rates of 14% and 15%, respectively.
  • Nonperforming assets as a percentage of total assets fell to 2.91% as of June 30, 2016 an 11.8% improvement from the level at December 31, 2015.
  • Equity capital has grown 3.84% or $496,000 since December 31, 2015.
  • The Bank’s liquidity ratio improved to 35.7% as of June 30, 2016 from 23.72% as of December 31, 2015.
  • Total securities grew 47.1% since December 31, 2015 to a level of $20,815,000 as of June 30, 2016.
  • Non-interest expense of $871,000 for the second quarter of 2016 improved 7.2% from the second quarter of 2015.

“Management is focused on growing the bank by providing credit and cash management services for small to midsize businesses,” noted Tapscott. “As the Arizona economy continues to improve, so does the strength of the business sector and our ability to increase our market share within this sector.”


The Bank remains “well capitalized” as follows:
           
    June 30, 2016 (%)     Ratio to be Well
Capitalized (%)
Leverage Ratio     14.25       5.00
Tier 1 Capital to Risk Weighted Assets     22.10       6.00
Total Capital to Risk Weighted Assets     23.38       10.00
           

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
       
  For the three months
ended June 30,
For the Six months
ended June 30,
  Year-End
  2016     2015     2016     2015     2015  
  (dollars in thousands, except per share data)
Summary Income Data          
Interest income $   1,068   $   1,187   $   2,325   $   2,389   $   4,873  
Interest expense   188     174     367     347     697  
Net interest income   880     1,013     1,958     2,042     4,176  
Provision for loan losses   -     -     -     -     24  
Non-interest income   40     87     86     170     313  
Non-interest expense   871     939     1,742     1,863     3,475  
Realized gains (losses) on sales of securities   22     -     22     -     -  
Income (loss) before income taxes   71     161     324     349     990  
Provision for income tax (benefit)   15     66     118     141     364  
Net income (loss)   56     95     206     208     626  
Per Share Data:          
Shares outstanding end-of-period   1,702     1,378     1,702     1,378     1,702  
Earnings per common share   0.03     0.07     0.12     0.15     0.37  
Cash dividend declared   -     -     -     -     -  
Total shareholders’ equity $   13,415   $   11,354   $   13,415   $   11,354   $   12,919  
Book value per share   7.88     8.24     7.88     8.24     7.59  
Selected Balance Sheet Data:          
Total assets $ 91,749   $ 85,111   $ 91,749   $  85,111   $  85,724  
Securities available-for-sale   20,815     9,608     20,815     9,608     14,150  
Securities held-to-maturity   -     -     -     -     -  
Loans   61,379     69,814     61,379     69,814     66,508  
Allowance for loan losses   2,115     2,305     2,115     2,305     2,268  
Deposits   76,117     71,445     76,117     71,445     70,616  
Other borrowings   1,950     1,950     1,950     1,950     1,950  
Shareholders’ equity   13,415     11,354     13,415     11,354     12,919  
Performance Ratios:          
Return on average shareholders’ equity (annualized)   1.69     3.35     3.13     3.68     5.28  
Net interest margin (%)   3.84     4.79     4.47     4.84     4.91  
Average assets   92,206     85,476     89,609     86,253     87,075  
Return on average assets (annualized) (%)   0.24     0.44     0.46     0.48     0.72  
Shareholders’ equity to assets (%)   14.62     13.34     14.62     13.34     15.07  
Efficiency ratio (%)   94.67     85.36     85.23     84.22     77.61  
Asset Quality Data:          
Nonperforming loans   2,371     2,056     2,371     2,056     2,526  
Other real estate and repos   303     433     303     433     303  
Nonperforming assets   2,674     2,489     2,674     2,489     2,829  
Nonperforming assets to total assets (%)   2.91     2.92     2.91     2.92     3.30  
Nonperforming loans to total loans (%)   3.86     2.94     3.86     2.94     3.80  
Reserve for loan losses to total loans (%)   3.45     3.30     3.45     3.30     3.41  
Reserve for loan losses to nonperforming loans (%)    89.20     112.11     89.20     112.11     89.79  
Reserve for loan losses to nonperforming assets (%)   79.09     92.61     79.09     92.61     80.17  
Net charge-offs for period   -     -     162     -     78  
Average loans   62,285     70,993     61,822     70,826     70,756  
Ratio of charge‑offs to average loans (%)         .26        0.11   
Regulatory Capital Ratios:          
Tier 1 leverage capital ratio (%)   14.25     13.17     14.25     13.17     14.53  
Tier 1 risk-based capital ratio (%)   22.10     17.52     22.10     17.52     20.83  
Total risk-based capital ratio (%)   23.38     18.80     23.38     18.80     22.11  

 

Contact:  Ralph Tapscott, 
President and Chief Executive Officer
Phone:  602.280.9403
Email:  rtapscott@republicaz.com

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